January 22, 2015

Banks
Angga Aditya Assaf
Sector Focus (angga.aditya@trimegah.com)

Improvement On Sight
FY14F Earnings Preview: big banks are likely to be in line with
consensus while most of smaller banks would miss estimates
Our FY14F earnings preview analysis shows that big banks’ earnings are
likely to be in-line with consensus estimates. BBNI is an exception,
which might beat consensus expectation by ~10% as the company
indicates higher earnings growth than 2013. Meanwhile, most of smaller
banks are likely to miss estimates. BJTM is predicted to miss the con-
sensus expectation due to one-off deferred tax payment despite strong
4Q14 operating performance. We also highlight the potential turnaround
of BJBR after the appointment of new Board of Commissioners and
Management despite its expected weak earnings in FY14. On the other
hand, BDMN is also expected to miss the estimates following significant
restructuring expense in 4Q14, as indicated by the company. OVERWEIGHT
2015 will be better for Indonesian banking sector
Earnings Announcement
We became more bullish to Indonesian banking sector as we see possi-
Company Earnings Remarks
ble improvement in loan growth due a series of government policies to
support industry growth in 2015. Some of them are, among others, 1) BBRI 01/26/2015 (C) In-line
possible decline in lending rates as asked by regulators—although it
BDMN 01/29/2015 (C) Below
might impair banks’ NIM, we also expect more loan disbursement as a
result of lower lending rates; 2) lower risk weight for loans to infrastruc- BBNI 01/29/2015 (E) Above
ture, maritime, and agriculture sectors—we view this positively for BMRI 02/10/2015 (E) In-line
banks with high exposure to these sectors, e.g., BBNI, BMRI, and BBRI.
BBTN 02/10/2015 (E) Below
The improvement in loan growth will be also supported by: 1) improve-
ment in liquidity condition as indicated by lower system’s LDR (88.7% in BTPN 02/18/2015 (E) Below
Nov’14 vs 90% in 3Q14) and decline in deposit rates, and 2) expectedly BBCA 03/05/2015 (E) Above
better NPL level as macro conditions become more favorable, i.e., more BJBR 03/11/2015 (E) In-line
stable and controlled inflation, BI rate to remain at 7.75% level.
BJTM 03/25/2015 (E) Below

Conclusion: improvement is on sight. Maintain OVERWEIGHT.

We think that worst is going to pass as we overlook a better growth
period this year following some policies to be implemented by the gov-
ernment. We recommend to overweight the big banks, since they are
proven to be defensive during unfavorable macro conditions. Our top
picks are BBNI for its cheap valuation despite best earnings momentum,
and BJTM for its attractive dividend yield and bright fundamental out-
look. Risks to our call are: 1) possible fed fund rate hike in 2H15, 2)
delay in government’s infrastructure and maritime program implementa-
tion, 3) adverse rise in industry NPL, and 4) slower industry deposit
growth.

Companies Data
Ticker Price TP (Rp) Ups. Rec 2015E 2015E 2015 EPS 2015E ROE 2015E Div Mkt Cap
01/21/15 (%) PBV (x) PE (x) Growth (%) Yield (%) (Rp bn)
(Rp) (%)
BBNI 5,975 6,800 14% BUY 1.6 9.1 13.4 19.0 1.9 111,426
BBRI 11,425 13,200 16% BUY 2.3 10.2 12.9 23.0 1.7 281,845
BMRI 10,975 10,600 -3% HOLD 2.1 10.5 14.5 19.5 1.7 256,083
BBCA 13,075 13,900 6% HOLD 3.5 17.1 19.9 20.2 1.0 322,364
BJTM 515 590 15% BUY 1.1 6.3 16.5 18.2 8.9 7,683
BBTN 1,010 1,350 34% BUY 0.8 6.0 49.4 12.6 2.2 10,673
BTPN 4,075 4,500 10% HOLD 1.7 10.6 11.0 15.9 0.0 23,799
BJBR 780 800 3% HOLD 1.0 6.9 -12.3 13.6 8.0 7,563
BDMN 4,615 3,600 -22% HOLD 1.2 11.7 15.0 10.5 2.2 44,569
PT Trimegah Securities Tbk - www.trimegah.com SECTOR FOCUS 1
FY14F Earnings Preview: Big banks to beat consensus, smaller banks mostly will be below
Our earnings preview analysis suggests BBNI is likely to beat our and consensus FY14F estimates by ~5% and
~10% respectively. Meanwhile, BBRI, BMRI, and BBCA is expected to be in line with consensus estimates. We
highlight BJTM’s expected FY14 net profit to miss the estimates due to one-off deferred tax expenses, despite
solid 4Q14 operating results. However, we see no problem on its fundamental and the stock remains to be our
top picks in banking sector—its attractive dividend yield makes it attractive for defensive play. BJBR’s FY14 earn-
ings is also expected to be in line with consensus estimates following the positive outlook after the appointment
of the new commissioners and directors. Thus, we view that BJBR is an attractive recovery play.
Surprising results will likely to come from BBTN, which expected to report ~Rp 1.1tr FY14 net profit (93% of
FY14F, roughly in-line with estimates). NPL level is expected to improve significantly following the success of
collateral liquidation, collection, and restructuring. On the other hand, we expect BDMN’s net profit to miss the
estimates following significant restructuring expense, as indicated by the company.

