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>We maintain our BUY call on BJTM with a GGM-derived TP of IDR850 (implying 1.0x 2023F PBV) driven by better utilization of funding channeled via loans with a higher LDR of 61.8% as of March 2023 with 13.4% yoy loans growth</li><li>Looking ahead, we expect 14.7% loans growth for this year mainly to the SME segment as the bank has obtained a KUR quota of IDR4tn for 2023</li><li>Dividends, meanwhile, will remain enticing with a yield of ~8.4% assuming a stable payout ratio at 51.4% until FY24F</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 maintain our BUY call on BJTM with a GGM-derived TP of IDR850 (implying 1.0x 2023F PBV) driven by better utilization of funding channeled via loans with a higher LDR of 61.8% as of March 2023 with 13.4% yoy loans growthLooking ahead, we expect 14.7% loans growth for this year mainly to the SME segment as the bank has obtained a KUR quota of IDR4tn for 2023Dividends, meanwhile, will remain enticing with a yield of ~8.4% assuming a stable payout ratio at 51.4% until FY24FContent 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.

BPD Jatim (BJTM IJ) - Enticing dividend yield

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.







Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 3 changes each for the IDX30 Index and LQ45 Index and 11 changes for the IDX80 Index at the upcoming rebalance to be implemented on 29 July.</li>
<li>There is passive inflow on <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO)</a> due to index inclusion, and on <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a> due to capping changes.</li>
<li>With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 3 changes each for the IDX30 Index and LQ45 Index and 11 changes for the IDX80 Index at the upcoming rebalance to be implemented on 29 July.
There is passive inflow on Bank Jago Tbk PT (ARTO) due to index inclusion, and on Bank Rakyat Indonesia (BBRI) and Bank Central Asia (BBCA) due to capping changes.
With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

<ul><li>Growth in 3Q2016 was largely driven by household expenditure while investment continued to slow. Government spending declined in 3Q2016.</li><li>Recent revenue shortfalls and consequent expenditure cuts by the government could impact growth prospects in the coming months; lower collections from tax amnesty scheme will likely add to fiscal woes.</li><li>With inflation expected to stay within Bank Indonesia’s target range of 3-5% in the near term, the central bank is likely to maintain an easing bias.</li></ul>

Growth in 3Q2016 was largely driven by household expenditure while investment continued to slow. Government spending declined in 3Q2016.Recent revenue shortfalls and consequent expenditure cuts by the government could impact growth prospects in the coming months; lower collections from tax amnesty scheme will likely add to fiscal woes.With inflation expected to stay within Bank Indonesia’s target range of 3-5% in the near term, the central bank is likely to maintain an easing bias.

Corporate Credit Analyst

Alan Greene

<p lang="en">Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the same time, on 30 June, the Korea Times carried a headline <em>“Bedroom shock: Korea's sexless rate ranked world's second”</em>. The sovereign rating of its neighbour Japan has seen steady pressure for the last five years driven in part by its demographic profile. Korea's demographic profile is likely to deteriorate more rapidly than Japan's and we should therefore expect a similar debt induced stall in growth. The banking system is under pressure and this could soon translate into pressure on Korea's credit ratings.</p>

Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the same time, on 30 June, the Korea Times carried a headline “Bedroom shock: Korea's sexless rate ranked world's second”. The sovereign rating of its neighbour Japan has seen steady pressure for the last five years driven in part by its demographic profile. Korea's demographic profile is likely to deteriorate more rapidly than Japan's and we should therefore expect a similar debt induced stall in growth. The banking system is under pressure and this could soon translate into pressure on Korea's credit ratings.

Can "sexless" Korea Beat the Demographic Cliff and Maintain Its Credit Rating?

Indonesia

PT Bank Pembangunan Daerah Jawa Timur Tbk is a full service bank in Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bpd Jawa Timur (BJTM IJ)

BPD Jatim (BJTM IJ) - Enticing dividend yield

We maintain our BUY call on BJTM with a GGM-derived TP of IDR850 (implying 1.0x 2023F PBV) driven by better utilization of funding channeled...

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

IDX30/LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

There are 3 changes each for the IDX30 and LQ45 indices that will be implemented on 29 July. The largest passive inflows are on BBRI, ARTO and...

Brian Freitas

Marketnomix Insights : Indonesia

Growth in 3Q2016 was largely driven by household expenditure while investment continued to slow. Government spending declined in 3Q2016. Recent...

Rajan Govil

Can "sexless" Korea Beat the Demographic Cliff and Maintain Its Credit Rating?

Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the...

Alan Greene

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BPD Jatim (BJTM IJ) - Enticing dividend yield

We maintain our BUY call on BJTM with a GGM-derived TP of IDR850 (implying 1.0x 2023F PBV) driven by better utilization of funding channeled...

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

IDX30/​LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI

There are 3 changes each for the IDX30 and LQ45 indices that will be implemented on 29 July. The largest passive inflows are on BBRI, ARTO and...

Brian Freitas

Marketnomix Insights : Indonesia

Growth in 3Q2016 was largely driven by household expenditure while investment continued to slow. Government spending declined in 3Q2016. Recent...

Rajan Govil

Can "sexless" Korea Beat the Demographic Cliff and Maintain Its Credit Rating?

Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the...

Alan Greene

IDX30/LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI