External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Bank Negara Indonesia Persero / Equity Bottom-Up

<ul><li>BBNI booked 3Q24 NP of Rp5.6tr in 3Q24 (+5% qoq, +3% yoy) supported by NIM improvement from both higher EA yield and lower CoF.</li><li>Additional GWM incentives allowed the bank to reduce its high-cost deposits and USD loan repricing drove the loan yield higher.</li><li>We maintain our FY24-25 est. and Buy rating with an unchanged TP of Rp7,600 based on 5-yr inverse CoE GGM model (fair value PBV of 1.6x).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BBNI booked 3Q24 NP of Rp5.6tr in 3Q24 (+5% qoq, +3% yoy) supported by NIM improvement from both higher EA yield and lower CoF.Additional GWM incentives allowed the bank to reduce its high-cost deposits and USD loan repricing drove the loan yield higher.We maintain our FY24-25 est. and Buy rating with an unchanged TP of Rp7,600 based on 5-yr inverse CoE GGM model (fair value PBV of 1.6x).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Negara Indonesia - Robust 3Q24 and in Line 9M24 Net Profit...

Thematic (Sector/Industry)

<ul><li>Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.</li><li>In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.</li><li>ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

<ul><li>We expect the banks to deliver 7-23% and 5-21% net profit growth in 3Q24 and 9M24, driven by strong loan growth and resilient NIM.</li><li>Amid high loan demand, flat LPS rate, and still tight liquidity, we expect a meaningful CoF improvement in 1Q25.</li><li>Maintain Overweight rating on the banking sector, underpinned by solid growth, bottoming liquidity, and still robust asset quality.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect the banks to deliver 7-23% and 5-21% net profit growth in 3Q24 and 9M24, driven by strong loan growth and resilient NIM.Amid high loan demand, flat LPS rate, and still tight liquidity, we expect a meaningful CoF improvement in 1Q25.Maintain Overweight rating on the banking sector, underpinned by solid growth, bottoming liquidity, and still robust asset quality.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banks: 3Q24 Preview: Gradual Improvement in Liquidity and Strong Loan Growth to Drive Earnings

<ul><li>If 2007 performance is an indicator, JCI may sustain its short-term performance in the next 3 months post Fed’s rate cut.</li><li>EPS growth outlook of 7-8% is attractive compared to EM peers, with catalyst for upsides from better liquidity and stronger IDR tailwind.</li><li>We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

If 2007 performance is an indicator, JCI may sustain its short-term performance in the next 3 months post Fed’s rate cut.EPS growth outlook of 7-8% is attractive compared to EM peers, with catalyst for upsides from better liquidity and stronger IDR tailwind.We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy: Riding the Wave of Earnings Growth, Strong IDR and Liquidity Catalysts

<ul><li>BI has decided to cut its benchmark rate by 25bps favoring the banks that have seen the most increase in CoF, i.e., BBRI and BBNI.</li><li>In our view, competition on high quality loans might persist in FY25F, favoring banks with higher fixed-rate loan, i.e., BBRI, BRIS, and BBCA.</li><li>We maintain Overweight ratings on the banking sector with BBCA as our top pick, while BBRI and BBNI could be the ST beneficiary of rate cuts.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BI has decided to cut its benchmark rate by 25bps favoring the banks that have seen the most increase in CoF, i.e., BBRI and BBNI.In our view, competition on high quality loans might persist in FY25F, favoring banks with higher fixed-rate loan, i.e., BBRI, BRIS, and BBCA.We maintain Overweight ratings on the banking sector with BBCA as our top pick, while BBRI and BBNI could be the ST beneficiary of rate cuts.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banks: Better Liquidity to Support NIM Amid the Potential Continuous Tight Competition in Lending

Indonesia

PT Bank Negara Indonesia (Persero) Tbk is a state-owned bank that conducts commercial and consumer banking services.

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Bank Negara Indonesia Persero (BBNI IJ)

Bank Negara Indonesia - Robust 3Q24 and in Line 9M24 Net Profit...

BBNI booked 3Q24 NP of Rp5.6tr in 3Q24 (+5% qoq, +3% yoy) supported by NIM improvement from both higher EA yield and lower CoF.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and...

BRI Danareksa Research

Banks: 3Q24 Preview: Gradual Improvement in Liquidity and Strong Loan Growth to Drive Earnings

We expect the banks to deliver 7-23% and 5-21% net profit growth in 3Q24 and 9M24, driven by strong loan growth and resilient NIM.

BRI Danareksa Research

Equity Strategy: Riding the Wave of Earnings Growth, Strong IDR and Liquidity Catalysts

We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.

BRI Danareksa Research

Banks: Better Liquidity to Support NIM Amid the Potential Continuous Tight Competition in Lending

BI has decided to cut its benchmark rate by 25bps favoring the banks that have seen the most increase in CoF, i.e., BBRI and BBNI.

BRI Danareksa Research

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