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>ARTO’s 1Q24 earnings missed estimates due to a lower NIM caused by the lower portion of high-yield Sharia financing, amid lower provisions.</li><li>A lower portion of Sharia financing may limit the yield decline and drive brisker loans growth going forward amid robust asset quality.</li><li>We maintain our FY24-25F estimates and TP of Rp4,500; maintain Buy with faster expected loans growth and NIM expansion as key catalysts.</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.

ARTO’s 1Q24 earnings missed estimates due to a lower NIM caused by the lower portion of high-yield Sharia financing, amid lower provisions.A lower portion of Sharia financing may limit the yield decline and drive brisker loans growth going forward amid robust asset quality.We maintain our FY24-25F estimates and TP of Rp4,500; maintain Buy with faster expected loans growth and NIM expansion as key catalysts.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 Jago (ARTO IJ) - 1Q24 Earnings Below

<ul><li>ARTO’s FY23 net profit slightly missed our estimate/the cons. due to higher-than-expected CoF and opex, partly offset by lower provisions.</li><li>The bank has a conservative FY24F loans growth target of 30% due to lower contributions from home credit and the slowing P2P industry.</li><li>We maintain our Buy rating but cut our FY24/25F NP est. by 57/67% on lower loans growth despite lower CoC, with a new TP of Rp4,500.</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.

ARTO’s FY23 net profit slightly missed our estimate/the cons. due to higher-than-expected CoF and opex, partly offset by lower provisions.The bank has a conservative FY24F loans growth target of 30% due to lower contributions from home credit and the slowing P2P industry.We maintain our Buy rating but cut our FY24/25F NP est. by 57/67% on lower loans growth despite lower CoC, with a new TP of Rp4,500.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 Jago (ARTO IJ) - FY24-25F Estimates and TP Cut on Weaker Growth Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bukalapak.com PT Tbk / Equity Capital Markets

<ul>
<li>Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.</li>
<li>Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.</li>
<li>The pre-IPO shareholders will be released from the lockup on 6th April 2022.</li>
</ul>


Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.
Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.
The pre-IPO shareholders will be released from the lockup on 6th April 2022.


Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. </li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we will talk about the company's valuation.</li>
</ul>


GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. 
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we will talk about the company's valuation.


GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

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 href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia</a> saw a marked turnaround in new bookings and a declining NPF ratio in 4Q2023, as its business recovered from the malware attack in May last year.</li>
<li>The company has started to be more aggressive in non-dealer 4W space but remains cautious on 2W. Write-offs peaked in 4Q2023 and will decline in 2024, leading to lower CoC. </li>
<li>BFIN will launch a tripartite collaboration with GoTo and Bank Jago which will help to drive future bookings growth. Valuations remain attractive with BFIN trading in 2.0x PBV </li>
</ul>



BFI Finance Indonesia saw a marked turnaround in new bookings and a declining NPF ratio in 4Q2023, as its business recovered from the malware attack in May last year.
The company has started to be more aggressive in non-dealer 4W space but remains cautious on 2W. Write-offs peaked in 4Q2023 and will decline in 2024, leading to lower CoC. 
BFIN will launch a tripartite collaboration with GoTo and Bank Jago which will help to drive future bookings growth. Valuations remain attractive with BFIN trading in 2.0x PBV 


BFI Finance Indonesia (BFIN IJ) - Visibility Improves

Indonesia

PT Bank Jago Tbk operates as a commercial bank. The Bank offers savings account, loans, insurance, currentcy exchange, money transfer, and credit services. Bank Jago serves consumer in Indonesia.

Bank Jago Tbk PT (ARTO IJ)

Bank Jago (ARTO IJ) - 1Q24 Earnings Below

ARTO’s 1Q24 earnings missed estimates due to a lower NIM caused by the lower portion of high-yield Sharia financing, amid lower provisions.

BRI Danareksa Research

Bank Jago (ARTO IJ) - FY24-25F Estimates and TP Cut on Weaker Growth Outlook

ARTO’s FY23 net profit slightly missed our estimate/the cons. due to higher-than-expected CoF and opex, partly offset by lower provisions.

BRI Danareksa Research

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh

BFI Finance Indonesia (BFIN IJ) - Visibility Improves

BFIN saw a turnaround in new bookings and a declining NPF ratio in 4Q2023, as its business recovered from the malware attack in May last year....

Angus Mackintosh

Bank Jago (ARTO IJ) - 1Q24 Earnings Below

ARTO’s 1Q24 earnings missed estimates due to a lower NIM caused by the lower portion of high-yield Sharia financing, amid lower provisions.

BRI Danareksa Research

Bank Jago (ARTO IJ) - FY24-25F Estimates and TP Cut on Weaker Growth Outlook

ARTO’s FY23 net profit slightly missed our estimate/the cons. due to higher-than-expected CoF and opex, partly offset by lower provisions.

BRI Danareksa Research

Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range. The pre-IPO shareholders will be released...

Sumeet Singh

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh

BFI Finance Indonesia (BFIN IJ) - Visibility Improves

BFIN saw a turnaround in new bookings and a declining NPF ratio in 4Q2023, as its business recovered from the malware attack in May last year....

Angus Mackintosh