Figure 1. FY14F Earnings Preview

11M14 Net FY14F Net FY14F Net FY14F Net FY14F/ FY14F/ Remarks Earnings
Profit Profit * Profit TRIM Profit Cons FY14F TRIM FY14F Cons Announce-
(Bank Only, (in Rp bn) (Rp bn) (Rp bn) ment
Rp bn)

BBRI 22,608 24,663 24,034 23,901 102.60% 103.20% In-line 01/26/2015 (C)

BDMN 1,806 2,790 3,286 3,106 84.90% 89.80% Below 01/29/2015 (C)

BBNI 9,025 11,159 10,645 10,143 104.80% 110.00% Above 01/29/2015 (E)

BMRI 16,865 19,931 20,806 19,873 95.80% 100.30% In-line 02/10/2015 (E)

BBTN 970 1,103 1,183 1,183 93.20% 93.20% Below 02/10/2015 (E)

BTPN 1,694 1,848 2,019 2,006 91.50% 92.10% Below 02/18/2015 (E)

BBCA 15,087 17,007 15,752 16,478 104.50% 99.90% Above 03/05/2015 (E)

BJBR 999 1,090 1,184 1,063 92.10% 102.50% In-line 03/11/2015 (E)

BJTM 886 958 1,049 1,044 91.30% 91.80% Below 03/25/2015 (E)

*extrapolation result
Source: Financial Services Authority (OJK), Bloomberg, TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com SECTOR FOCUS 2

SOME SNAPSHOTS AND OUTLOOK FOR INDONESIA’S BANKING INDUSTRY
Net profit to grow slow but NIM may expand in FY14
We expect 4-5% YoY industry net profit growth in FY14 due flattish net interest income growth and dividend,
fees, and commissions income growth. This notion is supported by the data published by Indonesia’s Financial
Services Authority (OJK), which illustrates a slower net profit growth of 5.02% YoY (-72bps MoM) to Rp 103.49tr
as at November 2014. NII growth is projected to be ~13-14% in FY14, following the slow loan growth in 2014.
Going forward, we also see NIM expansion in FY14 as a result of high interest rates in FY14, which is also sup-
ported by the NIM expansion of the banks under our coverage. We see some risks of shrinking NIM as the gov-
ernment asks banks to lower lending rates in 2015.

Figure 2. Commercial Banks’ Income Growth

NII Growth Dividend, fees, and commissions growth Net Profit Growth

45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
Sep

Sep

Sep
Jun

Des

Jun

Des

Jun
Jul

Jul

Jul
Okt

Okt

Okt
Apr

Apr

Apr
Ags

Ags

Ags
Jan

Jan

Jan
Mei

Mei

Mei
Nov

Nov

Nov
Feb

Feb

Feb
Mar

Mar

Mar

2012 2013 2014

Source: Financial Services Authority (OJK), TRIM Research

Figure 3. Commercial Banks’ Margins and Profitability

NIM (%) ROA (%)

7.00

6.00

5.00

4.00

3.00

2.00

1.00

-
Des

Des
Jun

Jun

Jun
Janr)

Okt

Okt

Okt
Sep

Sep

Sep
Jul

Jul

Jul
Apr

Apr

Apr
Ags

Ags

Ags
Jan

Jan
Mei

Mei

Mei
Mar

Mar

Mar
Feb

Feb

Feb
Nov

Nov

Nov

2012 2013 2014

Source: Financial Services Authority (OJK), TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com SECTOR FOCUS 3

