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

Mitra Adiperkasa (MAPI IJ) - Recovery in Motion

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

Mitra Adiperkasa (MAPI IJ) - Strong Finisher

Mitra Adiperkasa (MAPI IJ) - Parting Clouds Ahead

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

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>Indonesia’s leading retailer, <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a>, dominates the country’s major malls with 150 brands. It booked a solid 2Q2025 despite the seasonal impact from Lebaran.</li>
<li>The company’s growth was led by active wear and fashion, with luxury brands outperforming in 2Q2025, although the Inditex brands continued to dominate fashion, with digital business also rebounding.</li>
<li>MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations attractive, with a forecast recovery in 2H2025, with recent troubles providing a  buying opportunity. </li>
</ul>


Indonesia’s leading retailer, Mitra Adiperkasa (MAPI IJ), dominates the country’s major malls with 150 brands. It booked a solid 2Q2025 despite the seasonal impact from Lebaran.
The company’s growth was led by active wear and fashion, with luxury brands outperforming in 2Q2025, although the Inditex brands continued to dominate fashion, with digital business also rebounding.
MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations attractive, with a forecast recovery in 2H2025, with recent troubles providing a  buying opportunity. 


Mitra Adiperkasa (MAPI IJ) - Retail Therapy