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.

Thematic (Sector/Industry)

<ul><li>We expect a temporary deceleration in banks’ FY24 earnings growth, driven by slower loan growth, in-line with past trend in election year.</li><li>With NIM, CIR and CoC remain in check, and healthy asset quality, we expect big-4 banks’ to resume robust net profit growth in FY25.</li><li>We reinitiate the banking sector coverage with Overweight rating and BBCA as our top pick in FY24, followed by BMRI.</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 expect a temporary deceleration in banks’ FY24 earnings growth, driven by slower loan growth, in-line with past trend in election year.With NIM, CIR and CoC remain in check, and healthy asset quality, we expect big-4 banks’ to resume robust net profit growth in FY25.We reinitiate the banking sector coverage with Overweight rating and BBCA as our top pick in FY24, followed by BMRI.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: Moderating FY24 Growth, but Intact Fundamentals Shall Support High Growth to Resume in FY25

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

Cross Asset Strategy

<ul>
<li>Indonesia's election race is about to begin with the Presidential candidates announcing running mates on 26th October and with campaigns that could boost consumer demand. </li>
<li>The Indonesian economy should see GDP growth above 5% in 2023 and 2024, with inflation already under control at 2.28% in September. FDI remains positive although may slow before elections. </li>
<li>We explore the prospects for different sectors with a positive view on banks, retail, consumer staples, property, and <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> as a market proxy, with some opportunities in tech.</li>
</ul>


Indonesia's election race is about to begin with the Presidential candidates announcing running mates on 26th October and with campaigns that could boost consumer demand. 
The Indonesian economy should see GDP growth above 5% in 2023 and 2024, with inflation already under control at 2.28% in September. FDI remains positive although may slow before elections. 
We explore the prospects for different sectors with a positive view on banks, retail, consumer staples, property, and Astra International as a market proxy, with some opportunities in tech.


Indonesian Strategy - Election Race Hots Up Amidst Profits Recovery

<ul><li>The big-4 banks’ Aug 23 results show that the y-o-y loans growth (at 8.4-12.3% in Aug-23) has continued to outpace deposits growth (4.9-9.8%), except for BBRI whose deposits grew by 12.3% in Aug 23 driven by its TD.</li><li>From a liquidity standpoint, BBCA has the upper hand given its LDR at 69% compared to around 90% for the others as of Aug 23.</li><li>With the market awaiting liquidity improvements, the rising trend in the LDR and TD growth may persist in Sep 23 in our view. Our sector and stock ratings are currently Under Review.</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.

The big-4 banks’ Aug 23 results show that the y-o-y loans growth (at 8.4-12.3% in Aug-23) has continued to outpace deposits growth (4.9-9.8%), except for BBRI whose deposits grew by 12.3% in Aug 23 driven by its TD.From a liquidity standpoint, BBCA has the upper hand given its LDR at 69% compared to around 90% for the others as of Aug 23.With the market awaiting liquidity improvements, the rising trend in the LDR and TD growth may persist in Sep 23 in our view. Our sector and stock ratings are currently Under Review.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.

Banking - Growth in TD While Awaiting Liquidity Improvements

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)

Banks: Moderating FY24 Growth

We expect a temporary deceleration in banks’ FY24 earnings growth, driven by slower loan growth, in-line with past trend in election year.

BRI Danareksa Research

Equity Research – Sector Update: Banks

We expect a temporary deceleration in banks’ FY24 earnings growth, driven by slower loan growth, in-line with past trend in election year.

BRI Danareksa Research

Banks: Moderating FY24 Growth, but Intact Fundamentals Shall Support High Growth to Resume in FY25

We expect a temporary deceleration in banks’ FY24 earnings growth, driven by slower loan growth, in-line with past trend in election year.

BRI Danareksa Research

Indonesian Strategy - Election Race Hots Up Amidst Profits Recovery

We explore the prospects across different sectors in Indonesia with a positive view on banks, retail, consumer staples, property, and Astra...

Angus Mackintosh

Banking - Growth in TD While Awaiting Liquidity Improvements

With the market awaiting liquidity improvements, the rising trend in the LDR and TD growth may persist in Sep 23 in our view. Our sector and stock...

BRI Danareksa Research

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