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

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 past week saw inisghts 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</a>, <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a>, <a href="https://www.smartkarma.com/entities/bangkok-chain-hospital-pcl" target="_blank" data-smartkarma-citation="entities:882:1" rel="noopener">Bangkok Chain Hospital</a>, and <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services</a>, Cinema XXI IPO, and <a href="https://www.smartkarma.com/entities/vale-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:19226:1" rel="noopener">Vale Indonesia (INCO)</a>.</li>
<li>The were also macro insights on the Philippines and Malaysia plus a sector insights on regional plantations, and Indonesian digital banks, and Singapore ESG ratings. </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 past week saw inisghts on Sumber Alfaria Trijaya, Siloam International Hospitals, Bangkok Chain Hospital, and Bangkok Dusit Medical Services, Cinema XXI IPO, and Vale Indonesia (INCO).
The were also macro insights on the Philippines and Malaysia plus a sector insights on regional plantations, and Indonesian digital banks, and Singapore ESG ratings. 


The Week That Was in ASEAN@Smartkarma - Alfamart's Take-Off, Siloam Hospitals, and Cinema XXI IPO.

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)

<ul>
<li>MUFG has assets of USD2,909,711m compared with USD471m at Mandala Multifinance</li>
<li>MUFG's profit is USD8,880m compared with USD44m at Mandala Multifinance</li>
<li>There is nothing wrong with expansion outside Japan, but perspective is key</li>
</ul>


MUFG has assets of USD2,909,711m compared with USD471m at Mandala Multifinance
MUFG's profit is USD8,880m compared with USD44m at Mandala Multifinance
There is nothing wrong with expansion outside Japan, but perspective is key


MUFG & PT Mandala Multifinance - Too Small To Matter, LT Perspective ROA Is Key

<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 past week saw insights on <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> post the FreeFire ban in India plus high-quality tile producer <a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana (ARNA IJ)</a> and Industrial player <a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a>
</li>
<li>We also look at regional logistics player J&amp;T plus <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> as it ramps up Anteraja as well as palm oil plays and why they have lagged.</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 past week saw insights on Sea Ltd (SE US) post the FreeFire ban in India plus high-quality tile producer Arwana (ARNA IJ) and Industrial player AKR Corporindo (AKRA IJ)

We also look at regional logistics player J&amp;T plus Adi Sarana Armada (ASSA IJ) as it ramps up Anteraja as well as palm oil plays and why they have lagged.


The Week That Was in ASEAN@Smartkarma - Sea Ltd & FreeFire, Arwana Citramulia, and CPO's Poor Show

<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 past week 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> outlining its online storefront strategy and on MSCI Index inclusions, which impacts <a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> and <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>. </li>
<li>We also look at <a href="https://www.smartkarma.com/entities/unilever-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:231:1" rel="noopener">Unilever Indonesia (UNVR IJ)</a> post results plus OVO's multi-finance move, and <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a>'s move into warehousing with Logos.</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 past week saw insights on Bukalapak (BUKA IJ) outlining its online storefront strategy and on MSCI Index inclusions, which impacts Grab (GRAB US) and Sea Ltd (SE US). 
We also look at Unilever Indonesia (UNVR IJ) post results plus OVO's multi-finance move, and Astra International's move into warehousing with Logos.


The Week That Was in ASEAN@Smartkarma - Bukalapak's Storefront, Grab's MSCI Boost, and Unilever Indo