Loan growth to rise in 2015 as liquidity improves
We see improvement in loan growth to ~15-16% YoY in 2015 as the system’s liquidity condition improves, re-
flected by 88.7% industry LDR as at November 2014 (-198bps from August 2014 position). The lower industry
LDR was due to higher deposit growth than loan growth in November 2014. The improvement in loan growth is
also supported by the potential lower lending rates as promoted by the regulators and a set of policies to be
implemented by the government to boost infrastructure spending. The improvement in loan growth will also be
supported by higher working capital and investments loan growth in 2015. Data from OJK shows slower loan
growth in November 2014 at 11.9% YoY vs October 2014’s 12.9% YoY. Meanwhile, deposit growth was stable at
13.8% YoY vs October 2014’s 13.9% YoY.

Figure 4. Commercial Banks’ Loans and Deposits Growth

loan growth YoY Deposits Growth YoY

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%
Sep

Des

Sep

Des

Sep
Jun

Jun

Jun
Okt

Okt

Okt
Jul

Jul

Jul
Ags

Ags

Ags
Apr

Apr

Apr
Jan

Jan

Jan
Mei

Nov

Mei

Nov

Mei

Nov
Mar

Mar

Mar
Feb

Feb

Feb

2012 2013 2014

Source: Financial Services Authority (OJK), TRIM Research

Figure 5. Commercial Banks’ Loan-to-Deposit Ratio (LDR)

95.00

90.00

85.00

80.00

75.00

70.00
Apr

Apr

Apr
Feb

Sep

Nov

Jan
Feb

Sep

Nov

Jan
Feb

Sep

Nov
Mar

Mar

Mar
Okt

Okt

Okt
Des

Des
Ags

Ags

Ags
Mei

Mei

Mei
Janr)

Jul

Jul

Jul
Jun

Jun

Jun

2012 2013 2014

Source: Financial Services Authority (OJK), TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com SECTOR FOCUS 4

 Figure 6. Detailed Loan Growth

Working Capital Investments Consumption

40.0%

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

Jun
Sep

Des

Jul

Sep

Des

Jul

Sep
Okt

Okt

Okt
Junr)
Ags

Ags

Ags
Apr

Apr
Jan

Jan
Mar

Mar
Feb

Mei

Feb

Mei
Nov

Nov

Nov
2012 2013 2014

Source: Financial Services Authority (OJK), TRIM Research

Figure 7. Detailed TPF Growth

Demand Deposit Saving Time Deposits

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

-5.0%
Des

Des
Jun

Jun

Jun
Jul

Sep

Jul

Sep

Jul

Sep
Okt

Okt

Okt
Apr

Apr

Apr
Ags

Ags

Ags
Jan

Jan

Jan
Mar

Mar

Mar
Feb

Mei

Feb

Feb
Nov

Mei

Nov

Mei

Nov

2012 2013 2014

Source: Financial Services Authority (OJK), TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com SECTOR FOCUS 5

Industry NPL to improve in 1Q15
Although industry NPL is showing an increasing trend, we expect further improvement in 4Q14 and in 2015 due
to seasonality and more favorable macro conditions, i.e., stable and controlled inflation level after fuel price
decline, and BI rate to remain at 7.75% level during 1H15. Thus, banks asset quality should be better in 1Q15
and therefore can support loan growth. Data from OJK shows industry NPL as per November 2014 was 2.36%
(+7bps from September 2014 position), which was due to increase in working capital NPL to 2.68% (+6bps
MoM).

Figure 8. NPL trend

4.0% Total NPL Working Capital NPL Investments NPL Consumption NPL

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%
Des

Des

Des
Jun

Jun
Sep

Sep

Sep

Sep
Jul

Jul

Jul
Okt

Okt

Okt

Okt
Apr

Apr

Apr
Junr)
Ags

Ags

Ags

Ags
Jan

Jan

Jan
Mar

Mar

Mar
Feb

Feb

Feb
Nov

Nov

Nov

Nov
Mei

Mei

Mei
2011 2012 2012 2013 2014
Source: Financial Services Authority (OJK), TRIM Research

Lending rates may go down as the government intervenes

Recent news mentioned that BI/OJK asks banks to lower lending rates as a series of policies to boost industry
loan growth this year. Both regulators expect banks to start lowering their prime lending rates in February 2015.
Data from OJK shows that working capital and investments lending rates tend to stabilize at 12.9% and 12.4% in
November 2014, while consumption-based lending rate were still showing an increasing trend to 13.5% (+10bps
YoY). The expected lower lending rates in 2015 is supported by the decline in IDR 3-months, 6-months, and 12-
months deposit rates by 19bps MoM, 15bps MoM, and 16bps MoM respectively (Figure 10).

