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 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

• Kalbe Farma (KLBF IJ) (Buy) - Brand transformation in progress

  SH JW SC

  We estimate KLBF booked 7-8% y-y sales growth in 4Q24F, driven by its pharma and consumer health divisions.

  General Consumer KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian

  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

• Anchor Report: Indonesia Consumer - Follow the money

  SH JW SC

  In this report, we analyze three crucial elements to determine our top picks in the Indonesia Consumer sector:

  Consumer Related Sandy Ham Jody Wijaya Samuel Christian

  6 months ago

• Indonesia Equity Strategy - VMMI – weak, but growth tailwinds ahead

  JT DT GH

  Our proprietary Verdhana Macro-Micro Index (VMMI, see previous reports here and here)

  Equity Strategy Jupriadi Tan Gerald Hugo David Tjahjadi

  7 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

• Indonesia Autos - Recap 2024 and outlook 2025: Opsen and growth

  JT DT GH

  We maintain a neutral outlook for the auto sector. FY24 sales reached the lowest level since 2011

  Autos Auto Parts Jupriadi Tan David Tjahjadi Gerald Hugo

  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

• Indonesia Equity Strategy - Nusantara — Purchasing power ground check

  JT GH

  In this Nusantara (previous one on e-bike here), we provide our findings from our on-the-ground survey

  Equity Strategy Jupriadi Tan Gerald Hugo

  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