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

<p><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 (BBCA IJ)</a> released a solid set of 1H2021 results, which underlined its resilience in the face of COVID-19 but a real stand out from the numbers were the ongoing successes from its digital strategies both in terms of promoting products through online expos, as well as the continuing growth in both of transactional and digital banking franchises. </p>
<p><a href="https://www.bloomberg.com/quote/BBCA:IJ" target="_blank" rel="noopener">PT Bank Central Asia</a> recently announced that it will invest US$200m into its digital arm to fend off competition from new entrants to digital banking.</p>
<p>The bank will use the fresh funds to help Blu to increase market share ahead of an IPO within the next two years. <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 (BBCA IJ)</a> plans to increase Blu’s capital to IDR4tn (US$278m), from around IDR1tn currently.</p>
<p><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 (BBCA IJ)</a> will focus on winning more merchants, partners, and customers for Blu and intends to maintain a majority stake in the entity after listing.</p>
<p><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 (BBCA IJ)</a> is already well ahead of its peers and any digital player on mobile banking and is Indonesia's leading bank in terms of transactional banking.</p>
<p>The bank saw 54% of all transactions by value and 86% of transactions by volume going through mobile or internet banking in 1H2021. This gives it access to high levels of CASA, providing the bank with a very low cost of funds.</p>
<p>Our view is that new digital players are more likely to take market share from smaller banks rather than <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 (BBCA IJ)</a> and see the bank maintaining its lead in transactional banking in Indonesia. Blu also has the advantage of being backed by a well-known and trusted lender, which will help to attract new customers. </p>
<p><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 (BBCA IJ)</a> trades on 4x FY21E PBV and is forecast to generate an ROE of 15.5% for FY21E and 17.0% in FY22E. It is one of the best-managed banks in Indonesia with a very strong risk management culture combined with a dynamic and innovative management culture, which coupled with its lead in transactional banking, allows the bank to command a significant premium over its peers. </p>

Bank Central Asia (BBCA IJ) released a solid set of 1H2021 results, which underlined its resilience in the face of COVID-19 but a real stand out from the numbers were the ongoing successes from its digital strategies both in terms of promoting products through online expos, as well as the continuing growth in both of transactional and digital banking franchises. 
PT Bank Central Asia recently announced that it will invest US$200m into its digital arm to fend off competition from new entrants to digital banking.
The bank will use the fresh funds to help Blu to increase market share ahead of an IPO within the next two years. Bank Central Asia (BBCA IJ) plans to increase Blu’s capital to IDR4tn (US$278m), from around IDR1tn currently.
Bank Central Asia (BBCA IJ) will focus on winning more merchants, partners, and customers for Blu and intends to maintain a majority stake in the entity after listing.
Bank Central Asia (BBCA IJ) is already well ahead of its peers and any digital player on mobile banking and is Indonesia's leading bank in terms of transactional banking.
The bank saw 54% of all transactions by value and 86% of transactions by volume going through mobile or internet banking in 1H2021. This gives it access to high levels of CASA, providing the bank with a very low cost of funds.
Our view is that new digital players are more likely to take market share from smaller banks rather than Bank Central Asia (BBCA IJ) and see the bank maintaining its lead in transactional banking in Indonesia. Blu also has the advantage of being backed by a well-known and trusted lender, which will help to attract new customers. 
Bank Central Asia (BBCA IJ) trades on 4x FY21E PBV and is forecast to generate an ROE of 15.5% for FY21E and 17.0% in FY22E. It is one of the best-managed banks in Indonesia with a very strong risk management culture combined with a dynamic and innovative management culture, which coupled with its lead in transactional banking, allows the bank to command a significant premium over its peers. 

