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.

Macroeconomics

<ul><li>JCI rose 3.8% wow, partly driven by foreign funds inflows particularly into INDF, ASII BREN, UNTR, and GOTO, which more than offset the persisting outflows from the big banks (i.e., BBRI, BBNI and to a lesser extent BBCA and BMRI).</li><li>These resulted in net inflow of US$67mn.</li><li>Within EM, India saw a big inflow of US$3bn during the week, while ASEAN EM peers still faced outflows albeit easing from prior weeks. </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.

JCI rose 3.8% wow, partly driven by foreign funds inflows particularly into INDF, ASII BREN, UNTR, and GOTO, which more than offset the persisting outflows from the big banks (i.e., BBRI, BBNI and to a lesser extent BBCA and BMRI).These resulted in net inflow of US$67mn.Within EM, India saw a big inflow of US$3bn during the week, while ASEAN EM peers still faced outflows albeit easing from prior weeks. 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 – Nov24-end Domestic Fund Sector Positioning

Thematic (Sector/Industry)

<ul><li>PMK 88/2024 could add liquidity for the SOE banks, but with a CoF of c. 4.8%, we do not see it as plausible for the banks currently.</li><li>On the other hand, the SAL loans can add competition as other nonbank SOE could get a lower rate from SAL compared to bank loans.</li><li>BMRI and BBNI could be the biggest losers from SAL competition, while BBRI and BBTN could see potential benefits.</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.

PMK 88/2024 could add liquidity for the SOE banks, but with a CoF of c. 4.8%, we do not see it as plausible for the banks currently.On the other hand, the SAL loans can add competition as other nonbank SOE could get a lower rate from SAL compared to bank loans.BMRI and BBNI could be the biggest losers from SAL competition, while BBRI and BBTN could see potential benefits.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: Expansion of SAL utilization: for better or worse? (OVERWEIGHT)

Equity Bottom-Up

<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

<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.

Bank Central Asia (BBCA IJ) - Solid 3Q24 Performances

<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

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)

BRIDS Market Pulse : Chart of the week – Nov24-end Domestic Fund Sector Positioning

JCI rose 3.8% wow, partly driven by foreign funds inflows particularly into INDF, ASII BREN, UNTR, and GOTO, which more than offset the persisting...

BRI Danareksa Research

Banks: Expansion of SAL utilization: for better or worse? (OVERWEIGHT)

PMK 88/2024 could add liquidity for the SOE banks, but with a CoF of c. 4.8%, we do not see it as plausible for the banks currently.

BRI Danareksa Research

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

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.

BRI Danareksa Research