ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

Bank Central Asia – Substantial Credit Delta Improvement

Bank Central Asia (BBCA IJ) - The Digital Surge

Bank Rakyat Indonesia (BBRI IJ) - MSME Marvel in the Making

PT Bank Central Asia (BBCA IJ) - The Future Is Blu

Bank Central Asia (BBCA IJ) - Back to the Business of Consumption

Gravity Works As WeWork Doesn't; Now Plan B

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

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<p><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> results call highlighted that we have started to see a pick up in lending activity in 3Q2021, with great utilisation of working capital loans, growing demand for corporate loans, and a strong recovery in mortgage lending.  The bank is also seeing rapid growth in transactional banking, which is feeding into strong CASA growth, and fee income. The bank is also a stand-out on its digital offering and exposure to the burgeoning digital economy. </p>
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<p><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> just released its 9M2021 results registering a strong performance with net profit increasing by +15.8% YoY.</p>
<p>The key message from management was that loan growth is picking up, funding is rock solid, and there is continuing momentum behind the bank's transactional banking.</p>
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<p>In terms of key ratios, <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> saw its net interest margin (NIM) decrease slightly to 5.0% in 3Q2021, down by -0.2% QoQ, whilst the banks cost of capital fell dramatically in 3Q2021 to 0.8% versus 2.6% in 2Q2021.</p>
<p><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> is flush with capital and with liquidity, with a CAR ratio of 26.2% and a loans to deposits ratio (LDR) of 62.0% for 9M2021.</p>
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<p>A significant highlight for <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> was the pick up in loans growth for 3Q2021 and consequently 9M2021 driven by corporate and consumer loans.</p>
<p>Another key stand out for <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> has been the growth in its transactions, driven to a large extent by the growth in digital transactions.</p>
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<p>The company continues to expand its stand-alone digital initiative under BCA Digital and its blu app, adding new features targeting millennial customers specifically. </p>
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<section class="figure"><a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" rel="noopener"><span data-preserver-spaces="true">Bank Central Asia (BBCA IJ)</span></a><span data-preserver-spaces="true"> just completed its stock split which</span><span data-preserver-spaces="true"> will help to improve liquidity in the bank given that it will make the share more affordable to retail investors.</span></section>


Bank Central Asia (BBCA IJ) results call highlighted that we have started to see a pick up in lending activity in 3Q2021, with great utilisation of working capital loans, growing demand for corporate loans, and a strong recovery in mortgage lending.  The bank is also seeing rapid growth in transactional banking, which is feeding into strong CASA growth, and fee income. The bank is also a stand-out on its digital offering and exposure to the burgeoning digital economy. 

Bank Central Asia (BBCA IJ) just released its 9M2021 results registering a strong performance with net profit increasing by +15.8% YoY.
The key message from management was that loan growth is picking up, funding is rock solid, and there is continuing momentum behind the bank's transactional banking.



In terms of key ratios, Bank Central Asia (BBCA IJ) saw its net interest margin (NIM) decrease slightly to 5.0% in 3Q2021, down by -0.2% QoQ, whilst the banks cost of capital fell dramatically in 3Q2021 to 0.8% versus 2.6% in 2Q2021.
Bank Central Asia (BBCA IJ) is flush with capital and with liquidity, with a CAR ratio of 26.2% and a loans to deposits ratio (LDR) of 62.0% for 9M2021.



A significant highlight for Bank Central Asia (BBCA IJ) was the pick up in loans growth for 3Q2021 and consequently 9M2021 driven by corporate and consumer loans.
Another key stand out for Bank Central Asia (BBCA IJ) has been the growth in its transactions, driven to a large extent by the growth in digital transactions.





The company continues to expand its stand-alone digital initiative under BCA Digital and its blu app, adding new features targeting millennial customers specifically. 





Bank Central Asia (BBCA IJ) just completed its stock split which will help to improve liquidity in the bank given that it will make the share more affordable to retail investors.

Bank Central Asia (BBCA IJ)- Inflexion Point