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 - SPINDO Is Piping Hot, DigiPlus, and Malaysian Banks

CrossASEAN Strategy - Indonesia's Delicate Balance

Astra International (ASII IJ) - Resilience in Motion

AKR Corporindo (AKRA IJ) - Chemical and Smelter Driven Growth

Arwana Citramulia (ARNA IJ) - Rectifying and Enlarging

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

Steel Pipe Industry of Indonesia / Equity Bottom-Up

Steel Pipe Industry of Indonesia (ISSP IJ)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/steel-pipe-industry-of-indonesia" target="_blank" data-smartkarma-citation="entities:13094:1" rel="noopener">Steel Pipe Industry of Indonesia (ISSP IJ)</a> is Indonesia's largest steel pipe manufacturer with over 2,000 customers and exposure across diverse sectors, including infrastructure, autos, and Oil &amp; Gas. </li>
<li>The company looks set to book strong growth in revenues and profits over the next 3 years, driven by increased capacity and improving product mix towards higher value products. </li>
<li>SPINDO has been shifting towards longer duration funding and reducing interest costs. Valuations are attractive on a 3x FY2025E PER, with a forecast dividend yield of 5%.</li>
</ul>



Steel Pipe Industry of Indonesia (ISSP IJ) is Indonesia's largest steel pipe manufacturer with over 2,000 customers and exposure across diverse sectors, including infrastructure, autos, and Oil &amp; Gas. 
The company looks set to book strong growth in revenues and profits over the next 3 years, driven by increased capacity and improving product mix towards higher value products. 
SPINDO has been shifting towards longer duration funding and reducing interest costs. Valuations are attractive on a 3x FY2025E PER, with a forecast dividend yield of 5%.


Steel Pipe Industry of Indonesia (ISSP IJ) - Piping Hot