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) - Shining Through in a Difficult Period

BFI Finance Indonesia (BFIN IJ) - Taking the Digital High Road

The Week That Was in ASEAN@Smartkarma - Bank Rakyat Indonesia, Buy Now Pay Later, and BFI Finance

BFI Finance Indonesia (BFIN IJ) - Changing up a Gear

BFI Finance Indonesia (BFIN IJ) - More than A Prudent Restart

BFI Finance Indonesia (BFIN IJ) - High-Quality AutoPlay with a Digital Twist?

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

<p><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> announced a strong set of 1H2021 results, which saw YTD new bookings increase by +48.7% YoY and +7.5% QoQ in 2Q2021 We expect the company to continue to ramp up new bookings in 2H2021, and although the latest round of Emergency PKMM mobility restrictions may delay that recovery slightly, we remain upbeat about its future prospects.</p>
<p>Non-performing financing (NPF) continued to improve 1Q2021 and the company also saw its net credits loss (NCL) ratio increase with more repossession and collateral disposal activities.</p>
<p><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> quarterly net revenue was down by -18.2% YoY in 2Q2021 mainly driven by the drop in the average receivables balance and a slightly lower net interest spread.</p>
<p>The company continued to make progress on its loan restructuring with 89.2% of restructured loans reverting to normal status, 0.6% under grace period, and the remaining 10.2% granted second restructuring with strict review.</p>
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<p><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> continues to focus on its core market of non-dealer 4W collateralised loans, which made up 64% of total receivables in 1H2021 versus 59% of total in 1H2020.</p>
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<p>The company now has 325 branches, consisting of 223 full branches and 102 kiosks. As part of its rationalisation, it closed a total of 82 outlets in 1H2021, with 78 of these kiosks and the rest branches.</p>
<p><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> maintains a well-diversified funding base from bank borrowings, bonds &amp; medium term notes, joint-financing, and equity.</p>
<p>The most recent ramp up in cases is having an impact on business with a decline in new bookings in July versus June outlined within.</p>
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<p>We continue to see <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> as the most interesting multi finance company in Indonesia, with a strong risk management culture and with the potential to generate a significantly higher ROEs once the market recovers. </p>
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BFI Finance Indonesia (BFIN IJ) announced a strong set of 1H2021 results, which saw YTD new bookings increase by +48.7% YoY and +7.5% QoQ in 2Q2021 We expect the company to continue to ramp up new bookings in 2H2021, and although the latest round of Emergency PKMM mobility restrictions may delay that recovery slightly, we remain upbeat about its future prospects.
Non-performing financing (NPF) continued to improve 1Q2021 and the company also saw its net credits loss (NCL) ratio increase with more repossession and collateral disposal activities.
BFI Finance Indonesia (BFIN IJ) quarterly net revenue was down by -18.2% YoY in 2Q2021 mainly driven by the drop in the average receivables balance and a slightly lower net interest spread.
The company continued to make progress on its loan restructuring with 89.2% of restructured loans reverting to normal status, 0.6% under grace period, and the remaining 10.2% granted second restructuring with strict review.


BFI Finance Indonesia (BFIN IJ) continues to focus on its core market of non-dealer 4W collateralised loans, which made up 64% of total receivables in 1H2021 versus 59% of total in 1H2020.

The company now has 325 branches, consisting of 223 full branches and 102 kiosks. As part of its rationalisation, it closed a total of 82 outlets in 1H2021, with 78 of these kiosks and the rest branches.
BFI Finance Indonesia (BFIN IJ) maintains a well-diversified funding base from bank borrowings, bonds &amp; medium term notes, joint-financing, and equity.
The most recent ramp up in cases is having an impact on business with a decline in new bookings in July versus June outlined within.

We continue to see BFI Finance Indonesia (BFIN IJ) as the most interesting multi finance company in Indonesia, with a strong risk management culture and with the potential to generate a significantly higher ROEs once the market recovers. 



BFI Finance Indonesia (BFIN IJ) - Recovery in Motion