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 - Digital Finance, Microlending, and REITs

Bank Rakyat Indonesia (BBRI IJ) - Ultra-Micro and Digital Aspirations in Place

The Week That Was in ASEAN@Smartkarma - Bank Rakyat Indonesia, Thai Financials, and Bukalapak IPO

Bank Rakyat (BBRI IJ) - Digitalising the Masses - On the Ground in J-Town

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-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> latest numbers were interesting in that there was evidence of declining provisions, which suggests improving credit quality ahead but what was also evident was the renewed momentum behind micro and ultra-micro loans, which now make up more than 40% of total loans but it aims for 45% by 2025.
Microlending and MSMEs are the bank's key differentiating factor and core competency versus its peers. It a skill-set that they have not been able to replicate, despite best efforts by some in recent years.  It is increasingly the champion of financial inclusion in Indonesia.
<a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> has re-affirmed its focus on driving continued digitalization as a growth driver, which is enabling the bank to continue to expand with lower costs, even in rural areas. 
The bank continues to increase its commitment to implement ESG practices with 63.9% of the total loan portfolio classified as financing for sustainable business activities in 2020. 
<a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> was also the first bank in Southeast Asia to issue sustainability bonds in 2019. The sustainability bond market has become more attractive and it's projected that the ESG financing instrument will reach USD11tn in 2025. 
<a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> is also building digital partnerships and collaborations with P2P players, e-commerce platforms, and ride-hailing firms. 
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<a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> remains one of our top picks amongst the Indonesian banks, with its renewed focus on its core competency in microlending, as well as its meaningful digitalization of existing banking business as well as increasingly using digital channels to expand its reach.
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Bank Rakyat Indonesia Persero (BBRI IJ) latest numbers were interesting in that there was evidence of declining provisions, which suggests improving credit quality ahead but what was also evident was the renewed momentum behind micro and ultra-micro loans, which now make up more than 40% of total loans but it aims for 45% by 2025.
Microlending and MSMEs are the bank's key differentiating factor and core competency versus its peers. It a skill-set that they have not been able to replicate, despite best efforts by some in recent years.  It is increasingly the champion of financial inclusion in Indonesia.
Bank Rakyat Indonesia Persero (BBRI IJ) has re-affirmed its focus on driving continued digitalization as a growth driver, which is enabling the bank to continue to expand with lower costs, even in rural areas. 
The bank continues to increase its commitment to implement ESG practices with 63.9% of the total loan portfolio classified as financing for sustainable business activities in 2020. 
Bank Rakyat Indonesia Persero (BBRI IJ) was also the first bank in Southeast Asia to issue sustainability bonds in 2019. The sustainability bond market has become more attractive and it's projected that the ESG financing instrument will reach USD11tn in 2025. 
Bank Rakyat Indonesia Persero (BBRI IJ) is also building digital partnerships and collaborations with P2P players, e-commerce platforms, and ride-hailing firms. 

Bank Rakyat Indonesia Persero (BBRI IJ) remains one of our top picks amongst the Indonesian banks, with its renewed focus on its core competency in microlending, as well as its meaningful digitalization of existing banking business as well as increasingly using digital channels to expand its reach.


Bank Rakyat Indonesia (BBRI IJ) - Both Micro and Digital