BTPS IJ - 9M24 in Line with Ours/Below Cons., as Persistently High CoC Dragged Down 3Q24 Earnings
BTPS booked a net profit of Rp218bn in 3Q24 (-24% qoq, -13% yoy) driven by higher qoq CoC, in line with ours but below consensus est.
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Bank BTPN Syariah - NPL Cycle Hits Bottom, A Long Road to Recovery Ahead
We re-initiate coverage on BTPS with a Hold rating and a TP of Rp1,300 based on an iCoE of 11.6% (-1SD), LTG of 3%, and FY24F ROE of 11.5%.
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Banks: Liquidity May Ease Faster, but Stable Rupiah Is Needed for the Rally to Sustain (NEUTRAL)
An early rate cut may ease liquidity pressure faster, while some loans and marketable securities are at risk of lower yield.
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Banks: FY25 Outlook: Less money to lend, save, and repay (NEUTRAL)
We expect a moderate earnings growth of 5.8% in FY25F (from 6.7% in FY24F) due to slower loan growth, still tight liquidity, and higher CoC.
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Banks: Expansion of SAL utilization: for better or worse? (OVERWEIGHT)
PMK 88/2024 could add liquidity for the SOE banks, but with a CoF of c. 4.8%, we do not see it as plausible for the banks currently.
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