Result Note

Bank BRI
Bloomberg: BBRI:IJ | Reuters: BBRI.JK

Samuel Equity Research 25 Oktober 2018

BUY (Maintain) Inline 9M18 Result

 Pendapatan bunga bersih tumbuh 6,5%yoy
Target Price Rp 3,800 (3Q18: 0,2%qoq/+4,7%yoy).
Last Price Rp 2,950  Laba sebelum provisi meningkat 8,5%yoy
Potential Upside 28.8% (3Q18: +0,7%qoq/+10,2%yoy).
JCI Index 5,709  Laba bersih naik 14,6%yoy (3Q18: +14,7%qoq/+21,5%yoy).
Share Issued (mn) 123,345
Kredit tumbuh melebihi industri. Kredit tumbuh 16,3%yoy (industri:
Market Cap. (Rp bn) 363,868
12,1%yoy per Ags’18) ditopang terutama oleh segmen mikro dan small
52-Weeks High/Low 3,920/2,720 commercial. DPK yang hanya tumbuh 12,9% membuat likuiditas relatif masih
Avg Daily Vol (mn) 105.2 ketat (LDR (bank only): 3Q17: 90,4%, 2Q18: 95,3%, 3Q18: 93,2%).
Free Float 43.25%
NIM dalam tekanan. Cost of fund cenderung meningkat (COF liabilities:
Nominal Value Rp 50
FY17: 3,27%, 1H18: 3,33%, 9M18: 3,41%) dan NIM (konsolidasi) menurun
Book value/share ‘18 Rp 1,504 (FY17: 7,78%, 1H18: 7,53%, 9M18: 7,49%). Seiring tren kenaikan suku
Relative to JCI Chart bunga, BRI akan mengurangi promosi bunga kredit di sejumlah segmen
80%
BBRI
termasuk korporasi, sehingga akan membantu menjaga NIM. Suku bunga
60%
kredit mikro tidak mudah dinaikkan karena level saat ini sudah relatif tinggi,
40% JCI
20%
demi menjaga kualitas.
0%
Dec-15
-20% Jul-16 Feb-17 Sep-17 Apr-18 Kualitas kredit sedikit menurun. Kualitas kredit relatif menurun (NPL gross:
-40% 3Q17:2,23%, 2Q18:2,33%, 3Q18:2,46%) terutama di segmen medium dan
korporasi. Ada 3 perusahaan termasuk SoE yang di-downgrade menjadi
Company Background NPL, ada pula write off Rp 2,4tn di 3Q18. Meski demikian, biaya
pencadangan turun 12%yoy (3Q18: -38%qoq) seiring coverage ratio yang
PT Bank Rakyat Indonesia Tbk didirikan pada
menurun (3Q17: 210%, 2Q18: 192%, 3Q18: 182%), dimana manajemen
tahun 1968 dan melantai di bursa efek pada
menilai level di atas 170% sebagai level yang aman. Penurunan biaya
2003. Bank ini terus berkembang dan saat ini
pencadangan itu mendukung pertumbuhan laba bersih.
merupakan salah satu bank terbesar di
Indonesia.
Kinerja sesuai ekspektasi. Pendapatan bunga bersih 9M18 naik 6,5%yoy,
Shareholder Structure
pendapatan fee-based naik 15,8%, laba operasi sebelum provisi naik 8,4%,
dan laba bersih tumbuh 14,6%. Laba bersih tersebut mencerminkan 74% dari
Govt of Indonesia 56.8%
ekspektasi kami dan 72% dari konsensus untuk FY18E (inline). Secara
Public 43.3% umum kami melihat kinerja 3Q18 masih relatif baik, namun tantangan di
4Q18 masih cukup besar seiring tren kenaikan suku bunga dan depresiasi
rupiah. NPL perlu diantisipasi.

