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 Lebaran Week That Was in ASEAN@Smartkarma - MAPI, CLEO, and Berli Jucker

Aspirasi Hidup Indonesia (ACES IJ) - Growing AZKO Stores and Private Label

Mitra Adiperkasa (MAPI IJ) - Strong Finisher

Mr DIY Indonesia IPO - Prefer Aspirasi Hidup Indonesia (ACES IJ)

Aspirasi Hidup Indonesia (ACES IJ) - Rising Inventories for Good Reason

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/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> reported a solid finish to the year with positive sequential growth in 4Q2024, although it was impacted by the delayed iPhone 16 launch, which reduced its peak quarter.</li>
<li>
<a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa</a> was the core growth driver, and its 4Q2024 was more seasonally strong at 28% of FY2024, with its regional expansion also helping to drive growth in FY2024. </li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> remains a core retail proxy for Indonesia, with an increasing regional edge, and stronger growth prospects for FY2025. Valuations look extremely attractive on 9.9x FY2025E PER.</li>
</ul>



Mitra Adiperkasa reported a solid finish to the year with positive sequential growth in 4Q2024, although it was impacted by the delayed iPhone 16 launch, which reduced its peak quarter.

MAP Aktif Adiperkasa was the core growth driver, and its 4Q2024 was more seasonally strong at 28% of FY2024, with its regional expansion also helping to drive growth in FY2024. 

Mitra Adiperkasa remains a core retail proxy for Indonesia, with an increasing regional edge, and stronger growth prospects for FY2025. Valuations look extremely attractive on 9.9x FY2025E PER.


Mitra Adiperkasa (MAPI IJ) - Parting Clouds Ahead