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 Syariah Indonesia / Equity Bottom-Up

<ul><li>BRIS posted net profit of Rp1.9tr in 1Q25 (-1% qoq, +10% yoy), forming 24%/23% of our/cons. FY25F i.e., in line. </li><li>Loan grew 16% supported by all business segments, driving LDR to 90%. Gold business portion rose, contributing to higher yield and low CoC. </li><li>Downgrade rating to Hold on BRIS with an unchanged TP of Rp2,900, as the stock trades at its fair value after rising 31% in a month.</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.

BRIS posted net profit of Rp1.9tr in 1Q25 (-1% qoq, +10% yoy), forming 24%/23% of our/cons. FY25F i.e., in line. Loan grew 16% supported by all business segments, driving LDR to 90%. Gold business portion rose, contributing to higher yield and low CoC. Downgrade rating to Hold on BRIS with an unchanged TP of Rp2,900, as the stock trades at its fair value after rising 31% in a month.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.

BRIS.IJ - In Line 1Q25 Results: Solid Earnings Supported by Gold Business

<ul><li>BRIS’s 20.1% share price decline YTD offers a better entry point into the bank, amid intact fundamentals.</li><li>The bank’s growth story remains intact, with above-peer loan and earnings growth and lower risk of potential government intervention.</li><li>Upgrade rating on BRIS from Hold to Buy with an unchanged TP of Rp2,900, as the stock trades attractively below its fair value.</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.

BRIS’s 20.1% share price decline YTD offers a better entry point into the bank, amid intact fundamentals.The bank’s growth story remains intact, with above-peer loan and earnings growth and lower risk of potential government intervention.Upgrade rating on BRIS from Hold to Buy with an unchanged TP of Rp2,900, as the stock trades attractively below its fair value.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 Syariah Indonesia (BRIS.IJ) Attractive Entry Point into Indonesia’s Sharia Growth Story

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-syariah-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:26981:1" rel="noopener">Bank Syariah Indonesia Tbk PT (BRIS IJ)</a> reported 11% QoQ net profit in 4Q24</li>
<li>Credit costs are down nearly 75% QoQ and annually, there are improving figures</li>
<li>Fee income growth is relatively new, ROA expansion can continue, to even &gt;3% from this</li>
</ul>



Bank Syariah Indonesia Tbk PT (BRIS IJ) reported 11% QoQ net profit in 4Q24
Credit costs are down nearly 75% QoQ and annually, there are improving figures
Fee income growth is relatively new, ROA expansion can continue, to even &gt;3% from this


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

<ul><li>BRIS posted 3Q24 net profit of Rp1.7tr (+2% qoq, +24% yoy, in line), supported by strong loan growth, improving NIM, and stable CoC.</li><li>To further accelerate growth, BRIS aims to leverage its Hajj SA (deposit), gold business (loan), and bancassurance (fee-based income).</li><li>We raised our FY24-25F net profit est. by 4-5%, resulting in higher ROE, increased FV PBV of 2.8x (from 2.6x) and a TP of Rp3,000; maintain Hold.</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.

BRIS posted 3Q24 net profit of Rp1.7tr (+2% qoq, +24% yoy, in line), supported by strong loan growth, improving NIM, and stable CoC.To further accelerate growth, BRIS aims to leverage its Hajj SA (deposit), gold business (loan), and bancassurance (fee-based income).We raised our FY24-25F net profit est. by 4-5%, resulting in higher ROE, increased FV PBV of 2.8x (from 2.6x) and a TP of Rp3,000; maintain Hold.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 Syariah Indonesia - Robust 3Q24 Performance (In Line)

<ul>
<li>BCA is showing a strong rise in its LDR, and this had been an historical concern</li>
<li>Its asset-liability management (ALM) is improving, with NIM moving higher still</li>
<li>No evidence of marked deterioration in credit metrics, provision costs are conservative</li>
</ul>


BCA is showing a strong rise in its LDR, and this had been an historical concern
Its asset-liability management (ALM) is improving, with NIM moving higher still
No evidence of marked deterioration in credit metrics, provision costs are conservative


BCA - Focus on LDR, Which Had Historically Been a Problem, Too Low, With Stable Credit Metrics

Indonesia

Bank Syariah Indonesia is a state-owned Islamic bank in Indonesia, offering a comprehensive range of commercial banking products and services to individuals and corporations, including savings, financing, investment, and digital banking. It operates through segments such as Corporate Banking, Commercial Banking, Institutional Relation, Retail Banking, and Treasury Banking and Head Office. The bank was officially founded on February 1, 2021, as a result of a merger between three state-owned sharia banks. Its headquarters are located in Jakarta, Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bank Syariah Indonesia (BRIS IJ)

BRIS.IJ - In Line 1Q25 Results: Solid Earnings Supported by Gold Business

Downgrade rating to Hold on BRIS with an unchanged TP of Rp2,900, as the stock trades at its fair value after rising 31% in a month.

BRI Danareksa Research