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

Asian Equities: Rebalancing Our Model Portfolio - More to India and ASEAN

Mitra Adiperkasa (MAPI IJ) - Retail Therapy

Mitra Adiperkasa (MAPI IJ) - Parting Clouds Ahead

Mitra Adiperkasa (MAPI IJ) - Strong Finisher

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> stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. </li>
<li>MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&amp;B, and fashion are improving  </li>
<li>The company's international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.</li>
</ul>



Mitra Adiperkasa stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. 
MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&amp;B, and fashion are improving  
The company's international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.


Mitra Adiperkasa (MAPI IJ) - Recovery in Motion