Macro Strategy: Off the Lows, Still Exposed to Headwinds
MSCI scrutiny accelerated structural transparency upgrades; frontier reclassification risk fades, but re-inclusion hinges on implementation.
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Banks: K-shape Earnings Recovery Could Weigh on Margin and Asset Quality (NEUTRAL)
We expect positive FY26 earnings growth for banking sector (+5.1% yoy) driven by higher loan growth offsetting the lower NIM in FY26F.
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Banks: Middle Income Trapped (NEUTRAL)
Investment loans continue to be the backbone of growth and asset quality, while deteriorating consumer asset quality persisted in 1H25.
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Banks: USD Deposits and IDR Liquidity...
Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.
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Banks: Liquidity Support, Asset Quality Risk: A Double-Edged Sword (NEUTRAL)
Amid the bottoming liquidity, we retain Neutral rating on the sector with BBCA as our LT stock pick as we remain cautious on asset quality.
245 Views