External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Net profit grew by +3.2% YoY in 7M24, driven by lower credit costs and strong non-interest income.</li><li>NIM reached 4.6% in Jul-24, but NIM guidance for FY24E was revised down to ≥4% YoY from ≥4.5%.</li><li>Loan growth reached 11.1% YoY in 7M24, surpassing expectations.</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.

Net profit grew by +3.2% YoY in 7M24, driven by lower credit costs and strong non-interest income.NIM reached 4.6% in Jul-24, but NIM guidance for FY24E was revised down to ≥4% YoY from ≥4.5%.Loan growth reached 11.1% YoY in 7M24, surpassing expectations.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.

BBNI IJ - MNC Sekuritas Equity Report September 05, 2024

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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.

<ul><li>Supported by a 12% yoy loan growth, BBNI reported 2Q24 NP of Rp5.4tr, bringing its 1H24 NP to Rp10.7tr (+4% yoy), inline.</li><li>The management revised up its loan growth target to 10-12% and lowered CoC target to c. 1%, but expects a lower NIM of &gt;4.0% in FY24.</li><li>Maintain Buy rating with a lower TP of Rp6,700 based on inverse GGM with a CoE of 10.1% (5-year mean) and FY24F ROE of 13.8%.</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.

Supported by a 12% yoy loan growth, BBNI reported 2Q24 NP of Rp5.4tr, bringing its 1H24 NP to Rp10.7tr (+4% yoy), inline.The management revised up its loan growth target to 10-12% and lowered CoC target to c. 1%, but expects a lower NIM of &gt;4.0% in FY24.Maintain Buy rating with a lower TP of Rp6,700 based on inverse GGM with a CoE of 10.1% (5-year mean) and FY24F ROE of 13.8%.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 Negara Indonesia - Inline 2Q24 Results

<ul>
<li>BBNI’s FY23 net profit of Rp20.9tr (+14% yoy) was in-line with ours/ consensus, supported by lower provisions amid flattish NII.  </li>
<li>While FY23 loan grew in-line with our expectation, pressure on CoF lingered, with NIM slipping to 4.4% in 4Q23, from 4.8% in 3Q23. </li>
<li>We trimmed our FY24F NP by 4%, resulting in lower FV PBV of 1.5x. Maintain Buy rating, but with a lower TP of Rp6,800. </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.


BBNI’s FY23 net profit of Rp20.9tr (+14% yoy) was in-line with ours/ consensus, supported by lower provisions amid flattish NII.  
While FY23 loan grew in-line with our expectation, pressure on CoF lingered, with NIM slipping to 4.4% in 4Q23, from 4.8% in 3Q23. 
We trimmed our FY24F NP by 4%, resulting in lower FV PBV of 1.5x. Maintain Buy rating, but with a lower TP of Rp6,800. 

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 Negara Indonesia (BBNI IJ) - Credit Quality Improvement and Higher CoF Remain

<ul><li>Bank Negara Indonesia(BBNI IJ)Playing it safeWe reiterate our BUY call on BBNI with a higher GGM-derived TP of IDR12,000 (implying 1.4x 2024F PBV) as we roll over our valuation to 2024F</li><li>BBNI’s guidance for 7-9% yoy loans growth and a minimum 4.6% NIM this year should be broadly inline with our forecast</li><li>Our CoC expectation of 149bps this year should provide ample room for higher coverage on two SOE contractors, namely WIKA and WSKT, as BBNI’s management will re-allocate the provisions to other borrowers.</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.

Bank Negara Indonesia(BBNI IJ)Playing it safeWe reiterate our BUY call on BBNI with a higher GGM-derived TP of IDR12,000 (implying 1.4x 2024F PBV) as we roll over our valuation to 2024FBBNI’s guidance for 7-9% yoy loans growth and a minimum 4.6% NIM this year should be broadly inline with our forecastOur CoC expectation of 149bps this year should provide ample room for higher coverage on two SOE contractors, namely WIKA and WSKT, as BBNI’s management will re-allocate the provisions to other borrowers.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 Negara Indonesia (BBNI IJ) - Playing It Safe

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Expecting earnings recovery back to pre-pandemic level<div class="content-highlight">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.</div>

Expecting earnings recovery back to pre-pandemic levelContent 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 Negara Indonesia (BBNI IJ) - Expecting earnings recovery back to pre-pandemic level

Indonesia

Bank Negara Indonesia (BNI) is an Indonesian state-owned bank providing a comprehensive range of commercial and consumer banking products and services. These include savings, loans, credit cards, wealth management, trade finance, and digital banking solutions. Established on July 5, 1946, it is headquartered in Jakarta, Indonesia.

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Bank Negara Indonesia (BBNI IJ)

BBNI IJ - MNC Sekuritas Equity Report September 05, 2024

Net profit grew by +3.2% YoY in 7M24, driven by lower credit costs and strong non-interest income. NIM reached 4.6% in Jul-24, but NIM guidance for...

MNC Sekuritas

Bank Negara Indonesia - Inline 2Q24 Results

Supported by a 12% yoy loan growth, BBNI reported 2Q24 NP of Rp5.4tr, bringing its 1H24 NP to Rp10.7tr (+4% yoy), inline.

BRI Danareksa Research