ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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

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<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a> booked a strong set of numbers in 1Q2025, driven by strong loan growth and healthy growth in CASA and despite an increase in provisions. </li>
<li>The bank booked loan growth across its key segments, with corporate, SME, and consumer lending driving growth, with its transactional banking continuing to grow as it expands its customer base.</li>
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<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a>'s digital offerings continue to be a core driver for both business and consumer banking, as well as for onboarding new customers. Valuations are attractive versus history. </li>
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Bank Central Asia booked a strong set of numbers in 1Q2025, driven by strong loan growth and healthy growth in CASA and despite an increase in provisions. 
The bank booked loan growth across its key segments, with corporate, SME, and consumer lending driving growth, with its transactional banking continuing to grow as it expands its customer base.

Bank Central Asia's digital offerings continue to be a core driver for both business and consumer banking, as well as for onboarding new customers. Valuations are attractive versus history. 


Bank Central Asia (BBCA IJ) - Thriving Through Transactions

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>BBCA booked 1Q25 net profit of Rp14.1tr (+3% qoq, +10% yoy), in line with our and consensus’ FY24 estimate.</li><li>The bank continues to demonstrate a strong deposit franchise, allowing it to grow customer deposits 5% qoq amid the tight liquidity in 1Q25. </li><li>We maintain Buy rating on BBCA with an unchanged TP of Rp11,900. BBCA remains our top pick in the sector.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BBCA booked 1Q25 net profit of Rp14.1tr (+3% qoq, +10% yoy), in line with our and consensus’ FY24 estimate.The bank continues to demonstrate a strong deposit franchise, allowing it to grow customer deposits 5% qoq amid the tight liquidity in 1Q25. We maintain Buy rating on BBCA with an unchanged TP of Rp11,900. BBCA remains our top pick in the sector.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BBCA.IJ: In Line Earnings with Robust PPOP Growth Offsetting the Higher Provisions

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Net profit reached IDR13.8tn in 4Q24 (-3.1% QoQ), bringing FY24 NPAT to IDR54.8tn (+12.7%YoY), in-line with ours/consensus estimation.</li><li>This remarkable growth in net profit due to robust loan and NIM growth, while CoC remains manageable.</li><li>PPOP grew by +14.1% YoY in FY24 (-8.1% QoQ) was mainly propelled by a strong net interest income (+9.5% YoY).</li><li>Better CIR level at 31.5% in FY24 (vs 34.1% in FY23), thanks to excellent cost control</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Net profit reached IDR13.8tn in 4Q24 (-3.1% QoQ), bringing FY24 NPAT to IDR54.8tn (+12.7%YoY), in-line with ours/consensus estimation.This remarkable growth in net profit due to robust loan and NIM growth, while CoC remains manageable.PPOP grew by +14.1% YoY in FY24 (-8.1% QoQ) was mainly propelled by a strong net interest income (+9.5% YoY).Better CIR level at 31.5% in FY24 (vs 34.1% in FY23), thanks to excellent cost controlContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BBCA IJ - Conservative Loan Growth as CASA Competition Heats Up

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<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a> booked a solid finish to 2024, with strong loan growth across the board driven by  corporate and SMEs leading, whilst its CASA continued to grow, protecting NIMs.</li>
<li>The bank continue to cement its position as Indonesia's leading transactional bank with +21% growth in 2024 to a record 36bn transactions, with its mobile banking leading the way. </li>
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<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">BCA</a> continues to grow channels inclusing  branches and ATMS to supplement its mobile banking growth. Loan growth may slow slightly this year but BCA stands out from peers on funding.</li>
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Bank Central Asia booked a solid finish to 2024, with strong loan growth across the board driven by  corporate and SMEs leading, whilst its CASA continued to grow, protecting NIMs.
The bank continue to cement its position as Indonesia's leading transactional bank with +21% growth in 2024 to a record 36bn transactions, with its mobile banking leading the way. 

BCA continues to grow channels inclusing  branches and ATMS to supplement its mobile banking growth. Loan growth may slow slightly this year but BCA stands out from peers on funding.


Bank Central Asia (BBCA IJ) - Strong Finisher

<ul><li>Despite the challenging year, BBCA booked NP of Rp54.8tr in FY24 (+13% yoy), in line with our and consensus estimates.</li><li>4Q24’s NP declined 3% qoq on the back of higher opex and higher effective tax rate, partly offset by a reversal on Cessie.</li><li>We revised our FY25/26F EPS est. by +1.5/-0.3% and maintain Buy rating with a higher TP of Rp11,900. BBCA remains our top pick in the sector.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite the challenging year, BBCA booked NP of Rp54.8tr in FY24 (+13% yoy), in line with our and consensus estimates.4Q24’s NP declined 3% qoq on the back of higher opex and higher effective tax rate, partly offset by a reversal on Cessie.We revised our FY25/26F EPS est. by +1.5/-0.3% and maintain Buy rating with a higher TP of Rp11,900. BBCA remains our top pick in the sector.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

(BBCA IJ) : In-Line, Solid Asset Quality and NIM Aided in Navigating the Tight Liquidity Environment

Indonesia

PT Bank Central Asia Tbk provides banking and related services.  The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions.  Through its subsidiaries, the Bank also provides leasing and consumer financing services.

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Bank Central Asia (BBCA IJ)