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>The main takeaways from the most recent Fed Beige Book suggest moderating economic growth in recent months, implying a Fed pause.</li><li>While the US headline Aug CPI is expected to increase, core inflation is expected to maintain its trend of subdued readings.</li><li>This more stable narrative regarding monetary policy has the potential to alleviate the recent market volatility which led to a weaker IDR on a stronger DXY, rising government bond yields, and the continuation of outflows from the equity market.</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>

The main takeaways from the most recent Fed Beige Book suggest moderating economic growth in recent months, implying a Fed pause.While the US headline Aug CPI is expected to increase, core inflation is expected to maintain its trend of subdued readings.This more stable narrative regarding monetary policy has the potential to alleviate the recent market volatility which led to a weaker IDR on a stronger DXY, rising government bond yields, and the continuation of outflows from the equity market.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.

Macro Strategy & Flows Trackers: More Signals

Cross Asset Strategy

<ul><li>While US debt ceiling negotiation remains at a stalemate, inflow appears to have resumed with modest cIDR400b in the 3rd week of May, which we believe attributable to the domestic macro resilience as seen in solid trade Balance Surplus, elevated Consumer Confidence Index and the contraction of External Debt in 1Q23</li><li>In debt market, foreign ownership continues to expand, a sign of rising confidence level toward Indonesia resiliency</li><li>The release of May FOMC Minutes meeting this week will provide further guidance to prospect of pause in Fed’s rate hike, especially as J</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>

While US debt ceiling negotiation remains at a stalemate, inflow appears to have resumed with modest cIDR400b in the 3rd week of May, which we believe attributable to the domestic macro resilience as seen in solid trade Balance Surplus, elevated Consumer Confidence Index and the contraction of External Debt in 1Q23In debt market, foreign ownership continues to expand, a sign of rising confidence level toward Indonesia resiliencyThe release of May FOMC Minutes meeting this week will provide further guidance to prospect of pause in Fed’s rate hike, especially as JContent 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.

<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.







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.

Equity Bottom-Up

<ul><li>BBNI booked a net profit of IDR5.4tn in 1Q25 (+1% YoY, +4% QoQ), in line with ours and consensus estimate at 24%.</li><li>This modest growth came amid a flat PPOP of IDR8.1tn, weighed down by higher opex and lower NII on a quarterly basis.</li><li>NII reached IDR10.2tn (+5% YoY, -11% QoQ), supported by steady loan expansion but offset by tighter margins and funding pressures. </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>

BBNI booked a net profit of IDR5.4tn in 1Q25 (+1% YoY, +4% QoQ), in line with ours and consensus estimate at 24%.This modest growth came amid a flat PPOP of IDR8.1tn, weighed down by higher opex and lower NII on a quarterly basis.NII reached IDR10.2tn (+5% YoY, -11% QoQ), supported by steady loan expansion but offset by tighter margins and funding pressures. 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 - BBNI 1Q25 Earnings In Line, but Cautious Outlook for Domestic Economic Conditions

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)

Macro Strategy & Flows Trackers: More Signals

The main takeaways from the most recent Fed Beige Book suggest moderating economic growth in recent months, implying a Fed pause.

BRI Danareksa Research

Macro and Flows Tracker - Stay Vigilant

While US debt ceiling negotiation remains at a stalemate, inflow appears to have resumed with modest cIDR400b in the 3rd week of May, which we...

BRI Danareksa Research

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

BBNI IJ - BBNI 1Q25 Earnings In Line, but Cautious Outlook for Domestic Economic Conditions

Provisioning remained disciplined, with CoC dropping to 0.8% (- 20bps YoY), supporting stable earnings and aligning with FY25E guidance of ±1.0%.

MNC Sekuritas

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