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 Easter Week That Was in ASEAN@Smartkarma - ShopeeFood, Indonesia's 1st US SPAC, and Indocement

Mitra Adiperkasa (MAPI IJ) - Shape-Shifting to Back in Black

Mitra Adiperkasa (MAPI IJ) - Unified in Retail

Mitra Adiperkasa (MAPI IJ) - Oversold Indonesian King of Retail - On the Ground in J-Town

Mitra Adiperkasa (MAPI IJ) - In the Eye of the Storm

Mitra Adiperkasa (MAPI IJ) - Digitally Remastered

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

A follow-up call with <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> management after it released results to get a better feel for its digital initiatives revealed continuing positive momentum behind the company's "Unified Retail" approach to its business, with its digital presence likely to continue to drive its future growth. 
The company has already put through some aggressive inventory adjustments, which put it in a good position to benefit from the pick-up in sales towards the end of the year, without aggressive blanket promotions.
The drive online is being channeled through MAPclub, which now has 3.25m members, and is the largest loyalty program in Indonesia. This will continue to be a key growth driver for <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> in 2021.
<a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa PT (MAPA IJ)</a> will continue to benefit from increased health consciousness amongst Indonesians and has an even higher portion of its sales online than <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>. 
<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> will launch Boots and Amore Pacific brands in the coming year, which should boost growth and it has dropped some non-performing brands. DigiMAP, the company's online electronics platform, will also be an ongoing growth driver. 
The company is trading on 24.9x FY21E PER and 15.8x FY22E PER versus its 3-year average forward PER of 21x and continues to be our top pick as a play on the retail recovery.

A follow-up call with Mitra Adiperkasa (MAPI IJ) management after it released results to get a better feel for its digital initiatives revealed continuing positive momentum behind the company's "Unified Retail" approach to its business, with its digital presence likely to continue to drive its future growth. 
The company has already put through some aggressive inventory adjustments, which put it in a good position to benefit from the pick-up in sales towards the end of the year, without aggressive blanket promotions.
The drive online is being channeled through MAPclub, which now has 3.25m members, and is the largest loyalty program in Indonesia. This will continue to be a key growth driver for Mitra Adiperkasa (MAPI IJ) in 2021.
MAP Aktif Adiperkasa PT (MAPA IJ) will continue to benefit from increased health consciousness amongst Indonesians and has an even higher portion of its sales online than Mitra Adiperkasa (MAPI IJ). 
Mitra Adiperkasa (MAPI IJ) will launch Boots and Amore Pacific brands in the coming year, which should boost growth and it has dropped some non-performing brands. DigiMAP, the company's online electronics platform, will also be an ongoing growth driver. 
The company is trading on 24.9x FY21E PER and 15.8x FY22E PER versus its 3-year average forward PER of 21x and continues to be our top pick as a play on the retail recovery.

Mitra Adiperkasa (MAPI IJ) - Unifying with the Digital World