reports
- Posmarito Pakpahan
Banking – Digital Banks: Improving Profitability On The Back Of High A...
The deep price correction on digital banks gives an attractive risk-reward profile. We see an improvement in banks’ monthly profitability mainly due to high NIM and lower CIR. Seabank and ARTO continued to post positive net profit in Apr 22 while BBYB showed a narrowing PPOP loss at Rp44b in Mar 22 (Feb 22: -Rp108b). BBYB still leads in customer acquisition with more than 1m downloads per month. Maintain MARKET WEIGHT on the sector. Reiterate BUY on BBYB with a target price of Rp3,300.
- Maskun Ramli
- Posmarito Pakpahan
- Posmarito Pakpahan
Bank Jago (ARTO IJ) - Trading At Several Times The Valuations Of Its C...
ARTO turned a profit in 2021 as it booked a positive pre-tax income in the last two quarters. Loans are expected to double in 2022 supported by a strong CAR while NIM is estimated at 10-11% as channelling and sharia loans dominate the loan mix. Less pressure on CoF is expected as ARTO has received Rp5t from a rights issue. CIR remains elevated due to stiffening competition and credit cost will be higher to provide ample coverage.
- Maskun Ramli
- Posmarito Pakpahan
- Carolyn Ching
- Chaiwat Arsirawichai
- Jacquelyn Yow Hui Li
- Leow Huey Chuen
- Posmarito Pakpahan
- Singapore Research Team
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Wednesday, March 16, 2022
GREATER CHINA Economics Economic Activity: Upside surprise in activity data, but downside risks mount; lower GDP target to 4.8%. INDONESIA Small/Mid Cap Highlights Bank Jago (ARTO IJ/NOT RATED/Rp15,000): Trading at several times the valuations of its closest peers. MALAYSIA Update Kuala Lumpur Kepong (KLK MK/HOLD/RM26.18/Target: RM30.00): High production growth and CPO prices diluted the impact from higher cost of production; marginal impact from DMO. SINGAPORE Results Trans-China Automotive ...
BANK JAGO with less fundamental stars is reduced to Neutral
BANK JAGO (ID), a company active in the Money Center Banks industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date J...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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