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 - Grab Listing, Cimory IPO, and Kalbe Farma

Kalbe Farma (KLBF IJ) - Rebalancing Growth

The Week That Was in ASEAN@Smartkarma - XL Coverging, Kalbe Rebalancing, and SCB Refocusing

Kalbe Farma (KLBF IJ) - An Increasingly Healthy Blend

Kalbe Farma (KLBF IJ) - Vaccinated for Future Growth

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

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> released a solid set of results despite moves into slightly lower margin but higher growth business, including unbranded generics, distribution &amp; logistics, and more affordable nutritionals </li>
<li>The company is increasingly plugged into Indonesia's growing health consciousness through its consumer health products, as well as digital initiatives such as Klikdokter.</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 (KLBF IJ)</a> continues to grow its distribution &amp; logistics, third-party principals plus utilising digital initiatives to drive this segment. It looks attractive at a discount to historical valuations.</li>
</ul>



Kalbe Farma (KLBF IJ) released a solid set of results despite moves into slightly lower margin but higher growth business, including unbranded generics, distribution &amp; logistics, and more affordable nutritionals 
The company is increasingly plugged into Indonesia's growing health consciousness through its consumer health products, as well as digital initiatives such as Klikdokter.

Kalbe Farma (KLBF IJ) continues to grow its distribution &amp; logistics, third-party principals plus utilising digital initiatives to drive this segment. It looks attractive at a discount to historical valuations.


Kalbe Farma (KLBF IJ) - Oiling the Wheels of Health