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

Bank Negara Indonesia Persero / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ)</a> presented an optimistic picture from 2Q2024, with management upgrading the loan growth forecast range for the year by a notch with an improving liquidity backdrop.</li>
<li>Credit costs remain low with the SME segment the only segment with lingering problems from vintage pre-2022 loans but otherwise, LAR are in decline with room to cut coverage ratios.</li>
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<a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">BNI</a> made a big fanfare of the launch of its brand new "wondr" banking app which is already off to a strong start with more active users. Valuations are attractive. </li>
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Bank Negara Indonesia (BBNI IJ) presented an optimistic picture from 2Q2024, with management upgrading the loan growth forecast range for the year by a notch with an improving liquidity backdrop.
Credit costs remain low with the SME segment the only segment with lingering problems from vintage pre-2022 loans but otherwise, LAR are in decline with room to cut coverage ratios.

BNI made a big fanfare of the launch of its brand new "wondr" banking app which is already off to a strong start with more active users. Valuations are attractive. 


Bank Negara Indonesia (BBNI IJ) - A Distinctly Positive Tone

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<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri's</a> recent results reflect the success of the bank's strategy to grow higher-yielding loans and its strength in corporate, commercial, and consumer loans, with micro showing slower growth.</li>
<li>The bank funding base remains solid with strong CASA growth, helping it to maintain NIMs. Mandiri's mobile banking under Livin' continues to drive its transactional banking, loan and deposit growth.</li>
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<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri</a>'s upgrade to its loan growth projects speaks volumes about its confidence. With credit costs at less than 1% and ample liquidity, the bank is well-positioned for growth.</li>
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Bank Mandiri's recent results reflect the success of the bank's strategy to grow higher-yielding loans and its strength in corporate, commercial, and consumer loans, with micro showing slower growth.
The bank funding base remains solid with strong CASA growth, helping it to maintain NIMs. Mandiri's mobile banking under Livin' continues to drive its transactional banking, loan and deposit growth.

Bank Mandiri's upgrade to its loan growth projects speaks volumes about its confidence. With credit costs at less than 1% and ample liquidity, the bank is well-positioned for growth.


Bank Mandiri (BMRI IJ) - Escalating Returns and Lower Credit Costs

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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>NPAT reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), primarily driven by a slight uptick in NII (+3% QoQ), manageable operating and credit costs (-21bps).</li><li>Subsidiaries, particularly BSI, also played a significant role in this earnings improvement.</li><li>▪ Loan surged by +6.8% QoQ/+20.5% YoY in 1H24, supported by corporate segment (+30% YoY) &amp; commercial (+22% YoY).</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.

NPAT reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), primarily driven by a slight uptick in NII (+3% QoQ), manageable operating and credit costs (-21bps).Subsidiaries, particularly BSI, also played a significant role in this earnings improvement.▪ Loan surged by +6.8% QoQ/+20.5% YoY in 1H24, supported by corporate segment (+30% YoY) &amp; commercial (+22% YoY).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.

PT Bank Mandiri Tbk - Loan Growth Fuel Success, Guidance Upgraded

<ul><li>Net profit reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), bringing 1H24 NPAT to IDR26.6tn (+5.2% YoY), slightly in-line with our and consensus' estimates which implies ~47%/48% of FY24E target.</li><li>The slight uptick in NII (+3% QoQ), combined with manageable operating and credit costs (-21bps), contributed to the earnings improvement during 2Q24.</li><li>Moreover, the solid performance of its subsidiaries, particularly Bank Syariah Indonesia (BSI), contributed significantly to the solid earnings in 2Q24.</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 2Q24 (+9.0% QoQ/ +9.3% YoY), bringing 1H24 NPAT to IDR26.6tn (+5.2% YoY), slightly in-line with our and consensus' estimates which implies ~47%/48% of FY24E target.The slight uptick in NII (+3% QoQ), combined with manageable operating and credit costs (-21bps), contributed to the earnings improvement during 2Q24.Moreover, the solid performance of its subsidiaries, particularly Bank Syariah Indonesia (BSI), contributed significantly to the solid earnings in 2Q24.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.

PT Bank Mandiri Tbk (BMRI IJ) - Loan Growth Fuel Success, Guidance Upgraded

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

BRI Danareksa Research

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>BMRI reported 1H24 net profit of Rp26.6tr (+5% yoy) supported by 20% loan growth and lower CoC, offsetting the lower NIM.</li><li>Mgmt revised its FY24 loan growth target from 13-15% to 16-18% while maintaining its CoC target at 1.0-1.2%.</li><li>Maintain Buy rating with an unchanged TP of Rp7,400 based on 10.3% CoE (5-year avg.) and 20.9% FY24F ROE, implying 2.4x FY24F PBV.</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.

BMRI reported 1H24 net profit of Rp26.6tr (+5% yoy) supported by 20% loan growth and lower CoC, offsetting the lower NIM.Mgmt revised its FY24 loan growth target from 13-15% to 16-18% while maintaining its CoC target at 1.0-1.2%.Maintain Buy rating with an unchanged TP of Rp7,400 based on 10.3% CoE (5-year avg.) and 20.9% FY24F ROE, implying 2.4x FY24F PBV.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.

Bank Mandiri - Inline 2Q24/ 1H24 Earnings on Resilient NIM, with Intact Sound Asset Quality

Indonesia

PT Bank Mandiri (Persero) Tbk is formed by the merger of four state-owned banks, namely Pt Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Import Indonesia (Bank Exim), PT Bank Pembangunan Indonesia (Bank Bapindo). The Bank operates in the commercial banking services.

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Bank Mandiri Persero (BMRI IJ)

Bank Negara Indonesia (BBNI IJ) - A Distinctly Positive Tone

Bank Negara Indonesia (BBNI IJ) presented an optimistic picture from 2Q2024, with management upgrading the loan growth forecast range for the year...

Angus Mackintosh

Bank Mandiri (BMRI IJ) - Escalating Returns and Lower Credit Costs

Bank Mandiri's upgrade to its loan growth projects speaks volumes about its confidence. With credit costs at less than 1% and ample liquidity, the...

Angus Mackintosh

PT Bank Mandiri Tbk - Loan Growth Fuel Success, Guidance Upgraded

NPAT reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), primarily driven by a slight uptick in NII (+3% QoQ), manageable operating and credit costs...

MNC Sekuritas

PT Bank Mandiri Tbk (BMRI IJ) - Loan Growth Fuel Success, Guidance Upgraded

Net profit reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), bringing 1H24 NPAT to IDR26.6tn (+5.2% YoY), slightly in-line with our and consensus'...

MNC Sekuritas

Bank Mandiri - Inline 2Q24/ 1H24 Earnings on Resilient NIM, with Intact Sound Asset Quality

BMRI reported 1H24 net profit of Rp26.6tr (+5% yoy) supported by 20% loan growth and lower CoC, offsetting the lower NIM.

BRI Danareksa Research

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