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>We reiterate our BUY call on BTPS with a new GGM-derived TP of IDR3,000 (implying 2.2x PBV 2024F) as we roll over our valuation to 2024F.</li><li>Based on our recent discussions with BTPS, the bank is reimplementing its prepandemic business process by requiring its borrowers to attend group meetings while utilizing an attendance rate of 75% as the inflection point for an improvement in assets quality.</li><li>All in all, we expect less CoC pressure, thus translating to better attendance rates starting in 3Q23 at the soonest.</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>

We reiterate our BUY call on BTPS with a new GGM-derived TP of IDR3,000 (implying 2.2x PBV 2024F) as we roll over our valuation to 2024F.Based on our recent discussions with BTPS, the bank is reimplementing its prepandemic business process by requiring its borrowers to attend group meetings while utilizing an attendance rate of 75% as the inflection point for an improvement in assets quality.All in all, we expect less CoC pressure, thus translating to better attendance rates starting in 3Q23 at the soonest.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.

BTPN Syariah  - A Weak Quarter as Expected

Bank BTPN Syariah

BTPN Syariah - A Weak Quarter as Expected