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/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia</a> continued to see rapid momentum behind its recovery with new bookings in 2Q2022 hitting all time highs and spreads improving to 13.5% with NPFs declining.</li>
<li>The company's growth is driven by the non-dealer used vehicle market with new bookings coming mainly through agents and repeat customers, and digital initiatives in place to improve origination.</li>
<li>
<a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFIN</a> is the best quality multifinance player in Indonesia, with an ROE now above 21%. There will be more collaboration and synergies with <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago</a> going forward further driving growth.</li>
</ul>



BFI Finance Indonesia continued to see rapid momentum behind its recovery with new bookings in 2Q2022 hitting all time highs and spreads improving to 13.5% with NPFs declining.
The company's growth is driven by the non-dealer used vehicle market with new bookings coming mainly through agents and repeat customers, and digital initiatives in place to improve origination.

BFIN is the best quality multifinance player in Indonesia, with an ROE now above 21%. There will be more collaboration and synergies with Bank Jago going forward further driving growth.


BFI Finance Indonesia (BFIN IJ) - Pole Position in Multifinance

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> announced its much-anticipated FY2021 and 1Q2022 results, which did not disappoint, with improvements in a number of different metrics across its main verticals.  </li>
<li>1Q2022 saw a QoQ increase for on-demand, e-commerce, and fintech versus a seasonally strong 4Q plus the group improved take rates and contribution margin in 1Q2022 versus 4Q2021.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a>'s guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to improve profitability and growth.</li>
</ul>



GoTo announced its much-anticipated FY2021 and 1Q2022 results, which did not disappoint, with improvements in a number of different metrics across its main verticals.  
1Q2022 saw a QoQ increase for on-demand, e-commerce, and fintech versus a seasonally strong 4Q plus the group improved take rates and contribution margin in 1Q2022 versus 4Q2021.

GoTo's guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to improve profitability and growth.


GoTo (GOTO IJ) - Ploughing a Path to Profitability

<ul>
<li>
<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> released an impressive set of FY2021 results, as new financing picked up significantly and funding and credit costs declined in 4Q2021.</li>
<li>Management is optimistic on the outlook for new financing in 2022 plus the potential for significant tailwinds from the association with GoTo plus inorganic growth opportunities. </li>
<li>
<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</a> trades on 2.2x FY22E PBV with a forecast ROE of 16.2%, above its 5-year average PBV but it deserves a re-rating given its association with GoTo.</li>
</ul>



BFI Finance Indonesia (BFIN IJ) released an impressive set of FY2021 results, as new financing picked up significantly and funding and credit costs declined in 4Q2021.
Management is optimistic on the outlook for new financing in 2022 plus the potential for significant tailwinds from the association with GoTo plus inorganic growth opportunities. 

BFI Finance Indonesia trades on 2.2x FY22E PBV with a forecast ROE of 16.2%, above its 5-year average PBV but it deserves a re-rating given its association with GoTo.


BFI Finance Indonesia (BFIN IJ) - Catching a Digital Wave with GoTo?

<ul>
<li>The confirmation that Jerry Ng, one of the major shareholders of <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago</a> will take a controlling stake in <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</a> should create a win-win combination.</li>
<li>
<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</a> brings best-in-class exposure to multi finance, whilst integration with <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago</a> and GoTo group should help it to accelerate the company's digitalisation and boost growth.</li>
<li>The company trades on 2.7x FY21E PBV with a forecast ROE of 14.7% for FY2021E and 18.5% in FY2023E but historically it has generated ROEs of 25% plus.</li>
</ul>


The confirmation that Jerry Ng, one of the major shareholders of Bank Jago will take a controlling stake in BFI Finance Indonesia should create a win-win combination.

BFI Finance Indonesia brings best-in-class exposure to multi finance, whilst integration with Bank Jago and GoTo group should help it to accelerate the company's digitalisation and boost growth.
The company trades on 2.7x FY21E PBV with a forecast ROE of 14.7% for FY2021E and 18.5% in FY2023E but historically it has generated ROEs of 25% plus.


