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

BRIS - Strong Numbers Just Out, Asset Growth High, Credit Costs Low, Fees Doing Well

The Week That Was in ASEAN@Smartkarma - Bank Mandiri, CPALL, and Grab Holdings

Bank Rakyat Indonesia (BBRI IJ) - Visibility and Quality Improving

Bank Mandiri (BMRI IJ) - Escalating Returns and Lower Credit Costs

Bank Negara Indonesia (BBNI IJ) - Honing in on Transactions and CASA

Bank Central Asia (BBCA IJ) - Strong Finisher

Bank Central Asia (BBCA IJ) - Tempering 2025 Expectations

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/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri</a> saw a slower finish to the year despite strong loan growth and solid CASA growth, as expenses rose in 4Q2024 and slower recoveries impacted non-interest income.  </li>
<li>Strong loan growth was driven by corporate and commercial lending with diverse sector exposure, as it continues to exploit wholesale relationships rather than increase risk, supported by CASA growth.</li>
<li>The recent correction looks overdone given the outlook for 2024 looks positive, with loans expected to follow deposit growth in 2025, with credit costs under control. Valuations below historic levels.</li>
</ul>



Bank Mandiri saw a slower finish to the year despite strong loan growth and solid CASA growth, as expenses rose in 4Q2024 and slower recoveries impacted non-interest income.  
Strong loan growth was driven by corporate and commercial lending with diverse sector exposure, as it continues to exploit wholesale relationships rather than increase risk, supported by CASA growth.
The recent correction looks overdone given the outlook for 2024 looks positive, with loans expected to follow deposit growth in 2025, with credit costs under control. Valuations below historic levels.


Bank Mandiri (BMRI IJ) - Well-Set for 2025 Returns

Bank Mandiri Persero

Bank Mandiri (BMRI IJ) - Well-Set for 2025 Returns