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

Puregold Price Club Inc. is a Philippine-based grocery retail chain engaged in the wholesale and retail trading of a wide range of consumer products, including food, dry goods, housewares, toiletries, and pharmaceutical and medical goods. The company operates through various retail formats such as hypermarkets, supermarkets, minimarts, and warehouse clubs like S&R Membership Shopping. Puregold Price Club Inc. was founded on September 8, 1998, and is headquartered in Manila, Philippines.

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<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

PT Prodia Widyahusada Tbk is an Indonesian company that provides clinical laboratory services. It offers a range of diagnostic services including genomic, laboratory, and non-laboratory tests, as well as doctor consultations, vaccines, and home services. The company also operates personalized medicine-based wellness clinics and specialty clinics. Prodia Widyahusada was founded in 1973 and is headquartered in Jakarta Pusat, Indonesia.

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<a href="https://www.smartkarma.com/entities/pt-prodia-widyahusada-tbk" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> is Indonesia's reading diagnostic company, with around a 35% market share and a network of 392 outlets across the archipelago.</li>
<li>PRDA booked +8.5% sales growth in 1H2026, with improving margins, as it shifted toward more esoteric testing. Testing volumes were driven by external referrals, doctors’ referrals, and corporate customers. </li>
<li>The company’s digital sales through U by Prodia saw strong growth, with Prodia for Doctors also seeing increasing traction, but with lower capex. Valuations are attractive versus Indian comparables.</li>
</ul>



Prodia Widyahusada (PRDA IJ) is Indonesia's reading diagnostic company, with around a 35% market share and a network of 392 outlets across the archipelago.
PRDA booked +8.5% sales growth in 1H2026, with improving margins, as it shifted toward more esoteric testing. Testing volumes were driven by external referrals, doctors’ referrals, and corporate customers. 
The company’s digital sales through U by Prodia saw strong growth, with Prodia for Doctors also seeing increasing traction, but with lower capex. Valuations are attractive versus Indian comparables.


Prodia Widya Husada (PRDA IJ) - Improving Diagnosis

Sumber Alfaria Trijaya / Equity Bottom-Up

PT Sumber Alfaria Trijaya Tbk is an Indonesian retail company engaged in the distribution of consumer products, operating minimarket networks and franchise services primarily under the Alfamart brand. It offers a wide range of food and non-food products, cosmetics, and provides digital services such as bill payments and e-vouchers. The company was founded in 1989 and is headquartered in Tangerang, Indonesia.

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<li>Sumber Alfaria Trijaya (AMRT IJ) is Indonesia's leading grocery retailer through a network of more than 24,000 outlets across the archipelago, with mini-markets being the winning format in Indonesia.</li>
<li>The company booked solid growth in 2Q2026, despite domestic and international headwinds, with margins improving at the same time through a combination of price increases and an improved product mix. </li>
<li>AMRT remains confident in its target to expand its stores by 1,000 new outlets in 2026, while increasing the share of online sales to 10%. Valuations remain highly attractive.</li>
</ul>


Sumber Alfaria Trijaya (AMRT IJ) is Indonesia's leading grocery retailer through a network of more than 24,000 outlets across the archipelago, with mini-markets being the winning format in Indonesia.
The company booked solid growth in 2Q2026, despite domestic and international headwinds, with margins improving at the same time through a combination of price increases and an improved product mix. 
AMRT remains confident in its target to expand its stores by 1,000 new outlets in 2026, while increasing the share of online sales to 10%. Valuations remain highly attractive.


Sumber Alfaria Trijaya (AMRT IJ) - Pantry of the Middle Classes

Grab is a leading superapp in Southeast Asia, providing services across deliveries, mobility, and digital financial services. Its platform connects consumers with driver and merchant partners for on-demand food, grocery, and package deliveries, ride-hailing, and digital payment solutions. The company is headquartered in Singapore and was founded in 2012.

