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.

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Bank Negara Indonesia Persero / Equity Bottom-Up

<ul><li>We forecast a modest net profit growth of 1.8% yoy in FY26F on lower NIM, driven by softer EA yield amid lower rate and tight competition.</li><li>We expect a slight increase in CoC of 1.1% in FY26F driven by higher portion of riskier segments and cautious stance in micro and consumer.</li><li>We roll forward our valuation to FY26F with an ROE of 11.8% and CoE of 11.9%, resulting in a lower TP of Rp4,700, 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.

We forecast a modest net profit growth of 1.8% yoy in FY26F on lower NIM, driven by softer EA yield amid lower rate and tight competition.We expect a slight increase in CoC of 1.1% in FY26F driven by higher portion of riskier segments and cautious stance in micro and consumer.We roll forward our valuation to FY26F with an ROE of 11.8% and CoE of 11.9%, resulting in a lower TP of Rp4,700, 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 Negara Indonesia (BBNI.IJ) Cautious View on NIM Despite Cost of Fund Improvements

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>BBNI booked a net profit of IDR5.4tn in 1Q25 (+1% YoY, +4% QoQ), in line with ours and consensus estimate at 24%.</li><li>This modest growth came amid a flat PPOP of IDR8.1tn, weighed down by higher opex and lower NII on a quarterly basis.</li><li>NII reached IDR10.2tn (+5% YoY, -11% QoQ), supported by steady loan expansion but offset by tighter margins and funding pressures. </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.

BBNI booked a net profit of IDR5.4tn in 1Q25 (+1% YoY, +4% QoQ), in line with ours and consensus estimate at 24%.This modest growth came amid a flat PPOP of IDR8.1tn, weighed down by higher opex and lower NII on a quarterly basis.NII reached IDR10.2tn (+5% YoY, -11% QoQ), supported by steady loan expansion but offset by tighter margins and funding pressures. 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.

BBNI IJ - BBNI 1Q25 Earnings In Line, but Cautious Outlook for Domestic Economic Conditions

<ul><li>BBNI booked IDR21.5tn of net profit in FY24 (+2.7% YoY/ -8.2% QoQ), which was slightly below consensus target but in line with MNCS estimates.</li><li>Net interest income fell by -1.9% YoY to IDR40tn in FY24. Non-interest income increased by +11.9% YoY to IDR24tn in FY24.</li><li>Opex increased by +7% YoY to IDR29.7tn and CIR was up by +170bps to 44.6%. Provision stood at IDR8.2tn (-10.7% YoY). </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.

BBNI booked IDR21.5tn of net profit in FY24 (+2.7% YoY/ -8.2% QoQ), which was slightly below consensus target but in line with MNCS estimates.Net interest income fell by -1.9% YoY to IDR40tn in FY24. Non-interest income increased by +11.9% YoY to IDR24tn in FY24.Opex increased by +7% YoY to IDR29.7tn and CIR was up by +170bps to 44.6%. Provision stood at IDR8.2tn (-10.7% YoY). 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.

BBNI IJ - Modest 2025 Outlook Amid Liquidity Challenges

<ul><li>Flat performance amidst gradual improvement BBNI booked IDR21.5tn of net profit in FY24 (+2.7% YoY/ -8.2% QoQ), which was slightly below consensus target but in line with MNCS estimates.</li><li>Net interest income fell by -1.9% YoY to IDR40tn in FY24. Non-interest income increased by +11.9% YoY to IDR24tn in FY24.</li><li>Opex increased by +7% YoY to IDR29.7tn and CIR was up by +170bps to 44.6%. Provision stood at IDR8.2tn (-10.7% YoY). </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.

Flat performance amidst gradual improvement BBNI booked IDR21.5tn of net profit in FY24 (+2.7% YoY/ -8.2% QoQ), which was slightly below consensus target but in line with MNCS estimates.Net interest income fell by -1.9% YoY to IDR40tn in FY24. Non-interest income increased by +11.9% YoY to IDR24tn in FY24.Opex increased by +7% YoY to IDR29.7tn and CIR was up by +170bps to 44.6%. Provision stood at IDR8.2tn (-10.7% YoY). 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.

PT Bank Negara Indonesia Tbk (BBNI IJ) - Modest 2025 Outlook Amid Liquidity Challenges

<ul><li>BBNI booked NP of Rp21.5tr (+3% yoy), in line with our estimate, with lower qoq 4Q24 NP driven by higher CoC and CIR, offsetting higher NIM.</li><li>Management expects moderating loan growth of 8-10%, stable NIM of 4.0-4.2%, and improving CoC of 1.0% for FY25F. </li><li>Maintain Buy rating for BBNI with an unchanged TP of Rp5,100 based on -0.5SD 5-year inverse CoE GGM, implying FV PBV of 1.1x.</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.

BBNI booked NP of Rp21.5tr (+3% yoy), in line with our estimate, with lower qoq 4Q24 NP driven by higher CoC and CIR, offsetting higher NIM.Management expects moderating loan growth of 8-10%, stable NIM of 4.0-4.2%, and improving CoC of 1.0% for FY25F. Maintain Buy rating for BBNI with an unchanged TP of Rp5,100 based on -0.5SD 5-year inverse CoE GGM, implying FV PBV of 1.1x.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.

BBNI IJ - In Line NP Driven by Loan Growth and Lower CoC, Offsetting the Lower NIM and Higher CIR

Indonesia

PT Bank Negara Indonesia (Persero) Tbk is a state-owned bank that conducts commercial and consumer banking services.

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Bank Negara Indonesia Persero (BBNI IJ)

Bank Negara Indonesia (BBNI.IJ) Cautious View on NIM Despite Cost of Fund Improvements

We forecast a modest net profit growth of 1.8% yoy in FY26F on lower NIM, driven by softer EA yield amid lower rate and tight competition.

BRI Danareksa Research

BBNI IJ - BBNI 1Q25 Earnings In Line, but Cautious Outlook for Domestic Economic Conditions

Provisioning remained disciplined, with CoC dropping to 0.8% (- 20bps YoY), supporting stable earnings and aligning with FY25E guidance of ±1.0%.

MNC Sekuritas

BBNI IJ - Modest 2025 Outlook Amid Liquidity Challenges

BBNI booked IDR21.5tn of net profit in FY24 (+2.7% YoY/ -8.2% QoQ), which was slightly below consensus target but in line with MNCS estimates.

MNC Sekuritas

PT Bank Negara Indonesia Tbk (BBNI IJ) - Modest 2025 Outlook Amid Liquidity Challenges

Flat performance amidst gradual improvement BBNI booked IDR21.5tn of net profit in FY24 (+2.7% YoY/ -8.2% QoQ), which was slightly below consensus...

MNC Sekuritas

BBNI IJ - In Line NP Driven by Loan Growth and Lower CoC, Offsetting the Lower NIM and Higher CIR

BBNI booked NP of Rp21.5tr (+3% yoy), in line with our estimate, with lower qoq 4Q24 NP driven by higher CoC and CIR, offsetting higher NIM.

BRI Danareksa Research

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