Figure 9. IDR lending rates trend per type of loan

Working Capital (%) Investments (%) Consumption (%)

16.0

15.0

14.0

13.0

12.0

11.0

10.0
Sep

Des

Sep

Des

Sep

Des

Sep
Jun

Jun

Jun

Jun
Okt

Okt

Okt

Okt
Jul

Jul

Jul

Jul
Ags

Ags

Ags

Ags
Apr

Apr

Apr

Apr
Jan

Jan

Jan

Jan
Mei

Mei

Mei

Mei
Nov

Nov

Nov

Nov
Mar

Mar

Mar

Mar
Feb

Feb

Feb

Feb

2011 2012 2013 2014

Source: Financial Services Authority (OJK), TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com SECTOR FOCUS 6
Figure 10. Deposits interest rates trend

Demand Deposits Saving - 1 Month Time Deposits

- 3 Month Time Deposits - 6 Month Time Deposits - 12 >= Month Time Deposits

12.0

10.0

8.0

6.0

4.0

2.0

0.0
Jun

Jun

Jun

Jun
Des

Des

Des
Jul

Sep

Jul

Sep

Jul

Sep

Jul

Sep
Okt

Okt

Okt

Okt
Ags

Ags

Ags

Ags
Apr

Apr

Apr

Apr
Jan

Jan

Jan

Jan
Mar

Nov

Mar

Nov

Mar

Nov

Mar

Nov
Feb

Mei

Feb

Mei

Feb

Mei

Feb

Mei
2011 2012 2013 2014

Source: Financial Services Authority (OJK), TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com SECTOR FOCUS 7

BANKS UNDER OUR COVERAGE
Loan growth tend to be slower in FY14 but expected to pick up in 2015
Banks under our coverage tend to exhibit slower loan growth in November 2014 compared to the prior month as
shown in Figure 10. This is in-line with the industry slowing loan trend in November 2014. We highlight BMRI as
the only bank with higher loan growth in November 2014 compared to its previous month’s. Thus, we believe
that BMRI will book ~14% YoY loan growth in FY14. We also highlight BBNI as the company reports seemed to
lower its loan growth in November 2014, which we find interesting as its NIM is also expanded (details in the
following page). This support our estimates for BBRI and BMRI to book at least 14% YoY loan growth in FY14,
while BBNI and BBCA are likely to miss our loan growth forecast (both 14% at FY14). BJTM is still the bank with
the highest loan growth among all, and we expect its loan growth to be in line with our estimates (20%). At the
same time, TPF growth of banks under our coverage were mixed with BJTM (one of our top picks) with the high-
est TPF growth among all banks in our universe.

Figure 10. Oct’14 vs Nov’14 Loan growth (Bank Only)

Oct'14 Nov'14
25.0%

20.0%
19.5%
19.4%

15.0%
14.2%
14.1%
13.7%

13.2%
13.1%

12.2%

11.2%
10.0%

11.0%
10.6%

10.3%
10.2%
10.1%

9.8%
6.5%

5.0%

3.2%
2.1%
0.0%
BBNI BBRI BMRI BBCA BJTM BBTN BTPN BJBR BDMN
Source: Financial Services Authority (OJK), TRIM Research

Figure 11. Oct’14 vs Nov’14 Third Party Fund growth (Bank Only)

Oct'14 Nov'14
30.0%
28.3%

25.0%
22.7%
21.5%

20.0%
18.6%

17.3%
17.2%

17.1%
16.9%

15.0%
15.8%
14.8%

12.1%

10.0%
10.5%
10.1%
9.5%
8.6%
7.9%

5.0%
4.0%
5.1%

0.0%
BBNI BBRI BMRI BBCA BJTM BBTN BTPN BJBR BDMN
Source: Financial Services Authority (OJK), TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com SECTOR FOCUS 8

Liquidity condition stabilizes and capitalization to remain ample
We expect an improvement in liquidity condition among banks under our coverage in FY14 as reflected by stabi-
lizing LDR in November 2014. This is in line with the stable industry LDR level in November 2014. Bank only data
from OJK also shows that most of banks under our coverage tends to show an improvement in their liquidity
condition as reflected by slightly lower LDR level in November 2014 compared to previous months. In terms of
capitalization, we see no problems in banks under our coverage. We highlight BBTN’s lower LDR and higher CAR
level in November 2014, illustrates improvement in its liquidity and capitalization condition after previously it was
prone to regulatory breach.

