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

BFI Finance Indonesia (BFIN IJ) - On the Cusp of a Turn

BFI Finance Indonesia (BFIN IJ) - Visibility Improves

BFI Finance Indonesia (BFIN IJ) - Slower Recovery in Process

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> booked a solid set of results for 3Q2024, which saw new booking rebond 19% MoM and total net receivable increase with improved credit quality.</li>
<li>Management highlights the cost of credit is close to a new normal as it starts to grow receivables more aggressively and the collaboration with GoTo has started to gain traction. </li>
<li>4Q2024 should see further momentum on growth and credit costs and right-offs should also improve with momentum established to drive loan growth into the mid-teens in 2025. Valuations remain attractive. </li>
</ul>



BFI Finance Indonesia (BFIN IJ) booked a solid set of results for 3Q2024, which saw new booking rebond 19% MoM and total net receivable increase with improved credit quality.
Management highlights the cost of credit is close to a new normal as it starts to grow receivables more aggressively and the collaboration with GoTo has started to gain traction. 
4Q2024 should see further momentum on growth and credit costs and right-offs should also improve with momentum established to drive loan growth into the mid-teens in 2025. Valuations remain attractive. 


BFI Finance Indonesia (BFIN IJ) - On the Apex of the Turn