FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Bank Syariah Indonesia: In-line 1Q24 earnings: strong growth intact, driven by improving asset quality, offsetting lower NIM (BRIS.IJ Rp 2,640; BUY; TP Rp 2,700)

·         BRIS reported net profit of Rp1.7tr (+17% yoy, +14% qoq; in-line at 26% of FY24F est), supported by positive NII growth and lower provisions.

·         1Q24 financing growth of +16% yoy helped the NII growth to remain positive at 3% yoy and qoq, despite a lower NIM caused by higher CoF.

·         We maintain our FY24F forecasts and valuation and retain our BUY call, noting superior earnings growth vs. its peers as the key catalyst.

To see the full version of this report, please click here

Bank Mandiri: 1Q24 earnings slight miss on lower NIM and other operating income, offsetting strong loans growth (BMRI.IJ Rp 6,900; BUY; TP Rp 7,400)

·         BMRI posted muted net profit growth of 1% yoy (22% of our FY24 est) on 36bps lower NIM, lower recoveries and higher G&A exp.

·         Despite expecting a better NIM, BMRI lowered its FY24 NIM guidance to 5-5.3% (vs. 5.3-5.5% prev.) as it remains cautious on liquidity.

·         We maintain our Buy rating but with a lower TP of Rp7,400 (from Rp7,600) as we revise down our FY24F NP by 2%.

To see the full version of this report, please click here

Indosat Ooredoo Hutchison:  Inline 1Q24 earnings; well-positioned for more ex-Java monetization and operating leverage upside (ISAT.IJ Rp 11,000; BUY; TP Rp 13,300)

·         Inline 1Q24 net profit of Rp1.26tr (+339% yoy) on resilient revenue amid seasonality and ongoing ex-Java expansion with a stable EBITDA margin.

·         IOH is firm on its commitment to scale up ARPU to Rp40k by 2Q24 with Opensignal attesting to its 4G network prowess.

·         We maintain our BUY rating with an unchanged forecast and TP of Rp13,300 amid the intact growth outlook.

To see the full version of this report, please click here

To see the full version of this snapshot, please click here

RESEARCH COMMENTARY

ACES 1Q24 result: Inline 1Q24 earnings with solid top line

• ACES reported 1Q24 net profit of Rp278bn, +29% yoy (-26% qoq) supported by a solid top line (+17% yoy and -6% qoq) with maintained gross margins at 48.5% and 110bps lower opex/revenue (vs 1Q23).
• The 1Q24 net profit was 24% of our FY24F and 25% of consensus estimates, i.e., inline.
• Lifestyle (40% contribution to 1Q24 top line) reported the highest revenue growth of 25% yoy in 1Q24, followed by home improvement at +13% yoy (49% contribution). (Natalia Sutanto & Sabela Nur Amalina – BRIDS)

ADRO - inline 1Q24 earnings; strong production and well-managed margin

• ADRO posted 1Q24 core net profit of US$380mn (-16% yoy), forming 26% of our FY24F est. hence, inline with our expectation (though ahead of the cons).
• A key operational achievement was the strong 1Q24 production of 18Mt (+15% yoy), forming 26% of our FY24F est (ahead vs. 1Q seasonality), delivered at parent ADRO and ADMR (+24% yoy, 20% of our FY24F est).
• Blended 1Q24 ASP fell to US$86/t (-24% yoy/ -3% qoq, inline with our FY24 est), implying ~27% drop in thermal coal with coking coal ASP falling at a less steep rate of -7% yoy to US$280/t (slightly ahead of our FY24 assumption).
• On the cost front, 1Q24 COGS/tonne fell -26% yoy, with an in-line SR of 4x, offsetting the drop in ASP. Hence, the 1Q24 coal margin of US$38/t is ahead of our FY24 est.  Thus, while blended 1Q24 ASP is exposed to further thermal coal price normalization in the coming quarters, we think it has room to maintain coal margins to meet our expectation. (Erindra Krisnawan - BRIDS)

ANTM - 1Q24 Result Highlights; Way below our forecast and the consensus

• ANTM recorded poor performance in 1Q24, with the company booking a loss at the operating level at Rp491 bn (vs +Rp1.9 tn in 1Q23), due to delayed RKAB approval which led to much lower nickel ore sales volume, being unable to sell its ferronickel production, and lower ASP for its nickel ore segment.
• Nevertheless, ANTM was still able to book a positive bottom line with the help of forex gains of Rp248 bn, income from associates of Rp194 bn and tax benefits of Rp124.8 bn. As a result, ANTM booked net profit of Rp238 bn in 1Q24, way below our forecast (7.8%) and the consensus (9.2%).
• On a quarterly basis, ANTM was still able to book positive growth in earnings in 1Q24 (+4.1% qoq) due to higher forex gains and tax benefits. (Hasan Barakwan - BRIDS)

BELI - 1Q24 positive trajectories in the topline, GP and OPEX.

