reports
Tabungan Negara Persero PT Bank: 1 director
A director at Tabungan Negara Persero PT Bank bought 854,400 shares at 1,382.374IDR and the significance rating of the trade was 72/100. 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 ...
Thanks to a better fundamental star rating, BANK TABUNGAN NEGARA (PERS...
The independent financial analyst theScreener just awarded an improved star rating to BANK TABUNGAN NEGARA (PERSERO) (ID), active in the Mortgage Finance industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date February 15...
- Akhmad Nurcahyadi
- Chong Lee Len
- Chun Sung Oong
- Desmond Chong Chee Wai
- Jie Ying Chloe Tan
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Llelleythan Tan Tan
- Philip Wong
- Sandra Huang Jieqiong
Regional Morning Notes - Friday, October 22, 2021
GREATER CHINA Sector Automobile: Weekly: PV sales rebounded 11% mom in the first half of October, in line. Maintain MARKET WEIGHT. Top picks: BYD, CATL, Zhongsheng and Yongda. Banking: Slowing economy weighs on sector outlook. Update Chinasoft International (354 HK/NOT RATED/HK$13.18): Key beneficiary of HarmonyOS ecosystem. Yunnan Energy New Material (002812 CH/BUY/Rmb299.00/Target: Rmb348.00): Separator product prices start to pick up. INDONESIA Results Bank Tabungan Negara (BBTN IJ/BUY/Rp1,7...
- Akhmad Nurcahyadi
Bank Tabungan Negara (BBTN IJ) - 3Q21 Net Profit Jumped 69% yoy Due To...
BBTN saw a 35.3% yoy net profit jump in 9M21 to Rp1.51t, beating our and consensus expectations. The strong net profit growth was driven by a decline in the cost of funds. COVID-19 restructured loans continue to show a declining trend. Profitability shows a consistent progress with NIM in 3Q21 at 3.52%, surpassing our 2021 expectations. For 2022, we expect a 47.3% yoy growth in net income. BBTN trades at a 0.8x P/B (-1SD P/B). Maintain BUY with a higher target price of Rp2,210.
- Akhmad Nurcahyadi
- Maskun Ramli
- Akhmad Nurcahyadi
Banking – Expect Net Income To Grow 32.5% In 2022; Upgrade To OVERWEIG...
Now that the negative impact from the strict PPKM seems to have passed, we expect the banking sector’s loan growth to improve and NPL to start declining. Post a 48.5% decline in 2020, we expect banks under our coverage to report an average 79.5% growth in net income in 2021 and 32.5% in 2022. The banking sector has returned -1.7% ytd, lagging the JCI’s 7.3% ytd return. Upgrade to OVERWEIGHT. Top picks: BMRI and BBNI.
- Akhmad Nurcahyadi
- Maskun Ramli
- Stevanus Juanda
Strategy - The Year-end Rally Starts Now!
In the last 10 years, returns in 4Q average 5.02%, which implies that returns in 4Q21 should be the highest for 2021 with a >80% probability of positive returns in Oct and Dec 21. Investors could focus on large-cap undervalued names, especially in financials. Beneficiaries of an economic recovery should continue to appreciate. High beta property and construction stocks could outperform. Ytd laggards could become the new outperformers. Our picks are BMRI, BBNI, BBTN, TLKM, UNVR, JSMR, MAPI, CTRA,...
BBNI PT BANK NEGARA INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
MYOR MAYORA INDAH
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
BSDE PT BUMI SERPONG DAMAI TBK
BBTN PT BANK TABUNGAN NEGARA (PERSERO) TBK
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
- Maskun Ramli
- Stevanus Juanda
BBNI PT BANK NEGARA INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
MYOR MAYORA INDAH
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
BSDE PT BUMI SERPONG DAMAI TBK
BBTN PT BANK TABUNGAN NEGARA (PERSERO) TBK
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
- Akhmad Nurcahyadi
Banking – Various Corporate Actions To Support Growth
We expect BBNI and BBTN to see an increase in Tier 1 CAR after their rights issues next year. We turn positive on BBRI and expect it to see see stronger performance due to the positive impact from the synergy with Pegadaian and PNM. With NPL declining, a higher CAR could translate into more funds for banks to grow. BBCA’s stock split could attract more retail investors. Watch out for the industry’s loan growth in Aug 21 and banks’ 8M21 results. Maintain MARKET WEIGHT. Top pick: BMRI.
