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

<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><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 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

PT Bank Neo Commerce

Bank Neo Commerce - Improving NPLs and Higher Coverage to Drive Lower Provisions