PT Bank Central Asia (BBCA IJ) - The Future Is Blu

<p><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> held an analyst call late last week to outline the bank's already well-developed digital strategy both wholesale and retail plus what really makes it stand out from competitors and what the future holds.</p>
<p>The bank has just launched the newest version of its BNI App which also commemorates the bank's 75th Anniversary and gets a high rating. <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>'s strategy on its ongoing digital transformation has been to embrace the new wave of digital disruption through collaboration with third parties rather than going it alone.</p>
<p><a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia Persero (BBNI IJ)</a> works with leading P2P lenders such as Kredivo, Amartha, and Investree, as well as the major digital payments actors such as GoPay, OVO, and Dana. </p>
<p><a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener"></a>BBNI bases its service on its good use case for its customers rather than burning money to acquire new customers. </p>
<p>The bank is also leveraging its open API providing services for digital players and as a result, now offers 260 different services through its app with more than 3,000 partners, the most compared to any of its peers in Indonesia. </p>
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<p><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> is linked with many different e-commerce and Fintech companies helping to facilitate payments, collections, providing liquidity, and providing audits, as examples of some services. </p>
<p>The app is also very popular with younger customers with Gen x at 21% of users, Millennials 43%, and Gen C at 33% making up a large portion of tye 8.9m users.</p>
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<p><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>'s increasing integration with Indonesia's digital economy also stands it in good stead to benefit from the vibrant growth from the space. The bank's progression in building its digital capabilities and its integration with the Indonesian digital economy is not yet fully appreciated, with the bank trading on 0.7x FY21E PBV.</p>
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Bank Negara Indonesia (BBNI IJ) held an analyst call late last week to outline the bank's already well-developed digital strategy both wholesale and retail plus what really makes it stand out from competitors and what the future holds.
The bank has just launched the newest version of its BNI App which also commemorates the bank's 75th Anniversary and gets a high rating. Bank Negara Indonesia (BBNI IJ)'s strategy on its ongoing digital transformation has been to embrace the new wave of digital disruption through collaboration with third parties rather than going it alone.
Bank Negara Indonesia Persero (BBNI IJ) works with leading P2P lenders such as Kredivo, Amartha, and Investree, as well as the major digital payments actors such as GoPay, OVO, and Dana. 
BBNI bases its service on its good use case for its customers rather than burning money to acquire new customers. 
The bank is also leveraging its open API providing services for digital players and as a result, now offers 260 different services through its app with more than 3,000 partners, the most compared to any of its peers in Indonesia. 

Bank Negara Indonesia  (BBNI IJ) is linked with many different e-commerce and Fintech companies helping to facilitate payments, collections, providing liquidity, and providing audits, as examples of some services. 
The app is also very popular with younger customers with Gen x at 21% of users, Millennials 43%, and Gen C at 33% making up a large portion of tye 8.9m users.

Bank Negara Indonesia (BBNI IJ)'s increasing integration with Indonesia's digital economy also stands it in good stead to benefit from the vibrant growth from the space. The bank's progression in building its digital capabilities and its integration with the Indonesian digital economy is not yet fully appreciated, with the bank trading on 0.7x FY21E PBV.





Bank Negara Indonesia (BBNI IJ) - Digitally Remastered in Style

<p><a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> has just announced plans for a long-awaited rights issue, representing 23.25% of its total equity, which potentially lifts an overhang for the bank.</p>
<p>Part of the proceeds of the rights issue will be used to acquire government pawnshop operator, PT Pegadaian, as well as ultra-micro lender PT Permodalan Nasional Madani (PNN). </p>
<p><a href="https://www.smartkarma.com/entities/bank-rakyat-indo-agroniaga" target="_blank" data-smartkarma-citation="entities:16626:1" rel="noopener">Bank Rakyat Indo Agroniaga (AGRO IJ)</a>,  a subsidiary of <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a>, has already been selected as its digital banking arm. Given that there is significant excess capital being generated from this rights issue after the expropriation value on the acquisitions, we see <a href="https://www.smartkarma.com/entities/bank-rakyat-indo-agroniaga" target="_blank" data-smartkarma-citation="entities:16626:1" rel="noopener">Bank Rakyat Indo Agroniaga (AGRO IJ)</a> as a potential recipient of some of this new capital.</p>
<p>One notable digital player which has yet to enter the space in Indonesia is <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> and there is already a relationship between <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> and <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a>, with the bank's venture capital arm recently investing in <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>. </p>
<p>We see a strong likelihood of some form of collaboration between <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> and <a href="https://www.smartkarma.com/entities/bank-rakyat-indo-agroniaga" target="_blank" data-smartkarma-citation="entities:16626:1" rel="noopener">Bank Rakyat Indo Agroniaga (AGRO IJ)</a>, which would be mutually beneficial.</p>
<p>We take a positive view on both <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> after the announcement of the rights issue, with approval likely on 22nd July. We also like <a href="https://www.smartkarma.com/entities/bank-rakyat-indo-agroniaga" target="_blank" data-smartkarma-citation="entities:16626:1" rel="noopener">Bank Rakyat Indo Agroniaga (AGRO IJ)</a>, more especially if it ties up with <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>.</p>

Bank Rakyat Indonesia Persero (BBRI IJ) has just announced plans for a long-awaited rights issue, representing 23.25% of its total equity, which potentially lifts an overhang for the bank.
Part of the proceeds of the rights issue will be used to acquire government pawnshop operator, PT Pegadaian, as well as ultra-micro lender PT Permodalan Nasional Madani (PNN). 
Bank Rakyat Indo Agroniaga (AGRO IJ),  a subsidiary of Bank Rakyat Indonesia Persero (BBRI IJ), has already been selected as its digital banking arm. Given that there is significant excess capital being generated from this rights issue after the expropriation value on the acquisitions, we see Bank Rakyat Indo Agroniaga (AGRO IJ) as a potential recipient of some of this new capital.
One notable digital player which has yet to enter the space in Indonesia is Grab and there is already a relationship between Grab and Bank Rakyat Indonesia Persero (BBRI IJ), with the bank's venture capital arm recently investing in Grab. 
We see a strong likelihood of some form of collaboration between Grab and Bank Rakyat Indo Agroniaga (AGRO IJ), which would be mutually beneficial.
We take a positive view on both Bank Rakyat Indonesia Persero (BBRI IJ) after the announcement of the rights issue, with approval likely on 22nd July. We also like Bank Rakyat Indo Agroniaga (AGRO IJ), more especially if it ties up with Grab.

