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

CrossASEAN Digital - Is Buy Now Pay Later Different for South-East Asia?

Bank Rakyat Indonesia (BBRI IJ) - MSME Marvel in the Making

The Week That Was in ASEAN@Smartkarma - Bank Rakyat Indonesia, Buy Now Pay Later, and BFI Finance

Bank Negara Indonesia (BBNI IJ) - Ripe for A Re-Rating?

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

Bank Negara Indonesia Persero / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ)</a> released a solid set of FY2021 results last week, with its PPOP coming in above consensus and guidance being met on all fronts. </li>
<li>The bank's loan mix is moving towards lower risk assets but cost of funds has fallen significantly at the same time plus its progress on digital banking is impressive. </li>
<li>The bank's increasingly digital credentials should lead to an upward re-rating of the bank's valuations, which look attractive given the expected recovery in earnings and higher ROEs beyond 2022.</li>
</ul>



Bank Negara Indonesia (BBNI IJ) released a solid set of FY2021 results last week, with its PPOP coming in above consensus and guidance being met on all fronts. 
The bank's loan mix is moving towards lower risk assets but cost of funds has fallen significantly at the same time plus its progress on digital banking is impressive. 
The bank's increasingly digital credentials should lead to an upward re-rating of the bank's valuations, which look attractive given the expected recovery in earnings and higher ROEs beyond 2022.


Bank Negara Indonesia (BBNI IJ) - Catching the Digital Wave