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

Bank Tabungan Negara Persero / Equity Bottom-Up

<ul><li>9M23 net profits were below the consensus (71% of FY23F), but asset recovery might help the 4Q23 NP meet the mgmt’s lower guidance.</li><li>Potential bulk asset sales in 4Q23 and FY24 will lower the company`s NPLs by c. 25bps in each period, hence positive for the LT cost of credit.</li><li>BBTN currently trades at 0.6x PBV to FY24F with an 11.9% ROE. Our TP and rating (prev. Buy, Rp2,000) are under review.</li></ul><p><em>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.</em></p>

9M23 net profits were below the consensus (71% of FY23F), but asset recovery might help the 4Q23 NP meet the mgmt’s lower guidance.Potential bulk asset sales in 4Q23 and FY24 will lower the company`s NPLs by c. 25bps in each period, hence positive for the LT cost of credit.BBTN currently trades at 0.6x PBV to FY24F with an 11.9% ROE. Our TP and rating (prev. Buy, Rp2,000) are 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.

Bank Tabungan Negara (BBTN.IJ) - 3Q23 Earnings Slight Miss

<ul><li>We reiterate our BUY call on BBTN with a GGM-derived TP of IDR2,000 (implying 1.0x 2023F PBV) post the release of the 1Q23 results.</li><li>The growth driver for loans will be higher yield segments such as KUR and collateralized multipurpose loans from its existing mortgage borrowers.</li><li>This should mean a higher NIM can be achieved amid a stable policy rate environment. </li></ul><p><em>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.</em></p>

We reiterate our BUY call on BBTN with a GGM-derived TP of IDR2,000 (implying 1.0x 2023F PBV) post the release of the 1Q23 results.The growth driver for loans will be higher yield segments such as KUR and collateralized multipurpose loans from its existing mortgage borrowers.This should mean a higher NIM can be achieved amid a stable policy rate environment. 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 Tabungan Negara: Expanding Within the Housing Segment

Thematic (Sector/Industry)

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<li>We maintain our OVERWEIGHT call on the sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).</li>
<li>We thus expect the 1Q23 results to also be on-track with 1Q23’s cumulative earnings growth of 13.4% backed by 10.5% yoy loans growth, a potential uptick in the NIM to 5.9% and lower annualized credit costs at 174bps.</li>
<li>Among the banks under our coverage, BBCA and BBNI should post decent net profits growth (above 25% yoy) using 2M23’s figures as the proxy.</li>
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<p><em>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.</em></p>
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We maintain our OVERWEIGHT call on the sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).
We thus expect the 1Q23 results to also be on-track with 1Q23’s cumulative earnings growth of 13.4% backed by 10.5% yoy loans growth, a potential uptick in the NIM to 5.9% and lower annualized credit costs at 174bps.
Among the banks under our coverage, BBCA and BBNI should post decent net profits growth (above 25% yoy) using 2M23’s figures as the proxy.







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.







Indonesia

PT Bank Tabungan Negara Persero Tbk provides commercial banking services.

Bank Tabungan Negara Persero (BBTN IJ)

Bank Tabungan Negara (BBTN.IJ) - 3Q23 Earnings Slight Miss

9M23 net profits were below the consensus (71% of FY23F), but asset recovery might help the 4Q23 NP meet the mgmt’s lower guidance.

BRI Danareksa Research

Bank Tabungan Negara: Expanding Within the Housing Segment

We reiterate our BUY call on BBTN with a GGM-derived TP of IDR2,000 (implying 1.0x 2023F PBV) post the release of the 1Q23 results.

BRI Danareksa Research

Banking: Still on a Solid Footing

We maintain our OVERWEIGHT call on the sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).

BRI Danareksa Research