Angus Mackintosh

Smartkarma Insight Provider and Founder of CrossASEAN Research

[Angus Mackintosh @angusm96]

Sea Ltd booked another solid set of results in 1Q2026, hitting record numbers across its key segments, and it remains our top pick to play e-commerce and consumption generally in Southeast Asia. https://t.co/sTSzOmzPln

[Angus Mackintosh @angusm96]

Adi Sarana Armada (ASSA) is an integrated people and mobility player, with exposure to car leasing, used car sales, and vehicle auction, with an increasingly integrated end-to-end logistics business. https://t.co/xDDCL7lBmT

[Angus Mackintosh @angusm96]

BJC continues to grow Big C through expanding stores, with MMVN also starting to expand in Vietnam. Valuations remain attractive on 12x forward PER with a dividend yield of 4.4%. https://t.co/PFWoXKRJS4

[Angus Mackintosh @angusm96]

Grab Holding) has announced that it will acquire 100% of foodpanda in Taiwan for US$600m in a cash-and-debt-free transaction, with an expected incremental US$60m in adjusted EBITDA in 2028. https://t.co/ItctcT3ltH

[Angus Mackintosh @angusm96]

Bank Mandiri's 2026 guidance looks positive, with the bank booking a strong start to the year. Valuations remain attractive, on 1.5x FY2026E PBV, ROE of 20%, and a dividend yield of 8.3% https://t.co/0YP1TrVXDC

[Angus Mackintosh @angusm96]

Erajaya has also seen a strong performance from its IoT, active, and F&B verticals, with Chagee its latest launch. Erajaya is increasingly being viewed as a retail proxy in Indonesia. https://t.co/WCVke9g7qK

[Angus Mackintosh @angusm96]

A recent call with Sarimelati Kencana (PZZA IJ) revealed a positive outlook for 4Q2025, after a challenging 3Q, but the company remained profitable for the 4th quarter in a row https://t.co/eG4r6aJN7A

[Angus Mackintosh @angusm96]

Despite relatively healthy revenue growth from retailers in Southeast Asia, the share prices of listed consumer companies have been weak, with valuations being compressed to attractive levels. https://t.co/7ubL47M7R0

[Angus Mackintosh @angusm96]

MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming, and digital, F&B, and fashion improving. https://t.co/BciRFWg936

[Angus Mackintosh @angusm96]

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. https://t.co/gsFZasiz6I

[Angus Mackintosh @angusm96]

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. https://t.co/7qwXNpdwrV

[Angus Mackintosh @angusm96]

MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations are attractive, with a forecast recovery in 2H2025, with recent troubles providing a buying opportunity. https://t.co/8ohi7OKGae

[Angus Mackintosh @angusm96]

Grab booked a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led initiatives. Growth and margins to increase in 2H2025. https://t.co/NMmi5Kv3Qt

[Angus Mackintosh @angusm96]

Puregold Price Club booked a solid start to the year, despite seasonal disruptions, with management remaining confident about the outlook for FY2025. Valuations are attractive. https://t.co/Y1f982qdVy

[Angus Mackintosh @angusm96]

Berli Jucker (BJC TB) remains one of the most interesting consumer plays in Thailand through Big C, glass and aluminium cans, and its consumer supply chain segment. https://t.co/480jZfmDKj

[Angus Mackintosh @angusm96]

Sumber Alfaria Trijaya (AMRT IJ) booked a surprisingly strong set of 1Q2025 results, going against softer consumer sentiment, underlining Alfamart as a supplier of essential goods. https://t.co/SGW7x6ZAfn

[Angus Mackintosh @angusm96]

Adi Sarana Armada has seen its end-to-end logistics ecosystem under Cargoshare take over as its biggest revenue driver, with car rentals, vehicle auctions, and used cars also showing solid growth. https://t.co/8FTxWt5QWA

[Angus Mackintosh @angusm96]

Cimory's strategy to shift the emphasis toward home consumption for consumer foods with more emphasis on affordable products in dairy will underpin long-term sustainable growth. Valuations attractive. https://t.co/JbScTz6dWz

[Angus Mackintosh @angusm96]

Bank Central Asia booked a strong set of numbers in 1Q2025, driven by strong loan growth and healthy growth in CASA and despite an increase in provisions. https://t.co/YL2hP1gtmV

[Angus Mackintosh @angusm96]

PT Metrodata Electronics finished FY2024 on a high note, booking a record net profit, driven by growth in its ICT distribution business and increased profitability in Solutions & Consulting. https://t.co/pq4HLcslJI