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)

Indonesian Banks Screener; Bank Negara (BBNI IJ) Stands Out

Indonesian Banks; We Stick with Our Key Pick Bank Negara (BBNI IJ)

Bank Negara (BBNI IJ) – Downgrading to Neutral Due to Worsening Bad Loan and Interest Margin Outlook

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 Negara Indonesia Persero / Equity Bottom-Up

<ul><li>BBNI booked NP of Rp21.5tr (+3% yoy), in line with our estimate, with lower qoq 4Q24 NP driven by higher CoC and CIR, offsetting higher NIM.</li><li>Management expects moderating loan growth of 8-10%, stable NIM of 4.0-4.2%, and improving CoC of 1.0% for FY25F. </li><li>Maintain Buy rating for BBNI with an unchanged TP of Rp5,100 based on -0.5SD 5-year inverse CoE GGM, implying FV PBV of 1.1x.</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>

BBNI booked NP of Rp21.5tr (+3% yoy), in line with our estimate, with lower qoq 4Q24 NP driven by higher CoC and CIR, offsetting higher NIM.Management expects moderating loan growth of 8-10%, stable NIM of 4.0-4.2%, and improving CoC of 1.0% for FY25F. Maintain Buy rating for BBNI with an unchanged TP of Rp5,100 based on -0.5SD 5-year inverse CoE GGM, implying FV PBV of 1.1x.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.

BBNI IJ - In Line NP Driven by Loan Growth and Lower CoC, Offsetting the Lower NIM and Higher CIR