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

The Week That Was in ASEAN@Smartkarma - Bank Mandiri, Monde Nissin IPO, and Singapore's Free Press

The Week That Was in ASEAN@Smartkarma - Grab's Euphoria, MAPI, and Monde Nissin

Bank Mandiri Persero (BMRI IJ) - Livin' in Digital World

Bank Mandiri Persero (BMRI IJ) - Time to Look Forward

Bank Mandiri Persero (BMRI IJ) - A Stand Out on a Number of Fronts

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

<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> announced a good set of 1Q2021 results with the first QoQ loan growth in the last 6 years at +2% YoY at the bank-only level.
Another stand out was the +0.5% QoQ and +15% YoY growth in CASA, which was positive for NIM, which improved from 4.7% in 1Q2021 versus 4.3% in 4Q2020. 
The bank continues to see strong growth in its Mobile banking usage with just under 5m users of the Mandiri Livin App. This has helped to support fee income as well as in attracting CASA deposits. 
The bank is making good progress on its loan restructuring, with only 11% of COVID-19 restructured loans classed as "high-risk" and only 50% of those seen as potential NPLs.
<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> has increased its loan guidance to low teens from single-digit previously for FY2021, mainly due to the inclusion of Bank Syariah Indonesia, where <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> now has 51%. Without this inclusion, bank-only loan growth is forecast at +6% YoY for FY2021.
NIM is also expected to be higher this year at 4.8% to 5.1% versus a previous forecast of 4.6% - 4.8%, with credit costs expected to come in at 1.9%-2.4%.
<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri (BMRI IJ)</a> looks relatively attractive from a valuation standpoint, trading on 1.4x FY21E PBV versus its 5-year average of 1.8x, with the prospect of a rising ROE over the next three years.

Bank Mandiri Persero (BMRI IJ) announced a good set of 1Q2021 results with the first QoQ loan growth in the last 6 years at +2% YoY at the bank-only level.
Another stand out was the +0.5% QoQ and +15% YoY growth in CASA, which was positive for NIM, which improved from 4.7% in 1Q2021 versus 4.3% in 4Q2020. 
The bank continues to see strong growth in its Mobile banking usage with just under 5m users of the Mandiri Livin App. This has helped to support fee income as well as in attracting CASA deposits. 
The bank is making good progress on its loan restructuring, with only 11% of COVID-19 restructured loans classed as "high-risk" and only 50% of those seen as potential NPLs.
Bank Mandiri Persero (BMRI IJ) has increased its loan guidance to low teens from single-digit previously for FY2021, mainly due to the inclusion of Bank Syariah Indonesia, where Bank Mandiri Persero (BMRI IJ) now has 51%. Without this inclusion, bank-only loan growth is forecast at +6% YoY for FY2021.
NIM is also expected to be higher this year at 4.8% to 5.1% versus a previous forecast of 4.6% - 4.8%, with credit costs expected to come in at 1.9%-2.4%.
Bank Mandiri (BMRI IJ) looks relatively attractive from a valuation standpoint, trading on 1.4x FY21E PBV versus its 5-year average of 1.8x, with the prospect of a rising ROE over the next three years. 

Bank Mandiri (BMRI IJ) - Digital and Syariah Fuelled Recovery