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

Puregold Price Club (PGOLD PM) - Members Bring Benefits

Puregold Price Club - Strong SSSG momentum

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/puregold-price-club-inc" target="_blank" data-smartkarma-citation="entities:13890:1" rel="noopener">Puregold</a> is now the largest grocery retailer in the Philippines, catering for a broad spectrum of the population through its mass-market-focused Puregold Stores and member-only S&amp;R Warehouse stores.</li>
<li>PGOLD outperformed its major competitors in 1H2026, booking SSSG at double the rate of its nearest rival, with some trading down at Puregold Stores, and stronger growth at S&amp;R.</li>
<li>The company is pushing hard into private labels and is stepping up its store expansion. Management is cautiously optimistic for 2H2026 and maintains FY2026 guidance. Valuations remain attractive.</li>
</ul>



Puregold is now the largest grocery retailer in the Philippines, catering for a broad spectrum of the population through its mass-market-focused Puregold Stores and member-only S&amp;R Warehouse stores.
PGOLD outperformed its major competitors in 1H2026, booking SSSG at double the rate of its nearest rival, with some trading down at Puregold Stores, and stronger growth at S&amp;R.
The company is pushing hard into private labels and is stepping up its store expansion. Management is cautiously optimistic for 2H2026 and maintains FY2026 guidance. Valuations remain attractive.


Puregold Price Club (PGOLD PM) - Resilience in Retail