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>BBYB reported a slight net profit of Rp10bn in 3Q24 (vs. a slight net loss in 2Q24), resulting in a positive 9M24 NP of Rp4bn.</li><li>As commercial loans kicked in, NIM started to fall to 13.9% (-185bps qoq), while CoC improved 21.0% (-570bps qoq).</li><li>Maintain Buy rating with an unchanged TP of Rp600, supported by a low LDR and sufficient coverage to drive loan and earnings growth.</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.

BBYB reported a slight net profit of Rp10bn in 3Q24 (vs. a slight net loss in 2Q24), resulting in a positive 9M24 NP of Rp4bn.As commercial loans kicked in, NIM started to fall to 13.9% (-185bps qoq), while CoC improved 21.0% (-570bps qoq).Maintain Buy rating with an unchanged TP of Rp600, supported by a low LDR and sufficient coverage to drive loan and earnings growth.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 Neo Commerce - Turning Positive in 3Q24, Lower CoC Offsetting the Lower NIM

<ul><li>BBYB reported a slight net loss of Rp20bn in 2Q24 (vs. slight net profit in 1Q24) from lower NII, partly offset by lower opex and provisions.</li><li>As expected in our prev. notes, NIM and loan disbursement still declined qoq in 2Q24; 1H24 net loss was still in line with our FY24F est.</li><li>Maintain Buy rating with an unchanged TP of Rp600, supported by a low LDR and sufficient coverage to drive loan and earnings growth</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.

BBYB reported a slight net loss of Rp20bn in 2Q24 (vs. slight net profit in 1Q24) from lower NII, partly offset by lower opex and provisions.As expected in our prev. notes, NIM and loan disbursement still declined qoq in 2Q24; 1H24 net loss was still in line with our FY24F est.Maintain Buy rating with an unchanged TP of Rp600, supported by a low LDR and sufficient coverage to drive loan and earnings growthContent 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 Neo Commerce - Turning into Net Loss in 2Q24 on Loans and NIM Contraction

<ul><li>Driven by qoq lower provisions, BBYB recorded a positive 1Q24 net profit of Rp14bn, but at the expense of lower coverage.</li><li>1Q24 NIM fell due to lower loans and resilient deposits(hence a sharply lower LDR) due to the absence of Akulaku Finance loans disbursement.</li><li>Maintain Buy rating with an unchanged TP of Rp600 with a low LDR and sufficient coverage to drive loans and earnings growth.</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.

Driven by qoq lower provisions, BBYB recorded a positive 1Q24 net profit of Rp14bn, but at the expense of lower coverage.1Q24 NIM fell due to lower loans and resilient deposits(hence a sharply lower LDR) due to the absence of Akulaku Finance loans disbursement.Maintain Buy rating with an unchanged TP of Rp600 with a low LDR and sufficient coverage to drive loans and earnings growth.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 Neo Commerce (BBYB IJ) - 1Q24 Earnings Beat: A Profitable 1Q from Lower Provisions

<ul><li>Bank Neo Commerce (BBYB IJ)Improving NPLs and higher coverage to drive lower provisions, supporting FY24/25F earnings growth FY23 net losses of Rp573bn were better than our expectation as NIM came in higher-than-expected on higher loan yields and higher LDR.</li><li>We continue to expect positive net profit in FY25F and cut our FY24F net losses forecast by half, driven by lower provisions.</li><li>Maintain Buy rating with a lower TP of Rp600 based on the 3-stage DDM as we adjust for expectations of slower LT loans</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 Neo Commerce (BBYB IJ)Improving NPLs and higher coverage to drive lower provisions, supporting FY24/25F earnings growth FY23 net losses of Rp573bn were better than our expectation as NIM came in higher-than-expected on higher loan yields and higher LDR.We continue to expect positive net profit in FY25F and cut our FY24F net losses forecast by half, driven by lower provisions.Maintain Buy rating with a lower TP of Rp600 based on the 3-stage DDM as we adjust for expectations of slower LT loansContent 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 Neo Commerce  - Improving NPLs and Higher Coverage to Drive Lower Provisions

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Bumi Resources Minerals / Index Rebalance

