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

Bank Negara Indonesia Persero / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ)</a> released a solid set of 1Q2022 results, with new loan bookings improving to pre-pandemic levels, strong non-interest income, and improving credit costs.</li>
<li>The bank continues to pursue a multi-pronged digital strategy, with strong growth in mobile banking which now surpasses ATMs on transactions plus the launch of Bank Mayora digital bank.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ)</a> has already seen some upward re-rating since the last results but this can continue as its digital strategy bites and loan growth and NIMs improve.</li>
</ul>



Bank Negara Indonesia (BBNI IJ) released a solid set of 1Q2022 results, with new loan bookings improving to pre-pandemic levels, strong non-interest income, and improving credit costs.
The bank continues to pursue a multi-pronged digital strategy, with strong growth in mobile banking which now surpasses ATMs on transactions plus the launch of Bank Mayora digital bank.

Bank Negara Indonesia (BBNI IJ) has already seen some upward re-rating since the last results but this can continue as its digital strategy bites and loan growth and NIMs improve.


Bank Negara Indonesia (BBNI IJ) - Let the Re-Rating Continue

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

<ul>
<li>Finally, <a href="https://www.smartkarma.com/entities/blue-bird-tbk-pt" target="_blank" data-smartkarma-citation="entities:19482:1" rel="noopener">Blue Bird (BIRD IJ)</a> is back on profit in two consecutive quarters, highlighting the comeback mode in Indonesia. </li>
<li>It went on to sign a partnership to develop and integrate big data analytics with PT LRT Jakarta and BCA app users can call Bluebird from the app. </li>
<li>It is still trading at 0.6x PBR while pre COVID level was 1.3-1.5x PBR. </li>
</ul>


Finally, Blue Bird (BIRD IJ) is back on profit in two consecutive quarters, highlighting the comeback mode in Indonesia. 
It went on to sign a partnership to develop and integrate big data analytics with PT LRT Jakarta and BCA app users can call Bluebird from the app. 
It is still trading at 0.6x PBR while pre COVID level was 1.3-1.5x PBR. 


Bluebird (BIRD): Back to Profit, Big Data and BCA

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on Singapore's economic outlook, <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a>, <a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a>, <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>, and <a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" data-smartkarma-citation="entities:28684:1" rel="noopener">SCG Packaging (SCGP TB)</a>.</li>
<li>
<a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> also took a look and Philippine Banks highlighting <a href="https://www.smartkarma.com/entities/china-banking-corporation" target="_blank" data-smartkarma-citation="entities:22788:1" rel="noopener">China Banking (CHIB PM)</a> as his top pick. We also comment on <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> and <a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telekom (TLKM IJ)</a>. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on Singapore's economic outlook, Bank Central Asia (BBCA IJ), Adi Sarana Armada (ASSA IJ), GoTo (GOTO IJ), and SCG Packaging (SCGP TB).

Daniel Tabbush also took a look and Philippine Banks highlighting China Banking (CHIB PM) as his top pick. We also comment on Astra International (ASII IJ) and Telekom (TLKM IJ). 


The Week That Was in ASEAN@Smartkarma - BCA's Transactional, ASSA & Anteraja, and Philippine Banks

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> released its 1Q2022 this week, reflecting an ongoing recovery and the bank's strong positioning to take advantage, with new lending picking up strongly.</li>
<li>The bank is seeing strong growth in CASA driven by its lead in transactional banking and digital initiatives, with its CASA ratio hitting 80% by the end of 2022. </li>
<li>Credit costs are also forecast to fall further this year, which will provide an additional boost to profitability. It trades at a premium to peers but generates consistent returns.</li>
</ul>



Bank Central Asia (BBCA IJ) released its 1Q2022 this week, reflecting an ongoing recovery and the bank's strong positioning to take advantage, with new lending picking up strongly.
The bank is seeing strong growth in CASA driven by its lead in transactional banking and digital initiatives, with its CASA ratio hitting 80% by the end of 2022. 
Credit costs are also forecast to fall further this year, which will provide an additional boost to profitability. It trades at a premium to peers but generates consistent returns.


Bank Central Asia (BBCA IJ) - Leading in Transactional Banking and Returns

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Float and capping changes will require passive trackers to buy <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> and sell <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> at the close on 28 April.</li>
<li>There will be passive changes to other stocks too, though the impact will not be material on most of the stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> could be added to the IDX30, LQ45 and IDX80 indices in May. With the oversubscription option nearly all used up, the stock should trade weak near-term.</li>
</ul>


Float and capping changes will require passive trackers to buy Bank Central Asia (BBCA IJ) and sell Bank Rakyat Indonesia Persero (BBRI IJ) at the close on 28 April.
There will be passive changes to other stocks too, though the impact will not be material on most of the stocks.

GoTo (GOTO IJ) could be added to the IDX30, LQ45 and IDX80 indices in May. With the oversubscription option nearly all used up, the stock should trade weak near-term.


IDX30/LQ45/IDX80 Index Rebalance: Float & Capping Changes

Indonesia

PT Bank Central Asia Tbk provides banking and related services.  The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions.  Through its subsidiaries, the Bank also provides leasing and consumer financing services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bank Central Asia (BBCA IJ)

Bank Negara Indonesia (BBNI IJ) - Let the Re-Rating Continue

Bank Negara Indonesia (BBNI IJ) has already seen some upward re-rating since the last results but this can continue as its digital strategy bites...

Angus Mackintosh

Bluebird (BIRD): Back to Profit, Big Data and BCA

Partnership with local transport authorities such as LRT Jakarta and BCA for seamless and cashless payment, Bluebird’s valuation at 0.6x PBR is...

Henry Soediarko

The Week That Was in ASEAN@Smartkarma - BCA's Transactional, ASSA & Anteraja, and Philippine Banks

The past week saw insights on Singapore's economic outlook, Bank Central Asia (BBCA IJ), Adi Sarana Armada (ASSA IJ), GoTo (GOTO IJ), and SCG...

Angus Mackintosh