Bank Rakyat Indonesia (BBRI IJ) - Ultra-Micro and Digital Aspirations in Place

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<p>Indonesia's leading transportation and logistics company,<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" rel="noopener"> Adi Sarana Armada (ASSA IJ)</a> posted an increase in revenue of over +30% to IDR 3.04tn in 2020. The growth in the company's revenue was supported by the stable performance from all of its business segments but driven by its core car rental business under ASSA rent together with its last-mile courier service, Anteraja.  The company booked a -21% decline in net income in 2020 but we expect profit to see strong growth in the next two years as Anteraja has now broken even.</p>
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<p>Anteraja recorded a significant increase in revenue performance of +842.0% For FY2020, making up around a quarter of<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" rel="noopener"> Adi Sarana Armada (ASSA IJ)</a> 's total revenue versus only 3.5% of sales in 2019. Management predicts that Anteraja should make up over 50% of sales in the next 1-2 years and it has already broken even, which should also make it an important future profit driver. </p>
<p><a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> has also been developing a number of new initiatives including a car-sharing platform called ShareCar, an online C2C car sales marketplace called Caroline, and a warehouse fulfillment business through Titipaja.</p>
<p>It continues to grow its car rental business and will expand its fleet further in 2021, with an expected recovery in the private sector but also increasing growth in demand from the government.</p>
<p>Its car auction business under JBA Bid Win also saw strong growth in 2020, with strong growth in the second-hand car market. </p>
<p><a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> remains an interesting digital transformation story, with huge potential from Anterja to drive future growth but with a stable revenue base coming from its car rental and auction business. It trades on 10.9x FY21E EV/EBITDA and 8.7x FY22E EV/EBITDA and an FY22E PER of 30x but we expect continuing momentum behind the digital growth story. </p>


Indonesia's leading transportation and logistics company, Adi Sarana Armada (ASSA IJ) posted an increase in revenue of over +30% to IDR 3.04tn in 2020. The growth in the company's revenue was supported by the stable performance from all of its business segments but driven by its core car rental business under ASSA rent together with its last-mile courier service, Anteraja.  The company booked a -21% decline in net income in 2020 but we expect profit to see strong growth in the next two years as Anteraja has now broken even.

Anteraja recorded a significant increase in revenue performance of +842.0% For FY2020, making up around a quarter of Adi Sarana Armada (ASSA IJ) 's total revenue versus only 3.5% of sales in 2019. Management predicts that Anteraja should make up over 50% of sales in the next 1-2 years and it has already broken even, which should also make it an important future profit driver. 
Adi Sarana Armada (ASSA IJ) has also been developing a number of new initiatives including a car-sharing platform called ShareCar, an online C2C car sales marketplace called Caroline, and a warehouse fulfillment business through Titipaja.
It continues to grow its car rental business and will expand its fleet further in 2021, with an expected recovery in the private sector but also increasing growth in demand from the government.
Its car auction business under JBA Bid Win also saw strong growth in 2020, with strong growth in the second-hand car market. 
Adi Sarana Armada (ASSA IJ) remains an interesting digital transformation story, with huge potential from Anterja to drive future growth but with a stable revenue base coming from its car rental and auction business. It trades on 10.9x FY21E EV/EBITDA and 8.7x FY22E EV/EBITDA and an FY22E PER of 30x but we expect continuing momentum behind the digital growth story. 