- Akhmad Nurcahyadi
- Maskun Ramli
- Akhmad Nurcahyadi
- Arsit Pamaranont
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Keith Wee Teck Keong
- Leow Huey Chuen
- Llelleythan Tan Tan
Regional Morning Notes - Tuesday, September 21, 2021
GREATER CHINA Sector Industrial Automation: Prefer Inovance amid tough operating environment. Maintain OVERWEIGHT. INDONESIA Update Bank Tabungan Negara (BBTN IJ/BUY/Rp1,355/Target: Rp1,740): Structural growth from Tapera with potentially lower-than-expected NPL. MALAYSIA Update MSM Malaysia (MSM MK/NOT RATED/RM1.65): Sweet spot with sustainable turnover earnings. RHB Bank (RHBBANK MK/BUY/RM5.30/Target: RM6.35): Potential upside surprise in dividends coupled with attractive valuations. Maintai...
- Akhmad Nurcahyadi
Bank Tabungan Negara (BBTN IJ) - Structural Growth From Tapera With Po...
We think the Tapera programme could provide structural growth to BBTN. The initial 11,000 houses are targeted at the low-income segment actively working as government employees. Many of these borrowers have a track record of making payments towards their monthly down payments; thus significantly lowering the risk of NPL. BBTN would benefit should this programme be expanded nationwide to both public and private employees. Maintain BUY with a target price of Rp1,740.
- Akhmad Nurcahyadi
- Maskun Ramli
- Akhmad Nurcahyadi
Banking – Positive Loan Growth In Jul 21; Expect Positive Impact From ...
Jul 21 banking loan growth remained positive (+0.5% yoy), backed by credit consumption which grew 2.4% yoy, despite the level 4 PPKM. With further PPKM relaxation, we think loan growth could accelerate. BMRI booked the highest loan growth of 6.2% yoy. The credit restructuring relaxation has officially been extended and could bring positive impacts to both debtors and banks, as it gives them more time to get prepared before the relaxation is lifted. Maintain MARKET WEIGHT. Top pick: BMRI.
- Akhmad Nurcahyadi
Banking – New Regulations From OJK Support Formation Of Digital Banks
The Financial Services Authority recently issued new regulations on new capital requirement and digital banks. The minimum new capital for a new bank is Rp10t and digital banks must have at least one physical branch. We believe these new regulations could be a catalyst to the industry and could accelerate the digital transformation of banks with more digital products offered. Our focus on near-term events remains on the Jul 21 and Aug 21 banking earnings. Maintain MARKET WEIGHT. Top pick: BMRI.
- Akhmad Nurcahyadi
- Maskun Ramli
Moody's announces completion of a periodic review of ratings of Bank T...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Bank Tabungan Negara. Global Credit Research- 20 Aug 2021. Singapore, August 20, 2021-- Moody's Investors Service has completed a periodic review of the ratings of Bank Tabungan Negara and other ratings that are associated with the same analytical unit.
- Adrian Loh Tzum Yung
- Akhmad Nurcahyadi
- Arsit Pamaranont
- Johnny Yum Chung Man
- Jonathan Koh
- Ken Lee
- Kowit Pongwinyoo
- Philip Wong
- Shaun Tan
- Xiu Li Yap
- Ziv Ang Sze Champ
Regional Morning Notes - Wednesday, August 18, 2021
GREATER CHINA Results A-Living Service (3319 HK/BUY/HK$31.45/Target: HK$40.25): 1H21: Results in line with expectations; net profit up 51% yoy. Nexteer Automotive Group (1316 HK/BUY/HK$10.30/Target: HK$14.00): 1H21: Earnings miss estimates on chip shortage; recovery expected in 2H21. Maintain BUY but trim target price to HK$14.00. Sunny Optical (2382 HK/BUY/HK$217.80/Target: HK$254.00): 1H21: Revenue missed but margins and net profit beat expectations. INDONESIA Results Bank Negara Indonesia (B...
BBNI PT BANK NEGARA INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
BBTN PT BANK TABUNGAN NEGARA (PERSERO) TBK
1316 NEXTEER AUTOMOTIVE GROUP LTD
DBB DUOPHARMA BIOTECH BHD
VGI VGI PARTNERS
3319 A-LIVING SERVICES CO LTD
KLCCSS KLCCP STAPLED GROUP
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
- Akhmad Nurcahyadi
Bank Tabungan Negara (BBTN IJ) - EPS Growth Likely To Be More Than 20%...
We like BBTN’s net profit achievement in 1H21 which jumped by 19.9% yoy, on the back of solid PPOP growth of 29.6% yoy. We revised up our credit cost assumption to 1.2% (in line with BBTN guidance). We expect 2H21 net profit to form 53.5% of our 2021 forecast (historical average 2H to FY: 53.6%). On the profitability side, NIM should hover around 3.3-3.6% (1H21 booked 3.4%) with BBTN guiding 3.5-3.6% and our 2021 forecast of 3.3%. Maintain BUY. Lower target price to Rp1,740.
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