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

Indonesian Banks – Much Bad News Discounted, Buy Bank Mandiri (BMRI IJ) And Bank Negara (BBNI IJ)

Bank Mandiri (BMRI IJ) - Digital and Syariah Fuelled Recovery

Bank Mandiri (BMRI IJ) - Upping the Ante on Returns

Bank Mandiri (BMRI IJ) - Moving into Higher-Yielding Assets

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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<li>
<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri (BMRI IJ) </a>booked a strong finish to 2025, with loan growth picking up significantly in 4Q2025, whilst the bank maintained stable NIMs and reduced credit costs.</li>
<li>The bank saw corporate and commercial loans driving lending growth, while its strong CASA growth helped the bank to maintain its NIMs. Mandiri’s digital platforms remain core to its growth.</li>
<li>2026 guidance looks positive with the bank booking a strong start to the year. Valuations remain attractive, on 1.5x FY2026E PBV, ROE of 20%, and a dividend yield of 8.3%  </li>
</ul>



Bank Mandiri (BMRI IJ) booked a strong finish to 2025, with loan growth picking up significantly in 4Q2025, whilst the bank maintained stable NIMs and reduced credit costs.
The bank saw corporate and commercial loans driving lending growth, while its strong CASA growth helped the bank to maintain its NIMs. Mandiri’s digital platforms remain core to its growth.
2026 guidance looks positive with the bank booking a strong start to the year. Valuations remain attractive, on 1.5x FY2026E PBV, ROE of 20%, and a dividend yield of 8.3%  


Bank Mandiri (BMRI IJ) - Growth Engine Engaged