Daily Brief Indonesia: Bank Jago Tbk PT, Matahari Department Store, ABM Investama and more

• Bank Jago recently released its 2Q2022 results. It again registered a quarterly profit, down on 1Q2021, and a victim of its own success but preparing well for future growth.
• The bank continues to grow its KYC’d customers, which reached 3.3m in 2Q2022, with 300k-400k new customers a month as a result of improvements in the onboarding process. 
• Bank Jago‘s future is all about its ecosystem and it has only started to scratch the surface of synergies but investors need to look to the long term for returns.

• Matahari Department Store (LPPF IJ) reports another positive set of results confirming the success of its ongoing transformation with the promise of an even stronger quarter ahead.
• Footwear and menswear continued to lead but womenswear, cosmetics, and babywear were also strong, with private labels Nevada Sports, Nevada Denim, Coles, and New Connections booking vibrant sales.
• Matahari Department Stores omnichannel initiatives are bearing fruit with another marketplace soon to come on stream whilst store opening and renovations will accelerate 2H2022, helping to drive growth.

The Asia HY Trade Book for July 2022 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.