ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

The Week That Was in ASEAN@Smartkarma - Kalbe Farma, Indosat & AI, and Bank Rakyat Indonesia

Sido Muncul (SIDO IJ) - Increasingly Diversified Growth

The Week That Was in ASEAN@Smartkarma - CPALL, Arwana Citramulia, and Sido Muncul

Kalbe Farma (KLBF IJ)- Back to the Business of Health

Kalbe Farma (KLBF IJ) - Back to Fighting Fit Form

Kalbe Farma (KLBF IJ) - An Increasingly Healthy Blend

Kalbe Farma (KLBF IJ) - The End of a Long Transition

Kalbe Farma (KLBF IJ) - Back to The Future

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a> booked an impressive set of FY2024 results, booking healthy growth driven by pharmaceuticals, distribution &amp; Logistics, and consumer health, with slower growth from its nutritionals segment. </li>
<li>The company continues to pursue growth in oncology and biologic drugs in its pharmaceutical segment, whilst pursuing strategic collaborations and pursuing National Health exposure. </li>
<li>
<a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma</a> is pursuing wellness products in consumer health and repositioning toward more affordable products in the nutritional space. Valuations are attractive on 17x FY2025E PER. </li>
</ul>



Kalbe Farma (KLBF IJ) booked an impressive set of FY2024 results, booking healthy growth driven by pharmaceuticals, distribution &amp; Logistics, and consumer health, with slower growth from its nutritionals segment. 
The company continues to pursue growth in oncology and biologic drugs in its pharmaceutical segment, whilst pursuing strategic collaborations and pursuing National Health exposure. 

Kalbe Farma is pursuing wellness products in consumer health and repositioning toward more affordable products in the nutritional space. Valuations are attractive on 17x FY2025E PER. 


Kalbe Farma (KLBF IJ) - Increasingly Healthy Recovery