Indonesia banks - 9M24 results summary
NS EWIn this note, we look at the 9M24 consolidated results of the major Indonesia banks under our coverage.
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Indonesia Tower - 9M24 results review
NS EWIn this note, we look at 9M24 results from major Indonesia telecom towercos,
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Sarana Menara Nusantara (TOWR IJ) (Buy) - 3Q24 – IBST value accretive to performance
NS EWHeadline revenue reached IDR3.3tn (+12.0% y-y / +6.0% q-q), bringing 9M24 revenue to IDR9.4tn (+8.4% y-y)
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Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - In-line 9M24 results
NS EWTLKM has released its consolidated 9M24 results, with headline consolidated profit of IDR17.7tn (-9.4% y-y),
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Indosat (ISAT IJ) (Buy) - Soft 3Q24, as expected
NS EWISAT has released soft 3Q24 results, as expected, with headline profit of IDR1.1tn (-21% q-q / +30% y-y).
Telco Telecoms ISAT ISAT JK ISAT IJ Nicholas Santoso Erwin Wijaya
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Bank Mandiri (BMRI IJ) (Buy) - 9M24 – Steady growth
NS EWBMRI released its 9M24 results on 30 October, with the company remaining on a steady growth trajectory.
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Bank Rakyat Indonesia (BBRI IJ) (Buy) - 9M24 : Resilient PPOP trend
NS EWIn our recent note, we wrote that BBRI might face maturing micro/ultra-micro segments in the next few years.
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Bank Syariah Indonesia (BRIS IJ) (Buy) - BRIS 3Q24 results remain strong
NS EWBRIS continued to deliver solid 3Q24 bottom line performance with the numbers coming in largely in-line with o
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Mitratel (MTEL IJ) (Buy) - 3Q24: EBITDA margin improvement
NS EWWe have become more positive on the Indonesia tower sector’s long-term outlook.
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Bank Negara Indonesia (BBNI IJ) (Buy) - 3Q24 results – Better loan yield trends
NS EWBBNI released its 9M24 results with headline profit at IDR16.3tn (+3.3% y-y),
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Bank Mandiri (BMRI IJ) (Buy) - Lower risks to growth
NS EWWe took a closer look at BMRI’s provisioning expenses (12MMA CoC) which has stabilised at ~70-80bp in 1H24.
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Indonesia Banks - Debt forgiveness
NS EWAccording to recent news (LINK 1), the government is looking to provide debt forgiveness for written-off loans
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Bank Central Asia BBCA IJ -Buy- 9M24 results- Superior earnings quality
NS EWBBCA released its 9M24 results with headline profit at IDR41.1tn (+13% y-y) accounting for ~78% of our FY24F p
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Indonesia Banks - Limited easing liquidity
NS EWDespite recent Bank Indonesia’s (BI) benchmark rate cut, funding costs may continue to inch higher
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Indosat ISAT IJ -Buy- More liquidity post stock split of 1-to-4 Erratum
NS EWISAT conducted a stock split in the ratio of 1-to-4 on 14 October 2024. Before the stock split, ISAT’s nominal