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

<ul>
<li>
<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>
</ul>



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

<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 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>
<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> 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>
</ul>



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

<ul>
<li>
<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>  has successfully spun off its Auto trading subsidiary <a href="https://www.smartkarma.com/entities/autopedia-sukses-lestari" target="_blank" data-smartkarma-citation="entities:35508:1" rel="noopener">Autopedia Sukses Lestari (ASLC IJ)</a> through an IPO reducing debt and raising capital to grow the business.</li>
<li>
<a href="https://www.smartkarma.com/entities/autopedia-sukses-lestari" target="_blank" data-smartkarma-citation="entities:35508:1" rel="noopener">Autopedia</a> will focus on growing its online O2O business through Caroline, with a captive supply of used cars from its auction and car leasing businesses plus offline infrastructure in place.</li>
<li>
<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> also looks attractive for its logistics and last-mile business, which is close to profitability and now more than 50% of its revenues and growing fast.</li>
</ul>



Adi Sarana Armada (ASSA IJ)  has successfully spun off its Auto trading subsidiary Autopedia Sukses Lestari (ASLC IJ) through an IPO reducing debt and raising capital to grow the business.

Autopedia will focus on growing its online O2O business through Caroline, with a captive supply of used cars from its auction and car leasing businesses plus offline infrastructure in place.

Adi Sarana Armada (ASSA IJ) also looks attractive for its logistics and last-mile business, which is close to profitability and now more than 50% of its revenues and growing fast.


Adi Sarana Armada (ASSA IJ) - Crystalizing Used Car Value

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Sumber Alfaria Trijaya Tbk Pt / Event-Driven

<ul>
<li>At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.</li>
<li>Largest buying impact will be on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt</a>, <a href="https://www.smartkarma.com/entities/elang-mahkota-teknologi-tbk" target="_blank" data-smartkarma-citation="entities:7752:1" rel="noopener">Emtek (EMTK IJ)</a>, <a href="https://www.smartkarma.com/entities/waskita-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:15739:1" rel="noopener">Waskita Karya (Persero) (WSKT IJ)</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>. </li>
<li>Largest selling impact will be on <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a>, <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (JSMR IJ)</a>, <a href="https://www.smartkarma.com/entities/pakuwon-jati-tbk-pt" target="_blank" data-smartkarma-citation="entities:8550:1" rel="noopener">Pakuwon Jati (PWON IJ)</a> , <a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498:1" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> and <a href="https://www.smartkarma.com/entities/hm-sampoerna-tbk-pt" target="_blank" data-smartkarma-citation="entities:617:1" rel="noopener">HM Sampoerna (HMSP IJ)</a>.</li>
</ul>


At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.
Largest buying impact will be on Sumber Alfaria Trijaya Tbk Pt, Emtek (EMTK IJ), Waskita Karya (Persero) (WSKT IJ), BFI Finance Indonesia (BFIN IJ) and XL Axiata (EXCL IJ). 
Largest selling impact will be on Ace Hardware Indonesia (ACES IJ), Jasa Marga (JSMR IJ), Pakuwon Jati (PWON IJ) , Bumi Serpong Damai (BSDE IJ) and HM Sampoerna (HMSP IJ).


IDX30/LQ45 Index Rebalance: BIG Impact Changes in Limited Time

<ul>
<li>Bank Mandiri stands out amongst the top 4 banks in that it has chosen to push its digital services through Livin' rather than a stand-alone digital bank.</li>
<li>The bank has already made significant progress with Livin' with 6m active users out of 30m customers and it is also developing wholesale digital banking through Kopra.</li>
<li>Bank Mandiri remains a core proxy for the recovery in Indonesian economic recovery with an increasing digital edge and valuations are attractive versus historical levels.</li>
</ul>


Bank Mandiri stands out amongst the top 4 banks in that it has chosen to push its digital services through Livin' rather than a stand-alone digital bank.
The bank has already made significant progress with Livin' with 6m active users out of 30m customers and it is also developing wholesale digital banking through Kopra.
Bank Mandiri remains a core proxy for the recovery in Indonesian economic recovery with an increasing digital edge and valuations are attractive versus historical levels.


Bank Mandiri Persero (BMRI IJ) - Livin' in Digital World

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.

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Bank Central Asia (BBCA IJ)

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

We are more optimistic on the prospects for Bank Mandiri (BMRI IJ) after the recent numbers given its drive towards enhancing future returns...

Angus Mackintosh