BBNI : BBNI the Most API Services Compared by Peers

26 Feb 2024
Net profit grew 14.2% yoy to 20.91 trillion in FY23. This increase is in line with an increase in pre-provision operating profit (PPOP) of 1.6% yoy to 34.97 trillion. Total Loans reached IDR 695,085 billion in FY23, growing 7.6% yoy and 3.5% qoq. Corporate and Consumer Loans support this growth. Loan at Risk (LAR) decreasing trend. LAR was recorded at 12.9% ytd, down 31 bps yoy from 16% ytd in FY22 and 23.3% ytd in FY21. Maintain CASA ratio above 70% by encouraging transactional portfolio growth. BNI has the most Application Programming Interface (API) Services compared to its peers. New growth and future engine for BBNI. In 2Q23, BNI acquired 63.92% of Bank Mayora shares and rebranded it with Hibank. Hibank is the first digital bank to focus on MSMEs. Using the Discounted Cash Flow method with a Required Return of 10.76% and Terminal Growth of 4.58%, we estimate the fair value of BBNI at 6,800 (20.61x expected P/E). Considering BBNI's fair value, we give BBNI a buy rating with a potential upside of 15.74%.
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BRIS : Gross NPF is Targeted Improved Below 2% in 2024

13 Feb 2024
BRIS's net profit grew 33.88% yoy to IDR 5.7 trillion in FY23. Net Margin Income of IDR 16.17 trillion grew (+3.89% yoy) in 2023.Pre Provision Operating Profit (PPOP) grew (+8.70% yoy) to IDR 10.21 trillion in the same period. BRIS recorded financing growth of (+15.70% yoy) to IDR 240.32 trillion in FY23.This growth was supported by growth in consumer financing (+15.66% yoy), which contributed 54.32% to total financing in FY23. Consistent record growth in Return on Equity (ROE) and Return on Assets (ROA) in the last three years. The potential for growth of sharia banking in Indonesia. Asia Pacific has a market share of around 20.7% in global Sharia banking. Indonesia contributed about 13% of this amount and was also the second highest contributing country after Malaysia (62.7%). BRIS targets the amount of fee based income to be equivalent to peers. As of December 2023, BRIS has a fee-based ratio of 15.80% vs. peers' 21.06%-24.21%. Using the Discounted Cash Flow method with a Required Return of 12.45% and Terminal Growth of 6.39%, we estimate the fair value of BRIS at 2,970 with a potential upside of 28.00%. By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119055611 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id
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PGEO: Clean and Green Profit in Ring of Fire

05 Feb 2024
Indonesia aims to be a net-zero carbon country by 2060. To support the plan, the government released Perpres No. 112/2022 to accelerate renewable energy. Indonesia is the second largest installed geothermal in the world, producing 2,356MW, consisting of 14.6% of global production. PGEO using IPO's fund for 85% as CAPEX to reach 1GW of its production by 2025 PGEO has a policy to pay dividends below 50% of its net income. PGEO has a pricing policy anchoring CPI and PPI USA for the price. Using the Discounted Cash Flow method with a Required Return of 8.24% and Terminal Growth of 4.78%, we estimate PGEO's fair value at 1,657 (25x expected P/E). Based on PGEO's fair price and potential upside of 24.57%, we recommend a buy rating for PGEO.
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ANTM: Despite declining revenue in 9M23, there was an increase in net profit

29 Jan 2024
>ANTM's net profit increased by 8.44% YoY to IDR2.85 trillion in 9M23, despite a decrease in revenue of 8.27% YoY to IDR30.89 trillion compared to 9M22's IDR33.68 trillion. >The most significant contribution to product sales came from gold sales of Rp19.29 trillion, or 62.43% of total sales. >Despite fluctuating commodity prices, the Company reduced its operating expenses by 15.20% YoY to IDR2.75 trillion in 9M23, compared to IDR3.24 trillion in the same period the previous year. >In 9M23, the Company produced 908 kg (29,193 troy oz) of gold from its mines and sold 19,460 kilograms (625,654 troy oz). >The Company is collaborating with Ningbo Contemporary Brunp Lygend Co Ltd (CBL) to expedite the development of new renewable energy ventures. >Sales growth is expected to decline by -2.14% in FY2023F. We further expect sales growth to normalize to 12.23% by FY2027F, which is still relatively high compared to the average of recent years due to the potential for additional production capacity and new product mix. >Using the Discounted Cash Flow method with a Required Return of 9.72% and Terminal Growth of 5.01%, we estimate ANTM's fair value at 2,292 (20.29x expected P/E). Based on ANTM's fair price and potential upside of 39.34%, we recommend a buy rating for ANTM.
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POWR : Reheating Indonesia’s Industry after Covid-19

