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

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<a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a> booked strong growth in net profit in FY2021 beating its own guidance on most metrics and growing its exposure to MSMEs significantly.</li>
<li>Loan growth to micro, ultra-micro &amp; smaller corporate borrowers saw significant growth while its cost of funds came down and the cost of credit improved increasing profitability.</li>
<li>With the increasing use of digital channels to grow its customer base and huge potential to cross-sell to 137m depositors, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat</a> is a core holding amongst the Indonesian banks.</li>
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Bank Rakyat Indonesia (BBRI IJ) booked strong growth in net profit in FY2021 beating its own guidance on most metrics and growing its exposure to MSMEs significantly.
Loan growth to micro, ultra-micro &amp; smaller corporate borrowers saw significant growth while its cost of funds came down and the cost of credit improved increasing profitability.
With the increasing use of digital channels to grow its customer base and huge potential to cross-sell to 137m depositors, Bank Rakyat is a core holding amongst the Indonesian banks.


Bank Rakyat Indonesia (BBRI IJ) - MSME Marvel in the Making

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>Set to take-off in 2022</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Set to take-off in 2022Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Rakyat Indonesia (BBRI IJ) - Set to take-off in 2022

Bank Negara Indonesia Persero / Equity Bottom-Up

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<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 FY2021 results last week, with its PPOP coming in above consensus and guidance being met on all fronts. </li>
<li>The bank's loan mix is moving towards lower risk assets but cost of funds has fallen significantly at the same time plus its progress on digital banking is impressive. </li>
<li>The bank's increasingly digital credentials should lead to an upward re-rating of the bank's valuations, which look attractive given the expected recovery in earnings and higher ROEs beyond 2022.</li>
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Bank Negara Indonesia (BBNI IJ) released a solid set of FY2021 results last week, with its PPOP coming in above consensus and guidance being met on all fronts. 
The bank's loan mix is moving towards lower risk assets but cost of funds has fallen significantly at the same time plus its progress on digital banking is impressive. 
The bank's increasingly digital credentials should lead to an upward re-rating of the bank's valuations, which look attractive given the expected recovery in earnings and higher ROEs beyond 2022.


Bank Negara Indonesia (BBNI IJ) - Catching the Digital Wave

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<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri (BMRI IJ)</a> booked a strong set of results driven by operational improvements, lower credit costs, and lower cost of funds plus an increasing focus on digitalisation.</li>
<li>The bank is moving more aggressively into higher-yielding assets plus driving its consumer and wholesale digital strategies to improve returns with significant potential upside. </li>
<li>We are more optimistic on the prospects for <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri (BMRI IJ)</a> after the recent numbers given its drive towards enhancing future returns supported by a very low-cost funding base. </li>
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Bank Mandiri (BMRI IJ) booked a strong set of results driven by operational improvements, lower credit costs, and lower cost of funds plus an increasing focus on digitalisation.
The bank is moving more aggressively into higher-yielding assets plus driving its consumer and wholesale digital strategies to improve returns with significant potential upside. 
We are more optimistic on the prospects for Bank Mandiri (BMRI IJ) after the recent numbers given its drive towards enhancing future returns supported by a very low-cost funding base. 


Bank Mandiri (BMRI IJ) - Moving into Higher-Yielding Assets

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<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 results that were solid on a number of fronts but it was more about its preparedness for the new normal in 2022 that impressed.</li>
<li>The bank's digital banking initiatives drove its transactional banking, rapid growth in new customers, as well as bringing down the cost of transactions and driving  CASA growth. </li>
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<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> remains a core holding amongst Indonesian banks despite trading on higher PBV versus peers justified by its lead-in transactional banking and strong risk management.</li>
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Bank Central Asia (BBCA IJ) released results that were solid on a number of fronts but it was more about its preparedness for the new normal in 2022 that impressed.
The bank's digital banking initiatives drove its transactional banking, rapid growth in new customers, as well as bringing down the cost of transactions and driving  CASA growth. 

Bank Central Asia (BBCA IJ) remains a core holding amongst Indonesian banks despite trading on higher PBV versus peers justified by its lead-in transactional banking and strong risk management.


Bank Central Asia (BBCA IJ) - The Digital Surge

Indonesia

PT Bank Rakyat Indonesia (Persero) Tbk provides commercial banking activities and its related services. The Bank also provides banking activities based on shariah principles.

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Bank Rakyat Indonesia (BBRI IJ)