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

Thematic (Sector/Industry)

<ul>
<li>Indonesian Digital Banks are an increasing focus for investors given their potential to serve the huge numbers of underbanked in Indonesia through tapping into e-commerce and fintech ecosystems and customers.</li>
<li>Players such as <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago,</a><a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia</a>, <a href="https://www.smartkarma.com/entities/pt-bank-neo-commerce-tbk" target="_blank" data-smartkarma-citation="entities:15245:1" rel="noopener">PT Bank Neo Commerce,</a> and <a href="https://www.smartkarma.com/entities/bank-rakyat-indo-agroniaga" target="_blank" data-smartkarma-citation="entities:16626:1" rel="noopener">Bank Rakyat Indo Agroniaga</a> lead the field with the potential to tap their respective potential ecosystems.</li>
<li>We prefer <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 <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia</a>, given the former's exposure to the <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a>'s ecosystem and the latter's to CT Corp, <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a>, and <a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a>. </li>
</ul>


Indonesian Digital Banks are an increasing focus for investors given their potential to serve the huge numbers of underbanked in Indonesia through tapping into e-commerce and fintech ecosystems and customers.
Players such as Bank Jago,Allo Bank Indonesia, PT Bank Neo Commerce, and Bank Rakyat Indo Agroniaga lead the field with the potential to tap their respective potential ecosystems.
We prefer Bank Jago and Allo Bank Indonesia, given the former's exposure to the GoTo's ecosystem and the latter's to CT Corp, Bukalapak, and Grab (GRAB US). 


Indonesian Digital Banks - Ecosystems and Channels

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI IJ)</a>, <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>, and H2G Green in Singapore.</li>
<li>There were also sector pieces on Indonesian infrastructure and Indonesian tobacco. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia
The past week saw insights on Matahari Department Store (LPPF IJ), Bank Mandiri Persero (BMRI IJ), Astra International (ASII IJ), and H2G Green in Singapore.
There were also sector pieces on Indonesian infrastructure and Indonesian tobacco. 


The Week That Was in ASEAN@Smartkarma - Matahari Dept Store Has Style, Bank Mandiri, and Astra Intl.

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a> post 2Q numbers, <a href="https://www.smartkarma.com/entities/ptt-exploration-and-production-public-company-limited" target="_blank" data-smartkarma-citation="entities:261:1" rel="noopener">PTT E&amp;P (PTTEP TB)</a>, <a href="https://www.smartkarma.com/entities/synnex-thailand-pcl" target="_blank" data-smartkarma-citation="entities:8077:1" rel="noopener">Synnex Thailand (SYNEX TB)</a> and <a href="https://www.smartkarma.com/entities/bangkok-aviation-fuel-services" target="_blank" data-smartkarma-citation="entities:5154:1" rel="noopener">Bangkok Aviation Fuel Services (BAFS TB)</a>. </li>
<li>There was also an insight on Indonesian Digital Banks, with much excitement around the space as major players start to draw on their respective ecosystems. We search for potential winners.</li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on Bukalapak post 2Q numbers, PTT E&amp;P (PTTEP TB), Synnex Thailand (SYNEX TB) and Bangkok Aviation Fuel Services (BAFS TB). 
There was also an insight on Indonesian Digital Banks, with much excitement around the space as major players start to draw on their respective ecosystems. We search for potential winners.


The Week That Was in ASEAN@Smartkarma - Bukalapak's Take Rates, Indonesia's Digital Banks, and PTTEP

Equity Bottom-Up

<ul>
<li>Despite what looked like a solid set of 1Q2022 results, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a> has seen a sharp correction in its share price, which looks unjustified given a positive outlook.</li>
<li>The bank has 84% of its loan exposure to micro and ultra-micro customers, which generates higher returns than corporate lending plus it is improving returns through increasing digitalisation.</li>
<li>Management guidance for this year remains positive, and the bank is well-positioned to take advantage of the economic recovery with abundant liquidity and a low cost of funds.</li>
</ul>


Despite what looked like a solid set of 1Q2022 results, Bank Rakyat Indonesia has seen a sharp correction in its share price, which looks unjustified given a positive outlook.
The bank has 84% of its loan exposure to micro and ultra-micro customers, which generates higher returns than corporate lending plus it is improving returns through increasing digitalisation.
Management guidance for this year remains positive, and the bank is well-positioned to take advantage of the economic recovery with abundant liquidity and a low cost of funds.


Bank Rakyat Indonesia - Increasingly Digitalised Micro Champion

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 29 July.</li>
<li>Potential adds are <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a>, <a href="https://www.smartkarma.com/entities/adaro-minerals" target="_blank" data-smartkarma-citation="entities:35927:1" rel="noopener">Adaro Minerals (ADMR IJ)</a>, <a href="https://www.smartkarma.com/entities/bumi-resources-minerals-tbk" target="_blank" data-smartkarma-citation="entities:9136:1" rel="noopener">Bumi Resources Minerals Tbk (BRMS IJ)</a>, <a href="https://www.smartkarma.com/entities/transcoal-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:28449:1" rel="noopener">Transcoal Pacific Tbk PT (TCPI IJ)</a> and <a href="https://www.smartkarma.com/entities/pt-dayamitra-telekomunikasi" target="_blank" data-smartkarma-citation="entities:34741:1" rel="noopener">Mitratel (MTEL IJ)</a>.</li>
<li>Potential deletions are <a href="https://www.smartkarma.com/entities/pembangunan-perumahan-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:19840:1" rel="noopener">Pembangunan Perumahan (Persero) (PTPP IJ)</a>, <a href="https://www.smartkarma.com/entities/pabrik-kertas-tjiwi-kimia-pt" target="_blank" data-smartkarma-citation="entities:19184:1" rel="noopener">Pabrik Kertas Tjiwi Kimia (TKIM IJ)</a>, <a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a>, <a href="https://www.smartkarma.com/entities/gudang-garam-tbk-pt" target="_blank" data-smartkarma-citation="entities:722:1" rel="noopener">Gudang Garam (GGRM IJ)</a> and <a href="https://www.smartkarma.com/entities/chandra-asri-petrochemical" target="_blank" data-smartkarma-citation="entities:2556:1" rel="noopener">Chandra Asri Petrochemical (TPIA IJ)</a>.</li>
</ul>