Figure 12. Oct’14 vs Nov’14 Loan-to-Deposit Ratio (Bank Only)

Oct'14 Nov'14

120.0%

112.7%
108.3%
100.0%

101.1%
100.4%

93.9%
93.0%
86.6%

80.0%
85.7%

84.4%
84.0%

83.4%
83.1%

80.8%
79.7%
77.4%
76.8%

73.5%
73.4%

60.0%

40.0%

20.0%

0.0%
BBNI BBRI BMRI BBCA BJTM BBTN BTPN BJBR BDMN

Source: Financial Services Authority (OJK), TRIM Research

Figure 13. Oct’14 vs Nov’14 CAR (in %, Bank Only)

Oct'14 (%) Nov'14 (%)

30

25
24
23

20
21
20
19
18

18
18
17

17

17
17

17

17

15
16
16
15
14

10

-
BBNI BBRI BMRI BBCA BJTM BBTN BTPN BJBR BDMN

Source: Financial Services Authority (OJK), TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com SECTOR FOCUS 9

NIM expanded but we see some government intervention risks...
As aforementioned, BI and OJK asks banks to lower lending rates in 1Q15 to support loan growth this year.
Hence, we see some government intervention risks in a form of potential NIM pressure. However, since OJK has
capped the deposit rates, cost of funds should stabilize. However, for banks with active earning assets manage-
ment (such as BMRI and BBNI, which have sizable marketable securities and government bonds in their balance
sheet), no need to concern about potential NIM pressure in 2015. Data from OJK shows that NIM of banks under
our coverage expanded in November 2014 despite higher cost of funds. We believe this is the result of high
interest rates in 4Q14.

Figure 14. Oct’14 vs Nov’14 Net Interest Margin (bank only)

Oct'14 Nov'14
12.0%

11.0%
10.0%

9.7%
8.0%
8.4%

7.8%
7.6%

6.9%

6.8%
6.6%
6.0%

6.3%
6.2%

6.2%

5.9%
5.7%
5.7%

5.4%
5.2%

4.0% 4.2%
3.8%

2.0%

0.0%
BBNI BBRI BMRI BBCA BJTM BBTN BTPN BJBR BDMN
Source: Financial Services Authority (OJK), TRIM Research

Figure 15. Oct’14 vs Nov’14 Cost of Funds

Oct'14 Nov'14

9.0%

8.0%
8.0%

7.0%
6.5%

6.0%
6.4%
6.2%

5.5%

5.0%
5.4%

5.0%
4.9%

4.0%
3.7%

3.0%
3.3%

3.3%
3.2%

3.1%
3.1%

2.9%
2.8%

2.0%
2.4%
2.2%

1.0%

0.0%
BBNI BBRI BMRI BBCA BJTM BBTN BTPN BJBR BDMN

Source: Financial Services Authority (OJK), TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com SECTOR FOCUS 10

Figure 16. Oct’14 vs Nov’14 Net Interest Income Growth (Bank Only)

Oct'14 Nov'14

25.0%

20.0%
20.8%
20.7%

19.9%
19.2%

19.2%
19.0%
18.3%
17.6%
15.0%
16.1%
16.0%

10.0%

5.0%

0.0%

-2.5%
-2.5%

-6.0%
-6.5%

-7.2%
-6.2%

-1.0%
-0.8%
-5.0%

-10.0%
BBNI BBRI BMRI BBCA BJTM BBTN BTPN BJBR BDMN

Source: Financial Services Authority (OJK), TRIM Research

Asset quality remains stable but tend to improve in 2015

Following the improving macro condition and possible decline in interest rates, we expect banks’ asset quality to
get better. Data from OJK shows that NPL level of banks under our coverage remains stable, with an improve-
ment in some banks. We highlight the improving NPL in BBTN and BJBR as both banks were struggling with their
asset quality in 4Q14—we view this positively for both banks. BBCA and BBRI’s asset quality also improved as
reflected by around 10bps decline in its NPL. BJTM surprisingly reported higher NPL level in November 2014,
which we view that was due to rise in fuel price at that time. The company indicated better NPL level in 4Q14,
which is a good start to expand its loan in 2015.

