External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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.

<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

<ul><li>BBNI booked IDR5.6tn of net profit in 3Q24 (+4.7% QoQ), bringing 9M24 NPAT to IDR16.3tn (+3.5% YoY), came at 76%/74% of ours/cons estimates-mostly inline.</li><li>Net interest income fell by -5.5% YoY to IDR29tn in 9M24. Non-interest income increased by +15.1% YoY to IDR16.8tn in 9M24.</li><li>Opex increased by +7% YoY to IDR21tn and CIR was up by +260bps to 43.8%.</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 IDR5.6tn of net profit in 3Q24 (+4.7% QoQ), bringing 9M24 NPAT to IDR16.3tn (+3.5% YoY), came at 76%/74% of ours/cons estimates-mostly inline.Net interest income fell by -5.5% YoY to IDR29tn in 9M24. Non-interest income increased by +15.1% YoY to IDR16.8tn in 9M24.Opex increased by +7% YoY to IDR21tn and CIR was up by +260bps to 43.8%.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 - NIM & CoC Boost Profits, Asset Quality Remains Steady

<ul><li>BBNI booked 3Q24 NP of Rp5.6tr in 3Q24 (+5% qoq, +3% yoy) supported by NIM improvement from both higher EA yield and lower CoF.</li><li>Additional GWM incentives allowed the bank to reduce its high-cost deposits and USD loan repricing drove the loan yield higher.</li><li>We maintain our FY24-25 est. and Buy rating with an unchanged TP of Rp7,600 based on 5-yr inverse CoE GGM model (fair value PBV of 1.6x).</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 3Q24 NP of Rp5.6tr in 3Q24 (+5% qoq, +3% yoy) supported by NIM improvement from both higher EA yield and lower CoF.Additional GWM incentives allowed the bank to reduce its high-cost deposits and USD loan repricing drove the loan yield higher.We maintain our FY24-25 est. and Buy rating with an unchanged TP of Rp7,600 based on 5-yr inverse CoE GGM model (fair value PBV of 1.6x).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 - Robust 3Q24 and in Line 9M24 Net Profit...

Indonesia

Bank Negara Indonesia (BNI) is an Indonesian state-owned bank providing a comprehensive range of commercial and consumer banking products and services. These include savings, loans, credit cards, wealth management, trade finance, and digital banking solutions. Established on July 5, 1946, it is headquartered in Jakarta, Indonesia.

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Bank Negara Indonesia (BBNI IJ)

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

BBNI IJ - NIM & CoC Boost Profits, Asset Quality Remains Steady

BBNI booked IDR5.6tn of net profit in 3Q24 (+4.7% QoQ), bringing 9M24 NPAT to IDR16.3tn (+3.5% YoY), came at 76%/74% of ours/cons estimates-mostly...

MNC Sekuritas

Bank Negara Indonesia - Robust 3Q24 and in Line 9M24 Net Profit...

BBNI booked 3Q24 NP of Rp5.6tr in 3Q24 (+5% qoq, +3% yoy) supported by NIM improvement from both higher EA yield and lower CoF.

BRI Danareksa Research

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