Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Sumber Alfaria Trijaya Tbk Pt / Index Rebalance

<ul>
<li>At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.</li>
<li>Largest buying impact will be on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt</a>, <a href="https://www.smartkarma.com/entities/elang-mahkota-teknologi-tbk" target="_blank" data-smartkarma-citation="entities:7752:1" rel="noopener">Emtek (EMTK IJ)</a>, <a href="https://www.smartkarma.com/entities/waskita-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:15739:1" rel="noopener">Waskita Karya (Persero) (WSKT IJ)</a>, <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> and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>. </li>
<li>Largest selling impact will be on <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a>, <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (JSMR IJ)</a>, <a href="https://www.smartkarma.com/entities/pakuwon-jati-tbk-pt" target="_blank" data-smartkarma-citation="entities:8550:1" rel="noopener">Pakuwon Jati (PWON IJ)</a> , <a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498:1" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> and <a href="https://www.smartkarma.com/entities/hm-sampoerna-tbk-pt" target="_blank" data-smartkarma-citation="entities:617:1" rel="noopener">HM Sampoerna (HMSP IJ)</a>.</li>
</ul>


At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.
Largest buying impact will be on Sumber Alfaria Trijaya Tbk Pt, Emtek (EMTK IJ), Waskita Karya (Persero) (WSKT IJ), BFI Finance Indonesia (BFIN IJ) and XL Axiata (EXCL IJ). 
Largest selling impact will be on Ace Hardware Indonesia (ACES IJ), Jasa Marga (JSMR IJ), Pakuwon Jati (PWON IJ) , Bumi Serpong Damai (BSDE IJ) and HM Sampoerna (HMSP IJ).


IDX30/LQ45 Index Rebalance: BIG Impact Changes in Limited Time

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>Bank Mandiri stands out amongst the top 4 banks in that it has chosen to push its digital services through Livin' rather than a stand-alone digital bank.</li>
<li>The bank has already made significant progress with Livin' with 6m active users out of 30m customers and it is also developing wholesale digital banking through Kopra.</li>
<li>Bank Mandiri remains a core proxy for the recovery in Indonesian economic recovery with an increasing digital edge and valuations are attractive versus historical levels.</li>
</ul>


Bank Mandiri stands out amongst the top 4 banks in that it has chosen to push its digital services through Livin' rather than a stand-alone digital bank.
The bank has already made significant progress with Livin' with 6m active users out of 30m customers and it is also developing wholesale digital banking through Kopra.
Bank Mandiri remains a core proxy for the recovery in Indonesian economic recovery with an increasing digital edge and valuations are attractive versus historical levels.


Bank Mandiri Persero (BMRI IJ) - Livin' in Digital World

Private Capital Markets

Bank Jago Tbk PT / Private Capital Markets

<ul>
<li>The recent <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia Tbk PT (BBHI IJ)</a> transaction exemplifies the rush to build digital banking capabilities in Indonesia with strong shareholder ecosystem now in place</li>
<li>Mainstream banks are not standing still on digital banking capabilities building internal capabilities and in some cases standalone digital banks presenting tough competition for newcomers.</li>
<li>From a consumer digital banking perspective we see blu, <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> , SeaBank, and <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank (BBHI IJ)</a> as having the greatest chance of success.</li>
</ul>


The recent Allo Bank Indonesia Tbk PT (BBHI IJ) transaction exemplifies the rush to build digital banking capabilities in Indonesia with strong shareholder ecosystem now in place
Mainstream banks are not standing still on digital banking capabilities building internal capabilities and in some cases standalone digital banks presenting tough competition for newcomers.
From a consumer digital banking perspective we see blu, Bank Jago (ARTO IJ) , SeaBank, and Allo Bank (BBHI IJ) as having the greatest chance of success.


CrossASEAN Digital - All Rise Indonesia's Digital Banks

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The first week of the year saw Insights on <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> which took a stake in <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia</a> plus <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> as <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent</a> reduced its stake. </li>
<li>In Thailand, <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> wrote on debt collector <a href="https://www.smartkarma.com/entities/jmt-network-services-pcl" target="_blank" data-smartkarma-citation="entities:8581:1" rel="noopener">JMT Network Services (JMT TB)</a> with a number of results pre-views including on Thai banks and <a href="https://www.smartkarma.com/entities/siam-cement-pcl-the" target="_blank" data-smartkarma-citation="entities:2589:1" rel="noopener">Siam Cement (SCC TB)</a>. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The first week of the year saw Insights on Bukalapak (BUKA IJ) which took a stake in Allo Bank Indonesia plus Sea Ltd (SE US) as Tencent reduced its stake. 
In Thailand, Daniel Tabbush wrote on debt collector JMT Network Services (JMT TB) with a number of results pre-views including on Thai banks and Siam Cement (SCC TB). 


The Week That Was in ASEAN@Smartkarma - Bukalapak's Bank, Thailand Debt Restructurer, and Sea Ltd

<ul>
<li>The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>This week we look at <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> post a call with management plus aggressive buybacks from <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> plus update in <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> </li>
<li>We also comment on WeLab acquiring a digital bank in Indonesia and the government's ongoing stimulus measures for property and retail in Indonesia.</li>
</ul>


The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
This week we look at Link Net (LINK IJ) post a call with management plus aggressive buybacks from Jardine Matheson Holdings (JM SP) plus update in Genting Bhd (GENT MK) 
We also comment on WeLab acquiring a digital bank in Indonesia and the government's ongoing stimulus measures for property and retail in Indonesia.


The Week That Was in ASEAN@Smartkarma - Link Net, Jardine Matheson, and WeLab

Indonesia

PT Bank Rakyat Indonesia (Persero) Tbk provides commercial banking activities and its related services. The Bank also provides banking activities based on shariah principles.

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Bank Rakyat Indonesia (BBRI IJ)

IDX30/LQ45 Index Rebalance: BIG Impact Changes in Limited Time

There are 2 changes to the IDX30, 5 to the LQ45, and 9 to the IDX80. There are a few large impact/flow names on the IDX30/LQ45 indices. The adds...

Brian Freitas

Bank Mandiri Persero (BMRI IJ) - Livin' in Digital World

Bank Mandiri stands out amongst the top 4 banks in that it has chosen to push its digital services through Livin" rather than a stand-alone digital...

Angus Mackintosh

CrossASEAN Digital - All Rise Indonesia's Digital Banks

The recent Allo Bank Indonesia transaction exemplifies the rush to build digital banking capabilities in Indonesia with a strong shareholder...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Bukalapak's Bank, Thailand Debt Restructurer, and Sea Ltd

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Link Net, Jardine Matheson, and WeLab

The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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