ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Equity Bottom-Up

Bank Danamon Indonesia / Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/135" target="_blank" data-smartkarma-citation="entities:135:1">Bank Danamon Indonesia Tbk (BDMN IJ)</a> has shown good fundamental improvement, especially with reduced losses of micro loans operations and lower NPL ratio.</li><li>Its loan growth is likely to remain lagged (vs. the industry) largely due to sizable loan exposure to auto industry.</li><li>Our review of latest regulation on bank ownership cap reveals that M&amp;A could go through although Mandatory Tender Offer (MTO) is not guaranteed.</li><li>Given M&amp;A story/hope, BDMN is a Trading Buy. </li></ul>

Bank Danamon Indonesia Tbk (BDMN IJ) has shown good fundamental improvement, especially with reduced losses of micro loans operations and lower NPL ratio.Its loan growth is likely to remain lagged (vs. the industry) largely due to sizable loan exposure to auto industry.Our review of latest regulation on bank ownership cap reveals that M&amp;A could go through although Mandatory Tender Offer (MTO) is not guaranteed.Given M&amp;A story/hope, BDMN is a Trading Buy. 

Bank Danamon: Fundamentals Revisited Plus Thoughts on M&A

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.

Thematic (Sector/Industry)

We believe that the weakened credit conditions in Singapore during January 2018 are at odds with expectations, perception.  This is especially important for Singapore banks which have considerable oil and gas service sector lending, which has kept non-performing loans (NPLs) high and still rising.  With oil prices continuing to show volatility, rather than stability at elevated levels, an additional risk is thrown into the mix: continued growth in NPLs and credit costs, rather than an…

We believe that the weakened credit conditions in Singapore during January 2018 are at odds with expectations, perception.  This is especially important for Singapore banks which have considerable oil and gas service sector lending, which has kept non-performing loans (NPLs) high and still rising.  With oil prices continuing to show volatility, rather than stability at elevated levels, an additional risk is thrown into the mix: continued growth in NPLs and credit costs, rather than an…

Singapore – Weak Credit Conditions in 1Q18

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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Long Term Returns of Temasek’s Major SGX-listed Investments

STI’s Resilient & Comparative Lead in 2018 YTD

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

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

Founded in 1989, Silverlake Axis has built an impressive track record of successful core banking implementations. Silverlake Axis was listed on SGX in 2003.In less than three decades after its inception, over 40% of the top 20 largest banks in South-East Asia run Silverlake Axis’ core banking solution. Today, Silverlake Axis is the core system platform partner of choice for 3 of the 5 largest ASEAN super regional financial institutions. Silverlake Axis continues to offer innovative Digital…

Founded in 1989, Silverlake Axis has built an impressive track record of successful core banking implementations. Silverlake Axis was listed on SGX in 2003.In less than three decades after its inception, over 40% of the top 20 largest banks in South-East Asia run Silverlake Axis’ core banking solution. Today, Silverlake Axis is the core system platform partner of choice for 3 of the 5 largest ASEAN super regional financial institutions. Silverlake Axis continues to offer innovative Digital…

Silverlake Axis: Confirmation of a New 3-Year Growth Cycle

Singapore

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services.  The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage .  DBS Group also acts as the primary dealer in Singapore government securities.

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DBS (DBS SP)

Bank Danamon: Fundamentals Revisited Plus Thoughts on M&A

Bank Danamon Indonesia Tbk (BDMN IJ) has shown good fundamental improvement, especially with reduced losses of micro loans operations and lower...

Johannes Salim, CFA

Singapore – Weak Credit Conditions in 1Q18

We believe that the weakened credit conditions in Singapore during January 2018 are at odds with expectations, perception. This is especially...

Daniel Tabbush

Long Term Returns of Temasek’s Major SGX-listed Investments

Singapore Exchange Ltd (SGX)

STI’s Resilient & Comparative Lead in 2018 YTD

Singapore Exchange Ltd (SGX)

Silverlake Axis: Confirmation of a New 3-Year Growth Cycle

Founded in 1989, Silverlake Axis has built an impressive track record of successful core banking implementations. Silverlake Axis was listed on SGX...

Nicolas Van Broekhoven

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52-week Range

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