TUGAS 1

Press Release
November 4, 2021

PT Bank Syariah Indonesia Tbk

Analysts: Handhayu Kusumowinahyu / Kreshna Dwinanta
Armand
Phone/Fax/E-mail: (62-21) 50968469 / 50968468 / handhayu.kusumowinahyu@pefindo.co.id /
kreshna.armand@pefindo.co.id
CREDIT PROFILE FINANCIAL HIGHLIGHTS
As of/for the year ended Jun-2021 Dec-2020 Dec-2019 Dec-2018
Corporate Rating idAAA/Stable
(Unaudited) (Audited) (Audited) (Audited)
Total Assets [in IDR Bn] 247,299.6 57,715.6 43,123.5 37,869.2
Rated Issues Total Equity [in IDR Bn] 23,341.9 5,444.3 5,088.0 5,026.6
Sukuk Mudharabah Subordinated BSM Total Gross Financing [in IDR Bn] 161,496.1 40,044.9 27,383.0 21,855.1
Year 2016 idAA(sy) Total Deposits [in IDR Bn] 216,385.3 49,357.7 34,124.9 28,862.5
Net Revenue [in IDR Bn] 6,857.5 2,888.2 2,054.0 1,803.2
Rating Period Net Income (Loss) [in IDR Bn] 1,480.5 248.1 74.0 106.6
November 2, 2021 – November 1, 2022 NIR/Average Earning Asset [%] *9.4 6.0 5.3 5.4
Operating Expense/Operating Income [%] 79.6 90.9 96.7 95.0
Rating History ROAA [%] *1.9 0.5 0.2 0.3
FEB 2021 idAAA/Stable NPF(3-5)/ Financing [%] 3.1 3.2 5.2 6.7
NOV 2020 (BRIsyariah) id AA+/Positive Financing Loss Reserves/NPF (3-5) [%] 144.1 113.0 52.3 38.0
OCT 2017 (BRIsyariah) idAA+/Stable Risk-Weighted CAR [%] 22.6 19.0 25.3 29.7
Gross Financing/Total Deposits [%] 74.3 81.1 80.2 75.7
Exchange rate [USD/IDR] 14,500 14,050 13,883 14,380
Note: Audited 2018 – 2020 are pre-merger figures of PT Bank BRIsyariah Tbk as the surviving entity
*annualized
The above ratios have been computed based on information from the company and published accounts. Where applicable,
some items have been reclassified according to PEFINDO’s definitions.

Bank BSI’s rating affirmed at idAAA

PEFINDO has affirmed its idAAA rating for PT Bank Syariah Indonesia Tbk (Bank Syariah Indonesia) and its idAA(sy) rating for its
outstanding Sukuk Mudharabah Subordinated BSM Year 2016. The subordinated sukuk is rated two notches below its corporate
rating to take into account of a potential write-down in the event of non-viability, as stated under Indonesia’s Financial Services
Authority (OJK) Regulation No. 11/POJK.03/2016. The outlook for the corporate rating is stable.

An obligor rated idAAA has the highest rating assigned by PEFINDO. Its capacity to meet its long-term financial commitments, relative
to that of other Indonesian obligors, is superior.

A syariah based financing instrument rated idAA(sy) differs from the highest-rated instruments only to a small degree. The issuer’s
capacity to meet its long-term financial commitments under the syariah financing contract, relative to other Indonesian issuers, is
very strong.

The rating reflects Bank Syariah Indonesia’s very strong support from its major shareholders, very strong position in sharia banking
segment, very strong capitalization, and very strong liquidity and financial flexibility profile. However, these strengths are partly offset
by its moderate asset quality.

The rating may be lowered if we view a material weakening of parent support, evidenced by a material decline in ownership or a
deteriorating contribution to its shareholders.

Bank Syariah Indonesia was established in February 2021 following the merger among state-owned sharia banks, namely PT Bank
BRIsyariah Tbk, PT Bank BNI Syariah, and PT Bank Syariah Mandiri. As of June 30, 2021, Bank Syariah Indonesia’s shareholders
consisted of PT Bank Mandiri (Persero) Tbk (Bank Mandiri, 50.83%), PT Bank Negara Indonesia (Persero) Tbk (BNI, 24.85%), PT
Bank Rakyat Indonesia (Persero) Tbk (BRI, 17.25%), DPLK BRI Saham Syariah (1.60%), PT BNI Life Insurance (0.01%), PT Mandiri
Sekuritas (0.00%) and the public (5.46%). Its operations are supported by around 20,000 employees, more than 1,300 offices and
around 1,800 ATMs throughout Indonesia.

DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating was
made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions made at the time
of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt securities based on or related
to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity assigned a rating by PEFINDO. All the
data and information needed in the rating process are obtained from the party requesting the rating, which are considered reliable in conveying the accuracy and
correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits, due diligence, or independent verifications of
every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility for the truth, completeness, timeliness, and
accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the responsibility of the parties providing them.
PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not responsible to any party for losses, costs and expenses
suffered or that arise as a result of the use of the contents and/or information in this rating report or publication, either directly or indirectly. PEFINDO generally receives fees
for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to the rating assignment. PEFINDO has a commitment in the form of
policies and procedures to maintain objectivity, integrity, and independence in the rating process. PEFINDO also has a “Code of Conduct” to avoid conflicts of interest in the
 rating process. Ratings may change in the future due to events that were not anticipated at the time they were first assigned. PEFINDO has the right to withdraw ratings if
the data and information received are determined to be inadequate and/or the rated company does not fulfill its obligations to PEFINDO. For ratings that received approval
for publication from the rated party, PEFINDO has the right to publish the ratings and analysis in its reports or publication, and publish the results of the review of the
published ratings, both periodically and specifically in case there are material facts or important events that could affect the previous ratings. Reproduction of the contents of
this publication, in full or in part, requires written approval from PEFINDO. PEFINDO is not responsible for publications by other parties of contents related to the ratings
given by PEFINDO.

http://www.pefindo.com November 2021

TUGAS 2

Model diskriminan
dimana :
X1 = Rasio modal kerja / total aset
X2 = Rasio laba yang ditahan /total aset
X3 = Rasio sebelum bunga pajak / total aset
X4 = rasio nilai pasar saham / nilai buku saham
X5 = Rasio penjualan /total aset

Model pasar Model nilai buku

Batas tidak bangkrut 2,99 2,90
Batas bangkrut 1,81 1,20
Wilayah abu-abu 1,81 - 2,99 1,20 - 2,90

1. PT Gudang garam Tbk

X1 = Rasio modal kerja / total aset = 7,31 (9,46)

X2 = Rasio laba yang ditahan /total aset = 3,470 (3,345)
X3 = Rasio sebelum bunga pajak / total aset = 7,31 ( 9,46)
X4 = rasio nilai pasar saham / nilai buku saham = 11.9 (10,2)
X5 = Rasio penjualan /total aset = 2,995 (4,13)

Z = 7,31 (9,64) +3,470 (3,345) +7,31 (9,46)+ 11.9 (10,2) +2,995(4,13) = 389,44

Nilai Z untuk PT Gudang garam Tbk batas bangkrut (1,81-1,20) maka dapat diperediksi PT Gudang
garam Tbk tidak bangkut

2. PT Bank Mandiri (Persero) Tbk

X1 = Rasio modal kerja / total aset = 4,67 (4,77)

X2 = Rasio laba yang ditahan /total aset = 5,193 (3,290)
X3 = Rasio sebelum bunga pajak / total aset = 3,18 (3,06)
X4 = rasio nilai pasar saham / nilai buku saham = 2,027 (6,768)
X5 = Rasio penjualan /total aset = 3,372 (2,845)

Z =4,67(4,77)+ 5,193 (3,290)+ 3,18(3,06)+ 2,027(6,768)+ 3,372(2,845) = 72,40

Nilai Z untuk PT Bank Mandiri (Persero) Tbk batas bangkrut (1,81-1,20) maka dapat diperediksi PT
Bank Mandiri (Persero) Tbk tidak bangkut

3. PT Semen Indonesia ( persero ) Tbk

X1 = Rasio modal kerja / total aset = 3,66 (3,66)

X2 = Rasio laba yang ditahan /total aset = 7,370 (6.320)
X3 = Rasio sebelum bunga pajak / total aset = 6,08 (6,14)
X4 = rasio nilai pasar saham / nilai buku saham = 21,6 (20,7)
X5 = Rasio penjualan /total aset = 0,67 (0,67)
 Z=3,66(3,66)+ 7,370(6.320)+ 6,08(6,14)+ 21,6(20,7)+ 0,67(0,67)= 142,46

Nilai Z untuk PT Semen Indonesia ( persero ) Tbk batas bangkrut (1,81-1,20) maka dapat diperediksi
PT Semen Indonesia ( persero ) Tbk tidak bangkut

4. PT Indofood Sukses Makmur Tbk

X1 = Rasio modal kerja / total aset = 39,87 (37,77)

X2 = Rasio laba yang ditahan /total aset = 4,73 (4,12)
X3 = Rasio sebelum bunga pajak / total aset = 1,47 (807)
X4 = rasio nilai pasar saham / nilai buku saham = 6,44 (5,80)
X5 = Rasio penjualan /total aset = 38,77 (37,84)