Figure 15. Oct’14 vs Nov’14 Non-Performing Loans (NPL) (Bank Only)

Oct'14 Nov'14

6.0%

5.0%
4.8%

4.7%

4.0%
4.3%

4.2%
3.4%

3.0%
3.3%

2.5%
2.5%
2.3%

2.3%

2.0%
1.9%

1.8%

1.8%
1.8%

1.0%
0.7%

0.6%

0.8%

0.7%

0.0%
BBNI BBRI BMRI BBCA BJTM BBTN BTPN BJBR BDMN

Source: Financial Services Authority (OJK), TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com SECTOR FOCUS 11

Conclusion: 2015 should be better. Maintain OVERWEIGHT.
With the improving macro condition as marked by lower fuel price, stable and controlled inflation, and more
budget allocation to infrastructure-related sectors, Indonesia’s banking industry is expected to enjoy better
growth this year. The government has prepared a series of policies to boost loan growth in 2015, among others,
1) asking banks to lower their lending rates—NIM will possibly erode but may lead to more loan growth, 2) low-
ering risk weight for loans to infrastructure, maritime, and agriculture sectors—may be positive for banks with
high exposures to those sectors such as BBNI, BBRI, and BMRI, and 3) defining new LDR calculation to include
marketable securities as an alternative source of funds. These policies should therefore lead to better industry
environment. Thus, we expect 15-16% YoY loan growth by the end of 2015, and maintain our OVERWEIGHT call
to this sector.
Our recommendation is to overweight with the big banks since they are proven to be defensive during slowing
period of 2014. Our top picks are BBNI with TP Rp 6,800, and BJTM with TP Rp 590. Risks to our call, among
others, are: 1) possible fed fund rate hike in 2H15, 2) delay in infrastructure and maritime projects implementa-
tion, 3) adverse rise in industry NPL, and 4) lower industry deposit growth.

Figure 16. Companies Valuation Table

Ticker Price TP (Rp) Ups. Rec 2015E 2015E 2015 EPS 2015E ROE 2015E Div Mkt Cap
01/21/15 (%) PBV (x) PE (x) Growth (%) Yield (%) (Rp bn)
(Rp) (%)
BBNI 5,975 6,800 14% BUY 1.6 9.1 13.4 19.0 1.9 111,426
BBRI 11,425 13,200 16% BUY 2.3 10.2 12.9 23.0 1.7 281,845
BMRI 10,975 10,600 -3% HOLD 2.1 10.5 14.5 19.5 1.7 256,083
BBCA 13,075 13,900 6% HOLD 3.5 17.1 19.9 20.2 1.0 322,364
BJTM 515 590 15% BUY 1.1 6.3 16.5 18.2 8.9 7,683
BBTN 1,010 1,350 34% BUY 0.8 6.0 49.4 12.6 2.2 10,673
BTPN 4,075 4,500 10% HOLD 1.7 10.6 11.0 15.9 0.0 23,799
BJBR 780 800 3% HOLD 1.0 6.9 -12.3 13.6 8.0 7,563
BDMN 4,615 3,600 -22% HOLD 1.2 11.7 15.0 10.5 2.2 44,569

PT Trimegah Securities Tbk - www.trimegah.com COMPANY FOCUS 12

PT Trimegah Securities Tbk
Gedung Artha Graha 18th Floor
Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190, Indonesia
t. +62-21 2924 9088
f. +62-21 2924 9150
www.trimegah.com
DISCLAIMER
This report has been prepared by PT Trimegah Securities Tbk on behalf of itself and its affiliated companies and is provided for information
purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has
been produced independently and the forecasts, opinions and expectations contained herein are entirely those of Trimegah Securities.
While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication,
Trimegah Securities makes no representation as to its accuracy or completeness and it should not be relied upon as such. This report is
provided solely for the information of clients of Trimegah Securities who are expected to make their own investment decisions without reliance
on this report. Neither Trimegah Securities nor any officer or employee of Trimegah Securities accept any liability whatsoever for any direct or
consequential loss arising from any use of this report or its contents. Trimegah Securities and/or persons connected with it may have acted
upon or used the information herein contained, or the research or analysis on which it is based, before publication. Trimegah Securities may in
future participate in an offering of the company’s equity securities.