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 - Bank Jago, Meralco's Sell-Down, and Unilever Indonesia

Indonesia: Set to Accelerate Amid the OECD Recession, Helped by Twin Surpluses

Indonesia: Attractively Valued Amid Good Growth with Low Inflation and CA Surplus

Kino Indonesia (KINO IJ) - Undiscovered Consumer Proxy

Kino Indonesia (KINO IJ) - Sanitised Recovery

KINO Indonesia (KINO IJ) - Health Drinks, Hair Vitamins, Halal Toothpaste, and Hand Sanitiser

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/unilever-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:231:1" rel="noopener">Unilever Indonesia</a> booked a strong rebound in 1H2022 profits despite rising commodity prices with aggressive cost savings and an improving product mix. </li>
<li>The company suffered during the pandemic given that personal care does have a discretionary element but that is now being reversed with great mobility and reflected in new product launches. </li>
<li>
<a href="https://www.smartkarma.com/entities/unilever-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:231:1" rel="noopener">Unilever Indonesia</a> has the potential for a re-rating as growth momentum returns, helped by a new management team. Valuations are still well-below its 5-year average of 40x forward PER.</li>
</ul>



Unilever Indonesia booked a strong rebound in 1H2022 profits despite rising commodity prices with aggressive cost savings and an improving product mix. 
The company suffered during the pandemic given that personal care does have a discretionary element but that is now being reversed with great mobility and reflected in new product launches. 

Unilever Indonesia has the potential for a re-rating as growth momentum returns, helped by a new management team. Valuations are still well-below its 5-year average of 40x forward PER.


Unilever Indonesia (UNVR IJ) - Back to the Boil Through Consumer Discretion