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Bank Mandiri (Persero) Tbk PT: 2 directors

Two Directors at Bank Mandiri (Persero) Tbk PT bought 1,110,000 shares at between 4,870.000IDR and 5,000.000IDR. The significance rating of the trade was 51/100. 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 comp...

Adrian Loh Tzum Yung ... (+11)
  • Adrian Loh Tzum Yung
  • Desmond Chong Chee Wai
  • Ejann Hiew
  • Jonathan Koh
  • Julia Pan Mengyao
  • Kampon Akaravarinchai
  • Ming San Soong
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Wei Xiang Ku

Regional Morning Notes - Thursday, February 06, 2025

GREATER CHINA Sector Consumer: Satisfactory consumption momentum during CNY. Online Travel Agencies: Spring Festival 2025 propelled by prosperous cross border traffic. INDONESIA Results Bank Mandiri (BMRI IJ/BUY/Rp5,525/Target: Rp7,000): 2024: Strong loan growth and solid asset quality. MALAYSIA Update Press Metal Aluminium Holdings (PMAH MK/BUY/RM4.98/Target: RM7.00): 4Q24 weakness expected; new alumina refinery and VAP expansion to drive growth ahead. SKP Resources (SKP MK/BUY/RM1.06/Target:...

Posmarito Pakpahan
  • Posmarito Pakpahan

Bank Mandiri (BMRI IJ) - 2024: Strong Loan Growth And Solid Asset Qual...

Despite the challenging environment, BMRI retained a 21% ROE and delivered a 1.3% yoy net profit growth. NIM fell about 33bp, but loans grew 19.5% and NPL ratio was 1.12%. Supported by Livin and Kopra, it continued gaining market share in the CASA market, strengthening its funding structure. We cut our 2025/26 net profit estimated by 7%/5%, mostly due to lower NIM assumptions. Maintain BUY with a lower target price of Rp7,000 on our reduced ROE assumptions and higher risk-free rates.

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Posmarito Pakpahan

Indonesia Daily - Thursday, February 6, 2025

Bank Mandiri (BMRI IJ/BUY/Rp5,525/Target: Rp7,000): 2024: Strong loan growth and solid asset quality. TRADERS’ CORNER Pertamina Geothermal Energy (PGEO IJ): Technical BUY Amman Mineral Internasional (AMMN IJ): Technical BUY

Greater China Research Team ... (+5)
  • Greater China Research Team
  • Johnny Yum
  • Malaysia Research Team
  • Singapore Research Team
  • Thailand Research Team

Regional Strategy: Alpha Picks - February 2025

GREATER CHINA Strategy Alpha Picks: February Conviction Calls: Add AIA, CR Land, Haier and Han’s Laser to our BUY list. Take profit on Crystal, Geely, Trip.com and Weimob. INDONESIA Strategy Alpha Picks: Slight Underperformance In Jan 25: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI and ASII. MALAYSIA Strategy Alpha Picks: Spotlight On The Upcoming Results Winners: Our Alpha Picks outperformed in Jan 25. Feb 25 picks: Gamuda, GENM, Kossan, MrDIY, MYEG, Pekat, RGB, RHB Bank, VSI...

MAJOR MAJOR CINEPLEX GROUP PCL
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
Johnny Yum ... (+2)
  • Johnny Yum
  • Stevanus Juanda

Strategy - Trade War Begins

Donald Trump announced a 25% tariff on imports from Mexico and Canada. Imports of oil from Canada into the US are subject to a 10% tariff, in addition to an extra 10% tariff on imports from the US, Canada retaliated by imposing a 25% tariff on imports from the US, including beverages, cosmetics and paper products worth US$20b. Mexico and China are also expected to retaliate. The biggest risk is the potential underperformance of the JCI. Our top picks are ASII, BMRI, BBNI, BBTN, CMRY, KLBF, SIDO,...

