BEWARE OF FRAUDULENT SCHEMES CLAIMING TO REPRESENT PT VERDHANA SEKURITAS INDONESIA

• 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 Danamon Indonesia (BDMN IJ) (Neutral) - Post-FY24 adjustments

  EW

  We expect the Indonesia banking sector to continue to experience liquidity issues in 2025F.

  BANKS BDMN BDMN JK BDMN IJ Erwin Wijaya

  1 year ago

• Bank Tabungan Negara Persero (BBTN IJ) (Neutral) - Earnings update; maintain Neutral, TP cut to IDR 980

  EW

  We believe that small-to-mid-sized Indonesia banks will continue to face pressures from the major banks.

  BANKS BBTN BBTN JK BBTN IJ Erwin Wijaya

  1 year ago

• Panin Bank (PNBN IJ) (Neutral) - We adjust FY25-26F earnings by ~11-12%

  EW

  The Indonesia banking sector is likely to continue to face liquidity issues in 2025F,

  BANKS PNBN PNBN JK PNBN IJ Erwin Wijaya

  1 year ago

• Indonesia Banks - Jan-25 monthly results summary

  EW

  Major Indonesia banks (BBCA/BMRI/BBRI/BBNI/BRIS) have published their bank-only Jan-25 results,

  BANKS Erwin Wijaya

  1 year ago

• Bank Negara Indonesia (BBNI IJ) (Buy) - Jan-24 results boosted by lower CoC

  EW

  BBNI is off to a fine start in 2025. In this note, we look into its bank-only Jan-25 results

  BANKS BBNI BBNI JK BBNI IJ Erwin Wijaya

  1 year ago

• 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 CIMB Niaga (BNGA IJ) (Neutral) - Improving performance; new TP of IDR1,850

  EW

  Bank CIMB (BNGA) has a notable position in Indonesia’s SME and consumer businesses,

  BANKS BNGA BNGA JK BNGA IJ Erwin Wijaya

  1 year ago

• Bank Syariah Indonesia (BRIS IJ) (Buy) - Jan-25 results: Still going strong

  EW

  BRIS is off to a solid start in 2025. The bank delivered strong Jan-25 results,

  BANKS BRIS BRIS JK BRIS IJ Erwin WIjaya

  1 year ago

• Bank Mandiri (BMRI IJ) (Buy) - Jan-25 Results

  EW

  BMRI started 2025 with satisfactory bank-only Jan-25 results—

  BANKS BMRI BMRI JK BMRI IJ Erwin Wijaya

  1 year ago

• Indonesia Banks - Tactical tailwinds

  EW

  We think the Indonesia banking sector may enter a tactical tailwind period,

  BANKS Erwin Wijaya

  1 year ago

• Bank BTPN Syariah (BTPS IJ) (Neutral) - FY24 results below expectations

  EW

  Post BTPS's FY24 results release, which came in below our expectations, we identify several areas of concern.

  BANKS BTPS BTPS JK BTPS IJ Erwin Wijaya

  1 year ago

• Bank Central Asia (BBCA IJ) (Buy) - Jan-25 result: Decent start

  EW

  BBCA kicked off 2025 with decent bank-only Jan-25 results with headline profit of IDR4.7tn (+6% y-y).

  BANKS BBCA BBCA JK BBCA 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 Tabungan Negara Persero (BBTN IJ) (Neutral) - 4Q24 Results: a miss

  BBTN reported 4Q24 net profit (NP) of IDR925bn (+59% q-q; -22% y-y).

  BANKS BBTN BBTN JK BBTN IJ Erwin Wijaya

  1 year ago