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 Tabungan Negara (BBTN IJ)2Q26 Results: Beating estimates on lower CoC Amid Improving Asset Quality.</li><li>BBTN posted 2Q26 net profit of Rp1.3tr (+17% qoq, +61% yoy), resulting in 1H26 NP of Rp2.4tr (+41% yoy), beating our and consensus’ FY26F.</li><li>PPOP was inline with expectation, but earnings beat was driven by the lower CoC, supported by asset quality improvements. </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 Tabungan Negara (BBTN IJ)2Q26 Results: Beating estimates on lower CoC Amid Improving Asset Quality.BBTN posted 2Q26 net profit of Rp1.3tr (+17% qoq, +61% yoy), resulting in 1H26 NP of Rp2.4tr (+41% yoy), beating our and consensus’ FY26F.PPOP was inline with expectation, but earnings beat was driven by the lower CoC, supported by asset quality improvements. 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 - 2Q26 Results: Beating Estimates on Lower CoC Amid Improving Asset Quality

<ul><li>BBTN booked NP of Rp1.2tr in 4Q25 (doubled qoq, +30% yoy) resulting in FY25 NP of Rp3.5tr (+16% yoy), beating our and consensus’ FY25F. </li><li>NIM was robust at 4.2% in 4Q25 as EA yield increased supported by EIR adjustment and CoF improvement, offsetting higher CoC.</li><li>Maintain a Buy rating with a higher TP of Rp1,500 as we adjusted FY26/27F earnings by +9/+3%.</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 booked NP of Rp1.2tr in 4Q25 (doubled qoq, +30% yoy) resulting in FY25 NP of Rp3.5tr (+16% yoy), beating our and consensus’ FY25F. NIM was robust at 4.2% in 4Q25 as EA yield increased supported by EIR adjustment and CoF improvement, offsetting higher CoC.Maintain a Buy rating with a higher TP of Rp1,500 as we adjusted FY26/27F earnings by +9/+3%.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) Beating Estimates on Strong NIM Amid EIR Adjustments...

<ul><li>We forecast FY26F net profit of Rp3.2tr (+3.9% yoy) for BBTN, supported by robust loan growth (+9.8% yoy) and lower CoC.</li><li>We see potential NIM upside from KUR housing programs but asset quality risks might arise given its nascent stage.</li><li>Maintain Buy rating with a lower TP of Rp1,300. Risks to our view include weaker asset quality and stagnant CoF.</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.

We forecast FY26F net profit of Rp3.2tr (+3.9% yoy) for BBTN, supported by robust loan growth (+9.8% yoy) and lower CoC.We see potential NIM upside from KUR housing programs but asset quality risks might arise given its nascent stage.Maintain Buy rating with a lower TP of Rp1,300. Risks to our view include weaker asset quality and stagnant CoF.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) FY26 Outlook: Higher Volume and Lower CoC...

<ul><li>BBTN booked Rp2.3tr (+11% yoy) net profit in 9M25, below at 68%/69% of our/cons FY25F as CoC tripled offsetting the 100bps higher NIM.</li><li>BBTN posted a weak 3Q25 result, with a net profit of Rp596bn (-26% qoq, +3% yoy), as CoC doubled yoy and quarterly opex hit record high.</li><li>We maintain TP of Rp1,400 and upgrade rating to Buy, as the share price has dropped 7.3% since our latest rating downgrade.</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 booked Rp2.3tr (+11% yoy) net profit in 9M25, below at 68%/69% of our/cons FY25F as CoC tripled offsetting the 100bps higher NIM.BBTN posted a weak 3Q25 result, with a net profit of Rp596bn (-26% qoq, +3% yoy), as CoC doubled yoy and quarterly opex hit record high.We maintain TP of Rp1,400 and upgrade rating to Buy, as the share price has dropped 7.3% since our latest rating downgrade.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) 3Q25 Earnings Miss Amid Higher Opex and Credit Costs...

Thematic (Sector/Industry)

<ul><li>JCI posted a 3.5% rebound, bringing YTD performance to -5% while during the week EM has sustained outperformance (led by South Korea’s KOSPI Index +8%, Taiwan’s TWSE Index +6%, Thailand’s SET Index +6%) compared to US market’s -1%.</li><li>While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%, BUMI +29.2%), while fundamentals stocks were among the laggards (BBCA -6.2%, ASII -0.7%).</li><li>Government reaffirms stronger growth outlook. In Economic Outlook update, President Prabowo reaffirms FY26 GDP growth target of 5.4% (base case), while MOF sees upside to 6% (per Pak Purbaya) and 5.5– 6.0% in 1Q26.</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.

JCI posted a 3.5% rebound, bringing YTD performance to -5% while during the week EM has sustained outperformance (led by South Korea’s KOSPI Index +8%, Taiwan’s TWSE Index +6%, Thailand’s SET Index +6%) compared to US market’s -1%.While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%, BUMI +29.2%), while fundamentals stocks were among the laggards (BBCA -6.2%, ASII -0.7%).Government reaffirms stronger growth outlook. In Economic Outlook update, President Prabowo reaffirms FY26 GDP growth target of 5.4% (base case), while MOF sees upside to 6% (per Pak Purbaya) and 5.5– 6.0% in 1Q26.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.

BRIDS Market Pulse : Chart of the week – Retailers Sector P/E Band

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 - 2Q26 Results: Beating Estimates on Lower CoC Amid Improving Asset Quality

Bank Tabungan Negara (BBTN IJ)2Q26 Results: Beating estimates on lower CoC Amid Improving Asset Quality. BBTN posted 2Q26 net profit of Rp1.3tr...

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