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<li>Despite headwinds from geopolitical events, surging fuel prices and regulatory headwinds in Indonesia, Grab released yet another knockout set of results, after which the company increased FY2026 guidance.</li>
<li>Grab balanced affordable product growth to expand its ecosystem, with high-value products, combining to improve both volumes and profitability, with Grab Unlimited and Grab Mart continuing to grow in importance.</li>
<li>Grab’s financial services booked the strongest segmental growth and is forecast to break even in 2H2026. Grab remains a core consumer proxy for ASEAN, booking increasingly profitable and sustainable growth.</li>
</ul>


Despite headwinds from geopolitical events, surging fuel prices and regulatory headwinds in Indonesia, Grab released yet another knockout set of results, after which the company increased FY2026 guidance.
Grab balanced affordable product growth to expand its ecosystem, with high-value products, combining to improve both volumes and profitability, with Grab Unlimited and Grab Mart continuing to grow in importance.
Grab’s financial services booked the strongest segmental growth and is forecast to break even in 2H2026. Grab remains a core consumer proxy for ASEAN, booking increasingly profitable and sustainable growth.


PT Fore Kopi Indonesia Tbk is an Indonesian coffee house company operating under the brand Fore Coffee. It offers a variety of coffee beverages and food, including sandwiches and doughnuts, through its numerous outlets across Indonesia and Singapore. The company was founded in August 2018 and is headquartered in Jakarta, Indonesia.

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<a href="https://www.smartkarma.com/entities/pt-fore-kopi-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:45069:1" rel="noopener">Fore Kopi Indonesia (FORE IJ)</a>  was founded in 2018 by East Venture and listed in 2025. The company is focused on providing affordable premium coffee for aspirational consumers across Indonesia.</li>
<li>Fore is focused on expanding into 2nd&amp;3rd-tier cities where competition is less intense. The company is also expanding into doughnuts through Fore Donut, selling doughnuts with a healthy edge.</li>
<li>The company is an interesting proxy for young aspirational consumers in Indonesia, with high-quality, locally focused products and relatively attractive pricing. Valuations remain attractive versus growth.</li>
</ul>



Fore Kopi Indonesia (FORE IJ)  was founded in 2018 by East Venture and listed in 2025. The company is focused on providing affordable premium coffee for aspirational consumers across Indonesia.
Fore is focused on expanding into 2nd&amp;3rd-tier cities where competition is less intense. The company is also expanding into doughnuts through Fore Donut, selling doughnuts with a healthy edge.
The company is an interesting proxy for young aspirational consumers in Indonesia, with high-quality, locally focused products and relatively attractive pricing. Valuations remain attractive versus growth.


Fore Kopi Indonesia (FORE IJ) - Aspirational Premium Local Coffee

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

Puregold Price Club (PGOLD PM) - Resilience in Retail

PGOLD outperformed its major competitors in 1H2026, booking SSSG at double the rate of its nearest rival, with some trading down at Puregold Stores...

Angus Mackintosh

Prodia Widya Husada (PRDA IJ) - Improving Diagnosis

Prodia Widyahusada (PRDA IJ), Indonesia's reading diagnostic company, has resumed a more positive growth trajectory and trades at a significant...

Angus Mackintosh

Sumber Alfaria Trijaya (AMRT IJ) - Pantry of the Middle Classes

AMRT remains confident in its target to expand to 1,000 new outlets in 2026, while increasing online sales to 10% of total sales from 8.0%...

Angus Mackintosh

Grab Holdings (GRAB IJ) - Record Breaker

Grab remains a core consumer proxy for ASEAN, booking increasingly profitable and sustainable growth. The correction in the share price since the...

Angus Mackintosh

Fore Kopi Indonesia (FORE IJ) - Aspirational Premium Local Coffee

FORE is an interesting proxy for young aspirational consumers in Indonesia, with high-quality, locally focused products at affordable prices....

Angus Mackintosh