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

Bank Mandiri (BMRI IJ) - Growing By Digital Means

Bank Mandiri (BMRI IJ) - Brimming with Convenience and Returns

Bank Rakyat Indonesia (BBRI IJ) - Positive Vibes on Micro Growth and Reach

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

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

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

<ul>
<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> surpassed expectations in 2Q2022 as loan growth gained momentum and the cost of funds fell thereby improving NIMs and returns, whilst costs to income declined significantly.</li>
<li>The key driver of this has been the success of the bank's digital banking strategy, which has fueled the growth in CASA from new accounts in Livin' app and KOPRA.</li>
<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> has seen its ROE increase to 18% and it trades on 2.0x FY2022 PBV, which continues to look reasonable given improving returns. </li>
</ul>



Bank Mandiri (BMRI IJ) surpassed expectations in 2Q2022 as loan growth gained momentum and the cost of funds fell thereby improving NIMs and returns, whilst costs to income declined significantly.
The key driver of this has been the success of the bank's digital banking strategy, which has fueled the growth in CASA from new accounts in Livin' app and KOPRA.

Bank Mandiri  (BMRI IJ) has seen its ROE increase to 18% and it trades on 2.0x FY2022 PBV, which continues to look reasonable given improving returns. 


Bank Mandiri Persero

Bank Mandiri (BMRI IJ) - Livin' It Up