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) - Well-Set for 2025 Returns

BRIS - Strong Numbers Just Out, Asset Growth High, Credit Costs Low, Fees Doing Well

The Week That Was in ASEAN@Smartkarma - Bank Mandiri, CPALL, and Grab Holdings

Bank Central Asia (BBCA IJ) - Strong Finisher

Bank Central Asia (BBCA IJ) - Tempering 2025 Expectations

Bank Central Asia (BBCA IJ) - Transactional Dreams

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

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<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</a> came good in 4Q2024 with a strong finish to the year due to higher loan growth from corporates and consumers, alongside higher CASA growth cementing higher NIMs</li>
<li>The bank also saw improving asset quality, with falling loans-at-risk, and although there was an uptick in provisions in 4Q due to Sritex, the outlook for credit costs looks stable.</li>
<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</a> will grow its focus on becoming a transactional bank, with CASA as a key focus, providing liquidity to grow its loan book. Valuations remain attractive. </li>
</ul>



Bank Negara Indonesia came good in 4Q2024 with a strong finish to the year due to higher loan growth from corporates and consumers, alongside higher CASA growth cementing higher NIMs
The bank also saw improving asset quality, with falling loans-at-risk, and although there was an uptick in provisions in 4Q due to Sritex, the outlook for credit costs looks stable.

Bank Negara Indonesia will grow its focus on becoming a transactional bank, with CASA as a key focus, providing liquidity to grow its loan book. Valuations remain attractive. 


Bank Negara Indonesia (BBNI IJ) - Honing in on Transactions and CASA