ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

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

PT Mitra Adiperkasa Tbk operates department stores and specialty stores selling a broad range of goods including clothing, toys, food, and other merchandise.

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<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. </li>
<li>MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&amp;B, and fashion are improving  </li>
<li>The company's international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.</li>
</ul>



Mitra Adiperkasa stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. 
MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&amp;B, and fashion are improving  
The company's international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.


Mitra Adiperkasa (MAPI IJ) - Recovery in Motion

Grab Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops delivery management, mobility, financial services, and enterprise software solutions. Grab Holdings serves customers worldwide.

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<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a> 3Q2025 results more than justified previous upgrades to company guidance, with further confirmation and optimism for a strong finish to the year. </li>
<li>Margins were close to steady state for Mobility, with incremental margin improvements for deliveries. Financial services continues to scale loans, with year-end targets in sight and breakeven expected in 2026.</li>
<li>Grab Mart is becoming increasingly important at 10% of deliveries GMV, with strong prospects for deeper penetration, combining with Grab Food. Valuations remain attractive versus growth, with real profits.</li>
</ul>



Grab Holdings (GRAB US) 3Q2025 results more than justified previous upgrades to company guidance, with further confirmation and optimism for a strong finish to the year. 
Margins were close to steady state for Mobility, with incremental margin improvements for deliveries. Financial services continues to scale loans, with year-end targets in sight and breakeven expected in 2026.
Grab Mart is becoming increasingly important at 10% of deliveries GMV, with strong prospects for deeper penetration, combining with Grab Food. Valuations remain attractive versus growth, with real profits.


Grab Holdings (GRAB US) - Breaking Records

CP ALL PCL operates convenience store chains in Thailand and China.  The Company also owns and operates the a department store chain located primarily in Shanghai city and Chonqing city of China.

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<a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL</a> is expected to benefit from the government’s copayment stimulus program, set to launch in October, directly through Makro, which supplies mom-and-pop stores and indirectly through 7-Eleven. </li>
<li>The company remains optimistic about a pick-up in growth in 2H2025, driven by promotions in 3Q2025 and government stimulus, along with improving margins driven by an improved product mix. </li>
<li>7-Eleven remains on track to expand its store network by 700 new outlets in FY2025, is gravitating toward slightly larger stores, allowing an increased number of SKUs. Valuations remain attractive.</li>
</ul>



CP ALL is expected to benefit from the government’s copayment stimulus program, set to launch in October, directly through Makro, which supplies mom-and-pop stores and indirectly through 7-Eleven. 
The company remains optimistic about a pick-up in growth in 2H2025, driven by promotions in 3Q2025 and government stimulus, along with improving margins driven by an improved product mix. 
7-Eleven remains on track to expand its store network by 700 new outlets in FY2025, is gravitating toward slightly larger stores, allowing an increased number of SKUs. Valuations remain attractive.


<ul>
<li>Indonesia’s leading retailer, <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a>, dominates the country’s major malls with 150 brands. It booked a solid 2Q2025 despite the seasonal impact from Lebaran.</li>
<li>The company’s growth was led by active wear and fashion, with luxury brands outperforming in 2Q2025, although the Inditex brands continued to dominate fashion, with digital business also rebounding.</li>
<li>MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations attractive, with a forecast recovery in 2H2025, with recent troubles providing a  buying opportunity. </li>
</ul>


Indonesia’s leading retailer, Mitra Adiperkasa (MAPI IJ), dominates the country’s major malls with 150 brands. It booked a solid 2Q2025 despite the seasonal impact from Lebaran.
The company’s growth was led by active wear and fashion, with luxury brands outperforming in 2Q2025, although the Inditex brands continued to dominate fashion, with digital business also rebounding.
MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations attractive, with a forecast recovery in 2H2025, with recent troubles providing a  buying opportunity. 


Mitra Adiperkasa (MAPI IJ) - Retail Therapy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> reported a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led initiatives, driving expansion in MTUs through Saver.</li>
<li>The company continues to increase efficiencies and reinvests those scale benefits to grow the business, with new product offerings making good headway, with Grab Unlimited subscribers spending 5X non-members.  </li>
<li>Financial services booked the highest growth in 2Q2025, driven by both GrabFin and three Digibanks. Management expects growth momentum to continue sequentially and margins to improve in 2H2025.</li>
</ul>



Grab reported a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led initiatives, driving expansion in MTUs through Saver.
The company continues to increase efficiencies and reinvests those scale benefits to grow the business, with new product offerings making good headway, with Grab Unlimited subscribers spending 5X non-members.  
Financial services booked the highest growth in 2Q2025, driven by both GrabFin and three Digibanks. Management expects growth momentum to continue sequentially and margins to improve in 2H2025.


Grab Holdings (GRAB US) - Harvesting Sequentially

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.

Angus Mackintosh
ASEAN Insight Provider
• CrossASEAN Research

Mitra Adiperkasa (MAPI IJ) - Recovery in Motion

MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active...

Angus Mackintosh

Grab Holdings (GRAB US) - Breaking Records

Grab Holdings (GRAB US) 3Q2025 results more than justified previous upgrades to company guidance, with further confirmation and optimism for a...

Angus Mackintosh

CP ALL (CPALL TB) - Stimulus Beneficiary

CP ALL is expected to benefit from the government’s copayment stimulus program, set to launch in October, directly through Makro, which supplies...

Angus Mackintosh

Mitra Adiperkasa (MAPI IJ) - Retail Therapy

MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations are attractive, with a forecast recovery in 2H2025, with...

Angus Mackintosh

Grab Holdings (GRAB US) - Harvesting Sequentially

Grab booked a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led...

Angus Mackintosh