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Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Equity Bottom-Up

MAP Aktif Adiperkasa PT / Equity Bottom-Up

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MAP Aktif is the sportswear subsidiary of Indonesian retail giant Mitra Adiperkasa.
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I wrote a deep dive on MAP Aktif in January 2022, during the depths of the COVID-19 pandemic.
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At the time, it was suffering from Indonesia’s large-scale social distancing restrictions. But I thought that it would eventually recover, continue growing its store count, and end up with a single-digit P/E ratio.
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MAP Aktif is the sportswear subsidiary of Indonesian retail giant Mitra Adiperkasa.


I wrote a deep dive on MAP Aktif in January 2022, during the depths of the COVID-19 pandemic.


At the time, it was suffering from Indonesia’s large-scale social distancing restrictions. But I thought that it would eventually recover, continue growing its store count, and end up with a single-digit P/E ratio.



MAP Aktif Adiperkasa PT

MAP Aktif (MAPA IJ) — 2025 Update