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.

Macroeconomics

<ul><li>A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.</li><li>Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.</li><li>The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.</li></ul>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.

A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.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.

BRIDS Market Pulse: Chart of the Week – China Coal Inventory at Port

<ul><li>JCI rose 3.8% wow, partly driven by foreign funds inflows particularly into INDF, ASII BREN, UNTR, and GOTO, which more than offset the persisting outflows from the big banks (i.e., BBRI, BBNI and to a lesser extent BBCA and BMRI).</li><li>These resulted in net inflow of US$67mn.</li><li>Within EM, India saw a big inflow of US$3bn during the week, while ASEAN EM peers still faced outflows albeit easing from prior weeks. </li></ul>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.

JCI rose 3.8% wow, partly driven by foreign funds inflows particularly into INDF, ASII BREN, UNTR, and GOTO, which more than offset the persisting outflows from the big banks (i.e., BBRI, BBNI and to a lesser extent BBCA and BMRI).These resulted in net inflow of US$67mn.Within EM, India saw a big inflow of US$3bn during the week, while ASEAN EM peers still faced outflows albeit easing from prior weeks. 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.

BRIDS Market Pulse : Chart of the week – Nov24-end Domestic Fund Sector Positioning

Thematic (Sector/Industry)

<ul><li>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.</li><li>On the other hand, the SAL loans can add competition as other nonbank SOE could get a lower rate from SAL compared to bank loans.</li><li>BMRI and BBNI could be the biggest losers from SAL competition, while BBRI and BBTN could see potential benefits.</li></ul>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.

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.On the other hand, the SAL loans can add competition as other nonbank SOE could get a lower rate from SAL compared to bank loans.BMRI and BBNI could be the biggest losers from SAL competition, while BBRI and BBTN could see potential benefits.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.

Banks: Expansion of SAL utilization: for better or worse? (OVERWEIGHT)

<ul><li>Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.</li><li>In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.</li><li>ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. </li></ul>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.

Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail 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.

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

<ul><li>We expect the banks to deliver 7-23% and 5-21% net profit growth in 3Q24 and 9M24, driven by strong loan growth and resilient NIM.</li><li>Amid high loan demand, flat LPS rate, and still tight liquidity, we expect a meaningful CoF improvement in 1Q25.</li><li>Maintain Overweight rating on the banking sector, underpinned by solid growth, bottoming liquidity, and still robust asset quality.</li></ul>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.

We expect the banks to deliver 7-23% and 5-21% net profit growth in 3Q24 and 9M24, driven by strong loan growth and resilient NIM.Amid high loan demand, flat LPS rate, and still tight liquidity, we expect a meaningful CoF improvement in 1Q25.Maintain Overweight rating on the banking sector, underpinned by solid growth, bottoming liquidity, and still robust asset quality.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.

Banks: 3Q24 Preview: Gradual Improvement in Liquidity and Strong Loan Growth to Drive Earnings

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)

BRIDS Market Pulse: Chart of the Week – China Coal Inventory at Port

The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – Nov24-end Domestic Fund Sector Positioning

JCI rose 3.8% wow, partly driven by foreign funds inflows particularly into INDF, ASII BREN, UNTR, and GOTO, which more than offset the persisting...

BRI Danareksa Research

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.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and...

BRI Danareksa Research

Banks: 3Q24 Preview: Gradual Improvement in Liquidity and Strong Loan Growth to Drive Earnings

We expect the banks to deliver 7-23% and 5-21% net profit growth in 3Q24 and 9M24, driven by strong loan growth and resilient NIM.

BRI Danareksa Research

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