BFI Finance Indonesia (BFIN IJ) - Taking the Digital High Road

<p><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> announced a strong set of 1H2021 results, which saw YTD new bookings increase by +48.7% YoY and +7.5% QoQ in 2Q2021 We expect the company to continue to ramp up new bookings in 2H2021, and although the latest round of Emergency PKMM mobility restrictions may delay that recovery slightly, we remain upbeat about its future prospects.</p>
<p>Non-performing financing (NPF) continued to improve 1Q2021 and the company also saw its net credits loss (NCL) ratio increase with more repossession and collateral disposal activities.</p>
<p><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> quarterly net revenue was down by -18.2% YoY in 2Q2021 mainly driven by the drop in the average receivables balance and a slightly lower net interest spread.</p>
<p>The company continued to make progress on its loan restructuring with 89.2% of restructured loans reverting to normal status, 0.6% under grace period, and the remaining 10.2% granted second restructuring with strict review.</p>
<section class="figure">
<section class="figure">
<p><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> continues to focus on its core market of non-dealer 4W collateralised loans, which made up 64% of total receivables in 1H2021 versus 59% of total in 1H2020.</p>
</section>
<p>The company now has 325 branches, consisting of 223 full branches and 102 kiosks. As part of its rationalisation, it closed a total of 82 outlets in 1H2021, with 78 of these kiosks and the rest branches.</p>
<p><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> maintains a well-diversified funding base from bank borrowings, bonds &amp; medium term notes, joint-financing, and equity.</p>
<p>The most recent ramp up in cases is having an impact on business with a decline in new bookings in July versus June outlined within.</p>
<div class="content-highlight">
<p>We continue to see <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> as the most interesting multi finance company in Indonesia, with a strong risk management culture and with the potential to generate a significantly higher ROEs once the market recovers. </p>
</div>
</section>

BFI Finance Indonesia (BFIN IJ) announced a strong set of 1H2021 results, which saw YTD new bookings increase by +48.7% YoY and +7.5% QoQ in 2Q2021 We expect the company to continue to ramp up new bookings in 2H2021, and although the latest round of Emergency PKMM mobility restrictions may delay that recovery slightly, we remain upbeat about its future prospects.
Non-performing financing (NPF) continued to improve 1Q2021 and the company also saw its net credits loss (NCL) ratio increase with more repossession and collateral disposal activities.
BFI Finance Indonesia (BFIN IJ) quarterly net revenue was down by -18.2% YoY in 2Q2021 mainly driven by the drop in the average receivables balance and a slightly lower net interest spread.
The company continued to make progress on its loan restructuring with 89.2% of restructured loans reverting to normal status, 0.6% under grace period, and the remaining 10.2% granted second restructuring with strict review.


BFI Finance Indonesia (BFIN IJ) continues to focus on its core market of non-dealer 4W collateralised loans, which made up 64% of total receivables in 1H2021 versus 59% of total in 1H2020.

The company now has 325 branches, consisting of 223 full branches and 102 kiosks. As part of its rationalisation, it closed a total of 82 outlets in 1H2021, with 78 of these kiosks and the rest branches.
BFI Finance Indonesia (BFIN IJ) maintains a well-diversified funding base from bank borrowings, bonds &amp; medium term notes, joint-financing, and equity.
The most recent ramp up in cases is having an impact on business with a decline in new bookings in July versus June outlined within.

We continue to see BFI Finance Indonesia (BFIN IJ) as the most interesting multi finance company in Indonesia, with a strong risk management culture and with the potential to generate a significantly higher ROEs once the market recovers. 



BFI Finance Indonesia (BFIN IJ) - Recovery in Motion

Indonesia

PT Bank Panin Indonesia Tbk provides commercial banking and foreign exchange services in Indonesia and overseas.

PT Bank Permata Tbk provides commercial and foreign exchange banking services through a network of offices in Indonesia.  The Bank also performs custodianship and trusteeship services as well as manages pension funds.

PT Bank OCBC NISP Tbk provides general commercial banking services.  The Bank has branch offices located throughout Indonesia.

Bank Danamon Indonesia Tbk PT provides general banking services. The Bank's head office is located in Jakarta with branch offices throughout Indonesia.

PT Bank Tabungan Pensiunan Nasional Tbk. is a financial institution that specializes in funding and lending. The Bank offers accounts in deposits & savings, pension loans, small to medium sized business loans, and other financial products.  Bank Tabungan offers services in bank clearance, payment, collection, transfer, and payroll services.

