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>Galeri 24’s profitability continues to grow rapidly as shown by its net profit of Rp250bn in 1Q25, reaching 50% of its FY25 target.</li><li>Its gold sales have been robust, with a 70% own-brand contribution, while plans are underway to expand refinery capacity.</li><li>BBRI currently trades at 1.8x FY25C PBV, near -1SD of its 5-year mean, with an implied CoE of 11.9% (-2.5SD of its 5-year mean).</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.

Galeri 24’s profitability continues to grow rapidly as shown by its net profit of Rp250bn in 1Q25, reaching 50% of its FY25 target.Its gold sales have been robust, with a 70% own-brand contribution, while plans are underway to expand refinery capacity.BBRI currently trades at 1.8x FY25C PBV, near -1SD of its 5-year mean, with an implied CoE of 11.9% (-2.5SD of its 5-year mean).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 Rakyat Indonesia (BBRI IJ) - KTA from Pegadaian’s Galeri 24 Site Visit (NOT RATED)

<ul><li>BBRI reported 1Q25 net profit of Rp13.7tr (-9% qoq, -14% yoy), dragged by CoC of 3.5%, but still relatively in line with consensus’ (23% of FY25F).</li><li>Mgmt is confident that CoC has peaked in 1Q25 and will gradually improve towards FY25F to the upper range of the guidance of 3.0-3.2%. </li><li>BBRI currently trades at 1.8x FY25C PBV, near -1SD of its 5-year mean, with an implied CoE of 11.9% (-2.5SD of its 5-year mean).</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.

BBRI reported 1Q25 net profit of Rp13.7tr (-9% qoq, -14% yoy), dragged by CoC of 3.5%, but still relatively in line with consensus’ (23% of FY25F).Mgmt is confident that CoC has peaked in 1Q25 and will gradually improve towards FY25F to the upper range of the guidance of 3.0-3.2%. BBRI currently trades at 1.8x FY25C PBV, near -1SD of its 5-year mean, with an implied CoE of 11.9% (-2.5SD of its 5-year mean).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.

BBRI IJ - 1Q25 Earnings: Elevated CoC Pressuring Bottom Line (NOT RATED)

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

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<a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a> management painted a relatively positive picture of improvements across its microloan portfolio in 2H2024, with strong growth in recoveries during the year.  </li>
<li>Loan growth was driven by corporate and consumer loans, as the bank slowed micro and small-sized loan growth with ongoing restructuring, which will continue in 2025 and front-loaded in 1Q2025. </li>
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<a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a> remains unique in its exposure to micro and ultra-micro lending in Indonesia, where growth should resume in 2025. Foreign ownership and valuations stand at 15-year lows. </li>
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Bank Rakyat Indonesia management painted a relatively positive picture of improvements across its microloan portfolio in 2H2024, with strong growth in recoveries during the year.  
Loan growth was driven by corporate and consumer loans, as the bank slowed micro and small-sized loan growth with ongoing restructuring, which will continue in 2025 and front-loaded in 1Q2025. 

Bank Rakyat Indonesia remains unique in its exposure to micro and ultra-micro lending in Indonesia, where growth should resume in 2025. Foreign ownership and valuations stand at 15-year lows. 


Bank Rakyat Indonesia (BBRI IJ) - Visibility and Quality Improving

<ul><li>FY24 net profit of Rp60tr (flat yoy) was In line with consensus’ est., with lower NIM and higher CoC offset by higher non-interest income.</li><li>4Q24’s CoC improved to 2.8% (from 3.2% in 3Q24) but was largely driven by provision reversal of Pegadaian, PNM’s CoC remained high.</li><li>BBRI currently trades at 1.8x FY25F PBV, near -0.5SD of its 5-year mean, with an implied CoE of 11.9% (-3SD of its 5-year mean)</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.

FY24 net profit of Rp60tr (flat yoy) was In line with consensus’ est., with lower NIM and higher CoC offset by higher non-interest income.4Q24’s CoC improved to 2.8% (from 3.2% in 3Q24) but was largely driven by provision reversal of Pegadaian, PNM’s CoC remained high.BBRI currently trades at 1.8x FY25F PBV, near -0.5SD of its 5-year mean, with an implied CoE of 11.9% (-3SD of its 5-year mean)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 Rakyat Indonesia (BBBRI.IJ) - In Line with Consensus Estimates’ Low Expectations

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<a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a> should have a stronger finish to the year with stable credit costs and continuing growth in micro recoveries driving fee income growth, with NIMs remaining stable </li>
<li>Loan growth will increase in 4Q2024 but may see a slowdown in 2025 but the bank should see stable credit costs and a rebound in earnings with lower provisions. </li>
<li>Foreign ownership and vaulations are back to 2015 lows apart from the pandemic at 2.1x PBV is also a 10-year ex-pandemic low of 1.8x, and trades on 9.6x PER. </li>
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Bank Rakyat Indonesia should have a stronger finish to the year with stable credit costs and continuing growth in micro recoveries driving fee income growth, with NIMs remaining stable 
Loan growth will increase in 4Q2024 but may see a slowdown in 2025 but the bank should see stable credit costs and a rebound in earnings with lower provisions. 
Foreign ownership and vaulations are back to 2015 lows apart from the pandemic at 2.1x PBV is also a 10-year ex-pandemic low of 1.8x, and trades on 9.6x PER. 


Bank Rakyat Indonesia (BBRI IJ) - Ultra Attractive

Indonesia

PT Bank Rakyat Indonesia (Persero) Tbk provides commercial banking activities and its related services. The Bank also provides banking activities based on shariah principles.

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Bank Rakyat Indonesia (BBRI IJ)