>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.

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 -

>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 -

>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).

>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).

>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%.