<ul>
<li>The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 31 July.</li>
<li>Potential adds are <a href="https://www.smartkarma.com/entities/adaro-minerals" target="_blank" data-smartkarma-citation="entities:35927:1" rel="noopener">Adaro Minerals (ADMR IJ)</a>, <a href="https://www.smartkarma.com/entities/bumi-resources-minerals-tbk" target="_blank" data-smartkarma-citation="entities:9136:1" rel="noopener">Bumi Resources Minerals (BRMS IJ)</a>, <a href="https://www.smartkarma.com/entities/panin-financial-tbk-pt" target="_blank" data-smartkarma-citation="entities:19472:1" rel="noopener">Panin Financial (PNLF IJ)</a>, <a href="https://www.smartkarma.com/entities/energi-mega-persada-tbk-pt" target="_blank" data-smartkarma-citation="entities:17534:1" rel="noopener">Energi Mega Persada (ENRG IJ)</a>, <a href="https://www.smartkarma.com/entities/transcoal-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:28449:1" rel="noopener">Transcoal Pacific (TCPI IJ)</a> and <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy (PGEO)</a>.</li>
<li>Potential deletions are <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia (JPFA IJ)</a>, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa (INTP IJ)</a>, <a href="https://www.smartkarma.com/entities/timah-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:11174:1" rel="noopener">Timah Persero (TINS IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-tabungan-negara-persero" target="_blank" data-smartkarma-citation="entities:731:1" rel="noopener">Bank Tabungan Negara Persero (BBTN IJ)</a> and <a href="https://www.smartkarma.com/entities/chandra-asri-petrochemical" target="_blank" data-smartkarma-citation="entities:2556:1" rel="noopener">Chandra Asri Petrochemical (TPIA IJ)</a>. </li>
</ul>


The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 31 July.
Potential adds are Adaro Minerals (ADMR IJ), Bumi Resources Minerals (BRMS IJ), Panin Financial (PNLF IJ), Energi Mega Persada (ENRG IJ), Transcoal Pacific (TCPI IJ) and Pertamina Geothermal Energy (PGEO).
Potential deletions are Japfa Comfeed Indonesia (JPFA IJ), Indocement Tunggal Prakarsa (INTP IJ), Timah Persero (TINS IJ), Bank Tabungan Negara Persero (BBTN IJ) and Chandra Asri Petrochemical (TPIA IJ). 


LQ45 Index Rebalance Preview (July): Identifying Potential Changes

Indonesia

PT Bank Neo Commerce Tbk is an Indonesia-based commercial bank that offers a comprehensive range of digital banking products and services. Its offerings include various savings accounts, loan products for individuals and SMEs, wealth management, cash management systems, and payment services, all primarily accessed through its mobile banking app. The company is headquartered in Jakarta, Indonesia, and was established in 1989.

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Bank Neo Commerce - Turning Positive in 3Q24, Lower CoC Offsetting the Lower NIM

BBYB reported a slight net profit of Rp10bn in 3Q24 (vs. a slight net loss in 2Q24), resulting in a positive 9M24 NP of Rp4bn.

BRI Danareksa Research

Bank Neo Commerce - Turning into Net Loss in 2Q24 on Loans and NIM Contraction

BBYB reported a slight net loss of Rp20bn in 2Q24 (vs. slight net profit in 1Q24) from lower NII, partly offset by lower opex and provisions.

BRI Danareksa Research

Bank Neo Commerce (BBYB IJ) - 1Q24 Earnings Beat: A Profitable 1Q from Lower Provisions

Maintain Buy rating with an unchanged TP of Rp600 with a low LDR and sufficient coverage to drive loans and earnings growth.

BRI Danareksa Research

Bank Neo Commerce - Improving NPLs and Higher Coverage to Drive Lower Provisions

Bank Neo Commerce (BBYB IJ)Improving NPLs and higher coverage to drive lower provisions, supporting FY24/25F earnings growth

BRI Danareksa Research

LQ45 Index Rebalance Preview (July): Identifying Potential Changes

There could be 5 changes to the LQ45 in July. Given emphasis on liquidity, the impact on the deletes is higher than on the adds. Historically, the...

Brian Freitas