External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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)FY25 Earnings: Below; Higher CoC Alongside Deteriorating Asset Quality Metric BBYB booked NP of Rp102bn in 4Q25 (-46% qoq) bringing its FY25 NP to Rp566bn (vs Rp20bn in FY24), below ours and consensus.</li><li>CoC rose to 19.8% in 4Q25 alongside higher write-off ratio, increasing NPL and LaR ratio, and lower NPL and LaR coverages.</li><li>Despite soft results, we upgrade our rating to Buy (from Hold) as we maintain our TP at Rp400 but share price has declined by 28%.</li></ul><p><em>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.</em></p>

Bank Neo Commerce (BBYB IJ)FY25 Earnings: Below; Higher CoC Alongside Deteriorating Asset Quality Metric BBYB booked NP of Rp102bn in 4Q25 (-46% qoq) bringing its FY25 NP to Rp566bn (vs Rp20bn in FY24), below ours and consensus.CoC rose to 19.8% in 4Q25 alongside higher write-off ratio, increasing NPL and LaR ratio, and lower NPL and LaR coverages.Despite soft results, we upgrade our rating to Buy (from Hold) as we maintain our TP at Rp400 but share price has declined by 28%.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 Rp282) FY25 Earnings: Below...