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 InASEAN@Smartkarma - Thai Beverage, Matahari Department Store, and ROTI Baking

Matahari Department Store (LPPF IJ) - Primed for Recovery

Matahari Department Store (LPPF IJ) - Measuring Up With Initiatives

Matahari Department Store (LPPF IJ) - Recovery in the Offing

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

Matahari Department Store / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> reported a slightly weaker 1H2024 due to a slower performance over Lebaran and afterwards but remains confident in its ongoing initiatives to drive future growth. </li>
<li>The company will not open any new stores in the 2H2024 as it focuses on reservations and driving its private labels, including Suko and Nevada, and consignment vendors. </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari</a> continues to drive its omnichannel sales and build on its membership penetration to better target sales. Valuations remain attractive on 4.2x FY2025E PER with a 13% dividend yield.</li>
</ul>



Matahari Department Store (LPPF IJ) reported a slightly weaker 1H2024 due to a slower performance over Lebaran and afterwards but remains confident in its ongoing initiatives to drive future growth. 
The company will not open any new stores in the 2H2024 as it focuses on reservations and driving its private labels, including Suko and Nevada, and consignment vendors. 

Matahari continues to drive its omnichannel sales and build on its membership penetration to better target sales. Valuations remain attractive on 4.2x FY2025E PER with a 13% dividend yield.


Matahari Department Store (LPPF IJ) - Private Label Revamp