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 - OTT's Back, Indonesian Consumer Health, and Lippo Karawaci

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

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

Bank Mandiri Persero (BMRI IJ) - A Plethora of Good News

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

Bank Mandiri Persero (BMRI IJ) - The Unsung Hero of Syariah?

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 its 4Q2020 and FY2020 results, which saw a credible perfomance with PPOP falling -5.1% YoY although net profit declined by -37% due to higher COVID-19 related provisions.
The bank's loan book grew by +7.7% over the year, with higher growth coming from corporate loans and micro, with commercial loans also expanding from a low base.
Deposits grew by +12.2% during 2020 whilst current accounts grew by +22% YoY last year, boosting CASA and helping to reduce the cost of funds. 
One key positive was that the cost of credit ended the year at 2.35%, which was below the bank's guidance of 2.5%-3.5% for the year. 
<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>'s mobile banking goes from strenth to strength with the value of tranactions outstripping those through ATMs and at 25% of the cost. 
The bank is optimistic that 2021 will see +6% loan growth, driven by a recovery in the economy and a strong liquidity position, with a continuing drop in the cost of credit. 
<div class="content-highlight">
<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> remains a core holding as a play on the recovery of loan growth as the economy recovers and provisioning levels fall. The bank is trading at 1.5x FY21E PBV which is below its 3-year average of 1.74x but its can easily trade higher in light of the recovery.
</div>

Bank Mandiri Persero (BMRI IJ) announced its 4Q2020 and FY2020 results, which saw a credible perfomance with PPOP falling -5.1% YoY although net profit declined by -37% due to higher COVID-19 related provisions.
The bank's loan book grew by +7.7% over the year, with higher growth coming from corporate loans and micro, with commercial loans also expanding from a low base.
Deposits grew by +12.2% during 2020 whilst current accounts grew by +22% YoY last year, boosting CASA and helping to reduce the cost of funds. 
One key positive was that the cost of credit ended the year at 2.35%, which was below the bank's guidance of 2.5%-3.5% for the year. 
Bank Mandiri Persero (BMRI IJ)'s mobile banking goes from strenth to strength with the value of tranactions outstripping those through ATMs and at 25% of the cost. 
The bank is optimistic that 2021 will see +6% loan growth, driven by a recovery in the economy and a strong liquidity position, with a continuing drop in the cost of credit. 

Bank Mandiri Persero (BMRI IJ) remains a core holding as a play on the recovery of loan growth as the economy recovers and provisioning levels fall. The bank is trading at 1.5x FY21E PBV which is below its 3-year average of 1.74x but its can easily trade higher in light of the recovery.


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