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>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

Thematic (Sector/Industry)

<ul><li>Growth in May and here to stayLoan and deposit balances continued to grow for ARTO and BBYB with a stable CoC in May 23.</li><li>As profitability remains a focus for digital banks, we note that ARTO’s share price has underperformed its peers despite its stable profitability</li><li>We maintain our Overweight view on the sector with ARTO as our top pick.Industry loans continue to grow.</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.

Growth in May and here to stayLoan and deposit balances continued to grow for ARTO and BBYB with a stable CoC in May 23.As profitability remains a focus for digital banks, we note that ARTO’s share price has underperformed its peers despite its stable profitabilityWe maintain our Overweight view on the sector with ARTO as our top pick.Industry loans continue to grow.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.

Digital Banks - Growth in May and Here to Stay

Indonesia

PT Bank Neo Commerce Tbk is a full service commercial bank based in Indonesia.

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