Bursa Amerika ditutup menguat, sementara Bursa Eropa ditutup melemah di Rabu (19/2). Risalah FOMC di Kamis (20/2), mengindikasikan the Fed akan kembali menahan suku bunga acuan pada FOMC Maret. Tingkat Inflasi dan Inflasi inti Inggris meningkat signifikan 50 bps YoY menjadi 3% YoY dan 3.7% YoY di Januari. Kami memperkirakan IHSG berpotensi uji area support 6750-6725 di Kamis (20/2). BI tetap mempertahankan BI rate di 5.75% pada RDG-BI Rabu (19/2). Hal ini sebagai upaya menjaga inflasi dengan tetap mempertimbangkan pergerakan nilai tukar rupiah. PBoC Loan Prime Rate juga diperkirakan tetap di level 3.10%, dimana PBoC terakhir kali melakukan pemangkasan Loan Prime Rate di bulan Oktober 2024. Top picks di Kamis (20/2): PGEO, TPIA, UNTR, INDF, dan AALI. By PHINTRACO SEKURITAS | Research Nurwachidah - Disclaimer On -

Indeks-indeks Wall Street dan Eropa mayoritas ditutup menguat di Selasa (18/2). Presiden AS Donald Trump yang berencana untuk merealisasikan janji kampanye nya dengan menghapuskan pajak penghasilan atas pendapatan jaminan sosial. Germany economic sentiment index dan data ketenagakerjaan Inggris yang rilis di Selasa (18/2) lebih baik dari ekspektasi. Inflasi Inggris diperkirakan akan mengalami kenaikan dari yang sebelumnya berada di level 2.5% YoY menjadi 2.8% YoY di bulan Januari. Kami memperkirakan akan terjadi normal retracemet pada IHSG ke area support 6830-6775 di Rabu (19/2) BI diperkirakan akan kembali menahan suku bunga tetap di level 5.75% pada RDG-BI hari ini (19/2). Top picks  (19/2) : AKRA, MAPI, MYOR, MAPA, dan AMMN. By PHINTRACO SEKURITAS | Research Nurwachidah - Disclaimer On -

19 Februari 2025

18 February 2025

Wall Street libur untuk memperingati Washington’s Birthday di Senin (17/2). Presiden the Fed Philadelphia, Patrick Harker menyampaikan pandangan yang cenderung less-hawkish (17/2) dibanding pernyataan Presiden the Fed, Jerome Powell di awal pekan lalu. Sebelumnya, Presiden AS, Donald Trump menyatakan harapannya agar sukubunga diturunkan sebelum pengumuman serangkaian paket tarif. IHSG menguat hampir 3% ke kisaran 6830 di Senin (17/2). IHSG berpeluang uji resistance level 6900 di Selasa (18/2). Penguatan harga saham-saham bank berkapitalisasi besar salah satunya dipicu oleh rencana pelaksanaan buyback oleh BBRI dan BMRI. Faktor lainnya berasal dari antisipasi pasar terhadap potensi pengumuman pembagian dividen final untuk tahun buku 2024. Realisasi pertumbuhan impor (4.68% yoy) dan ekspor (-2.67% yoy) Indonesia di Januari 2025 berada jauh di bawah ekspektasi, bahkan melambat dibanding realisasi Desember 2024. Top picks (18/2) : BRIS, BBRI, BBNI, BBCA, dan SRTG. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

BBRI recorded a net profit of IDR60.1 trillion, growing 0.1% YoY in FY24. Interest Income grew 10% YoY, followed by Net Interest Income, which rose 3.4% YoY to IDR137.4 trillion in FY24. Current Account Saving Account (CASA) grew 5.1% YoY to IDR919 trillion in FY24. With a CASA ratio of 67.30% in FY24. Loan Deposit Ratio (LDR) increased from 84.22% in FY23 to 88.85%. Despite experiencing tighter liquidity, BBRI's LDR increase was the lowest compared to other big four banks. Moderate credit growth to improve asset quality. BBRI credit grew 7% YoY to IDR1,355 trillion in FY24.4. For FY25F, BBRI targets credit growth of 7%-9% lower than the 2024 target (10%-12%), which aligns with BBRI's efforts to maintain asset quality. Based on BBRI's FY24 performance using the Discounted Cash Flow method, we maintain a BUY rating for BBRI with a fair value of 5.325 (12.94x expected P/E) and a relative valuation below 2.27x its 5-year average P/E and a potential upside of 37.95%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

17 February  2025

17 Februari 2025

>Indeks-indeks Wall Street catatkan penguatan mingguan di pekan lalu. >Sentimen utama berasal dari penundaan pengumuman reciprocal tarrifs oleh Pemerintah AS setelah Presiden AS, Donald Trump memerintahkan review terhadap kebijakan tersebut. >IHSG diperkirakan cenderung mengakhiri fase konsolidasi di support area 6550-6750 dengan uji 6700-6750 di pekan ini. >Nilai ekspor Indonesia diperkirakan tumbuh 6.99% yoy di Januari 2025 dibandingkan 4.78% yoy di Desember 2024. >Dari eksternal, pasar akan mencermati serangkaian pidato dari petinggi the Fed, diantaranya Harker dari Philadelphia, serta perwakilan Dewan Gubernur, Bowman dan Waller di awal pekan ini. >Top picks : CPIN, PWON, MAPA, INDY, ENRG, dan SMGR. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritasofficial YT : Phintraco Sekuritas Official TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

 ISAT recorded a net profit decline of IDR1.03 trillion in 4Q24 (-39.93% YoY; -9.69% QoQ), with net profit margin weakening to 7.34% (vs. 8.26% in 3Q24; 12.49% in 4Q23) due to rising operating expenses, primarily driven by higher marketing costs and cost of service. ISAT's revenue grew modestly to IDR14.7 trillion (+1.73% QoQ; +2.24% YoY), supported by the MIDI segment (+4.45% QoQ; +7.49% YoY), while the cellular segment remained relatively flat at IDR11 trillion (+1.44% QoQ; +1.94% YoY). EBITDA contracted to IDR6.37 trillion (-3.24% QoQ; +1.49% YoY) with a margin of 45.29%.Data segment revenue contracted to IDR10.88 trillion (-2.92% QoQ ; -0.86% YoY), in line with a decline in subscribers to 94.70 million (vs. 98.70 million in 3Q24). However, blended ARPU increased to IDR38.90k (vs. IDR37.20k in 3Q24), reflecting ISAT's optimization strategy to retain high-value customers. Management targets above-industry revenue growth, EBITDA growth of >10%, capital expenditure of Rp13 trillion, and expansion into AI-powered services using GPUs. The company also plans a dividend payout ratio of 70% in 2026. We maintain a BUY rating with a lower target price of Rp2,200, based on DCF valuation with an 11% WACC and 2% terminal growth, with downside risks including intense industry competition and weak consumer purchasing power.

By PHINTRACO SEKURITAS | Research

-Disclaimer On-