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

Indonesia Economics: Pressures Are Accumulating After Short-Term Reprieve

Indonesia Economics: Stable Growth But Underlying Activity Is Soft

Bank Rakyat Indonesia (BBRI IJ) - Ultra-Micro and Digital Aspirations in Place

Bank Rakyat Indonesia (BBRI IJ) - Both Micro and Digital

Bank Rakyat (BBRI IJ) - Digitalising the Masses - On the Ground in J-Town

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-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a> is coming out of a period of restructuring microloans going back to 2022, but this looks to be close to completion, with a renewed focus on quality.</li>
<li>The bank is increasingly focused on growing its transactional business, aided by increased penetration of its BRIMO and Qlola digital banking platforms, also helping to drive CASA growth.</li>
<li>Management remains optimistic about the 2026 outlook, with 1Q2026 exceeding guidance. BBRI has been impacted by foreign outflows from Indonesia, and valuations are exceedingly attractive, backed by. 12% dividend yield.</li>
</ul>



Bank Rakyat Indonesia is coming out of a period of restructuring microloans going back to 2022, but this looks to be close to completion, with a renewed focus on quality.
The bank is increasingly focused on growing its transactional business, aided by increased penetration of its BRIMO and Qlola digital banking platforms, also helping to drive CASA growth.
Management remains optimistic about the 2026 outlook, with 1Q2026 exceeding guidance. BBRI has been impacted by foreign outflows from Indonesia, and valuations are exceedingly attractive, backed by. 12% dividend yield.


Bank Rakyat Indonesia (BBRI IJ) - Feel The Quality