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>Driven by qoq lower provisions, BBYB recorded a positive 1Q24 net profit of Rp14bn, but at the expense of lower coverage.</li><li>1Q24 NIM fell due to lower loans and resilient deposits(hence a sharply lower LDR) due to the absence of Akulaku Finance loans disbursement.</li><li>Maintain Buy rating with an unchanged TP of Rp600 with a low LDR and sufficient coverage to drive loans and earnings growth.</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 qoq lower provisions, BBYB recorded a positive 1Q24 net profit of Rp14bn, but at the expense of lower coverage.1Q24 NIM fell due to lower loans and resilient deposits(hence a sharply lower LDR) due to the absence of Akulaku Finance loans disbursement.Maintain Buy rating with an unchanged TP of Rp600 with a low LDR and sufficient coverage to drive loans and earnings growth.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 Neo Commerce (BBYB IJ) - 1Q24 Earnings Beat: A Profitable 1Q from Lower Provisions

<ul><li>Bank Neo Commerce (BBYB IJ)Improving NPLs and higher coverage to drive lower provisions, supporting FY24/25F earnings growth FY23 net losses of Rp573bn were better than our expectation as NIM came in higher-than-expected on higher loan yields and higher LDR.</li><li>We continue to expect positive net profit in FY25F and cut our FY24F net losses forecast by half, driven by lower provisions.</li><li>Maintain Buy rating with a lower TP of Rp600 based on the 3-stage DDM as we adjust for expectations of slower LT loans</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.

Bank Neo Commerce (BBYB IJ)Improving NPLs and higher coverage to drive lower provisions, supporting FY24/25F earnings growth FY23 net losses of Rp573bn were better than our expectation as NIM came in higher-than-expected on higher loan yields and higher LDR.We continue to expect positive net profit in FY25F and cut our FY24F net losses forecast by half, driven by lower provisions.Maintain Buy rating with a lower TP of Rp600 based on the 3-stage DDM as we adjust for expectations of slower LT loansContent 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 Neo Commerce  - Improving NPLs and Higher Coverage to Drive Lower Provisions

Thematic (Sector/Industry)

<ul><li>Growth in May and here to stayLoan and deposit balances continued to grow for ARTO and BBYB with a stable CoC in May 23.</li><li>As profitability remains a focus for digital banks, we note that ARTO’s share price has underperformed its peers despite its stable profitability</li><li>We maintain our Overweight view on the sector with ARTO as our top pick.Industry loans continue to grow.</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.

Growth in May and here to stayLoan and deposit balances continued to grow for ARTO and BBYB with a stable CoC in May 23.As profitability remains a focus for digital banks, we note that ARTO’s share price has underperformed its peers despite its stable profitabilityWe maintain our Overweight view on the sector with ARTO as our top pick.Industry loans continue to grow.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.

Digital Banks - Growth in May and Here to Stay

Indonesia

PT Bank MNC Internasional TBK, also known as MNC Bank, provides an integrated banking products and services to both corporate and consumer markets. The Bank focuses on consumer and retail banking, including credit card, remittance, cash management, payrolls and many others. MNC Bank is supported by branch & cash offices, payment points & automated teller machines (ATMs) throughout Indonesia.

PT Bank Capital Indonesia Tbk provides commercial banking services.

PT Bank China Construction Bank Indonesia Tbk provides banking and related services. The Bank also provides interbank transaction services that includes import/export transactions, funds transfer, foreign currency transactions, and bank guarantees.

Bank China Construction Bank Indonesia (MCOR IJ)

PT. Bank Agris Tbk provide financing services. The Bank offers investment products, working capital loans, consumer credit, product trade finance and remittance services.

PT Bank QNB Indonesia Tbk operates a commercial bank. The Company acquires deposits from the general public and uses those funds to originate a variety of loans.

PT Bank Bumi Arta Tbk provides commercial banking services.

PT Bank Panin Syariah tbk. provides Islamic banking services. The Bank offers conventional banking services such as savings account, credit cards, financing, and investment services as well as full Islamic banking services in compliance with Shariah law. Bank Panin Syariah serves businesses and personal clients throughout Indonesia.

Bank Dinar Indonesia Tbk PT provides banking services, incorporated in Indonesia.

PT Bank Artha Graha Internasional provides general commercial banking services.

PT Bank Pembangunan Daerah Banten Tbk provides commercial banking services.  The Bank has branch offices located in major cities in Indonesia.

Penns Woods Bancorp, Inc. is a bank holding company of Jersey Shore State Bank. The Company provides a variety of commercial and consumer banking services to individual, business, public, and institutional customers.  Penns Woods operates a network of offices in north central Pennsylvania.

Public Financial Holdings Ltd, through its subsidiaries, operates in the deposit taking, personal and commercial lending, credit card, mortgage financing, stockbroking, and property investment businesses.  The Company also provides financing to purchasers of taxis and public light buses, leases taxis, and trades taxi cabs and taxi licenses.

Ames National Corporation is a multi-bank holding corporation.  The Banks offer commercial banking, personal banking, agricultural lending and deposit account services along with trust services and Internet banking services.  Ames affiliates have locations throughout the state of Iowa.

The Kita-Nippon Bank, Ltd. is a regional bank based in Tohoku area.  The Bank provides banking services such as deposits, loans, and foreign exchange transactions.  The Kita-Nippon Bank also provides financial services such as leasing, credit cards, and letter of credit, and develops computer software.

National Bankshares, Inc. is a holding company for the National Bank of Blacksburg.  The Bank attracts deposits from the general public and use these funds to originate commercial, real estate, and consumer loans.  National Bankshares operates in Montgomery, Giles, Carroll,Tazewell, and Grayson counties in Virginia, and Mercer county West Virginia.

Tsukuba Bank, Ltd. provides commercial and personal banking services. The Bank offers personal and business checking, savings accounts, mortgages, issues credit card, and business loans for customers. Tsukuba Bank serves customers in Japan.

FIDEA Holdings Co.Ltd. is a holding company established through the merger of Shonai Bank and Hokuto Bank.  The group Companies provide general banking services including deposits, loans, foreign exchange, leasing, and credit cards.

The Towa Bank Ltd is a regional bank that mainly operates in Saitama, Gunma, and Tochigi prefectures.  The Bank provides banking services such as deposits, loans, and exchange transactions.  Towa Bank also provides other financial services including leasing and credit cards.

Secure Trust Bank PLC accepts deposits and offers retail banking services.  The Company offers automobile and retail point of sale financing, and personal unsecured lending.

Al-Arafah Islami Bank Limited provides commercial and consumer banking, trade finance, and other related custody and clearing services in Bangladesh. The company provides current, short notice, savings, term, monthly and termed Hajj, foreign currency, pension; marriage savings investment schemes; savings bonds; and various deposit schemes, as well as credit cards. It also offers investment products for the agricultural, industrial, business, foreign trade, construction and housing, and transportation sectors; hire purchase services; and Masque and Madrasa, village and small, small enterprise, and consumer investment schemes. In addition, the company is involved in the provision of foreign trade services; micro, small, and medium enterprises banking services; share trading services and margin facilities; and issue management, underwriting, investment counseling, portfolio management, corporate advisory, depository, and merger and acquisition services, as well as software development, implementation, and service business. Further, it offers ATM and safe deposit locker, as well as mobile, agent, and Internet banking services. The company operates through 129 branches. Al-Arafah Islami Bank Limited was founded in 1995 and is headquartered in Dhaka, Bangladesh.

PT Bank Neo Commerce Tbk is a full service commercial bank based in Indonesia.

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