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 Week That Was in ASEAN@Smartkarma - Indofood's On Track, ROTI's Rising, and BliBli's Omnichannel

PT Nippon Indosari Corpindo (ROTI IJ) - Headwinds Dissipating

CrossASEAN Ground Zero - Hospitals in Play, ROTI in Play, and Philippine Towers

PT Nippon Indosari Corpindo (ROTI IJ) - Bring on the Baker

PT Nippon Indosari Corpindo (ROTI IJ) - The Nation's Baker

PT Nippon Indosari Corpindo (ROTI IJ) - Increasingly Oven Ready

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

PT Nippon Indosari Corpindo Tbk. (ROTI) / Equity Bottom-Up

PT Nippon Indosari Corpindo Tbk. (ROTI) (ROTI IJ)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a> saw a strong QoQ recovery in sales in 3Q2023 but its return rate also increased as it adjusted to distributing new products.</li>
<li>Raw material &amp; packaging costs have abated and A&amp;P spending stabilised, giving the company a strong base for recovery, as it expands its distribution in modern and general trade.</li>
<li>The outlook for ROTI in 4Q and into FY2024 looks positive given a wider footprint and the potential for improvements in its return rate. Valuations are well below historical averages.</li>
</ul>



PT Nippon Indosari Corpindo (ROTI IJ) saw a strong QoQ recovery in sales in 3Q2023 but its return rate also increased as it adjusted to distributing new products.
Raw material &amp; packaging costs have abated and A&amp;P spending stabilised, giving the company a strong base for recovery, as it expands its distribution in modern and general trade.
The outlook for ROTI in 4Q and into FY2024 looks positive given a wider footprint and the potential for improvements in its return rate. Valuations are well below historical averages.


PT Nippon Indosari Corpindo (ROTI IJ) - Baking in Rising Expectations