Adi Sarana Armada (ASSA IJ) - All Aboard for a Digital Ride

Private Capital Markets

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<p><a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> has bought a further 18% stake in Indonesia's <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago (ARTO IJ)</a> bringing its total state to 22.16%. The transaction was executed at 1.14x PBV and a significant discount to the last traded price.</p>
<p><a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago (ARTO IJ)</a> has a market capitalization of IDR42.3tn (US$2.9bn), which values Gojek's stake in the bank at IDR9.3tn (US$641m).</p>
<p>Gojek's Indonesia users will in the future be able to open a bank account with <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago (ARTO IJ)</a> and manage their finances through the <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> App. </p>
<p>The <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago (ARTO IJ)</a> deal marks an opportunity for <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> to capitalize on its vast user base, especially through GoPay, to offer customers digital banking products and other financial services.</p>
<p><a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago (ARTO IJ)</a> has already moved its focus to digital banking, targeting SMEs and retail customers. GoPay also recently received investment from <a href="https://www.smartkarma.com/entities/facebook-inc-a" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Facebook Inc A (FB US)</a> and <a href="https://www.smartkarma.com/entities/paypal-holdings-inc" target="_blank" data-smartkarma-citation="entities:4747:1" rel="noopener">Paypal Holdings (PYPL US)</a>, which also provides a strong backing and the potential for collaboration from two heavyweight foreign investors</p>
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<div>For <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ</a>, this will help it develop a process through which it can work with other banks, as well as providing customers with an increasing array of digital financial solutions.</div>
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<div>The deal also demonstrates that management is focused on building its competitive advantage in Indonesia rather than being sidelined any merger considerations with <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (0967655D SP),</a> which seems increasingly unlikely. </div>
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<p>Gojek is also seen to be on the path to profitability, with all its services generating positive margins on a product basis. <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> also recently received US$150m in new money from <a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telekomunikasi Indonesia (TLKM IJ),</a> which represented another heavyweight local shareholder on top of <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> and Djarum Group. </p>
<p>We look at the background of the <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago (ARTO IJ)</a> management team below the fold, which seems well-suited to building this future collaboration.</p>
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Gojek (1379371D IJ) has bought a further 18% stake in Indonesia's Bank Jago (ARTO IJ) bringing its total state to 22.16%. The transaction was executed at 1.14x PBV and a significant discount to the last traded price.
Bank Jago (ARTO IJ) has a market capitalization of IDR42.3tn (US$2.9bn), which values Gojek's stake in the bank at IDR9.3tn (US$641m).
Gojek's Indonesia users will in the future be able to open a bank account with Bank Jago (ARTO IJ) and manage their finances through the Gojek (1379371D IJ) App. 
The Bank Jago (ARTO IJ) deal marks an opportunity for Gojek (1379371D IJ) to capitalize on its vast user base, especially through GoPay, to offer customers digital banking products and other financial services.
Bank Jago (ARTO IJ) has already moved its focus to digital banking, targeting SMEs and retail customers. GoPay also recently received investment from Facebook Inc A (FB US) and Paypal Holdings (PYPL US), which also provides a strong backing and the potential for collaboration from two heavyweight foreign investors

For Gojek (1379371D IJ, this will help it develop a process through which it can work with other banks, as well as providing customers with an increasing array of digital financial solutions.

The deal also demonstrates that management is focused on building its competitive advantage in Indonesia rather than being sidelined any merger considerations with Grab (0967655D SP), which seems increasingly unlikely. 



Gojek is also seen to be on the path to profitability, with all its services generating positive margins on a product basis. Gojek (1379371D IJ) also recently received US$150m in new money from Telekomunikasi Indonesia (TLKM IJ), which represented another heavyweight local shareholder on top of Astra International (ASII IJ) and Djarum Group. 
We look at the background of the Bank Jago (ARTO IJ) management team below the fold, which seems well-suited to building this future collaboration.











































Gojek (1379371D IJ) - Upping the Ante on Financial Services

Indonesia

PT Bank SMBC Indonesia Tbk is an Indonesia-based commercial bank offering a wide range of banking products and services, including retail, micro, small & medium enterprises (MSME), corporate, sharia, and financing. The company provides loan products, transaction banking, investment products, and bancassurance services. It was founded in 1958 and is headquartered in Jakarta, Indonesia.

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Bank SMBC Indonesia (BTPN IJ)

PT Bank Central Asia (BBCA IJ) - The Future Is Blu

Bank Centra Asia will inject more funds into its standalone digital bank BCA Digital or Blu to help fend off competition from new digital players...

Angus Mackintosh

Bank Negara Indonesia (BBNI IJ) - Digitally Remastered in Style

Bank Negara Indonesia's increasing integration with Indonesia's digital economy stands it in good stead to benefit from the vibrant growth from the...

Angus Mackintosh

Bank Rakyat Indonesia (BBRI IJ) - Ultra-Micro and Digital Aspirations in Place

We are positive Bank Rakyat Indonesia after the announcement of a long-awaited rights issue. We also like Bank Rakyat Indo Agroniaga (AGRO IJ),...

Angus Mackintosh

Adi Sarana Armada (ASSA IJ) - All Aboard for a Digital Ride

ASSA continues to demonstrate its ability to transform from a car leasing company into a transport and logistics operator with increasing exposure...

Angus Mackintosh

Gojek (1379371D IJ) - Upping the Ante on Financial Services

Gojek's recent move to increase its stake in Bank Jago to 22% signals it intends to move into providing a broader range of financial services.

Angus Mackintosh

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