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...
275 Views
Mandala Multifinance (MFIN IJ): 13th Feb Change Of Control Vote
It appears the transaction timeline is moving towards the pointy end. Assuming settlement mid-April, this is trading at a gross/annualised spread...
318 Views
Nusantara Sejahtera Raya (Cinema XXI) IPO - The Negatives - Private Placement, Not a Primary Raising
Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO. In this note, we talk about the not-so-positive aspects of the deal.
401 Views
MUFG Seeks A Majority Stake In Mandala
The only pushback is if the regulator has an issue with MUFG becoming the dominant player. Barring that, at a gross/annualised spread of 23%/31%,...
369 Views
The Week That Was in ASEAN@Smartkarma - Alfamart's Expansion, Indosat's AI Push, and Saigon Cargo.
The past week saw insights on Sumber Alfaria Trijaya(AMRT IJ), Indosat Tbk PT (ISAT IJ), Sai Gon Cargo Service (SCS VN), and Dyna Mac Holdings...
318 Views