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

<ul><li>Loans growth to moderate in FY24F, earnings trimmed by 3% on lower fees</li><li>BBCA’s reported FY23 net profit of Rp48.6tn (+19%yoy), loans and deposits growth, and NIM were in-line with our estimates</li><li>The management provides guidance for moderation in loans growth at 9-10%, a relatively stable NIM, CoC, and CIR in FY24F</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.

Loans growth to moderate in FY24F, earnings trimmed by 3% on lower feesBBCA’s reported FY23 net profit of Rp48.6tn (+19%yoy), loans and deposits growth, and NIM were in-line with our estimatesThe management provides guidance for moderation in loans growth at 9-10%, a relatively stable NIM, CoC, and CIR in FY24FContent 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 Central Asia (BBCA IJ) - Loans Growth to Moderate in FY24F

Thematic (Sector/Industry)

<ul><li>Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.</li><li>In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.</li><li>ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. </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.

Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. 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.

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

<ul><li>We expect the banks to deliver 7-23% and 5-21% net profit growth in 3Q24 and 9M24, driven by strong loan growth and resilient NIM.</li><li>Amid high loan demand, flat LPS rate, and still tight liquidity, we expect a meaningful CoF improvement in 1Q25.</li><li>Maintain Overweight rating on the banking sector, underpinned by solid growth, bottoming liquidity, and still robust asset quality.</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.

We expect the banks to deliver 7-23% and 5-21% net profit growth in 3Q24 and 9M24, driven by strong loan growth and resilient NIM.Amid high loan demand, flat LPS rate, and still tight liquidity, we expect a meaningful CoF improvement in 1Q25.Maintain Overweight rating on the banking sector, underpinned by solid growth, bottoming liquidity, and still robust asset quality.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.

Banks: 3Q24 Preview: Gradual Improvement in Liquidity and Strong Loan Growth to Drive Earnings

<ul><li>If 2007 performance is an indicator, JCI may sustain its short-term performance in the next 3 months post Fed’s rate cut.</li><li>EPS growth outlook of 7-8% is attractive compared to EM peers, with catalyst for upsides from better liquidity and stronger IDR tailwind.</li><li>We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.</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.

If 2007 performance is an indicator, JCI may sustain its short-term performance in the next 3 months post Fed’s rate cut.EPS growth outlook of 7-8% is attractive compared to EM peers, with catalyst for upsides from better liquidity and stronger IDR tailwind.We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.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.

Equity Strategy: Riding the Wave of Earnings Growth, Strong IDR and Liquidity Catalysts

<ul><li>BI has decided to cut its benchmark rate by 25bps favoring the banks that have seen the most increase in CoF, i.e., BBRI and BBNI.</li><li>In our view, competition on high quality loans might persist in FY25F, favoring banks with higher fixed-rate loan, i.e., BBRI, BRIS, and BBCA.</li><li>We maintain Overweight ratings on the banking sector with BBCA as our top pick, while BBRI and BBNI could be the ST beneficiary of rate cuts.</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.

BI has decided to cut its benchmark rate by 25bps favoring the banks that have seen the most increase in CoF, i.e., BBRI and BBNI.In our view, competition on high quality loans might persist in FY25F, favoring banks with higher fixed-rate loan, i.e., BBRI, BRIS, and BBCA.We maintain Overweight ratings on the banking sector with BBCA as our top pick, while BBRI and BBNI could be the ST beneficiary of rate cuts.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.

Banks: Better Liquidity to Support NIM Amid the Potential Continuous Tight Competition in Lending

Indonesia

PT Bank Central Asia Tbk provides banking and related services.  The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions.  Through its subsidiaries, the Bank also provides leasing and consumer financing services.

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Bank Central Asia (BBCA IJ)