Johnny Yum ... (+3)
  • Johnny Yum
  • Maskun Ramli
  • Stevanus Juanda

Indonesia Daily - Tuesday, February 4, 2025

Strategy: Trade War Begins: Our top picks are ASII, BMRI, BBNI, BBTN, CMRY, KLBF, SIDO, CTRA, ACES and GOTO. We have an end-25 target of 8,200 for the JCI. TRADERS’ CORNER Ciputra Development (CTRA IJ): Technical BUY Indo Tambangraya Megah (ITMG IJ): Technical BUY

Johnny Yum
  • Johnny Yum

Strategy - Alpha Picks: Slight Underperformance In Jan 25

Our portfolio slightly underperformed in Jan 25, delivering a 0% return vs the JCI’s 0.4% gain. The gainers were BBNI (9.7%), BMRI (5.7%), BBRI (3.4%), EXCL (0.9%) and CTRA (0.5%). The losers were CMRY (-9.1%), ISAT (-6.9%), JSMR (-2.3%) and ASII (-2.0%). February tends to be a strong month, delivering an average return of 1.04% with 70% probability. We remove CMRY from our portfolio as it has delivered a -12.7% return since its inclusion. Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, ...

Johnny Yum ... (+2)
  • Johnny Yum
  • Maskun Ramli

Indonesia Daily - Monday, February 3, 2025

Strategy: Alpha Picks: Slight Underperformance In Jan 25: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI and ASII. TRADERS’ CORNER Bank BTPN Syariah (BTPS IJ): Technical BUY Sumber Alfaria Trijaya (AMRT IJ): Technical BUY

Anas Fitri Bin Ahmad ... (+12)
  • Anas Fitri Bin Ahmad
  • Benjaphol Suthwanish
  • Jo Yee Ng
  • Jonathan Koh
  • Kitpon Praipaisarnkit
  • Lester Siew
  • Posmarito Pakpahan
  • Shirley Wang Xueyi
  • Stella Guo Yuting
  • Tham Mun Hon
  • Thanawat Thangchadakorn
  • Ziv Ang Sze Champ

Regional Morning Meeting Notes: Wednesday, January 15, 2025

GREATER CHINA Economics Money Supply Positive signs despite weak credit demand. Sector Baijiu Industry remains under pressure; conservative tone toward 2025; channel healthiness and price stability the key focuses. Downgrade the baijiu sector to UNDERWEIGHT. Metals and Mining ...

Posmarito Pakpahan
  • Posmarito Pakpahan

Banking – BBCA And BRIS To Deliver Double-digit Earnings Growth

Ytd net foreign sell-off has continued for some Indonesian banks which we believe provided attractive entry prices. Amid the headwinds from the uncertainty of rate cuts, tighter liquidity, and government policies, BBCA and BRIS could deliver double-digit earnings growth in 2024/25. Given its low LDR and strong CASA franchise, BBCA has room to manage its NIM. Hajj Wadiah savings accounts, the gold financing business, and bancassurance could be earnings growth drivers for BRIS in 2025.

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Posmarito Pakpahan

Indonesia Daily - Wednesday, January 15, 2025

Banking: BBCA and BRIS to deliver double-digit earnings growth. TRADERS’ CORNER Unilever Indonesia (UNVR IJ): Technical BUY Saratoga Investama Sedaya (SRTG IJ): Technical BUY

Greater China Research Team ... (+5)
  • Greater China Research Team
  • Johnny Yum
  • Malaysia Research Team
  • Singapore Research Team
  • Thailand Research Team

Regional Strategy: Alpha Picks – January 2025

GREATER CHINA Strategy Alpha Picks: January Conviction Calls: Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Still Ample Domestic Catalysts: Our Alpha Picks outperformed in Dec 24. Jan 25 picks: Gamuda, GENM, MrDIY, MYEG, Pekat, RGB, RHB Bank, SP Setia, VSI and Yinson. SINGAP...

