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.

Cross Asset Strategy

<ul><li>We maintain our OVERWEIGHT call on the banking sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).</li><li>ADB Projects Indonesia's Economic Growth at 4.8% in 2023</li><li>US Job Openings Fell by 632,000 in February 2023</li></ul><div><div><div id="ember4187"><div><div><div><div><div><div id="ember2532"><div><div><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></div></div></div></div></div></div></div></div></div></div></div>

We maintain our OVERWEIGHT call on the banking sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).ADB Projects Indonesia's Economic Growth at 4.8% in 2023US Job Openings Fell by 632,000 in February 2023Content 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.

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.







Equity Bottom-Up

<ul><li>BBCA's 2Q25 net profit rose 5% qoq/ 6% yoy, bringing 1H25 NP to Rp29.0tr (+8% yoy), in line with our/cons est. at 50% of FY25F.</li><li>Management raised FY25F CoC guidance to 0.3-0.5% while maintaining loan growth and NIM guidance at 6-8% yoy and 5.7-5.8%, respectively.</li><li>We maintain Buy rating on BBCA with an unchanged TP of Rp11,900. BBCA remains our top pick in the sector.</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>

BBCA's 2Q25 net profit rose 5% qoq/ 6% yoy, bringing 1H25 NP to Rp29.0tr (+8% yoy), in line with our/cons est. at 50% of FY25F.Management raised FY25F CoC guidance to 0.3-0.5% while maintaining loan growth and NIM guidance at 6-8% yoy and 5.7-5.8%, respectively.We maintain Buy rating on BBCA with an unchanged TP of Rp11,900. BBCA remains our top pick in the sector.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 Central Asia (BBCA.IJ) 2Q25 Results: In Line Earnings Underpinned by Solid Loan Growth

<ul><li>BBCA booked 1Q25 net profit of Rp14.1tr (+3% qoq, +10% yoy), in line with our and consensus’ FY24 estimate.</li><li>The bank continues to demonstrate a strong deposit franchise, allowing it to grow customer deposits 5% qoq amid the tight liquidity in 1Q25. </li><li>We maintain Buy rating on BBCA with an unchanged TP of Rp11,900. BBCA remains our top pick in the sector.</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>

BBCA booked 1Q25 net profit of Rp14.1tr (+3% qoq, +10% yoy), in line with our and consensus’ FY24 estimate.The bank continues to demonstrate a strong deposit franchise, allowing it to grow customer deposits 5% qoq amid the tight liquidity in 1Q25. We maintain Buy rating on BBCA with an unchanged TP of Rp11,900. BBCA remains our top pick in the sector.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.

BBCA.IJ: In Line Earnings with Robust PPOP Growth Offsetting the Higher Provisions

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Net profit reached IDR13.8tn in 4Q24 (-3.1% QoQ), bringing FY24 NPAT to IDR54.8tn (+12.7%YoY), in-line with ours/consensus estimation.</li><li>This remarkable growth in net profit due to robust loan and NIM growth, while CoC remains manageable.</li><li>PPOP grew by +14.1% YoY in FY24 (-8.1% QoQ) was mainly propelled by a strong net interest income (+9.5% YoY).</li><li>Better CIR level at 31.5% in FY24 (vs 34.1% in FY23), thanks to excellent cost control</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>

Net profit reached IDR13.8tn in 4Q24 (-3.1% QoQ), bringing FY24 NPAT to IDR54.8tn (+12.7%YoY), in-line with ours/consensus estimation.This remarkable growth in net profit due to robust loan and NIM growth, while CoC remains manageable.PPOP grew by +14.1% YoY in FY24 (-8.1% QoQ) was mainly propelled by a strong net interest income (+9.5% YoY).Better CIR level at 31.5% in FY24 (vs 34.1% in FY23), thanks to excellent cost controlContent 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.

BBCA IJ - Conservative Loan Growth as CASA Competition Heats Up

Indonesia

Bank Central Asia Tbk is an Indonesian commercial bank that provides a comprehensive range of banking solutions, including individual, commercial, and corporate banking services. Its offerings encompass savings accounts, credit cards, investment products, various types of loans, and electronic banking services such as mobile and internet banking. The company was founded in 1955 and is headquartered in Jakarta, Indonesia.

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Bank Central Asia (BBCA IJ)

Equity Snapshot: April 05, 2023

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

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