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• Please be cautious of any fraudulent schemes conducted by parties claiming to represent PT Verdhana Sekuritas Indonesia. These scams often use the name, logo, and identity of PT Verdhana Sekuritas Indonesia to pose as official company representatives.
  
• Identified scam methods include investment fraud, job offers, task assignments, or other programs that appear to offer monetary rewards or commissions. Please remain vigilant against other forms of fraud as well.
  
• These scams may be carried out through various media channels, including:
  1. Fake websites;
  2. Messaging apps such as WhatsApp, Telegram, SMS, etc.;
  3. Fake emails and letters;
  4. Fraudulent phone calls. 
• PT Verdhana Sekuritas Indonesia operates solely as a Securities Broker-Dealer and Underwriter. We are not an investment manager or an institution that offers investment programs, job offers, commission-based tasks, or other financial schemes directly to the public via social media, private messages, phone calls, or unofficial individual agents. We do not appoint any individual or third party to collect funds from the public. 
• We never request the public, prospective clients, or our clients to (1) conduct cash transactions or (2) transfer funds to any personal account of individuals claiming to be employees or representatives of PT Verdhana Sekuritas Indonesia.
  
• Official information from PT Verdhana Sekuritas Indonesia is communicated only through our official channels:
  Website: www.verdhana.id and www.verdhanaresearch.com 
  Email: info@verdhana.id
  Phone: (021) 5098 5799
  Address: Deutsche Bank Building, 18th Floor, Jl. Imam Bonjol No. 80, Jakarta 10310 
• If you receive any suspicious messages, offers, or solicitations conducted by parties claiming to represent PT Verdhana Sekuritas Indonesia, please do not respond and report them immediately to us via email at info@verdhana.id.

This announcement is hereby conveyed. Thank you for your attention and for placing your trust in PT Verdhana Sekuritas Indonesia.
Sincerely,

PT Verdhana Sekuritas Indonesia

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• Bank Rakyat Indonesia (BBRI IJ) (Buy) - Soft Jan-25 results hit by large CoC

  EW

  BBRI kicked off 2025 with soft bank-only results.

  BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

  1 year ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - Slow growth outlook

  EW

  We believe BBRI will still face the issue of maturing micro/ultra-micro loans.

  BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

  1 year ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - FY24 profit flat y-y, as expected

  EW

  We previously highlighted that BBRI might face maturing micro/ultra-micro segments,

  BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

  1 year ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - Micro: Not worsening, but recoveries take time

  EW

  Overall, the bank sees improvements in its micro segment,

  Banks BBRI BBRI JK BBRI IJ Erwin Wijaya

  1 year ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - Lower KUR target

  NS EW

  According to BBRI, the government has finalized the KUR (People’s Business Credit) disbursement target of IDR3

  Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

  1 year ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - Conservative stance

  NS EW

  In our recent note on BBRI, we wrote that the bank may face maturing micro/ultra-micro segments in coming year

  Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

  1 year ago

• Indonesian Banking Sector - YTD Oct-24 summary

  NS EW

  Major Indonesia banks (BBCA/BMRI/BBRI/BBNI) have published their bank-only Oct-24 results,

  Banks Nicholas Santoso Erwin Wijaya

  1 year ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - YTD Oct-24 results: Still elevated CoC

  NS EW

  BBRI has released its YTD Oct-24 results with PPOP and net profit of IDR89.5tr (+15% y-y)

  Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

  1 year ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - 9M24 : Resilient PPOP trend

  NS EW

  In our recent note, we wrote that BBRI might face maturing micro/ultra-micro segments in the next few years.

  Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

  1 year ago

• Bank Rakyat Indonesia BBRI IJ -Buy- A second look

  NS EW

  On a YTD basis, BBRI had underperformed its major peers by ~13-30%, with predominantly net foreign selling amo

  Banks BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

  2 years ago

• Indonesian Banking Sector - YTD Aug-24 Summary

  NS EW

  Major Indonesia banks (BBCA/BMRI/BBRI/BBNI) have published their bank-only Aug-24 results,

  Banks Nicholas Santoso Erwin Wijaya

  2 years ago

• Bank Rakyat Indonesia BBRI IJ -Buy- A contrarian call

  NS EW

  On a YTD basis, BBRI’s share price has underperformed its peers (BMRI / BBCA / BBNI / BRIS – all Buys)

  Banks BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

  2 years ago

• Bank Rakyat Indonesia BBRI IJ -Buy- YTD Aug-24 On track to meet our projections

  NS EW

  BBRI has released its bank-only Aug-24 results which suggests potential for the bank

  Banks BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

  2 years ago

• Indonesian Banks - YTD Jul-24 Summary

  NS EW

  Major Indonesian banks (BBCA/BMRI/BBRI/BBNI) have published

  Banks Nicholas Santoso Erwin Wijaya

  2 years ago

• Bank Rakyat Indonesia -BBRI IJ- Buy - ROAE uptrend on positive micro trends

  NS EW

  Rolling forward to 2025F book-value; raise TP to IDR6,300

  Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

  2 years ago