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 - Kalbe Farma, Indosat & AI, and Bank Rakyat Indonesia

CrossASEAN Strategy - Indonesia's Delicate Balance

The Week That Was in ASEAN@Smartkarma - Indonesia Strategy, Maynilad Water Services and Mayora Indah

Bank Rakyat Indonesia (BBRI IJ) - Ultra Attractive

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

Bank Rakyat Indonesia (BBRI IJ) - Forging a Healthier Future

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

Bank Central Asia (BBCA IJ) - Strong Finisher

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> management painted a relatively positive picture of improvements across its microloan portfolio in 2H2024, with strong growth in recoveries during the year.  </li>
<li>Loan growth was driven by corporate and consumer loans, as the bank slowed micro and small-sized loan growth with ongoing restructuring, which will continue in 2025 and front-loaded in 1Q2025. </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 unique in its exposure to micro and ultra-micro lending in Indonesia, where growth should resume in 2025. Foreign ownership and valuations stand at 15-year lows. </li>
</ul>



Bank Rakyat Indonesia management painted a relatively positive picture of improvements across its microloan portfolio in 2H2024, with strong growth in recoveries during the year.  
Loan growth was driven by corporate and consumer loans, as the bank slowed micro and small-sized loan growth with ongoing restructuring, which will continue in 2025 and front-loaded in 1Q2025. 

Bank Rakyat Indonesia remains unique in its exposure to micro and ultra-micro lending in Indonesia, where growth should resume in 2025. Foreign ownership and valuations stand at 15-year lows. 


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