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>Amid tight liquidity condition, BBCA maintained its NIM flat at 7.4% in 1H24, supported by a higher LDR and higher contribution from loans.</li><li>Despite the higher NPL ratio and lower coverage in 1H24, the bank`s LaR ratio and coverage remained robust, suggesting still strong credit quality.</li><li>We maintain our FY4F forecasts and TP of Rp11,300. We reiterate our Buy rating and preference on BBCA 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.

Amid tight liquidity condition, BBCA maintained its NIM flat at 7.4% in 1H24, supported by a higher LDR and higher contribution from loans.Despite the higher NPL ratio and lower coverage in 1H24, the bank`s LaR ratio and coverage remained robust, suggesting still strong credit quality.We maintain our FY4F forecasts and TP of Rp11,300. We reiterate our Buy rating and preference on BBCA 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.

Bank Central Asia - 1H24 Results: In-Line Earnings

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>There is renewed interest in HDFC Bank given potential for stock index re-balancing as well as an acquisition for one of its subsidiaries </li>
<li>The story with HDFC Bank is strong regardless of these new ancillary positives, where growth is incredibly stable, and credit metrics shine</li>
<li>We remind that the amalgamation of HDFC Finance remains new, and gains are still not fully reflected, but a look at costs/assets shows progress</li>
</ul>


There is renewed interest in HDFC Bank given potential for stock index re-balancing as well as an acquisition for one of its subsidiaries 
The story with HDFC Bank is strong regardless of these new ancillary positives, where growth is incredibly stable, and credit metrics shine
We remind that the amalgamation of HDFC Finance remains new, and gains are still not fully reflected, but a look at costs/assets shows progress


HDFC Bank - Rebalancing & MUFG Acquisition Benefit, Ongoing NPL Stability & Profit Strength

Thematic (Sector/Industry)

<ul><li>Based on the MSME and consumer segments, BPR, and P2P data, we believe banks’ overall asset quality remains robust.</li><li>With higher FY24F CoC of 3.0%, BBRI has allocated adequate provisions to address the current issue in its MSME segment.</li><li>Maintain Overweight rating in the banking sector with BBCA remaining as our top pick.</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.

Based on the MSME and consumer segments, BPR, and P2P data, we believe banks’ overall asset quality remains robust.With higher FY24F CoC of 3.0%, BBRI has allocated adequate provisions to address the current issue in its MSME segment.Maintain Overweight rating in the banking sector with BBCA remaining as our top pick.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: Attractive Entry Point Amid Valuation Derating, Supported by the Still Robust Asset Quality

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-barito-renewables-energy-tbk" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables Energy (BREN IJ)</a> listed on the IDX in October 2023 and inclusion in global indices was expected in June and August.</li>
<li>The IDX threw a spanner in the works by placing <a href="https://www.smartkarma.com/entities/pt-barito-renewables-energy-tbk" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables Energy (BREN IJ)</a> onto its Watchlist under criteria 10. That resulted in cancellation of index inclusion in June.</li>
<li>
<a href="https://www.smartkarma.com/entities/pt-barito-renewables-energy-tbk" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables Energy (BREN IJ)</a> will come off the Watchlist today and that could see a renewed move higher in the stock over the next few weeks.</li>
</ul>



Barito Renewables Energy (BREN IJ) listed on the IDX in October 2023 and inclusion in global indices was expected in June and August.
The IDX threw a spanner in the works by placing Barito Renewables Energy (BREN IJ) onto its Watchlist under criteria 10. That resulted in cancellation of index inclusion in June.

Barito Renewables Energy (BREN IJ) will come off the Watchlist today and that could see a renewed move higher in the stock over the next few weeks.


Barito Renewables Energy (BREN IJ): Back to Normal Trading & Index Implications

<ul>
<li>Thailand, Macau and Hong Kong report negative loan growth in monthly HFD data.</li>
<li>Japan may be the most surprising with relatively high growth and relative to last year. </li>
<li>Indonesia moves from strength to strength, where India loan growth is high, but less so.</li>
</ul>


Thailand, Macau and Hong Kong report negative loan growth in monthly HFD data.
Japan may be the most surprising with relatively high growth and relative to last year. 
Indonesia moves from strength to strength, where India loan growth is high, but less so.


Global Credit Growth - Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine

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)

Bank Central Asia - 1H24 Results: In-Line Earnings

Amid tight liquidity condition, BBCA maintained its NIM flat at 7.4% in 1H24, supported by a higher LDR and higher contribution from loans.

BRI Danareksa Research

HDFC Bank - Rebalancing & MUFG Acquisition Benefit, Ongoing NPL Stability & Profit Strength

Renewed interest from a potential re-balancing, and a possible MUFG purchase for HDB. It shines on its own: stability, growth, credit metrics, with...

Daniel Tabbush

Banks: Attractive Entry Point Amid Valuation Derating, Supported by the Still Robust Asset Quality

With higher FY24F CoC of 3.0%, BBRI has allocated adequate provisions to address the current issue in its MSME segment. Maintain Overweight rating...

BRI Danareksa Research

Barito Renewables Energy (BREN IJ): Back to Normal Trading & Index Implications

Barito Renewables Energy comes off the IDX Watchlist today and that will make the stock eligible for index inclusion. Passives will need to buy...

Brian Freitas

Global Credit Growth - Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine

Global credit growth data on a monthly basis, shows a vast range of cycles, with Thailand, Macau and HK the worse off. Japan, Taiwan, Indonesia...

Daniel Tabbush

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