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

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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

Bank Negara Indonesia Persero / Equity Bottom-Up

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<p><a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia Persero (BBNI IJ)</a> revealed some interesting views on its strategy for expansion over the next few years at a webinar hosted by <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> on Smartkarma this week, driven to a large extent by the new senior management team at the bank.</p>
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<p>Loan growth continues to be driven by lower risk areas such as corporate loans to top tier customers with the addition of some notable new high-profile clients.</p>
<p>Its micro KUR loans, SME loans, payroll, and consumer loans, mainly mortgages, also continue to grow, with medium-sized loans declining.</p>
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<p>The cost of 3rd party funds continued to fall to an all-time low in 2Q2021 given the rapid decline in time deposit rates and increasing CASA.</p>
<p>Profitability also continued to improve in 2Q2021 with PPOP rising by 24.4%, whilst net profit increased by +12.8% YoY and +7% QoQ. <a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia Persero (BBNI IJ)</a> is optimistic on the outlook for returns, targeting higher ROEs in 2022, mainly driven by higher ROA.</p>
<p><a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia Persero (BBNI IJ)</a> continued to push forward with its digital transformation and especially with mobile banking, where it now has the highest customer rating for its app versus its peers.</p>
<p><a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ)</a> has also revealed that it is potentially open to opening a stand-alone digital bank through acquiring a smaller bank, which is a change from the previous strategy.</p>
<p><a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia Persero (BBNI IJ)</a> continues to be a universal bank with around 70% of its business coming from wholesale lending. Management continues to see a huge opportunity in cross-selling its cash management businesses and other services.</p>
<p><a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia Persero (BBNI IJ)</a> has revised its guidance somewhat to reflect this latest round of Emergency PPKM measures with loan growth downgraded slightly but net interest margin forecasts increased.</p>
<p>Valuations look appealing, with the bank trading on 0.7x FY2021E PBV and a forward FY22E PER of 6.5x. <a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ</a>) is often seen as the bank playing catch up with its peers but maybe this time is different. </p>


Bank Negara Indonesia Persero (BBNI IJ) revealed some interesting views on its strategy for expansion over the next few years at a webinar hosted by Daniel Tabbush on Smartkarma this week, driven to a large extent by the new senior management team at the bank.




Loan growth continues to be driven by lower risk areas such as corporate loans to top tier customers with the addition of some notable new high-profile clients.
Its micro KUR loans, SME loans, payroll, and consumer loans, mainly mortgages, also continue to grow, with medium-sized loans declining.



The cost of 3rd party funds continued to fall to an all-time low in 2Q2021 given the rapid decline in time deposit rates and increasing CASA.
Profitability also continued to improve in 2Q2021 with PPOP rising by 24.4%, whilst net profit increased by +12.8% YoY and +7% QoQ. Bank Negara Indonesia Persero (BBNI IJ) is optimistic on the outlook for returns, targeting higher ROEs in 2022, mainly driven by higher ROA.
Bank Negara Indonesia Persero (BBNI IJ) continued to push forward with its digital transformation and especially with mobile banking, where it now has the highest customer rating for its app versus its peers.
Bank Negara Indonesia (BBNI IJ) has also revealed that it is potentially open to opening a stand-alone digital bank through acquiring a smaller bank, which is a change from the previous strategy.
Bank Negara Indonesia Persero (BBNI IJ) continues to be a universal bank with around 70% of its business coming from wholesale lending. Management continues to see a huge opportunity in cross-selling its cash management businesses and other services.
Bank Negara Indonesia Persero (BBNI IJ) has revised its guidance somewhat to reflect this latest round of Emergency PPKM measures with loan growth downgraded slightly but net interest margin forecasts increased.
Valuations look appealing, with the bank trading on 0.7x FY2021E PBV and a forward FY22E PER of 6.5x. Bank Negara Indonesia (BBNI IJ) is often seen as the bank playing catch up with its peers but maybe this time is different. 

Bank Negara Indonesia (BBNI IJ) - Revealing a New Digital Skin