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 Rakyat Indonesia, BFIN, Prodia, and Shakey's Pizza

CrossASEAN Ground Zero - Shopee & YouTube, MR DIY Rollingout, GOTO, and AI & Micro Lending

Indonesia: Sentiment Weakens as Key Sectors and Stocks Lose Ground

Bank Rakyat Indonesia (BBRI IJ) - Special Mention on the Turn

Bank Central Asia (BBCA IJ) - Growth Momentum Maintained with Lower Credit Costs

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-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a> booked flat earnings in 1H2024 despite healthy loan and fee income growth, with a shift towards corporate loans, as it sought to address its problem microloans.</li>
<li>The bank front-loaded provisions in 1H2024 but recoveries have seen a steep improvement, with 2H2024 to see lower credit costs. Strong loan corporate loan growth is offsetting slower micro.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a> remains a unique proxy for micro-lending in Indonesia, with a depositor base of 176m and the skillset to manage risk in this space. Valuations remain attractive. </li>
</ul>



Bank Rakyat Indonesia booked flat earnings in 1H2024 despite healthy loan and fee income growth, with a shift towards corporate loans, as it sought to address its problem microloans.
The bank front-loaded provisions in 1H2024 but recoveries have seen a steep improvement, with 2H2024 to see lower credit costs. Strong loan corporate loan growth is offsetting slower micro.

Bank Rakyat Indonesia remains a unique proxy for micro-lending in Indonesia, with a depositor base of 176m and the skillset to manage risk in this space. Valuations remain attractive. 


Bank Rakyat Indonesia (BBRI IJ) -Stabilizing Before a Rebound