Equity Research – Sector Update: Banks
We expect a temporary deceleration in banks’ FY24 earnings growth, driven by slower loan growth, in-line with past trend in election year.
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Equity Strategy: FY24 Outlook: The Road to JCI 8,000
JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.
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Banks: Moderating FY24 Growth, but Intact Fundamentals Shall Support High Growth to Resume in FY25
We expect a temporary deceleration in banks’ FY24 earnings growth, driven by slower loan growth, in-line with past trend in election year.
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The Week That Was in ASEAN@Smartkarma - Alfamart's Expansion, Erajaya, and Anwar's Malaysia
The past week saw insights on Sumber Alfaria Trijaya (AMRT IJ), Erajaya Swasembada (ERAA IJ), Bumrungrad Hospital (BH TB), Sido Muncul (SIDO IJ),...
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Indonesian Banks Screener; Negara Remains the Stand Out
We stick with Bank Negara and Bank Mandiri as buys, given their low PE multiples and attractive PEG ratio; Bank Rakyat's cost of risk and returns...
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