MAJOR MAJOR CINEPLEX GROUP PCL
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
Johnny Yum ... (+2)
  • Johnny Yum
  • Stevanus Juanda

Strategy - 2024 JCI Return Analysis

The JCI delivered a 3.7% decline in 2024, underperforming the MSASJ after two previous years of outperformance. IDXENER was the top performing sector in the JCI with a 31.9% return. IDXFIN dropped 6.2% in 2024 with big banks delivering negative returns. Gains of over 100% have been observed in MLPT, SRAJ, JSPT, PTRO, PANI, CLEO and BRMS. The worst performers are SMGR, UNVR, MDKA, GGRM, TOWR, TLKM and HMSP. For 2025, our top picks are ASII, BMRI, BBNI, BRIS, CMRY, KLBF, SMRA, ACES and GOTO.

Johnny Yum ... (+3)
  • Johnny Yum
  • Maskun Ramli
  • Stevanus Juanda

Indonesia Daily - Monday, January 6, 2025

Strategy: 2024 JCI Return Analysis: Our top picks are ASII, BMRI, BBNI, BRIS, CMRY, KLBF, SMRA, ACES and GOTO. We have an end-25 target of 8,200 for the JCI. TRADERS’ CORNER Telkom Indonesia (TLKM IJ): Technical BUY Trimegah Bangun Persada (NCKL IJ): Technical BUY

Johnny Yum
  • Johnny Yum

Strategy - Alpha Picks: Our Selections Outperform In 2024

Due to the performance in 9M24, our portfolio outperformed in 2024. Our selections recorded a 2.2% return compared with the JCI’s decline 2.7% in 2024. In Dec 24, our selections fell 6.2% while the JCI dropped only 0.5%. We add ISAT and KLBF into our portfolio to add defensiveness and foresee uncertainty in the market. We also triggered our stop-loss and dropped BBTN and NCKL. Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII.

Johnny Yum ... (+2)
  • Johnny Yum
  • Maskun Ramli

Indonesia Daily - Friday, January 3, 2025

Strategy: Alpha Picks: Our Selections Outperform In 2024: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. TRADERS’ CORNER Bank Rakyat Indonesia (BBRI IJ): Technical BUY Bumi Resources (BUMI IJ): Technical BUY

Adrian Loh Tzum Yung ... (+9)
  • Adrian Loh Tzum Yung
  • Benjaphol Suthwanish
  • Desmond Chong Chee Wai
  • Greater China Research Team
  • Johnny Yum
  • Jonathan Koh
  • Kitpon Praipaisarnkit
  • Krit Tanarattananon
  • Thailand Research Team

Regional Morning Meeting Notes: Friday, January 03, 2025

GREATER CHINA Strategy Alpha Picks: January Conviction Calls Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024 Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Update VS Industry (VSI MK/BUY/RM1.16/Target: RM1.50) Despite a 17% recovery in its share price since its low in m...

Posmarito Pakpahan
  • Posmarito Pakpahan

Banking – Investor Feedback: Investors Cautious On Rate Cut Uncertaint...

Feedback from investors during our annual strategy conference in Malaysia showed that they remain cautious on Indonesian banks as they are less optimistic about the rate cut outlook and liquidity tightening. We believe that higher government spending, which focuses on boosting consumption, could revitalise the domestic economy. Valuation is attractive as the big four banks are trading close to the mean five-year P/B. We maintain OVERWEIGHT on the sector. Top picks: BBCA, BMRI, BBNI, BRIS and BBT...

Maskun Ramli ... (+2)
  • Maskun Ramli
  • Posmarito Pakpahan

Indonesia Daily - Wednesday, December 11, 2024

Banking: Investor feedback: Investors remain cautious on rate cut uncertainty and liquidity tightening. TRADERS’ CORNER Merdeka Copper Gold (MDKA IJ): Technical BUY Aspirasi Hidup Indonesia (ACES IJ): Technical BUY

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