Indonesia Equity Strategy - Tactically prefer FMCG & retailers over banks
JT EWDespite the anticipated rate cut cycle, we believe Indonesia banks have limited room to lower their cost of fu
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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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Indonesia Banks - Assessing funding and room for repricing
NS EWBelow, we present two charts (Fig. 1 and Fig. 2) depicting the loan-to-CASA and loan-to-saving trends across I
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Bank Rakyat Indonesia BBRI IJ -Buy- A second look
NS EWOn a YTD basis, BBRI had underperformed its major peers by ~13-30%, with predominantly net foreign selling amo
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Indonesian Banking Sector - YTD Aug-24 Summary
NS EWMajor Indonesia banks (BBCA/BMRI/BBRI/BBNI) have published their bank-only Aug-24 results,
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Bank Syariah Indonesia BRIS IJ -Buy- YTD Aug24 Tracking our projections
NS EWBRIS has released its YTD Aug-24 results, which came in largely inline with our projections.
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Bank Negara Indonesia BBNI IJ -Buy- YTD Aug-24 results soft results
NS EWBBNI has released its bank-only YTD Aug-24 results, which suggest limited operating improvements for the bank.
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Bank Rakyat Indonesia BBRI IJ -Buy- A contrarian call
NS EWOn a YTD basis, BBRI’s share price has underperformed its peers (BMRI / BBCA / BBNI / BRIS – all Buys)
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Bank Central Asia BBCA IJ -Buy- Solid YTD Aug-24 results
NS EWBBCA has released its bank-only Aug-24 results. Monthly earnings of IDR4.6tn (-6% m-m / +22% y-y)
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Bank Rakyat Indonesia BBRI IJ -Buy- YTD Aug-24 On track to meet our projections
NS EWBBRI has released its bank-only Aug-24 results which suggests potential for the bank
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Indonesia banks - Easing credit risks
NS EWFollowing on our recent note on the banking sector (Indonesia Banks) in
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Bank Negara Indonesia - BBNI IJ -Buy- Rolling forward valuation to 2025F
NS EWBBNI’s YTD Jul-24 results suggest minor operating improvement for the bank.