• Blibli delivered 1Q24 net losses of -Rp696bn, significantly improved by 33%qoq, and 31%yoy. Its EBITDA loss also improved to -Rp571bn (+40%qoq, +30%yoy). This owed to gains made in the topline, GP as well as OPEX.

Deep diving into its numbers:

•           Net revenue came in at Rp3.9tr (+21%qoq, +2%yoy) while GP reached Rp743bn (+11%qoq, +29%yoy). Specifically:

1. 1P Retail: There was optimization of its 1P TPV mix consolidating in the previous 3 quarters and now showing growth in 1Q24 to Rp1.36tr (+19%qoq). Additionally, gross profit recovered to Rp63bn (152% qoq) with a take rate reaching 11.1% (156bps qoq). The Marunda warehouse is expected to get into operation in 4Q24, which should provide Blibli the capacity to enlarge its 1P retail.
2. 3P retail also posted GP of Rp302bn (+8%qoq, 10%yoy) owing to tiket.com’s higher contribution in TPV, benefitting from Ramadan as per the company.
3. Institutions continued to offer a sustainable contribution in GP of Rp137bn (-13%qoq, 474%yoy) with a meaningful increment in the take rate (6.27% or +110bps qoq, 405bps yoy).
4. Omnichannel strategy: Upbeat performance from Physical stores reaching Rp241bn of GP (+16%qoq, +20%yoy) with an improvement in the take rate. Blibli added 6 electronic stores in 1Q24 reaching a total of 235 stores (63 supermarkets, 172 for electronics).
5. Blibli decreased OPEX substantially (7.6% of TPV, +193bps qoq, +51bps yoy) mainly through reduction in S&M.
6. Company cash. Blibli increased its borrowings, hence it maintains ~Rp3tn of cash in 1Q24. (Niko Margaronis - BRIDS)

BNGA - Bank Only Mar24 Results

• In 3M24, BNGA earned net profits of Rp1.6tr (+9% yoy), driven by a 53% decrease in provisions which offset the 7% decline in PPOP.  Furthermore, CoC declined to 0.6% (-78bps yoy).
• NIM was reported at 4.1% (-64bps yoy) due to an 86bps increase in CoF to 4.1% and a flat EA yield of 7.5%.
• In Mar24, net profits amounted to Rp661bn (+21% mom, +39% yoy) as NII rose to Rp1.2tr (+29% mom, +7% yoy) and provisions declined to Rp108bn (-9% mom, -56% yoy).
• On a monthly basis, CIR improved significantly in Mar24 to 42.9% (-399bps mom), supported by the 109bps mom rise in NIM and a 3% mom decline in operating expenses.
• In Mar24, LDR reached 82.2% (+127bps mom, +170bps yoy) as loans and customer deposits grew 5% and 3% yoy, respectively.
• Compared to FY23, CoC declined 17bps from 0.8%, while CoF and CIR increased by 42bps and 30bps, respectively. (Victor Stefano & Naura Reyhan Muchlis - BRIDS)

CPIN 1Q24 Results – Inline

• CPIN booked net profits of Rp711bn in 1Q24 (triple yoy from 1Q23 low base), an improvement from net losses of Rp357bn in 4Q23 supported by Lebaran’s seasonally higher livebird prices. The 1Q23 net profits form 24% and 22% of our FY24F and the consensus, i.e., inline.
• Supported by all business segments, gross revenue grew to Rp29tr in 1Q24 (+15% yoy, +7% qoq) with the operating margin recovering to 3.6% (+170bps, +317bps qoq), still below its average at c. 6.0%.
• The margin improvement was driven by DOC and livebird segments as both segment`s ASP increased during Ramadan. Livebird margins reported a significant improvement to 5.7% (1Q23/4Q23: -3.4/-6.4%), while DOC margins remained negative (due to very weak ASP in Jan24) at -5.8% but still a huge improvement compared to 1Q23`s margin of -26.6%.
• The feed operating margin declined to 5.9% (-258bps yoy, -104bps qoq) due to the higher input cost, i.e. local corn and SBM prices in 1Q24. We expect an improvement in the feed margin in the subsequent quarters.
• Processed food revenue grew by 9% qoq to Rp3tr (+41% yoy) but the margin remained negative at 3.4% from negative 5.0% last quarter. (Victor Stefano & Wilastita Sofi - BRIDS)