<div class="content-highlight">
There have been ongoing signs that the competition within the digital finance space is starting to reach a hiatus as it moves up a gear both for the existing banks, as well as the digital economy players including GoTo, <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>, and Shopee (<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>).  
</div>
Competition between digital banks and conventional banks has started to heat up in Indonesia and is only going to accelerate the digitization trend in the industry. In August, some digital banks were offering interest rates of 7% - 8% on current account deposits.
<a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a> recorded a sevenfold annual increase in credit lending in 1H2021 and the bank plans to jack up its lending further through partnerships with peer-to-peer (P2P) lenders and multi-finance companies,
While some of these new digital banks might seem small compared to major established lenders, their ecosystem support and a steady stream of funding from big tech will make them potentially a formidable foe to the conventional banks.
Digitalization in the banking industry is inevitable and it is likely that the use-case for conventional and digital banking are likely to converge in a number of areas as digital banks become the new normal. 
We expect digital banking to be initially focused on consumer banking and SMEs and do not expect any major infringement into corporate banking, which still makes up the majority of the larger bank's business
Another very interesting area currently is the rapid pace of development and movement within the digital payments landscape in Indonesia.
There is little doubt that <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> is looking for partners to push out its digital finance aspirations. This may involve taking a stake in a smaller bank potentially with its partner <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> to transform it into a digital bank.
We continue to favour <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> and <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> in the sector. We also take a positive view of <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> as a core holding and rank its digital banking services the highest amongst the banks at this time.


There have been ongoing signs that the competition within the digital finance space is starting to reach a hiatus as it moves up a gear both for the existing banks, as well as the digital economy players including GoTo, Grab, and Shopee (Sea Ltd (SE US)).  

Competition between digital banks and conventional banks has started to heat up in Indonesia and is only going to accelerate the digitization trend in the industry. In August, some digital banks were offering interest rates of 7% - 8% on current account deposits.
Bank Jago Tbk PT (ARTO IJ) recorded a sevenfold annual increase in credit lending in 1H2021 and the bank plans to jack up its lending further through partnerships with peer-to-peer (P2P) lenders and multi-finance companies,
While some of these new digital banks might seem small compared to major established lenders, their ecosystem support and a steady stream of funding from big tech will make them potentially a formidable foe to the conventional banks.
Digitalization in the banking industry is inevitable and it is likely that the use-case for conventional and digital banking are likely to converge in a number of areas as digital banks become the new normal. 
We expect digital banking to be initially focused on consumer banking and SMEs and do not expect any major infringement into corporate banking, which still makes up the majority of the larger bank's business
Another very interesting area currently is the rapid pace of development and movement within the digital payments landscape in Indonesia.
There is little doubt that Grab is looking for partners to push out its digital finance aspirations. This may involve taking a stake in a smaller bank potentially with its partner Emtek (EMTK IJ) to transform it into a digital bank.
We continue to favour Bank Rakyat Indonesia Persero (BBRI IJ) and Bank Negara Indonesia Persero (BBNI IJ) in the sector. We also take a positive view of Bank Central Asia (BBCA IJ) as a core holding and rank its digital banking services the highest amongst the banks at this time.

CrossASEAN Digital Economy - The Gloves Are off in Digital Finance?

Indonesia

PT Bank Danamon Indonesia Tbk is an Indonesian financial institution that provides a wide range of banking services, including consumer banking, wealth management, and various credit products for individual and corporate customers. The bank offers services such as savings, loans, fund transfers, and Sharia banking. It is headquartered in Jakarta, Indonesia, and was established in 1956.

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Bank Danamon Indonesia (BDMN IJ)

The Week That Was in ASEAN@Smartkarma - Alfamart's Take-Off, Siloam Hospitals, and Cinema XXI IPO.

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

Angus Mackintosh

MUFG & PT Mandala Multifinance - Too Small To Matter, LT Perspective ROA Is Key

MUFG's purchase of Mandala in Indonesia may sound enticing, but the reality is that this is too small to matter, while perspective shows no major...

Daniel Tabbush

The Week That Was in ASEAN@Smartkarma - Sea Ltd & FreeFire, Arwana Citramulia, and CPO's Poor Show

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 - Bukalapak's Storefront, Grab's MSCI Boost, and Unilever Indo

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

Angus Mackintosh

CrossASEAN Digital Economy - The Gloves Are off in Digital Finance?

Competition between digital banks and conventional banks has started to heat up in Indonesia and is only going to accelerate the digitisation trend...

Angus Mackintosh

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