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.
185 Views
IDX30/LQ45/IDX80 Index Rebalance: Few Changes
There is 1 constituent change for the IDX30 and 2 for the IDX80, nothing for the LQ45. Flow and impact are material for the IDX30 index changes.
662 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.
257 Views
Banks: Liquidity May Ease Faster, but Stable Rupiah Is Needed for the Rally to Sustain (NEUTRAL)
An early rate cut may ease liquidity pressure faster, while some loans and marketable securities are at risk of lower yield.
434 Views
Banks: FY25 Outlook: Less money to lend, save, and repay (NEUTRAL)
We expect a moderate earnings growth of 5.8% in FY25F (from 6.7% in FY24F) due to slower loan growth, still tight liquidity, and higher CoC.
312 Views