GGRM 1Q24: Below our forecast and consensus estimates

• GGRM reported 1Q24 net profit of Rp596bn (down 70% yoy and 31% qoq) and accounting for 9% of our FY24F and 11% of consensus estimates, i.e., below.
• In 1Q24, GGRM’s revenue was down 12% yoy and -29% qoq. Only SKT revenue grew (+14.1% yoy) while SKM was down 13.8% yoy.
• In Mar24, GGRM increased the ex-factory prices of several major products ranging from 4-6%. This is the first price increase after the last price increase in May23. As a result, the 1Q24 gross margin fell to 10.6% (1Q23: 14.7%). (Natalia Sutanto & Sabela Nur Amalina – BRIDS)

ICBP 1Q24 result: Broadly inline at the operating level, supported by continued high GPM and manageable opex

• ICBP reported 1Q24 net profit of Rp2.3tn (down 36% yoy) with 4% yoy top line growth, 180bps higher gross margins (vs 1Q23), manageable opex/revenue of 14.1% (13.9% in 1Q23). 1Q23 core profit was Rp3.3tn, +32% yoy, after stripping out Rp1.2 tr of forex losses (vs Rp1.8tn forex gains in 1Q23).
• Within the business division, Beverages reported strong growth of 8.2% yoy, followed by Nutrition (+5.7% yoy) and Noodles (+4.8% yoy). Overseas reported +6.2% yoy revenue growth in 1Q24, while domestic was +3.3% yoy.
• At the EBIT margin level, Noodles reported a 28.6% EBIT margin – the highest since 2018, benefiting from lower wheat and CPO prices. Dairy’s margin also improved to 13.4% (1Q23: 7.4% and 4Q23:10.8%), benefiting from low and stable dairy prices (vs 1Q23).
• We view ICBP’s 1Q24 result as inline at the top line and operating level to achieve our FY24F and consensus. In past quarters, the 1Q operating profit ranged from 29-30% of FY. (Natalia Sutanto & Sabela Nur Amalina – BRIDS)

INDF 1Q24 result: Driven by ICBP with high margins, broadly inline

• INDF reported 1Q24 net profit of Rp2.45tn (down 36% yoy) due to Rp1.5tn forex losses (1Q23: forex gains of Rp2tr). The company reported 1Q24 core profit of Rp3.2tn, +10% yoy.
• 1Q24 revenue was flat (+0.8% yoy) as only ICBP reported growth of +5.6% yoy.  On the EBIT margin level, Bogasari maintained an EBIT margin at 6% - still within the company’s guidance. Lower CPO prices led to lower margins for the Agribusiness division.
• We view INDF’s 1Q24 result as inline at the top line and operating level to achieve our FY24F and consensus. In the past quarters, the 1Q operating profit ranged from 26-29% of the FY. (Natalia Sutanto & Sabela Nur Amalina – BRIDS)

INTP 1Q24 – Missed Estimate due to Higher Opex

• NP reached Rp238bn in 1Q24 (-36%YoY/-65%QoQ), 11% of ours/cons, missed our and consensus estimates, mostly due to higher opex to sales (21% in 1Q24 vs 19% in 1Q23) and weak GPM.
• Revenue reached Rp4tr in 1Q24 (-4% YoY/-19%QoQ), 21% of ours/cons, inline. Lower revenue was due to fewer working days in 1Q24, while the addition of Grobogan has not yet impacted revenue. Sales volume increased by 6.7% yoy (-1% if we exclude Grobogan).
• The GPM reached 28.9% in 1Q24 (-120bps YoY) due to continuation of bulk segment growth and lower ASP for Semen Grobogan in 1Q24, based on our price tracker.
• Operating Profit reached Rp314bn in 1Q24 (-29%YoY/-59%QoQ), 12% of ours/cons, missing our estimate and consensus estimates. Transportation costs were noticeably higher (+3% YoY), although we expect cost savings from serving Central Java and Yogyakarta from the Grobogan plant. Additionally, INTP was selling more of its volume to Nusa Tenggara area in 1Q24. We also notice higher salary expenses (+14% yoy).
• Such large opex led to an OPM of just 7.7% in 1Q24, vs 10.4% in 1Q23. (Richard Jerry & Christian Sitorus - BRIDS)

