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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• Indonesia Banks - YTD Feb-25 results

  EW

  Major Indonesia banks (BBCA/BMRI/BBRI/BBNI/BRIS) have published

  BANKS Erwin Wijaya

  9 months ago

• Indonesia Banks - Limited indirect impact on banks’ fundamentals

  EW

  We think the Indonesia banking sector is not going to be immune

  BANKS Erwin Wijaya

  9 months ago

• Bank Mandiri (BMRI IJ) (Buy) - Feb-25: Satisfactory results due to declined provisioning

  EW

  BMRI has released its bank-only Feb-25 results.

  BANKS BMRI BMRI JK BMRI IJ Erwin Wijaya

  9 months ago

• Bank BTPN (BTPN IJ) (Neutral) - Raise earnings estimates post-FY24 results

  EW

  We expect liquidity in the Indonesia banking sector to remain tight

  BANKS BTPN BTPN JK BTPN IJ Erwin WIjaya

  9 months ago

• Bank Negara Indonesia (BBNI IJ) (Buy) - Feb-25 results boosted by lower CoC

  EW

  BBNI released its bank-only Feb-25 results.

  BANKS BBNI BBNI JK BBNI IJ Erwin Wijaya

  9 months ago

• Indonesia Banks - Stable liquidity

  EW

  Over the past year, major Indonesian banking stocks have faced selling pressure owing to several factors.

  BANKS Erwin Wijaya

  9 months ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - Feb-25: Improving monthly CoC

  EW

  BBRI released its bank-only Feb-25 results.

  BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

  9 months ago

• Bank Central Asia (BBCA IJ) (Buy) - Decent YTD Feb-25 results

  EW

  BBCA just released its bank-only Feb-25 results. Given that February is shorter than other months,

  BANKS BBCA BBCA JK BBCA IJ Erwin Wijaya

  9 months ago

• Indonesia Telecom - Fragile equilibrium

  EW

  Across major telcos, we anticipate growing efforts to foster a healthier market environment.

  TELECOMS Erwin Wijaya

  10 months ago

• XL Axiata (EXCL IJ) (Buy) - EXCL x FREN: An update on the merger plan

  EW

  EXCL and FREN (FREN IJ, Not rated) had in 2024 officially announced a definitive agreement for a proposed merg

  TELECOMS EXCL EXCL JK EXCL IJ Erwin Wijaya

  10 months ago

• Indonesia Banks - Short-term cautious: Stay defensive

  EW

  YTD 7 Mar 2025, major Indonesia banks saw heavy selling pressure from foreign investors,

  BANKS Erwin Wijaya

  10 months ago

• 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

  10 months 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

  10 months 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

  10 months 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

  10 months ago