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>BBTN reported net profit of Rp3.0tr (-14% yoy) in FY24, missing our and consensus’ estimate on lower NIM and higher CIR. </li><li>BBTN’s 4Q24 net profit of Rp92bn (+59% yoy, -22% qoq) was boosted by a strong recovery income, but opex remained elevated. </li><li>We lowered our FY25-26F est. by 12-8% on higher CoC projection. Maintain Buy rating for BBTN with a lower TP of Rp1,100.</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.

BBTN reported net profit of Rp3.0tr (-14% yoy) in FY24, missing our and consensus’ estimate on lower NIM and higher CIR. BBTN’s 4Q24 net profit of Rp92bn (+59% yoy, -22% qoq) was boosted by a strong recovery income, but opex remained elevated. We lowered our FY25-26F est. by 12-8% on higher CoC projection. Maintain Buy rating for BBTN with a lower TP of Rp1,100.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.

BBTN.IJ - FY24 Results: Missing Estimates on Lower NIM and Persistent Higher Operating Costs

<ul><li>Aligned with the government housing program, BBTN is poised to capture growth in the subsidized mortgage segment.</li><li>We believe the newly proposed scheme may lift BBTN’s NIM, as we expect the rising EA yield to outpace the rising CoF.</li><li>We re-initiate coverage with a BUY rating and an inverse CoE GGMbased TP of Rp1,500, implying a fair value PBV of 0.6x.</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.

Aligned with the government housing program, BBTN is poised to capture growth in the subsidized mortgage segment.We believe the newly proposed scheme may lift BBTN’s NIM, as we expect the rising EA yield to outpace the rising CoF.We re-initiate coverage with a BUY rating and an inverse CoE GGMbased TP of Rp1,500, implying a fair value PBV of 0.6x.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.

BBTN IJ - Pioneering Financial Inclusion Through the New Govt. Housing Program;

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>BCA is showing a strong rise in its LDR, and this had been an historical concern</li>
<li>Its asset-liability management (ALM) is improving, with NIM moving higher still</li>
<li>No evidence of marked deterioration in credit metrics, provision costs are conservative</li>
</ul>


BCA is showing a strong rise in its LDR, and this had been an historical concern
Its asset-liability management (ALM) is improving, with NIM moving higher still
No evidence of marked deterioration in credit metrics, provision costs are conservative


BCA - Focus on LDR, Which Had Historically Been a Problem, Too Low, With Stable Credit Metrics

<ul><li>9M23 net profits were below the consensus (71% of FY23F), but asset recovery might help the 4Q23 NP meet the mgmt’s lower guidance.</li><li>Potential bulk asset sales in 4Q23 and FY24 will lower the company`s NPLs by c. 25bps in each period, hence positive for the LT cost of credit.</li><li>BBTN currently trades at 0.6x PBV to FY24F with an 11.9% ROE. Our TP and rating (prev. Buy, Rp2,000) are under review.</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.

9M23 net profits were below the consensus (71% of FY23F), but asset recovery might help the 4Q23 NP meet the mgmt’s lower guidance.Potential bulk asset sales in 4Q23 and FY24 will lower the company`s NPLs by c. 25bps in each period, hence positive for the LT cost of credit.BBTN currently trades at 0.6x PBV to FY24F with an 11.9% ROE. Our TP and rating (prev. Buy, Rp2,000) are under review.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 Tabungan Negara (BBTN.IJ) - 3Q23 Earnings Slight Miss

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Barito Renewables Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barito-renewables" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables (2306028D IJ)</a> raised around US$200m in its Indonesian IPO, after pricing at the top end of its IPO range at IDR780/share.</li>
<li>Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.</li>
<li>In our previous notes, we covered the company’s performance, had undertaken a peer comparison and shared our thoughts on valuation. In this note, we will talk about the trading dynamics.</li>
</ul>



Barito Renewables (2306028D IJ) raised around US$200m in its Indonesian IPO, after pricing at the top end of its IPO range at IDR780/share.
Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.
In our previous notes, we covered the company’s performance, had undertaken a peer comparison and shared our thoughts on valuation. In this note, we will talk about the trading dynamics.


Barito Renewables IPO Trading - Peers Look More Attractive Instead

Indonesia

Bank Tabungan Negara, abbreviated as BTN, is an Indonesian commercial bank primarily known as a mortgage bank, offering a range of financial products including savings, current, and fixed deposit accounts, as well as personal, business, and mortgage loans. The bank also provides Sharia-compliant banking services. It is headquartered in Jakarta, Indonesia, and was founded in 1897.

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Bank Tabungan Negara (BBTN IJ)

BBTN.IJ - FY24 Results: Missing Estimates on Lower NIM and Persistent Higher Operating Costs

BBTN’s 4Q24 net profit of Rp92bn (+59% yoy, -22% qoq) was boosted by a strong recovery income, but opex remained elevated. We lowered our FY25-26F...

BRI Danareksa Research

BBTN IJ - Pioneering Financial Inclusion Through the New Govt. Housing Program;

Aligned with the government housing program, BBTN is poised to capture growth in the subsidized mortgage segment. We believe the newly proposed...

BRI Danareksa Research

BCA - Focus on LDR, Which Had Historically Been a Problem, Too Low, With Stable Credit Metrics

BCA is seeing its LDR rise in recent quarters and the rise in 3Q24 alone is even stronger than preceding quarters. Credit metrics remain strong,...

Daniel Tabbush