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

<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</a> saw a marked turnaround in new bookings and a declining NPF ratio in 4Q2023, as its business recovered from the malware attack in May last year.</li>
<li>The company has started to be more aggressive in non-dealer 4W space but remains cautious on 2W. Write-offs peaked in 4Q2023 and will decline in 2024, leading to lower CoC. </li>
<li>BFIN will launch a tripartite collaboration with GoTo and Bank Jago which will help to drive future bookings growth. Valuations remain attractive with BFIN trading in 2.0x PBV </li>
</ul>



BFI Finance Indonesia saw a marked turnaround in new bookings and a declining NPF ratio in 4Q2023, as its business recovered from the malware attack in May last year.
The company has started to be more aggressive in non-dealer 4W space but remains cautious on 2W. Write-offs peaked in 4Q2023 and will decline in 2024, leading to lower CoC. 
BFIN will launch a tripartite collaboration with GoTo and Bank Jago which will help to drive future bookings growth. Valuations remain attractive with BFIN trading in 2.0x PBV 


BFI Finance Indonesia (BFIN IJ) - Visibility Improves

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>Bank Jago (ARTO IJ)1Q26 Earnings: In line; Sustaining Earnings Momentum Amid Higher Credit CostsARTO booked NP of Rp86bn (+11% qoq, +42% yoy), forming 21% of our FY26F estimate (in line) but slightly below consensus at 18%.</li><li>Despite the higher NPL and LaR ratios, management remains comfortable, citing no significant deterioration in asset quality.</li><li>We adjusted our risk-free rate to 6.5% (from 6.0%) and arrive at a lower TP of Rp2,400 (from Rp,3000), maintain BUY rating.</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.

Bank Jago (ARTO IJ)1Q26 Earnings: In line; Sustaining Earnings Momentum Amid Higher Credit CostsARTO booked NP of Rp86bn (+11% qoq, +42% yoy), forming 21% of our FY26F estimate (in line) but slightly below consensus at 18%.Despite the higher NPL and LaR ratios, management remains comfortable, citing no significant deterioration in asset quality.We adjusted our risk-free rate to 6.5% (from 6.0%) and arrive at a lower TP of Rp2,400 (from Rp,3000), maintain BUY rating.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 Jago (ARTO.IJ) 1Q26 Earnings: In Line; Sustaining Earnings Momentum Amid Higher Credit Costs

<ul><li>ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).</li><li>ARTO’s CoF rose 35bps qoq to 4.5% on tightened liquidity but CoF improved 5bps in Sep25 and continuing in MTD Oct25.</li><li>We maintain our Buy rating but lowered our FY25-27F est. to account for higher CoF, resulting in a lower TP of Rp3,100.</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.

ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).ARTO’s CoF rose 35bps qoq to 4.5% on tightened liquidity but CoF improved 5bps in Sep25 and continuing in MTD Oct25.We maintain our Buy rating but lowered our FY25-27F est. to account for higher CoF, resulting in a lower TP of Rp3,100.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 Jago (ARTO.IJ) 3Q25 Earnings Miss on CoF Pressure; Signs of Improvement from Sep25 Onward

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Barito Pacific, Bukit Asam, Adaro Andalan Indonesia, PT Indofood Sukses Makmur, Bank Central Asia, Merdeka Copper Gold.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Barito Pacific, Bukit Asam, Adaro Andalan Indonesia, PT Indofood Sukses Makmur, Bank Central Asia, Merdeka Copper Gold.


MS-Indonesia Index Earning Revision (Sep): Barito Pacific, Bukit Asam, Adaro Andalan Indonesia

Thematic (Sector/Industry)

<ul><li>Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.</li><li>MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.</li><li>Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.</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.

Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.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.

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

Indonesia

PT Bank Jago Tbk is an Indonesian digital banking institution that provides innovative financial solutions for individuals and businesses, with a focus on enhancing financial management through its Jago and Jago Syariah applications. The bank offers various funding and lending products, including savings accounts, time deposits, and different types of credit, catering to conventional and Sharia-compliant needs. It is headquartered in Jakarta, Indonesia, and was founded in 1992.

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Bank Jago (ARTO IJ)

BFI Finance Indonesia (BFIN IJ) - Visibility Improves

BFIN saw a turnaround in new bookings and a declining NPF ratio in 4Q2023, as its business recovered from the malware attack in May last year....

Angus Mackintosh

Bank Jago (ARTO.IJ) 1Q26 Earnings: In Line; Sustaining Earnings Momentum Amid Higher Credit Costs

In line; Sustaining Earnings Momentum Amid Higher Credit CostsARTO booked NP of Rp86bn (+11% qoq, +42% yoy), forming 21% of our FY26F estimate...

BRI Danareksa Research

Bank Jago (ARTO.IJ) 3Q25 Earnings Miss on CoF Pressure; Signs of Improvement from Sep25 Onward

ARTO booked NP of Rp72bn in 3Q25 (+8% qoq, +101% yoy), pressured by higher CoF, bringing 9M25 below est. at Rp199bn (+132% yoy).

BRI Danareksa Research

MS-Indonesia Index Earning Revision (Sep): Barito Pacific, Bukit Asam, Adaro Andalan Indonesia

We analyzed MS-Indonesia's consensus for Sep 2026 and highlighted changes of EPS in Barito Pacific (BRPT IJ), Bukit Asam (PTBA IJ), Adaro Andalan...

Ke Yan, CFA, FRM

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.

BRI Danareksa Research

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