2025 High Conviction - BMRI Strong Loan Growth at 2x Industry, Better Fees and Lower Costs/Assets
BMRI is taking market share of loans, growing strongly, with no worsening in credit metrics. Slightly lower NIM is offset by higher fees, and also...
292 Views
Indonesian Digital Banks - Ecosystems and Channels
Indonesian Digital Banks are an increasing focus for investors with the potential to serve the huge numbers of underbanked in Indonesia through...
3.9k Views
The Week That Was in ASEAN@Smartkarma - GoTo & Grab, BFIN's Rising, and Astra Intl's Oversold
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...
306 Views
The Christmas Week That Was in ASEAN@Smartkarma - Malaysian Reshuffle, GoTo Plays Safe, and Alfamart
The Past Week saw insights on GoTo Gojek Tokopedia (GOTO IJ), Sumber Alfaria Trijaya (AMRT IJ), Airports of Thailand (AOT TB) and the Philippine...
607 Views
SMFG (8316) - 75% Less JGBs than MUFG | Affiliates Show Worsening Profit | Credit Costs ~2x Vs Past
SMFG appears less leveraged to BOJ policy changes than MUFG, especially with ~75% less JGBs. It appears a less interesting alpha story; profit...
416 Views