Indonesian Banks - YTD Jul-24 Summary
NS EWMajor Indonesian banks (BBCA/BMRI/BBRI/BBNI) have published
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Bank Mandiri -BMRI IJ- Buy - Jul-24 results in line with forecast
NS EWBMRI released its bank-only Jul-24 results with monthly earnings
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Bank Mandiri -BMRI IJ- Buy - Better stability in ROE ROA Re-rating to continue
NS EWThese improvements were largely driven by the bank’s increased
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Bank Central Asia -BBCA IJ- Buy - Steady growth reiterate Buy new TP IDR13200
NS EWIt is considered as the largest privately owned bank in Indonesia.
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Bank Rakyat Indonesia -BBRI IJ- Buy - ROAE uptrend on positive micro trends
NS EWRolling forward to 2025F book-value; raise TP to IDR6,300
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Bank Rakyat Indonesia -BBRI IJ- Buy - YTD Jul-24 bank only results - steady progress
NS EWBBRI posted its Jul-24 bank-only results, which showed decent improvement
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Bank Negara Indonesia BBNI IJ - Buy - Operating 1H24 results were below
NS EWBBNI released its 1H24 results with headline profit of IDR10.7tn (+3.8% y-y), accounting for 50% of our FY24
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Bank Rakyat Indonesia -BBRI IJ- Buy - Towards more commercial micro
NS EWBased on the Indonesia government’s latest 2025 budget, we think there will potentially be less exposure to
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Bank Central Asia BBCA IJ - Buy - Solid YTD Jul-24 results
NS EWBBCA’s bank-only Jul-24 earnings of IDR4.9tr (+1% m-m / +17% y-y) brings YTD Jul-24 headline profit to
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XL Axiata EXCL IJ - Buy - Escaping the decade of doldrums
NS EW RKIn this note, we reiterate our Buy call on the stock. Of late, the stock has declined from a recent high of ~I
Telco Telecoms Nicholas Santoso Erwin Wijaya Raymond Kosasih
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XL Axiata EXCL IJ -Buy - Solid 1H24 operating results
NS W RKXL Axiata released a set of solid 1H24 operating results, as its 1H24 operating income
Telco EXCL JK EXCL IJ Nicholas Santoso Erwin Wijaya Raymond Kosasih
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Indonesia towers - Back to growth path
NS EW RKOver the past 2-3 years, organic growth has been slow for Indonesian towercos.
Telco Telecoms Nicholas Santoso Erwin Wijaya Raymond Kosasih
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Tower Bersama Infrastructure
NS EW RKTBIG has released its 1H24 results. Headline 1H24 profit of IDR731bn (+6% y-y) came in slightly behind our FY2
TBIGJK TBIG IJ TELECOMS Nicholas Santoso Erwin Wijaya Raymond Kosasih