ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

The Week That Was in ASEAN@Smartkarma - Online Groceries, BCA's Consumers, and Astra's Recovery

PT Bank Central Asia (BBCA IJ) - The Future Is Blu

The Week That Was in ASEAN@Smartkarma - Indonesia's Ripe, Digital Banking, and Berli Jucker

Bank Central Asia (BBCA IJ) - Sustainable Virtual Recovery Ahead

Bank Negara Indonesia (BBNI IJ) - Digitally Remastered in Style

Bank Central Asia (BBCA IJ) - More Than Respectable

Gravity Works As WeWork Doesn't; Now Plan B

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

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<p><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> reported a solid set of  1H2021 results earlier this week, with operating income up by +2.4% YoY and net profit rising by +18.1% YoY. </p>
<p>This was driven by loan growth of +0.8% YTD, which was supported by the corporate segment and consumer loans, and especially mortgages. Commercial and SME loans also started to pick up QoQ in 2Q2021.</p>
<p>On the funding side, CASA grew by +8.3% YTD and +21% YoY due to increasing transaction value, a larger customer base, as well as expanded digital ecosystem partnerships. </p>
<p>The bank saw its operating profit grow by +2.4% YoY, with net profit growing by +18.1% YoY mainly due to a low base in net profit last year, especially in 2Q2021 due to higher provisioning last year.</p>
<p><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> third party deposits remained robust with CASA growing by +21% YoY with overall deposit growth to +17.5% YoY. The bank continued to develop its digital ecosystem helping to maintain the stickiness of its CASA funds, with strong growth in transactional banking. </p>
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<p>The bank continues to push forward its digital strategy with the recent launch of the BCA Digital app called "blu" to serve the millennial segment and to cater to Indonesia's young population.</p>
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<p>The bank's cost of funds remains very low at 1.10%, which gives it an advantage over its competitors. Its NPL ratio also remains manageable at 2.4%, which is lower than the industry average.</p>
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<p><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> is well-positioned for the recovery and remains a core holding trading below its historical average PBV. It has been a bit more aggressive in growing its corporate loans and consumer loans from mortgages and auto loans, with its online and digital strategy yielding strong results boosted by its position as the leader in transactional banking. </p>
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Bank Central Asia (BBCA IJ) reported a solid set of  1H2021 results earlier this week, with operating income up by +2.4% YoY and net profit rising by +18.1% YoY. 
This was driven by loan growth of +0.8% YTD, which was supported by the corporate segment and consumer loans, and especially mortgages. Commercial and SME loans also started to pick up QoQ in 2Q2021.
On the funding side, CASA grew by +8.3% YTD and +21% YoY due to increasing transaction value, a larger customer base, as well as expanded digital ecosystem partnerships. 
The bank saw its operating profit grow by +2.4% YoY, with net profit growing by +18.1% YoY mainly due to a low base in net profit last year, especially in 2Q2021 due to higher provisioning last year.
Bank Central Asia (BBCA IJ) third party deposits remained robust with CASA growing by +21% YoY with overall deposit growth to +17.5% YoY. The bank continued to develop its digital ecosystem helping to maintain the stickiness of its CASA funds, with strong growth in transactional banking. 


The bank continues to push forward its digital strategy with the recent launch of the BCA Digital app called "blu" to serve the millennial segment and to cater to Indonesia's young population.

The bank's cost of funds remains very low at 1.10%, which gives it an advantage over its competitors. Its NPL ratio also remains manageable at 2.4%, which is lower than the industry average.


Bank Central Asia (BBCA IJ) is well-positioned for the recovery and remains a core holding trading below its historical average PBV. It has been a bit more aggressive in growing its corporate loans and consumer loans from mortgages and auto loans, with its online and digital strategy yielding strong results boosted by its position as the leader in transactional banking. 














Bank Central Asia (BBCA IJ) - Back to the Business of Consumption