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
-
-
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.
-
Indonesia Banks - Debt forgiveness
NS EWAccording to recent news (LINK 1), the government is looking to provide debt forgiveness for written-off loans
-
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
-
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
-
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
-
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
-
Indonesia Telecoms - 3Q24F preview
NS EWIn this note, we assess major telcos’ upcoming 3Q24F results (to be released end of Oct 2024).
-
Indonesia Towers - 1H24 results review
NS EWIn this note, we look at 1H24 results from major Indonesia telecom towercos, which have shown positive upward
-
Indonesian Banking Sector - YTD Aug-24 Summary
NS EWMajor Indonesia banks (BBCA/BMRI/BBRI/BBNI) have published their bank-only Aug-24 results,
-
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.
-
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.
-
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)
-
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)
-
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