Z =39,87(37,77)+ 4,73(4,12)+ 1,47(807)+ 6,44(5,80)+ 38,77(37,84)=60,99

Nilai Z untuk PT Indofood Sukses Makmur Tbk batas bangkrut (1,81-1,20) maka dapat diperediksi
PT Indofood Sukses Makmur Tbk tidak bangkut

5. PT Gudang Garam Tbk

X1 = Rasio modal kerja / total aset = 78,19 (78,64)

X2 = Rasio laba yang ditahan /total aset = 7,58 (7,99)
X3 = Rasio sebelum bunga pajak / total aset = 2,05 (3,60)
X4 = rasio nilai pasar saham / nilai buku saham = 291,8 (296,9)
X5 = Rasio penjualan /total aset = 1,93 (2)

Z = 78,19(78,64)+7,58(7,99)+2,05(3,60)+ 291,8(296,9)+1,93(2) =164,59

Nilai Z untuk PT Gudang Garam Tbk batas bangkrut (1,81-1,20) maka dapat diperediksi PT Gudang
Garam Tbk tidak bangkut

6. PT Astra Internasional Tbk

X1 = Rasio modal kerja / total aset = 87,37 (88,26)
X2 = Rasio laba yang ditahan /total aset = 21,74 (34,06)
X3 = Rasio sebelum bunga pajak / total aset = 3,17 (4,38)
X4 = rasio nilai pasar saham / nilai buku saham = 2,78 (29,11)
X5 = Rasio penjualan /total aset = 13,1 (14,1)

Z= 87,37(88,26)+ 21,74(34,06)+ 3,17(4,38)+2,78(29,11)+13,1(14,1) =1.027,67

Nilai Z untuk PT Astra Internasional Tbk batas bangkrut (1,81-1,20) maka dapat diperediksi PT Astra
Internasional Tbk tidak bangkut

7. PT Garuda Indonesia
X1 = Rasio modal kerja / total aset = 2,53 (2,05)
X2 = Rasio laba yang ditahan /total aset = 910 (937)
X3 = Rasio sebelum bunga pajak / total aset = 27,12 (22,61)
X4 = rasio nilai pasar saham / nilai buku saham = 4,37 (4,11)
X5 = Rasio penjualan /total aset = 38,91 (13,02)

Z= 2,53(2,05)+910(937)+27,12(22,61)+4,37 (4,11)+38,91(13,02) = 1.995,60

Nilai Z untuk PT Garuda Indonesia batas bangkrut (1,81-1,20) maka dapat diperediksi PT Garuda
Indonesia tidak bangkut

8. PT Barito Pacific
X1 = Rasio modal kerja / total aset = 41,55 (0,4)
X2 = Rasio laba yang ditahan /total aset = 3,2 (2,1)
 X3 = Rasio sebelum bunga pajak / total aset = 49 (25)
X4 = rasio nilai pasar saham / nilai buku saham = 36 (44)
X5 = Rasio penjualan /total aset = 1,36 (2)

Z= 41,55(0,4)+ 3,2(2,1)+ 49(25)+ 36 (44)+ 1,36(2)=28,80

Nilai Z untuk PT Barito Pacific batas bangkrut (1,81-1,20) maka dapat diperediksi PT PT Barito
Pacific tidak bangkut

9. PT Telekomunikasi Indonesia Tbk.

X1 = Rasio modal kerja / total aset = 2,48 (2,21)
X2 = Rasio laba yang ditahan /total aset = 248 (221)
X3 = Rasio sebelum bunga pajak / total aset = 128 (103)
X4 = rasio nilai pasar saham / nilai buku saham = 29.68 (27,68)
X5 = Rasio penjualan /total aset = 21,00` (18,82)

Z= 2,48(2,21)+ 248(221)+ 128(103)+ 29.68(27,68)+ 21,00`(18,82) = 1.290,24

Nilai Z untuk PT Telekomunikasi Indonesia Tbk batas bangkrut (1,81-1,20) maka dapat diperediksi
PT Telekomunikasi Indonesia Tbk tidak bangkut

10. PT BANK CENTRAL ASIA Tbk

X1 = Rasio modal kerja / total aset = 7,45 (4,7)
X2 = Rasio laba yang ditahan /total aset = 338 (33)
X3 = Rasio sebelum bunga pajak / total aset = 93,7 (89,1)
X4 = rasio nilai pasar saham / nilai buku saham =33,9 (15,2)
X5 = Rasio penjualan /total aset =34,2 (29,0)

Z= 7,45(4,7)+ 338(33)+ 93,7(89,1)+ 33,9(15,2) 34,2(29,0) = 554,87

Nilai Z untuk PT Bank Central Asia Tbk batas bangkrut (1,81-1,20) maka dapat diperediksi PT Bank
Central Asia Tbk tidak bangkut