Banks: Middle Income Trapped (NEUTRAL)
Investment loans continue to be the backbone of growth and asset quality, while deteriorating consumer asset quality persisted in 1H25.
191 Views
Banks: USD Deposits and IDR Liquidity...
Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.
186 Views
Banks: Liquidity Support, Asset Quality Risk: A Double-Edged Sword (NEUTRAL)
Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.
213 Views
Banks: Deteriorating Household Loans’ Asset Quality (NEUTRAL)
Maintain Neutral rating on the sector with BBCA as our top pick, followed by BTPS, on their earnings momentum and lesser ownership.
183 Views
Banks: Beware of Catching the Falling Knives (NEUTRAL)
Bank valuations have derated, but PBV valuations have yet to hit bottom in the past two downcycles, i.e., 2015-2016 and 2019-2020.
256 Views