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 Syariah Indonesia Tbk PT / Equity Bottom-Up

<ul><li>BRIS's YTD 2024 performance has been impressive, with its share price rallied +42% YTD, driven by a substantial 69% increase in avg.</li><li>transaction volume and a doubling of transaction value compared to 2023. Notably, net foreign inflow reached IDR564bn in Jan-Feb 2024 (vs IDR125bn in 4Q23), especially post the release of the strong FY23 financial report.</li><li>▪To bolster its IT security system, BRIS is gearing up for a capex of IDR1.5tn, marking a substantial increase from previous years' budgets which primarily designated for 4-key areas, including security measures &amp; infrastructure enhancements.</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's YTD 2024 performance has been impressive, with its share price rallied +42% YTD, driven by a substantial 69% increase in avg.transaction volume and a doubling of transaction value compared to 2023. Notably, net foreign inflow reached IDR564bn in Jan-Feb 2024 (vs IDR125bn in 4Q23), especially post the release of the strong FY23 financial report.▪To bolster its IT security system, BRIS is gearing up for a capex of IDR1.5tn, marking a substantial increase from previous years' budgets which primarily designated for 4-key areas, including security measures &amp; infrastructure enhancements.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 IJ - MNC Sekuritas Equity Report February 20, 2024

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>Driven by above-peers’ financing growth, low-cost funding, and better efficiencies, we expect BRIS to deliver c. 15% EPS growth in FY24-25F.</li><li>Given its sustainable leadership in the fast-growing Sharia banking market, we believe BRIS’ scarcity premium valuation is justified.</li><li>We reinitiate coverage on BRIS with a Buy and TP of Rp2,700, based on an inverse cost of equity GGM with CoE of 8.0%, implying 2.6x PBV.</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.

Driven by above-peers’ financing growth, low-cost funding, and better efficiencies, we expect BRIS to deliver c. 15% EPS growth in FY24-25F.Given its sustainable leadership in the fast-growing Sharia banking market, we believe BRIS’ scarcity premium valuation is justified.We reinitiate coverage on BRIS with a Buy and TP of Rp2,700, based on an inverse cost of equity GGM with CoE of 8.0%, implying 2.6x PBV.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 - Sustainable Growth Outlook Through Dominance in the Sharia Market

Thematic (Sector/Industry)

<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

<ul><li>Based on the MSME and consumer segments, BPR, and P2P data, we believe banks’ overall asset quality remains robust.</li><li>With higher FY24F CoC of 3.0%, BBRI has allocated adequate provisions to address the current issue in its MSME segment.</li><li>Maintain Overweight rating in the banking sector with BBCA remaining as our top pick.</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.

Based on the MSME and consumer segments, BPR, and P2P data, we believe banks’ overall asset quality remains robust.With higher FY24F CoC of 3.0%, BBRI has allocated adequate provisions to address the current issue in its MSME segment.Maintain Overweight rating in the banking sector with BBCA remaining as our top pick.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: Attractive Entry Point Amid Valuation Derating, Supported by the Still Robust Asset Quality

<ul><li>Supported by lower CoF increases compared to their peers, only BBCA, BRIS, and NISP booked double digit NP growth in 4M24.</li><li>Despite a slight improvement (-4bps mom) in Apr24, COF pressure might return in May24 from a higher benchmark rate.</li><li>For its resilient CoF, higher liquidity, and better NP growth outlook compared to its peers, BBCA remains our top pick in the 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.

Supported by lower CoF increases compared to their peers, only BBCA, BRIS, and NISP booked double digit NP growth in 4M24.Despite a slight improvement (-4bps mom) in Apr24, COF pressure might return in May24 from a higher benchmark rate.For its resilient CoF, higher liquidity, and better NP growth outlook compared to its peers, BBCA remains our top pick in the 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.

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)

BRIS IJ - MNC Sekuritas Equity Report February 20, 2024

BRIS's YTD 2024 performance has been impressive, with its share price rallied +42% YTD, driven by a substantial 69% increase in avg.

MNC Sekuritas

Bank Syariah Indonesia - Sustainable Growth Outlook Through Dominance in the Sharia Market

Driven by above-peers’ financing growth, low-cost funding, and better efficiencies, we expect BRIS to deliver c. 15% EPS growth in FY24-25F. Given...

BRI Danareksa Research

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

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.

BRI Danareksa Research

Banks: Attractive Entry Point Amid Valuation Derating, Supported by the Still Robust Asset Quality

With higher FY24F CoC of 3.0%, BBRI has allocated adequate provisions to address the current issue in its MSME segment. Maintain Overweight rating...

BRI Danareksa Research

Banks: 4M24 Banks-Only Results

Supported by lower CoF increases compared to their peers, only BBCA, BRIS, and NISP booked double digit NP growth in 4M24.

BRI Danareksa Research

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