Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>BDO Unibank is the Philippines' largest bank by assets, loans, and deposits, providing it with significant scale advantages and a wide economic moat.</li>
  <li>The bank is poised for continued growth, driven by strong loan demand in both consumer and corporate segments and a favorable macroeconomic outlook for the Philippines. However, near-term profitability is tempered by pre-emptive provisioning.</li>
  <li>A potential expansion in Net Interest Margin (NIM) driven by a rising interest rate environment presents a key catalyst for earnings upside, complementing its robust franchise and diversified business model.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  BDO Unibank is the Philippines' largest bank by assets, loans, and deposits, providing it with significant scale advantages and a wide economic moat.
  The bank is poised for continued growth, driven by strong loan demand in both consumer and corporate segments and a favorable macroeconomic outlook for the Philippines. However, near-term profitability is tempered by pre-emptive provisioning.
  A potential expansion in Net Interest Margin (NIM) driven by a rising interest rate environment presents a key catalyst for earnings upside, complementing its robust franchise and diversified business model.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: BDO Unibank Inc (BDO PM) - Aug 2026

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

Thematic (Sector/Industry)

<ul>
<li>Despite relatively healthy revenue growth from retailers in Southeast Asia, specifically retailers, the share prices of listed consumer companies have been weak, with valuations being compressed to historically low levels.</li>
<li>The long-term consumption theme for Southeast Asia is intact, as consumers become more affluent and aspirational in their shopping habits, and naturally consume more. </li>
<li>Our view is that the Southeast Asian consumer is alive and well, but has been going through a cautious period given local political issues in Indonesia, Thailand, and the Philippines.</li>
</ul>


Despite relatively healthy revenue growth from retailers in Southeast Asia, specifically retailers, the share prices of listed consumer companies have been weak, with valuations being compressed to historically low levels.
The long-term consumption theme for Southeast Asia is intact, as consumers become more affluent and aspirational in their shopping habits, and naturally consume more. 
Our view is that the Southeast Asian consumer is alive and well, but has been going through a cautious period given local political issues in Indonesia, Thailand, and the Philippines.


Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>We must recognize the wide variance in credit growth rates across Asian countries</li>
<li>There are critical implications for differences in net interest income growth and profit</li>
<li>Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth</li>
</ul>


We must recognize the wide variance in credit growth rates across Asian countries
There are critical implications for differences in net interest income growth and profit
Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth


Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

Product Marketing Manager, Criat

Raghav Chandra Mathur

Product Marketing Manager

Next-Generation Credit Analytics Provider

Criat

Criat specializes in new-generation data-driven credit analytics. Leveraging our industry-leading DeepCredit analytical technologies, we produce daily-updated forward-looking credit assessment and valuation to help financial institutions stay ahead of risks. Coupled with use-case-driven applications, we extract insights, answer questions and enable smarter credit decisions.

<ul><li>The strong showing of economic data from the US for the first three months of 2024 has spurred bets that the Federal Reserve’s is going to delay cutting rates towards the latter half of this year.</li><li>The narrative surrounding ‘imminent’ rate cuts that dominated market perception near the end of last year has been thwarted by the Fed’s chair Jerome Powell suggesting that rates are likely to remain elevated, without the market completely discounting the possibility of further rate hikes.</li><li>The immediate fallout from the higher-than-expected March inflation figures led to a systematic drop in Asian currencies, especially for some ASEAN based currencies, such as the Malaysian Ringgit, that have already been embattled by weakening currency against the dollar since the start of this year.</li></ul>

The strong showing of economic data from the US for the first three months of 2024 has spurred bets that the Federal Reserve’s is going to delay cutting rates towards the latter half of this year.The narrative surrounding ‘imminent’ rate cuts that dominated market perception near the end of last year has been thwarted by the Fed’s chair Jerome Powell suggesting that rates are likely to remain elevated, without the market completely discounting the possibility of further rate hikes.The immediate fallout from the higher-than-expected March inflation figures led to a systematic drop in Asian currencies, especially for some ASEAN based currencies, such as the Malaysian Ringgit, that have already been embattled by weakening currency against the dollar since the start of this year.

Strong ASEAN Banks Poised Well to Face Uncertain Rate Outlook

Cross Asset Strategy

<ul>
<li>The past week saw in insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a <a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145:1" rel="noopener">Digital Core REIT</a>/<a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85:1" rel="noopener">Keppel DC REIT</a> pair trade.</li>
<li>There were also macro insights looking at Thai political situation, and an insight looking at a more positive outlook for the Philippines, which investors remain dramatically underweight.</li>
<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>
</ul>


The past week saw in insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a Digital Core REIT/Keppel DC REIT pair trade.
There were also macro insights looking at Thai political situation, and an insight looking at a more positive outlook for the Philippines, which investors remain dramatically underweight.
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 Week That Was in ASEAN@Smartkarma - Bank Rakyat Executing, Avia Avian, and Thai Politics

Philippines

BDO Unibank, Inc. is a full-service universal bank in the Philippines, offering a complete range of industry-leading products and services including corporate and consumer lending, deposit-taking, foreign exchange, brokering, trust and investments, and credit cards. Through its subsidiaries, it also provides investment banking, private banking, leasing and finance, rural banking, and insurance services. The company is headquartered in Makati City, Philippines, and was established in 1968.

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BDO Unibank (BDO PM)

Primer: BDO Unibank Inc (BDO PM) - Aug 2026

BDO Unibank is the Philippines' largest bank by assets, loans, and deposits, providing it with significant scale advantages and a wide economic...

αSK Primers

CrossASEAN Strategy - Consumption Purge

Despite relatively healthy revenue growth from retailers in Southeast Asia, the share prices of listed consumer companies have been weak, with...

Angus Mackintosh

Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

There is a wide variance of domestic loan growth rates in Asian countries, one must be highly selective. There are implications for growth of net...

Daniel Tabbush

Strong ASEAN Banks Poised Well to Face Uncertain Rate Outlook

The strong showing of economic data from the US for the first three months of 2024 has spurred bets that the Federal Reserve’s is going to delay...

Criat

The Week That Was in ASEAN@Smartkarma - Bank Rakyat Executing, Avia Avian, and Thai Politics

The past week saw insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a Digital...

Angus Mackintosh

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