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

Bank Syariah Indonesia / Equity Bottom-Up

<ul><li>Bank Syariah Indonesia (BRIS IJ)2Q26 Earnings: In line; Lower Provisions and Loan Growth Support Bottom LineBRIS posted 2Q26 net profit of Rp2.0tr (-11%qoq, +5%yoy), bringing 1H26 NP to Rp4.2tr (+11% yoy), in line with ours and cons.</li><li>Lower CoC on a corporate loan upgrade offsets NIM pressure, with stable NPF supported by improving corporate &amp; MSME segments.</li><li>We maintain Buy rating with an unchanged TP of Rp3,100, as we keep our FY26F estimates and valuation unchanged.Resilient yoy bottom line...</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 Syariah Indonesia (BRIS IJ)2Q26 Earnings: In line; Lower Provisions and Loan Growth Support Bottom LineBRIS posted 2Q26 net profit of Rp2.0tr (-11%qoq, +5%yoy), bringing 1H26 NP to Rp4.2tr (+11% yoy), in line with ours and cons.Lower CoC on a corporate loan upgrade offsets NIM pressure, with stable NPF supported by improving corporate &amp; MSME segments.We maintain Buy rating with an unchanged TP of Rp3,100, as we keep our FY26F estimates and valuation unchanged.Resilient yoy bottom line...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 Syariah Indonesia (BRIS.IJ): Lower Provisions and Loan Growth Support Bottom Line

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.</li>
<li>Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.</li>
<li>Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.</li>
</ul>


The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.
Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.
Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.


ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. </li>
<li>Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.</li>
<li>Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. </li>
</ul>


Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. 
Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.
Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. 


Indonesia Strategy - Caught in a Perfect Updraft?

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>BMRI continues to take loan market share with growth well higher than average, due to its large balance sheet and focus on mining</li>
<li>Despite this, its NPL ratio has been steady for several periods, suggesting good underwriting, loan emphasis</li>
<li>ROA recent peak was 3.14% but the bank is near there now at 2.97%, growing in recent quarters, and likely to continue</li>
</ul>


BMRI continues to take loan market share with growth well higher than average, due to its large balance sheet and focus on mining
Despite this, its NPL ratio has been steady for several periods, suggesting good underwriting, loan emphasis
ROA recent peak was 3.14% but the bank is near there now at 2.97%, growing in recent quarters, and likely to continue


2025 High Conviction - BMRI Strong Loan Growth at 2x Industry, Better Fees and Lower Costs/Assets

<ul><li>Bank Syariah Indonesia (BRIS IJ)1Q26 Earnings: In-line; Solid Gold Financing and Lower Cost of Fund Drove Higher Profitability.</li><li>BRIS delivered a strong 1Q26 NP of Rp2.2tr (+10% qoq, +17% yoy), in line with ours and consensus est. at 26% of FY26F.</li><li>Gold financing doubled yoy (+26% qoq), reaching 8.8% of the total portfolio, enhancing yield, fee-based income, and lowering CoC. </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 Syariah Indonesia (BRIS IJ)1Q26 Earnings: In-line; Solid Gold Financing and Lower Cost of Fund Drove Higher Profitability.BRIS delivered a strong 1Q26 NP of Rp2.2tr (+10% qoq, +17% yoy), in line with ours and consensus est. at 26% of FY26F.Gold financing doubled yoy (+26% qoq), reaching 8.8% of the total portfolio, enhancing yield, fee-based income, and lowering CoC. 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 Syariah Indonesia (BRIS.IJ) 1Q26 Earnings: In-Line

Indonesia

Bank Syariah Indonesia is a state-owned Islamic bank in Indonesia, offering a comprehensive range of commercial banking products and services to individuals and corporations, including savings, financing, investment, and digital banking. It operates through segments such as Corporate Banking, Commercial Banking, Institutional Relation, Retail Banking, and Treasury Banking and Head Office. The bank was officially founded on February 1, 2021, as a result of a merger between three state-owned sharia banks. Its headquarters are located in Jakarta, Indonesia.

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Bank Syariah Indonesia (BRIS IJ)