The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 29 July.
Potential adds are Bank Jago Tbk PT (ARTO IJ), Adaro Minerals (ADMR IJ), Bumi Resources Minerals Tbk (BRMS IJ), Transcoal Pacific Tbk PT (TCPI IJ) and Mitratel (MTEL IJ).
Potential deletions are Pembangunan Perumahan (Persero) (PTPP IJ), Pabrik Kertas Tjiwi Kimia (TKIM IJ), Media Nusantara Citra (MNCN IJ), Gudang Garam (GGRM IJ) and Chandra Asri Petrochemical (TPIA IJ).


LQ45 Index Rebalance Preview (July 2022): Candidates for Change

Indonesia

Bank Woori Saudara Indonesia 1906 Tbk PT provides general banking and foreign exchange transaction services. The Company offers cash deposit and withdrawal services, savings transfers, passbook print out services, and other related banking products and services.

PT Bank Mayapada International Tbk provides general commercial banking and other financing services. The Bank has branch offices throughout Indonesia.

PT Bank Mestika Dharma Tbk is headquartered in Indonesia. The Company's line of business includes the operation of commercial banks.

PT Bank Nationalnobu Tbk operates a bank. The Company provides lines of credit to small and medium sized enterprises in Indonesia.

PT Bank Pembangunan Daerah Jawa Timur Tbk is a full service bank in Indonesia.

PT Bank Neo Commerce Tbk is a full service commercial bank based in Indonesia.

PT Bank Bumi Arta Tbk provides commercial banking services.

Bank Maspion Indonesia Tbk PT provides banking services in Indonesia. The company offers funding products, including savings accounts, current accounts, and time deposits; and lending products, such as working capital, investment, housing, car, and consumer loans; and investment credit, letter of credit, and bank guarantee.

PT Bank MNC Internasional TBK, also known as MNC Bank, provides an integrated banking products and services to both corporate and consumer markets. The Bank focuses on consumer and retail banking, including credit card, remittance, cash management, payrolls and many others. MNC Bank is supported by branch & cash offices, payment points & automated teller machines (ATMs) throughout Indonesia.

PT Bank Capital Indonesia Tbk provides commercial banking services.

Harbin Bank Co. Ltd. offers commercial banking services. The Company provides deposits, loans, credit cards, documentary collections, and exchange transactions for individuals and businesses. Harbin Bank also supplies financial products.

Sierra Bancorp is the holding company for Bank of the Sierra.  The Bank grants commercial, real estate mortgage, real estate construction and consumer loans to consumers, farmers and businesses in the South Central San Joaquin Valley of California, specifically Tulare, Fresno, Kern, Kings and Madera counties. Bank of the Sierra also offers Internet banking.

First Business Financial Services, Inc. is a bank holding company involved in the commercial banking business through offices located in Wisconsin.  The Company also provides trust and investment services, business leasing services, shareholder relations, and access to capital for its operating entities.

First Business Financial Services (FBIZ US)

The Ehime Bank, Ltd. is a regional bank primarily operating in Ehime Prefecture. The Bank also provides computer systems management, staffing, and financial services including leasing and credit card services.

The Miyazaki Bank, Ltd. is a regional bank based in Miyazaki and Kagoshima. The Bank provides financial services such as deposits, loans, and foreign exchange transactions.  The Miyazaki Bank also provides financial services such as leasing, letters of credit, and venture capital business.

West Bancorporation is the holding company for West Des Moines State Bank (West Bank).  The Bank is a full-service commercial bank serving small- to mediumsized businesses and individuals through several branches located in Des Moines and West Des Moines, Iowa.

National Bank of Pakistan is a government owned bank which provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial, and individual customers throughout Pakistan.

First Bancorp, Inc. is the bank holding company for The First.  The Bank offers a wide variety of services including checking and savings accounts, consumer and commercial loans, credit cards, investment management and trust services. The First operates in coastal Maine.

Financial Institutions, Inc. is a bank holding company for several community banks based in western and central New York.  The Company, through subsidiaries, also provides brokerage services, employee benefits, and compensation consulting services.

The Yamanashi Chuo Bank, Ltd. is a regional bank in Yamanashi.  The Bank provides commercial banking services such as deposits, loans, foreign exchange transactions, and securities brokerage.  The Yamanashi Chuo Bank also provides financial services such as leasing, credit cards, and credit guarantee as well as invests in venture companies.

PT Bank Rakyat Indonesia Agroniaga Tbk operates general banking activities.

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Bank Rakyat Indo Agroniaga (AGRO IJ)

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...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Matahari Dept Store Has Style, Bank Mandiri, and Astra Intl.

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Bukalapak's Take Rates, Indonesia's Digital Banks, and PTTEP

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Bank Rakyat Indonesia - Increasingly Digitalised Micro Champion

Bank Rakyat Indonesia has set some optimistic guidance for FY2022 loan growth and is well-positioned to take advantage of the recovery with a low...

Angus Mackintosh

LQ45 Index Rebalance Preview (July 2022): Candidates for Change

There could be 5 changes to the LQ45 Index at the July rebalance. The adds outperform the deletion the day after announcement and there is...

Brian Freitas

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