Bank Tabungan Pensiunan Nasional (BTPN IJ)

Bank Ina Perdana PT is headquartered in Indonesia. The Company's line of business includes the operation of national commercial banks.

PT Bank CIMB Niaga Tbk operates in individual and private banking, merchant and corporate banking, regional banking, and investment services.  The Bank also provides financial services such as leasing and factoring, stock broking, underwriting, insurance and investment management through its subsidiaries.

PT Bank Tabungan Negara Persero Tbk provides commercial banking services.

Bank Maybank Indonesia Tbk PT provides commercial banking services including deposit taking, lending, treasury, and investment banking services. The Bank also provides trade finance facilities, foreign exchange transaction services, loan syndications for project financing, and investment services.

PT Bank Sinarmas Tbk is a full service commercial bank. The Company offers a wide range of banking services, including checking and savings accounts as well as phone banking, Internet banking and automatic teller machines.

Trustmark Corporation is the holding company for Trustmark National Bank. The Bank offers a variety of banking, investment, and insurance solutions to corporate, institutional, and individual customers in Mississippi and Tennessee.

Tisco Financial Group Pcl is a bank holding company.  The Company's banking subsidiary offers working capital, project, term, automobile and home loans; custodian services; securities brokerage; mutual funds; and private banking; and advises on equity and debt capital markets, privatizations, debt restructuring, project finance, and mergers and acquisitions.

BNK Financial Group Inc. a holding company, provides a full range of consumer and commercial banking-related financial services. The Company's main businesses include banking, trust banking, and assets management to individuals, businesses, and other financial institutions.

Bank of Chongqing Co. Ltd. provides commercial banking services. The Company offers financial services to individuals and enterprises including deposits, loans, settlement, currency trading, financial & government bonds, and credit cards services. Bank of Chongqing also offers international services.

Customers Bancorp, Inc. provides banking services. The Company offers checking and saving accounts, personal and commercial loans, and retirement planning services. Customers Bancorp serves customers throughout the State of Pennsylvania.

Triumph Financial Inc. offers traditional banking products as well as commercial finance products to businesses that require specialized and tailored financial solutions.

King's Town Bank accepts deposits and offers various kinds of loans. The Bank provides notes and bills discounting, collecting, guarantee, remittance, securities brokerage and financing, letter of credit, foreign exchange, and traveler checks services.

WesBanco, Inc. is a multi-bank holding company.  The Company, through its subsidiaries, conducts general, commercial, and mortgage banking, as well as a trust business.  WesBanco provides its services to commercial, consumer, and government customers through offices located in West Virginia and eastern Ohio.

Banner Corporation is a bank holding company involved in the business of planning, directing and coordinating the business activities of its subsidiary banks. The Banks offers a wide variety of commercial banking services and financial products to individuals, businesses and public sector entities.

Hilltop Holdings Inc. is a diversified financial holding company. The Company's primary subsidiary is a Texas based regional commercial banking franchise. Hilltop's other holdings include a retail mortgage originator, a regional broker dealer and a property and casualty insurance provider.

PT Bank Jago Tbk operates as a commercial bank. The Bank offers savings account, loans, insurance, currentcy exchange, money transfer, and credit services. Bank Jago serves consumer in Indonesia.

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Bank Jago Tbk PT (ARTO IJ)

BFI Finance Indonesia (BFIN IJ) - Pole Position in Multifinance

BFIN is the best quality multi-finance player in Indonesia, with an ROE now above 21%. There will be more collaboration and synergies with Bank...

Angus Mackintosh

GoTo (GOTO IJ) - Ploughing a Path to Profitability

GoTo's guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to...

Angus Mackintosh

BFI Finance Indonesia (BFIN IJ) - Catching a Digital Wave with GoTo?

BFIN is optimistic on the outlook for new financing in 2022 plus the potential for significant tailwinds to come from the association with GoTo...

Angus Mackintosh

BFI Finance Indonesia (BFIN IJ) - Taking the Digital High Road

The confirmation that Jerry Ng, one of the major shareholders of Bank Jago will take a controlling stake in BFI Finance Indonesia should create a...

Angus Mackintosh

BFI Finance Indonesia (BFIN IJ) - Recovery in Motion

BFI Finance Indonesia (BFIN IJ) is the most interesting multi finance company in Indonesia, with strong risk management culture, and can generate...

Angus Mackintosh

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