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.







Indonesia

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

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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

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