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

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/pt-prodia-widyahusada-tbk" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> is Indonesia's reading diagnostic company, with around a 35% market share and a network of 392 outlets across the archipelago.</li>
<li>PRDA booked +8.5% sales growth in 1H2026, with improving margins, as it shifted toward more esoteric testing. Testing volumes were driven by external referrals, doctors’ referrals, and corporate customers. </li>
<li>The company’s digital sales through U by Prodia saw strong growth, with Prodia for Doctors also seeing increasing traction, but with lower capex. Valuations are attractive versus Indian comparables.</li>
</ul>



Prodia Widyahusada (PRDA IJ) is Indonesia's reading diagnostic company, with around a 35% market share and a network of 392 outlets across the archipelago.
PRDA booked +8.5% sales growth in 1H2026, with improving margins, as it shifted toward more esoteric testing. Testing volumes were driven by external referrals, doctors’ referrals, and corporate customers. 
The company’s digital sales through U by Prodia saw strong growth, with Prodia for Doctors also seeing increasing traction, but with lower capex. Valuations are attractive versus Indian comparables.


Prodia Widya Husada (PRDA IJ) - Improving Diagnosis