BTPS IJ - 9M24 in Line with Ours/Below Cons., as Persistently High CoC Dragged Down 3Q24 Earnings
BTPS booked a net profit of Rp218bn in 3Q24 (-24% qoq, -13% yoy) driven by higher qoq CoC, in line with ours but below consensus est.
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Bank BTPN Syariah - NPL Cycle Hits Bottom, A Long Road to Recovery Ahead
We re-initiate coverage on BTPS with a Hold rating and a TP of Rp1,300 based on an iCoE of 11.6% (-1SD), LTG of 3%, and FY24F ROE of 11.5%.
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Banks: 3Q24 Preview: Gradual Improvement in Liquidity and Strong Loan Growth to Drive Earnings
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.
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BTPN Syariah - A Weak Quarter as Expected
We reiterate our BUY call on BTPS with a new GGM-derived TP of IDR3,000 (implying 2.2x PBV 2024F) as we roll over our valuation to 2024F.
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Equity Snapshot: April 13, 2023
Mayora Indah: Higher margins to boost FY23 earnings (MYOR.IJ IDR 2,650 BUY.TP IDR 3,300). Amid this year’s Ramadhan period, MYOR has witnessed...
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