External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. 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.

Equity Bottom-Up

Bank Negara Indonesia Persero / Equity Bottom-Up

<ul><li>BBNI booked IDR5.6tn of net profit in 3Q24 (+4.7% QoQ), bringing 9M24 NPAT to IDR16.3tn (+3.5% YoY), came at 76%/74% of ours/cons estimates-mostly inline.</li><li>Net interest income fell by -5.5% YoY to IDR29tn in 9M24. Non-interest income increased by +15.1% YoY to IDR16.8tn in 9M24.</li><li>Opex increased by +7% YoY to IDR21tn and CIR was up by +260bps to 43.8%.</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.

BBNI booked IDR5.6tn of net profit in 3Q24 (+4.7% QoQ), bringing 9M24 NPAT to IDR16.3tn (+3.5% YoY), came at 76%/74% of ours/cons estimates-mostly inline.Net interest income fell by -5.5% YoY to IDR29tn in 9M24. Non-interest income increased by +15.1% YoY to IDR16.8tn in 9M24.Opex increased by +7% YoY to IDR21tn and CIR was up by +260bps to 43.8%.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 - NIM & CoC Boost Profits, Asset Quality Remains Steady

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.

<ul><li>BBNI booked 3Q24 NP of Rp5.6tr in 3Q24 (+5% qoq, +3% yoy) supported by NIM improvement from both higher EA yield and lower CoF.</li><li>Additional GWM incentives allowed the bank to reduce its high-cost deposits and USD loan repricing drove the loan yield higher.</li><li>We maintain our FY24-25 est. and Buy rating with an unchanged TP of Rp7,600 based on 5-yr inverse CoE GGM model (fair value PBV of 1.6x).</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.

BBNI booked 3Q24 NP of Rp5.6tr in 3Q24 (+5% qoq, +3% yoy) supported by NIM improvement from both higher EA yield and lower CoF.Additional GWM incentives allowed the bank to reduce its high-cost deposits and USD loan repricing drove the loan yield higher.We maintain our FY24-25 est. and Buy rating with an unchanged TP of Rp7,600 based on 5-yr inverse CoE GGM model (fair value PBV of 1.6x).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 Negara Indonesia - Robust 3Q24 and in Line 9M24 Net Profit...

<ul><li>Net profit grew by +3.2% YoY in 7M24, driven by lower credit costs and strong non-interest income.</li><li>NIM reached 4.6% in Jul-24, but NIM guidance for FY24E was revised down to ≥4% YoY from ≥4.5%.</li><li>Loan growth reached 11.1% YoY in 7M24, surpassing expectations.</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.

Net profit grew by +3.2% YoY in 7M24, driven by lower credit costs and strong non-interest income.NIM reached 4.6% in Jul-24, but NIM guidance for FY24E was revised down to ≥4% YoY from ≥4.5%.Loan growth reached 11.1% YoY in 7M24, surpassing expectations.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 - MNC Sekuritas Equity Report September 05, 2024

<ul><li>Supported by a 12% yoy loan growth, BBNI reported 2Q24 NP of Rp5.4tr, bringing its 1H24 NP to Rp10.7tr (+4% yoy), inline.</li><li>The management revised up its loan growth target to 10-12% and lowered CoC target to c. 1%, but expects a lower NIM of &gt;4.0% in FY24.</li><li>Maintain Buy rating with a lower TP of Rp6,700 based on inverse GGM with a CoE of 10.1% (5-year mean) and FY24F ROE of 13.8%.</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.

Supported by a 12% yoy loan growth, BBNI reported 2Q24 NP of Rp5.4tr, bringing its 1H24 NP to Rp10.7tr (+4% yoy), inline.The management revised up its loan growth target to 10-12% and lowered CoC target to c. 1%, but expects a lower NIM of &gt;4.0% in FY24.Maintain Buy rating with a lower TP of Rp6,700 based on inverse GGM with a CoE of 10.1% (5-year mean) and FY24F ROE of 13.8%.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 Negara Indonesia - Inline 2Q24 Results

<ul>
<li>BBNI’s FY23 net profit of Rp20.9tr (+14% yoy) was in-line with ours/ consensus, supported by lower provisions amid flattish NII.  </li>
<li>While FY23 loan grew in-line with our expectation, pressure on CoF lingered, with NIM slipping to 4.4% in 4Q23, from 4.8% in 3Q23. </li>
<li>We trimmed our FY24F NP by 4%, resulting in lower FV PBV of 1.5x. Maintain Buy rating, but with a lower TP of Rp6,800. </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.


BBNI’s FY23 net profit of Rp20.9tr (+14% yoy) was in-line with ours/ consensus, supported by lower provisions amid flattish NII.  
While FY23 loan grew in-line with our expectation, pressure on CoF lingered, with NIM slipping to 4.4% in 4Q23, from 4.8% in 3Q23. 
We trimmed our FY24F NP by 4%, resulting in lower FV PBV of 1.5x. Maintain Buy rating, but with a lower TP of Rp6,800. 

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 Negara Indonesia (BBNI IJ) - Credit Quality Improvement and Higher CoF Remain

Indonesia

PT Bank Negara Indonesia (Persero) Tbk is a state-owned bank that conducts commercial and consumer banking services.

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Bank Negara Indonesia Persero (BBNI IJ)

BBNI IJ - NIM & CoC Boost Profits, Asset Quality Remains Steady

BBNI booked IDR5.6tn of net profit in 3Q24 (+4.7% QoQ), bringing 9M24 NPAT to IDR16.3tn (+3.5% YoY), came at 76%/74% of ours/cons estimates-mostly...

MNC Sekuritas

Bank Negara Indonesia - Robust 3Q24 and in Line 9M24 Net Profit...

BBNI booked 3Q24 NP of Rp5.6tr in 3Q24 (+5% qoq, +3% yoy) supported by NIM improvement from both higher EA yield and lower CoF.

BRI Danareksa Research

BBNI IJ - MNC Sekuritas Equity Report September 05, 2024

Net profit grew by +3.2% YoY in 7M24, driven by lower credit costs and strong non-interest income. NIM reached 4.6% in Jul-24, but NIM guidance for...

MNC Sekuritas

Bank Negara Indonesia - Inline 2Q24 Results

Supported by a 12% yoy loan growth, BBNI reported 2Q24 NP of Rp5.4tr, bringing its 1H24 NP to Rp10.7tr (+4% yoy), inline.

BRI Danareksa Research

Bank Negara Indonesia (BBNI IJ) - Credit Quality Improvement and Higher CoF Remain

BBNI’s FY23 net profit of Rp20.9tr (+14% yoy) was in-line with ours/ consensus, supported by lower provisions amid flattish NII.

BRI Danareksa Research

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