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

Lippo Karawaci (LPKR IJ) - An Audience with the Future

Lippo Karawaci (LPKR IJ) - Reasons to Be Cheerful

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

<a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a> just released a solid set of numbers for 1Q2021, with strong revenue and profit growth driven by its core healthcare and residential property businesses.
Marketing Sales were up by  +86% YoY to IDR1.3tn reflecting the company's renewed focus on its core residential property pillar and especially the affordable market. It is well on-track to meet or exceed its FY2021 marketing sales target.
Following the <a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946:1" rel="noopener">Lippo Malls Indonesia Retail Trust (LMRT SP)</a> rights issue, <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a> increased its stake in the Singapore-based REIT to 58.35% making the company the controlling shareholder and therefore consolidating the REIT into LPKR’s financials. Malls are not expected to return to pre-COVID-19 levels until 1Q/2Q2022 but should start to improve gradually. 
A key point of progress is that the company has completed construction for all its legacy projects as at the end of May, opening the way for sales over the next few quarters. 
<a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a> performance remained very strong with sales increasing by +35% YoY and EBITDA hitting a record high with an expansion in margins. 2Q2021 looks set to become another record quarter. 
The strong marketing sales in 1Q2021 and are a true indicator of future sales and profits. We expect the momentum to continue over the next few quarters, with a continuing focus on the affordable segment. 
<a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a> remains interesting given its increased focus on its core residential business having successfully restructured its debt last year. The company trades on 0.6x FY21E PBV but at around an 80% discount to its NAV, with earnings turning positive this year, making it more than just a restructuring play.

Lippo Karawaci (LPKR IJ) just released a solid set of numbers for 1Q2021, with strong revenue and profit growth driven by its core healthcare and residential property businesses.
Marketing Sales were up by  +86% YoY to IDR1.3tn reflecting the company's renewed focus on its core residential property pillar and especially the affordable market. It is well on-track to meet or exceed its FY2021 marketing sales target.
Following the Lippo Malls Indonesia Retail Trust (LMRT SP) rights issue, Lippo Karawaci (LPKR IJ) increased its stake in the Singapore-based REIT to 58.35% making the company the controlling shareholder and therefore consolidating the REIT into LPKR’s financials. Malls are not expected to return to pre-COVID-19 levels until 1Q/2Q2022 but should start to improve gradually. 
A key point of progress is that the company has completed construction for all its legacy projects as at the end of May, opening the way for sales over the next few quarters. 
Siloam International Hospital (SILO IJ) performance remained very strong with sales increasing by +35% YoY and EBITDA hitting a record high with an expansion in margins. 2Q2021 looks set to become another record quarter. 
The strong marketing sales in 1Q2021 and are a true indicator of future sales and profits. We expect the momentum to continue over the next few quarters, with a continuing focus on the affordable segment. 
Lippo Karawaci (LPKR IJ) remains interesting given its increased focus on its core residential business having successfully restructured its debt last year. The company trades on 0.6x FY21E PBV but at around an 80% discount to its NAV, with earnings turning positive this year, making it more than just a restructuring play. 

Lippo Malls Indonesia Retail Trust (LMRT SP)

Lippo Karawaci (LPKR IJ) - Affordable Luxury