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>Driven by lower earning asset yield amid lower interest rate environment, offsetting the lower CoF, we expect lower NIM for FY26F.</li><li>We forecast FY26 net profit growth of 2% yoy driven by higher loan growth and lower credit costs, offsetting the lower NIM.</li><li>We roll forward our valuation to FY26F with ROE of 19.8% and CoE of 6.8%, resulting in a lower TP of Rp10,800, i.e., maintain BUY rating.</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 lower earning asset yield amid lower interest rate environment, offsetting the lower CoF, we expect lower NIM for FY26F.We forecast FY26 net profit growth of 2% yoy driven by higher loan growth and lower credit costs, offsetting the lower NIM.We roll forward our valuation to FY26F with ROE of 19.8% and CoE of 6.8%, resulting in a lower TP of Rp10,800, i.e., maintain BUY rating.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): Higher Volume and Better Asset Quality to Drive Earnings Growth

<ul><li>BBCA's 2Q25 net profit rose 5% qoq/ 6% yoy, bringing 1H25 NP to Rp29.0tr (+8% yoy), in line with our/cons est. at 50% of FY25F.</li><li>Management raised FY25F CoC guidance to 0.3-0.5% while maintaining loan growth and NIM guidance at 6-8% yoy and 5.7-5.8%, respectively.</li><li>We maintain Buy rating on BBCA with an unchanged 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.

BBCA's 2Q25 net profit rose 5% qoq/ 6% yoy, bringing 1H25 NP to Rp29.0tr (+8% yoy), in line with our/cons est. at 50% of FY25F.Management raised FY25F CoC guidance to 0.3-0.5% while maintaining loan growth and NIM guidance at 6-8% yoy and 5.7-5.8%, respectively.We maintain Buy rating on BBCA with an unchanged 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.

Bank Central Asia (BBCA.IJ) 2Q25 Results: In Line Earnings Underpinned by Solid Loan Growth

<ul><li>BBCA booked 1Q25 net profit of Rp14.1tr (+3% qoq, +10% yoy), in line with our and consensus’ FY24 estimate.</li><li>The bank continues to demonstrate a strong deposit franchise, allowing it to grow customer deposits 5% qoq amid the tight liquidity in 1Q25. </li><li>We maintain Buy rating on BBCA with an unchanged 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.

BBCA booked 1Q25 net profit of Rp14.1tr (+3% qoq, +10% yoy), in line with our and consensus’ FY24 estimate.The bank continues to demonstrate a strong deposit franchise, allowing it to grow customer deposits 5% qoq amid the tight liquidity in 1Q25. We maintain Buy rating on BBCA with an unchanged 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 Earnings with Robust PPOP Growth Offsetting the Higher Provisions

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>Net profit reached IDR13.8tn in 4Q24 (-3.1% QoQ), bringing FY24 NPAT to IDR54.8tn (+12.7%YoY), in-line with ours/consensus estimation.</li><li>This remarkable growth in net profit due to robust loan and NIM growth, while CoC remains manageable.</li><li>PPOP grew by +14.1% YoY in FY24 (-8.1% QoQ) was mainly propelled by a strong net interest income (+9.5% YoY).</li><li>Better CIR level at 31.5% in FY24 (vs 34.1% in FY23), thanks to excellent cost control</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.

Net profit reached IDR13.8tn in 4Q24 (-3.1% QoQ), bringing FY24 NPAT to IDR54.8tn (+12.7%YoY), in-line with ours/consensus estimation.This remarkable growth in net profit due to robust loan and NIM growth, while CoC remains manageable.PPOP grew by +14.1% YoY in FY24 (-8.1% QoQ) was mainly propelled by a strong net interest income (+9.5% YoY).Better CIR level at 31.5% in FY24 (vs 34.1% in FY23), thanks to excellent cost controlContent 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 - Conservative Loan Growth as CASA Competition Heats 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

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.

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