reports
Bank Danamon: 1 director
A director at Bank Danamon bought 1,166,700 shares at 3,017.000IDR and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...
Moody's affirms Bank Danamon's ratings; changes outlook to positive
Moody's Investors Service has affirmed Bank Danamon Indonesia TBK (P.T.)'s (Bank Danamon) Baa1 long-term local currency and foreign currency bank deposits ratings, baa3 Baseline Credit Assessment (BCA) and baa1 Adjusted BCA. At the same time, Moody's has affirmed Bank Danamon's A3 long-term local ...
- Posmarito Pakpahan
Banking – Bank To Have A Dividend Policy; OJK May Halt Dividend Paymen...
OJK has issued an updated governance regulation of banks’ dividend payment policy and OJK has the authority to halt dividend payment. The impact may differ across the industry, but a strong CAR will improve banks’ stability and provide room for higher growth. Given solid CAR and robust provision coverage, there is an opportunity for banks under our coverage to maintain their DPR. Our top picks: BBNI and BBRI. Maintain OVERWEIGHT.
- Maskun Ramli
- Posmarito Pakpahan
- Posmarito Pakpahan
Banking – Net Profit Up 22% yoy In 2M23 With Low Liquidity Ris
Following the strong 2M23 results, we expect big banks to record solid 1Q23 performances. On the back of: a) 9.8% loan growth, b) higher yield, and c) lower CoC, the big four banks’ unconsolidated net profit grew 22% yoy in 2M23 (BBCA: +34%, BBNI: +30%, BMRI: +23%, BBRI: +8.1%). Indonesian banks have ample liquidity to cover their short-term obligations and stable funding to support long-term assets. Maintain OVERWEIGHT on the sector. Top picks: BBCA and BBNI.
BDMN PT BANK DANAMON INDONESIA TBK CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
- Maskun Ramli
- Posmarito Pakpahan
BDMN PT BANK DANAMON INDONESIA TBK CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
- Posmarito Pakpahan
Banking – Continuing To Grow Amid Global Economic Challenges
Amid the complex global economic environment, our economist expects the economy to grow 4.9% while 7DRR to remain unchanged at 5.75% for the rest of year. With support from sound domestic economy, flush liquidity, strong CAR, robust coverage, banks’ earnings will continue to grow in 2023. We believe some banks will book NIM expansion while loss and unrealised loss from the bonds and marketable securities holding by banks should have limited impact to earnings. Our top picks: BBNI & BBCA.
BDMN PT BANK DANAMON INDONESIA TBK CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
- Maskun Ramli
- Posmarito Pakpahan
BDMN PT BANK DANAMON INDONESIA TBK CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
- Posmarito Pakpahan
Banking – Starting 2023 With Strong Loan Growth, Higher Yields And Low...
We foresee limited risk from global macro uncertainties. Supported by solid CAR, flush liquidity and robust coverage, the banks under our coverage could deliver 14% yoy net profit growth in 2023. The banks started 2023 with higher yields, strong loan growth and lower CoC, reporting 26.7% yoy net profit growth. This week, some of the banks will conduct AGM. We maintain OVERWEIGHT on the banking sector and prefer big banks to small banks. Our top picks: BBNI and BBCA.
BDMN PT BANK DANAMON INDONESIA TBK CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
- Maskun Ramli
- Posmarito Pakpahan
BDMN PT BANK DANAMON INDONESIA TBK CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
BTPS BANK TABUNGAN PENSIUNAN NASIONAL SYARIAH
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
BBYB BANK NEO COMMERCE
- Maskun Ramli
- Posmarito Pakpahan
- Posmarito Pakpahan
Banking – Solid Fundamentals; Maintain OVERWEIGHT
We maintain OVERWEIGHT on the banking sector and prefer big banks to small banks. We believe big banks will be able to manage the impact from higher interest rates in 2023 and grow their loans by high single digits. Meanwhile, their robust coverage and improving asset quality could lower CoC. 11M22 net profit grew 50.5% yoy, above our and market expectations; this was mainly driven by a plunge in provision expenses. We expect FY22 results to be published by end-Jan 23. Our top picks: BBRI and BM...
- Posmarito Pakpahan
Bank Danamon (BDMN IJ) - Synergies With MUFG Remain The Main Growth Dr...
Through its synergies with MUFG, BDMN expects a solid loan growth and an improvement in its CASA ratio. These will lead to solid earnings growth, with net profit expected to have doubled to Rp3.2t in 2022 and to further increase 16% to Rp3.8t in 2023. However, net profit will not yet return to 2019’s net profit level of Rp4.0t, and ROE should remain at high single digits in 2023. We raise our cost of equity due to BDMN’s higher risk-free rate and incorporation of its illiquid premium, resulting ...
- Maskun Ramli
- Posmarito Pakpahan
- Jack Goh Tooan Orng
- Jo Yee Ng
- Jonathan Koh
- Malaysia Research Team
- Posmarito Pakpahan
- Vincent Khoo Boo Aik
- Waritthorn Kaewmuang
- Zhifeng Shen
Regional Morning Notes - Monday, January 09, 2023
GREATER CHINA Sector Consumer: Footfall recovery in progress; pay attention to potential profit-taking. INDONESIA Update Bank Danamon (BDMN IJ/HOLD/Rp2,620/Target: Rp2,500): Synergies with MUFG remain the main growth driver. Downgrade to HOLD. MALAYSIA Strategy China Reopening Beneficiaries: China’s economic and border reopening will enhance earnings for many Malaysian companies and is uplifting for Malaysia’s macro outlook. Update Malaysia Airports Holdings (MAHB MK/BUY/RM6.74/Target: RM7.52)...
- Posmarito Pakpahan
Banking – Earnings Recovery On the Back Of Provision Expenses And High...
Based on 2M22 results, we expect 1Q22 net profit of some banks under our coverage to exceed expectations. BBRI and BMRI posted solid bank-only net profits, above expectations, supported by their loan growth and lower provision expenses. We believe the pressure caused by the rise in BI’s 7-day reverse repo rate and Rupiah Statutory Reserve will be manageable due to ample liquidity and strong CASA growth. We expect stable NIM while a decline in provision expenses and high single-digit loan growth ...
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