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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• Bank Syariah Indonesia (BRIS IJ) (Buy) - Solid FY24 results

  EW

  BRIS continued to deliver solid 4Q24 results with headline profit of IDR1.9tr (+11% q-q / +26% y-y),

  Banks BRIS BRIS JK BRIS IJ Erwin Wijaya

  6 months ago

• XL Axiata (EXCL IJ) (Buy) - EXCL – Post FY24 results update

  EW

  XL released its FY24 results which showed punchy performance.

  Telecoms EXCL EXCL JK EXCL IJ Erwin Wijaya

  6 months ago

• Bank Mandiri (BMRI IJ) (Buy) - Unexciting (in-line) FY24 results

  EW

  BMRI has released its FY24 results with headline consolidated profit at IDR55.8tn (+1.3% y-y).

  Banks BMRI BMRI JK BMRI IJ Erwin Wijaya

  6 months ago

• Bank Negara Indonesia (BBNI IJ) (Buy) - FY24 earnings review, TP adjustment

  EW

  Post FY24 results, we revise FY25F-26F earnings estimates. We also add a new forecast year FY27F.

  Banks BBNI BBNI JK BBNI IJ Erwin Wijaya

  6 months ago

• Indonesia Banks - Room for better liquidity

  EW

  Based on the latest SRBI issuances (dated 31 Jan 2025), we see some improvements in liquidity

  Banks Erwin Wijaya

  6 months ago

• Bank Central Asia (BBCA IJ) (Buy) - Steady trend

  EW

  We have updated our earnings projections for BBCA for FY25-26F

  Banks BBCA BBCA JK BBCA IJ Erwin Wijaya

  6 months ago

• Bank Central Asia (BBCA IJ) (Buy) - Solid (and in line) FY24 results

  EW

  BBCA released its FY24 results with headline profit at IDR54.8tn (+13% y-y),

  Banks BBCA BBCA JK BBCA IJ Erwin Wijaya

  7 months ago

• Bank Negara Indonesia (BBNI IJ) (Buy) - In-line FY24 results

  EW

  BBNI released its FY24 results with a net profit of IDR21.5tn (+3% y-y),

  Banks BBNI BBNI JK BBNI IJ Erwin Wijaya

  7 months ago

• Indonesia Banks - Cutting reserve requirement might be prudent option

  EW

  In our opinion, the last three SRBI (Sekuritas Rupiah Bank Indonesia) issuances this year,

  Banks Erwin Wijaya

  7 months ago

• Indonesian Banks - Muted impact from BI rate cut

  EW

  Bank Indonesia has made a surprise 25bp benchmark rate cut to 5.75%.

  Banks Erwin Wijaya

  7 months ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - Micro: Not worsening, but recoveries take time

  EW

  Overall, the bank sees improvements in its micro segment,

  Banks BBRI BBRI JK BBRI IJ Erwin Wijaya

  7 months ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - Lower KUR target

  NS EW

  According to BBRI, the government has finalized the KUR (People’s Business Credit) disbursement target of IDR3

  Banks BBRI BBRI JK BBRI IJ Nicholas Santoso Erwin Wijaya

  7 months ago

• Indonesia Banks - Outlook 2025 and YTD Nov-24 results summary

  NS EW

  Going into 2025, our view on the Indonesia banking sector remains largely intact

  Banks Nicholas Santoso Erwin Wijaya

  7 months ago

• Indonesia Banks - Mixed write-off trends

  NS EW

  In this note, we take a closer look at the asset quality trends of major Indonesia banks and BRIS (Bank Syaria

  Banks Nicholas Santoso Erwin Wijaya

  7 months ago

• Telekomunikasi Indonesia Persero (TLKM IJ) (Buy) - Dividend play; cut TP to IDR 4,100

  NS EW

  Over the past 18 years (i.e. since the start of intense cellular sector competition in Indonesia; 2007-2024),

  TELECOMS TLKM TLKM JK TLKM IJ Nicholas Santoso Erwin Wijaya

  8 months ago