Mempertahankan Buy. Kami saat ini masih mempertahankan rekomendasi

Buy dengan target price Rp 3.800 (2,2x PBV 2019F).
Andy Ferdinand, CFA
+62 21 2854 8148
andy.ferdinand@samuel.co.id .

www.samuel.co.id Page 1 of 3
 Bank BRI
BBRI:IJ | BBRI.JK

Figure 1. 9M18 Result

(reported figures)
Rpbn 3Q17 2Q18 3Q18 QoQ YoY 9M17 9M18 YoY FY18F Achiev.

Net Interest Income 18,771 19,623 19,660 0.2% 4.7% 54,348 57,904 6.5% 78,304 73.9%
Operating Profit 8,468 9,323 11,429 22.6% 35.0% 24,622 29,895 21.4% 40,813 73.2%
Pre Provision Profit 13,312 14,569 14,666 0.7% 10.2% 40,335 43,764 8.5% 55,289 79.2%
Net Profit 7,092 7,512 8,614 14.7% 21.5% 20,540 23,548 14.6% 31,877 73.9%
Bank Only:
NIM 8.0% 7.6% 7.6%
BOPO 72.1% 70.5% 69.1%
LDR 90.4% 95.3% 93.2%
Gross NPL 2.2% 2.3% 2.5%

Source: Company, SSI Research

Figure 2. Loan and Deposits (Bank Only)

Rptn 9M17 9M18 Growth Composition

Micro 229 267 16.3% 34.5%

Consumer 108 127 17.7% 16.5%
Small Commercial 147 172 16.9% 22.3%
Medium 19 20 1.5% 2.5%
Corporate Non SoE 74 86 15.6% 11.1%
SoE 86 101 17.3% 13.1%
TOTAL 665 773 16.3% 100.0%

Rptn 9M17 9M18 Growth Composition

Time Deposit 316 347 9.8% 41.9%

Saving Account 303 344 13.4% 41.5%
Current Account 116 139 19.8% 16.7%
TOTAL 735 830 12.9% 100.0%

Source: Company, SSI Research

www.samuel.co.id Page 2 of 3
Research Team

Head of Equity Research, Strategy,

Andy Ferdinand, CFA andy.ferdinand@samuel.co.id +6221 2854 8148
Banking, Consumer (Staple)

Ahmad Mikail Economist ahmad.mikail@samuel.co.id +6221 2854 8396

William Mamudi, CMT Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382

Property, Construction, Cement, Toll
Akhmad Nurcahyadi, CSA Road, Aviation, Automotive, Mining akhmad.nurcahyadi@samuel.co.id +6221 2854 8144
Contractor, Cigarette, Healthcare
Oil and Gas, Chemical, Coal, Telco,
Arandi Ariantara arandi.ariantara@samuel.co.id +6221 2854 8392
Telco Retail
Consumer (Poultry, Retail, Small Cap),
Marlene Tanumihardja marlene@samuel.co.id +6221 2854 8387
Pulp and Paper, Media
Metal, Telco Infrastructure, Plantation,
Sharlita Lutfiah Malik sharlita.malik@samuel.co.id +6221 2854 8339
Small Cap

Albertha Palma Research Associate albertha.palma@samuel.co.id +6221 2854 8338

Private Wealth Management

Evelyn Satyono Head of PWM / Institutional Sales evelyn.satyono@samuel.co.id +6221 2854 8380

Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129

Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399

Clarice Wijana Institutional Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395

Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325

Equity Sales Team

Kelvin Long Head of Equities kelvin.long@samuel.co.id +6221 2854 8150

Yulianah Institutional Equity Sales yulianah@samuel.co.id +6221 2854 8146

Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id +6221 2854 8173

Online Trading Sales Team

Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372

Wahyu Widodo Marketing wahyu.widodo@samuel.co.id +6221 2854 8371

Aben Epapras Marketing aben.epapras@samuel.co.id +6221 2854 8389

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issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this
research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independence and objectivity
in making any recommendations. This document is for information only and for the use of the recipient. It is not to be reproduced or copied or made available to
others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommendation contained in this report may not be
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reliability cannot be guaranteed. All rights reserved by PT Samuel Sekuritas Indonesia

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