09 Jan 2024
POWR : Reheating Indonesia’s Industry after Covid-19 >Back to pra pandemic electricity level consumption. >The data center saw the biggest increase in energy consumption. >Green path to sustainable energy. >Big spare of net capacity factor. >Long-term debt maturity in 2026. >POWR has a stable Dividend Payout Ratio (DOPR). >We considered some recent conditions that probably affecting the company. >Using Discounted Free Cash Flow with Required Return as 6.80% and 4.7x EV/EBITDA Multiple Exit as the terminal value. We consider that POWR has potential upside 38%, that we attach buy rating for POWR. By PHINTRACO SEKURITAS | Research - Disclaimer On -
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BBCA : BBCA’s Advantage Includes the Highest CASA and Lowest CoF

02 Jan 2024
>BBCA's net profit increased 26% yoy to IDR 36.4 trillion in 9M23.This growth was in line with the growth in NII (+21.3%) yoy and a decrease in provision costs (-41.5%) yoy. >BBCA's credit quality remains healthy despite high credit growth. BBCA recorded gross Non-Performing Loans (NPL) falling 20 bps to 2.0% yoy in 9M23. >Consistently records the highest CASA ratio compared to peers in the last three years. >Lowest Cost of Funds (CoF) compared to peers amidst high-interest rates. >BBCA will optimize Loan to Deposit Ratio (LDR) in 2024F, accompanied by a decrease in Loan at Risk (LaR) in 2023. >BBCA is developing Two flagship mobile apps, myBCA and BCAmobile. >Using the Discounted Cash Flow method with a Required Return of 10.14% and Terminal Growth of 7.97%, we estimate the fair value of BBCA at 10,718 (26.97x expected P/E). By PHINTRACO SEKURITAS | Research - Disclaimer On -
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BMRI : Pertumbuhan Kredit yang Solid Menopang Laba Bersih BMRI

22 Des 2023
>Laba bersih BMRI naik 25% yoy menjadi Rp25.23 triliun di 6M23. >Pertumbuhan Kredit BMRI tetap terjaga di level 12% dengan Gross NPL terendah dibandingkan peers. >CASA tumbuh 12.60% yoy di 6M23. >Target pertumbuhan kredit oleh manajemen BMRI pada rentang 10% hingga 12% di FY23. >Menggunakan metode Discounted Cash Flow dengan Required Return sebesar 10.57% dan Terminal Growth sebesar 5.81%, kami memperkirakan nilai wajar BMRI di 6,530 (13.04x expected P/E).
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BBRI : Pertumbuhan Segmen Mikro dan Ultra Mikro

22 Des 2023
>Laba bersih BBRI naik 18.80% yoy menjadi Rp29.56 triliun di 6M23. >BBRI menjadi Bank dengan jumlah penyaluran kredit tertinggi di 6M23. >CASA tumbuh 10.10% yoy di 6M23. >Kredit Umum Pedesaan (Kupedes) mencatkan kenaikan 30% yoy pada 6M23. >Potensi pertumbuhan segmen Mikro dan Ultra Mikro. >Menggunakan metode Discounted Cash Flow dengan Required Return sebesar 11.07% dan Terminal Growth sebesar 5.48%, kami memperkirakan nilai wajar BBRI di 6,272 (16.79x expected P/E).
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BNGA : Pertumbuhan CASA ratio dan Selective Loan menjadi Fokus BNGA di 2024

22 Des 2023
>Laba bersih BNGA tumbuh 27.6% yoy menjadi Rp4.9 triliun di 9M23. >BNGA merevisi turun panduan Cost of Credit (COC) menjadi 1.1%-1.2% di 9M23. >Pertumbuhan kredit diiringi perbaikan kualitas aset di 9M23. >CASA tetap tumbuh dalam 5 tahun terakhir. >Nilai transaksi OCTO mobile tumbuh 97.3% yoy di 9M23. >Pertumbuhan CASA rasio serta selective loan growth menjadi fokus BNGA. >Menggunakan metode Dividend Discount Model kami mendapatkan harga wajar BNGA sebesar 1,946 (9.12x expected PER). Sehingga kami memberikan rating buy untuk BNGA dengan potential upside 14.47%.
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