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

Bank Syariah Indonesia Tbk PT / Equity Bottom-Up

<ul><li>BRIS posted 3Q24 net profit of Rp1.7tr (+2% qoq, +24% yoy, in line), supported by strong loan growth, improving NIM, and stable CoC.</li><li>To further accelerate growth, BRIS aims to leverage its Hajj SA (deposit), gold business (loan), and bancassurance (fee-based income).</li><li>We raised our FY24-25F net profit est. by 4-5%, resulting in higher ROE, increased FV PBV of 2.8x (from 2.6x) and a TP of Rp3,000; maintain Hold.</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.

BRIS posted 3Q24 net profit of Rp1.7tr (+2% qoq, +24% yoy, in line), supported by strong loan growth, improving NIM, and stable CoC.To further accelerate growth, BRIS aims to leverage its Hajj SA (deposit), gold business (loan), and bancassurance (fee-based income).We raised our FY24-25F net profit est. by 4-5%, resulting in higher ROE, increased FV PBV of 2.8x (from 2.6x) and a TP of Rp3,000; maintain Hold.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 Syariah Indonesia - Robust 3Q24 Performance (In Line)

<ul><li>BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.</li><li>NIM slightly improved mom to 5.6% in Aug24 thanks to the higher LDR, with CoF remaining flattish at 2.6%.</li><li>Maintain our Hold rating despite the still positive growth outlook, as valuation has reached its fair value, in our view.</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.

BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.NIM slightly improved mom to 5.6% in Aug24 thanks to the higher LDR, with CoF remaining flattish at 2.6%.Maintain our Hold rating despite the still positive growth outlook, as valuation has reached its fair value, in our view.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 Syariah Indonesia - Improved NIM and Cost Efficiency Offseting the Higher CoC

<ul><li>BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.</li><li>NIM slightly improved mom to 5.6% in Aug24 thanks to the higher LDR, with CoF remaining flattish at 2.6%.</li><li>Maintain our Hold rating despite the still positive growth outlook, as valuation has reached its fair value, in our view</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.

BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.NIM slightly improved mom to 5.6% in Aug24 thanks to the higher LDR, with CoF remaining flattish at 2.6%.Maintain our Hold rating despite the still positive growth outlook, as valuation has reached its fair value, in our viewContent 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.

BRIS.IJ - Aug24 Results: Improved NIM and Cost Efficiency Offseting the Higher CoC

<ul><li>BRIS booked net profit of Rp1.7tr in 2Q24 (flat qoq, +24% yoy), bringing its 1H24 NP to Rp3.4tr (+20% yoy), i.e., in line with ours and consensus. </li><li>NIM declined to 5.1% in 2Q24 (-23bps qoq, -76bps yoy), but the CoC remained robust at 0.9%, supported by improving MSME loan quality.</li><li>We maintain our FY24F forecasts and TP of Rp2,700; reiterate our Buy rating with superior earnings growth vs. its peers as the key catalyst.</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.

BRIS booked net profit of Rp1.7tr in 2Q24 (flat qoq, +24% yoy), bringing its 1H24 NP to Rp3.4tr (+20% yoy), i.e., in line with ours and consensus. NIM declined to 5.1% in 2Q24 (-23bps qoq, -76bps yoy), but the CoC remained robust at 0.9%, supported by improving MSME loan quality.We maintain our FY24F forecasts and TP of Rp2,700; reiterate our Buy rating with superior earnings growth vs. its peers as the key catalyst.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 Syariah Indonesia (BRIS IJ) - In Line 1H24 Net Profit

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Relatively newly formed, increased free float, dominant Shariah market share</li>
<li>All 9 peer Shariah banks combined have less branches than BRIS</li>
<li>57% market share of Shariah lending, where growth is highest</li>
</ul>


Relatively newly formed, increased free float, dominant Shariah market share
All 9 peer Shariah banks combined have less branches than BRIS
57% market share of Shariah lending, where growth is highest


Indonesia

PT Bank Syariah Indonesia Tbk. operates as a bank. The Bank offers checking accounts, credit and debit cards, loans, insurance, payment protection, phone banking, bill pay, fund transfer, and merchant services. Bank Syariah Indonesia serves customers in Indonesia.

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Bank Syariah Indonesia Tbk PT (BRIS IJ)

Bank Syariah Indonesia - Robust 3Q24 Performance (In Line)

BRIS posted 3Q24 net profit of Rp1.7tr (+2% qoq, +24% yoy, in line), supported by strong loan growth, improving NIM, and stable CoC.

BRI Danareksa Research

Bank Syariah Indonesia - Improved NIM and Cost Efficiency Offseting the Higher CoC

BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.

BRI Danareksa Research

BRIS.IJ - Aug24 Results: Improved NIM and Cost Efficiency Offseting the Higher CoC

BRIS delivered solid Aug24 net profit growth, despite higher operating costs, driven by 14% loan growth, as solid asset quality is maintained.

BRI Danareksa Research

Bank Syariah Indonesia (BRIS IJ) - In Line 1H24 Net Profit

BRIS booked net profit of Rp1.7tr in 2Q24 (flat qoq, +24% yoy), bringing its 1H24 NP to Rp3.4tr (+20% yoy), i.e., in line with ours and consensus.

BRI Danareksa Research

BRIS - Dominant

BRIS is relatively newly formed, with an incredibly dominant Shariah lending market share, where growth is high and can continue with strong asset...

Daniel Tabbush

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