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. 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.

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

Bank Negara Indonesia Persero / Equity Bottom-Up

<ul><li>Bank Negara Indonesia(BBNI IJ)Playing it safeWe reiterate our BUY call on BBNI with a higher GGM-derived TP of IDR12,000 (implying 1.4x 2024F PBV) as we roll over our valuation to 2024F</li><li>BBNI’s guidance for 7-9% yoy loans growth and a minimum 4.6% NIM this year should be broadly inline with our forecast</li><li>Our CoC expectation of 149bps this year should provide ample room for higher coverage on two SOE contractors, namely WIKA and WSKT, as BBNI’s management will re-allocate the provisions to other borrowers.</li></ul><p><em>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.</em></p>

Bank Negara Indonesia(BBNI IJ)Playing it safeWe reiterate our BUY call on BBNI with a higher GGM-derived TP of IDR12,000 (implying 1.4x 2024F PBV) as we roll over our valuation to 2024FBBNI’s guidance for 7-9% yoy loans growth and a minimum 4.6% NIM this year should be broadly inline with our forecastOur CoC expectation of 149bps this year should provide ample room for higher coverage on two SOE contractors, namely WIKA and WSKT, as BBNI’s management will re-allocate the provisions to other borrowers.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) - Playing It Safe