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

<ul><li>Despite the challenging year, BBCA booked NP of Rp54.8tr in FY24 (+13% yoy), in line with our and consensus estimates.</li><li>4Q24’s NP declined 3% qoq on the back of higher opex and higher effective tax rate, partly offset by a reversal on Cessie.</li><li>We revised our FY25/26F EPS est. by +1.5/-0.3% and maintain Buy rating with a higher TP of Rp11,900. BBCA remains our top pick in the 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.

Despite the challenging year, BBCA booked NP of Rp54.8tr in FY24 (+13% yoy), in line with our and consensus estimates.4Q24’s NP declined 3% qoq on the back of higher opex and higher effective tax rate, partly offset by a reversal on Cessie.We revised our FY25/26F EPS est. by +1.5/-0.3% and maintain Buy rating with a higher TP of Rp11,900. BBCA remains our top pick in the 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.

(BBCA IJ) : In-Line, Solid Asset Quality and NIM Aided in Navigating the Tight Liquidity Environment

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>A company visit with <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> in Jakarta revealed a more cautious view on loan growth looking into 2025, with expectations for high-single-digit YoY growth.</li>
<li>There is increasing caution amongst customers around the soft economy and the risk of more aggressive tax collection in 2025, reflected in strong growth in holdings of government bonds.</li>
<li>A company visit with <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> in Jakarta revealed a more cautious view on loan growth looking into 2025, with expectations for high-single-digit YoY growth.</li>
</ul>


A company visit with Bank Central Asia (BBCA IJ) in Jakarta revealed a more cautious view on loan growth looking into 2025, with expectations for high-single-digit YoY growth.
There is increasing caution amongst customers around the soft economy and the risk of more aggressive tax collection in 2025, reflected in strong growth in holdings of government bonds.
A company visit with Bank Central Asia (BBCA IJ) in Jakarta revealed a more cautious view on loan growth looking into 2025, with expectations for high-single-digit YoY growth.


Bank Central Asia (BBCA IJ) - Tempering 2025 Expectations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> booked another set of impressive numbers with strong loan growth and improving NIMs, with growth in its loans to assets and improving non-interest income.</li>
<li>Loan growth was driven by a strong performance from commercial, SME, consumer and corporate lending, with the bank also continuing to reinforce its lead in transactional banking in Indonesia.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">BBCA</a> has one of the lowest funding costs in the industry with a CASA ratio above 82% helping to underpin its funding costs and profitability, justifying its higher valuations.</li>
</ul>



Bank Central Asia (BBCA IJ) booked another set of impressive numbers with strong loan growth and improving NIMs, with growth in its loans to assets and improving non-interest income.
Loan growth was driven by a strong performance from commercial, SME, consumer and corporate lending, with the bank also continuing to reinforce its lead in transactional banking in Indonesia.

BBCA has one of the lowest funding costs in the industry with a CASA ratio above 82% helping to underpin its funding costs and profitability, justifying its higher valuations.


Bank Central Asia (BBCA IJ) - Transactional Dreams

<ul><li>BBCA’s higher loan growth and improving NIM offset the higher CoC, resulting in 3Q24 net profit of Rp14.2tr (+1% qoq, +16% yoy), in line.</li><li>Mgmt surprisingly raised its FY24F NIM guidance from 5.5-5.6% to 5.7- 5.8%, while maintaining its CoC at c. 4% and LaR ratio at c. 6%</li><li>We maintain BUY with a higher TP of Rp12,800 as we tweaked our FY24- 25F earnings by +3%, resulting in a higher FY25F ROE.</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.

BBCA’s higher loan growth and improving NIM offset the higher CoC, resulting in 3Q24 net profit of Rp14.2tr (+1% qoq, +16% yoy), in line.Mgmt surprisingly raised its FY24F NIM guidance from 5.5-5.6% to 5.7- 5.8%, while maintaining its CoC at c. 4% and LaR ratio at c. 6%We maintain BUY with a higher TP of Rp12,800 as we tweaked our FY24- 25F earnings by +3%, resulting in a higher FY25F ROE.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.

BBCA.IJ - Solid 3Q24 Performances; FY24F NIM and Loan Growth Guidance Upgraded

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>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

PT Bank Central Asia Tbk provides banking and related services.  The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions.  Through its subsidiaries, the Bank also provides leasing and consumer financing services.

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Bank Central Asia (BBCA IJ)

(BBCA IJ) : In-Line, Solid Asset Quality and NIM Aided in Navigating the Tight Liquidity Environment

We revised our FY25/26F EPS est. by +1.5/-0.3% and maintain Buy rating with a higher TP of Rp11,900. BBCA remains our top pick in the sector.

BRI Danareksa Research