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’ 4M24 net profit reached Rp2.2tr (+15% yoy), inline, supported by lower provisions amid a declining NIM.</li><li>Despite the lower mom CoF, NIM was lower due to seasonality in the EA yield. On a yoy basis, NIM was lower mainly due to the higher CoF.</li><li>We maintain our FY24F forecasts and TP of Rp2,700; reiterate our Buy rating with superior earnings growth vs. its peers as the key catalyst.</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’ 4M24 net profit reached Rp2.2tr (+15% yoy), inline, supported by lower provisions amid a declining NIM.Despite the lower mom CoF, NIM was lower due to seasonality in the EA yield. On a yoy basis, NIM was lower mainly due to the higher CoF.We maintain our FY24F forecasts and TP of Rp2,700; reiterate our Buy rating with superior earnings growth vs. its peers as the key catalyst.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 - Inline 4M24 Net Profit Supported by Financing Growth and Lower Provisions

<ul><li>BRIS’ more resilient profile remains intact with a lower CoF from higher SA and a high payroll loans segment to support asset quality.</li><li>We think the lower implied cost of equity of 7.9% is justified given the bank`s higher earnings growth vs its peers at 15/14% in FY24/25F.</li><li>Maintain our FY24F forecasts and TP of Rp2,700; reiterate our Buy rating with superior earnings growth vs. its peers as the key catalyst</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’ more resilient profile remains intact with a lower CoF from higher SA and a high payroll loans segment to support asset quality.We think the lower implied cost of equity of 7.9% is justified given the bank`s higher earnings growth vs its peers at 15/14% in FY24/25F.Maintain our FY24F forecasts and TP of Rp2,700; reiterate our Buy rating with superior earnings growth vs. its peers as the key catalystContent 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) - Better Entry Point Emerges...

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>It's the largest bank by assets in Indonesia, but its loan growth is about 2x the country aggregate growth rate. </li>
<li>NPL decline is stronger than most all banks in the country over the past few years, implications for credit costs are positive. </li>
<li>Boring old costs should not be ignored, especially where they are driving radical expansion of ROA. </li>
</ul>


It's the largest bank by assets in Indonesia, but its loan growth is about 2x the country aggregate growth rate. 
NPL decline is stronger than most all banks in the country over the past few years, implications for credit costs are positive. 
Boring old costs should not be ignored, especially where they are driving radical expansion of ROA. 


Bank Mandiri - All Cylinders Firing Strong

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>BRIS's YTD 2024 performance has been impressive, with its share price rallied +42% YTD, driven by a substantial 69% increase in avg.</li><li>transaction volume and a doubling of transaction value compared to 2023. Notably, net foreign inflow reached IDR564bn in Jan-Feb 2024 (vs IDR125bn in 4Q23), especially post the release of the strong FY23 financial report.</li><li>▪To bolster its IT security system, BRIS is gearing up for a capex of IDR1.5tn, marking a substantial increase from previous years' budgets which primarily designated for 4-key areas, including security measures &amp; infrastructure enhancements.</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 YTD 2024 performance has been impressive, with its share price rallied +42% YTD, driven by a substantial 69% increase in avg.transaction volume and a doubling of transaction value compared to 2023. Notably, net foreign inflow reached IDR564bn in Jan-Feb 2024 (vs IDR125bn in 4Q23), especially post the release of the strong FY23 financial report.▪To bolster its IT security system, BRIS is gearing up for a capex of IDR1.5tn, marking a substantial increase from previous years' budgets which primarily designated for 4-key areas, including security measures &amp; infrastructure enhancements.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 - MNC Sekuritas Equity Report February 20, 2024

<ul><li>Driven by above-peers’ financing growth, low-cost funding, and better efficiencies, we expect BRIS to deliver c. 15% EPS growth in FY24-25F.</li><li>Given its sustainable leadership in the fast-growing Sharia banking market, we believe BRIS’ scarcity premium valuation is justified.</li><li>We reinitiate coverage on BRIS with a Buy and TP of Rp2,700, based on an inverse cost of equity GGM with CoE of 8.0%, implying 2.6x PBV.</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.

Driven by above-peers’ financing growth, low-cost funding, and better efficiencies, we expect BRIS to deliver c. 15% EPS growth in FY24-25F.Given its sustainable leadership in the fast-growing Sharia banking market, we believe BRIS’ scarcity premium valuation is justified.We reinitiate coverage on BRIS with a Buy and TP of Rp2,700, based on an inverse cost of equity GGM with CoE of 8.0%, implying 2.6x PBV.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 - Sustainable Growth Outlook Through Dominance in the Sharia Market

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.

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Bank Syariah Indonesia (BRIS IJ)

Bank Syariah Indonesia - Inline 4M24 Net Profit Supported by Financing Growth and Lower Provisions

We maintain our FY24F forecasts and TP of Rp2,700; reiterate our Buy rating with superior earnings growth vs. its peers as the key catalyst.

BRI Danareksa Research