LaLiga365
LaLiga365
judi bola parlay bbm88
indobet365 link
LaPkv
Pkv MataQQ
Pkv Games
BotakQQ Login
BotakQQ Link Alternatif
https://situsbcaqq.com/
BandarQQ Pkv Games
https://idb365.org/
https://indobet365.best/
https://mlbbtv.com/
LaPkv Situs BandarQQ
LaPKV
https://lapkv.org/
BBM88 bola
LaLiga365
Situs 365 Terpercaya
Situs Bola Online
LaLiga365
https://carlocksmithhollywoodfl.com/
LaPkv
LaLiga365
Judi Parlay
Judi Bola
Situs 365 Terpercaya
INDOBET365
Situs Bola Online
INDOBET365
BBM88 bola
https://integracaofm105.com/
https://heylink.me/indobet-365/
https://santanatech1.hospedagemdesites.ws/
BDMN : Loan Growth Maintained with Good Asset Quality - Phintraco Sekuritas

BDMN : Loan Growth Maintained with Good Asset Quality

03 Mar 2025 Valdy

BDMN booked net interest income growing 2% QoQ and 2% YoY to IDR15.6 trillion in FY24. In line with this growth, Pre Provision Operating Profit (PPOP) also increased to IDR8.3 trillion (+1% YoY) in FY24.

Loan grew 8% YoY with a Gross NPL of 1.9% (-30 bps YoY) in FY24.This value is among the lowest gross NPL values compared to peers.

Loan at Risk (LaR) has tended to decline in the last 5 years. The LaR ratio fell 100 bps YoY to 10.6% in FY24.

Adira Finance’s contribution to total loan is maintained at around 30%. Adira Finance is the second highest contributing segment after wholesales to BDMN’s total loan.

Interest Income is estimated to grow 6% YoY to IDR15.6 trillion in FY25F. Management targets BDMN’s loan growth in 2025 of 9% to 11%, with Corporate loan is targeted to grow double digits.

Using the Discounted Cash Flow method with a Required Return of 7.93% and Terminal Growth of 1.35%, we estimate BDMN’s fair value at 2,810 (7.34x expected P/E). Therefore, we maintain a buy rating for BDMN with a potential upside of 18.07%

By PHINTRACO SEKURITAS | Research
– Disclaimer On –