ISAT 1Q24 earnings - Inline

IOH delivered core net profit of Rp1.26tr (-6%qoq, +339%yoy) inline, forming 23.8%/24.4% of ours/cons FY est.

This reflects:

1. IOH revenue of Rp13.8tr delivering resilient growth amid seasonality (+0.5%qoq, +15.8%yoy), well inline with FY estimates. Subscribers rose to 100.8mn with lower ARPU, while 2G BTS increased, testament to its ex-Java expansion.
2. EBITDA reached Rp6.5tr with a stable EBITDA margin at 47%, as the cost of services rose in 1Q24. (Niko Margaronis - BRIDS)

JPFA 1Q24 Results - Above

• JPFA booked strong net profits of Rp665bn in 1Q24, a huge turnaround from net losses on both a yoy and qoq basis. The 1Q24 NP beats ours and consensus FY24F at 63% and 52% respectively.
• The strong net profits were driven by both revenues, strong operating margin, and lower financing costs. Gross revenue grew 4% qoq to Rp21.7tr in 1Q24 (+17% yoy) with a strong operating margin of 6.7% (+170bps, +317bps qoq), higher than its historical average at c. 6.0%.
• The margin improvement was driven by DOC and livebird segments as both segments` ASPs increased during Ramadan. Livebird margins reported a significant improvement at 4.5% (1Q23/4Q23: -8.5/-5.8%), and the DOC margin reached 12.6% (1Q23/4Q23: -24.5/-2.3%).
• Despite the higher local corn price in 1Q24, the feed operating margin improved to 8.1% (+105bps qoq), but was still 112bps lower yoy. Feed contributes half of the consolidated 1Q24 operating profits.
• Processed food revenue grew by 2% qoq to Rp2tr (+11% yoy). Margins normalized to 3.0% in 1Q24 from an unusual high of 11.1% in 4Q23. (Victor Stefano & Wilastita Sofi - BRIDS)

KLBF 1Q24 result: Above our forecast and consensus estimates

• KLBF reported 1Q24 net profit of Rp958bn, +12% yoy and 66% qoq, supported by a solid top line (+6.3% yoy) and lower opex/revenue (vs 1Q23) despite lower gross margins of 39.7% (1Q23: 40.9%). Bear in mind that in 1Q23, KLBF reported Rp34bn of written-off inventory.
• The 1Q24 net profit was 34% of our FY24F and 30% of consensus estimates, i.e., above.
• In 1Q24, Consumer Health and Prescription reported strong revenue growth of 4.9% yoy, followed by Nutrition of 1.9% yoy. (Natalia Sutanto & Sabela Nur Amalina – BRIDS)

MAIN 1Q24 Results - Above

• MAIN booked net profits of Rp88bn in 1Q24 (up 5-fold qoq from 4Q23’s low base, from huge net losses in 1Q23), reaching 87% of our and consensus` FY24F, i.e., above.
• The improvement in net profits was driven by the decent feed margin and turnaround in the livebird margin.
• The feed margin was 103bps lower qoq to 8.6% (-23bps yoy) amid the high local corn price during 1Q24. 
• Supported by Ramadan, livebird margins were reported at slightly positive at 0.6%, a huge turnaround from -7.9% in 1Q23 and 9.6% in 4Q23.
• The DOC margin remained negative at -9.3% due to the very low prices in Jan24, still a huge improvement from qoq and yoy, nonetheless.
• Processed food still made a negative contribution in 1Q24, but with a smaller negative margin due to the higher revenues of Rp77bn (+44% qoq, +27% yoy). (Victor Stefano & Wilastita Sofi - BRIDS)

MEDC - 1Q24 Result Highlights; Inline with ours but below consensus

• MEDC booked earnings of US$73 mn in 1Q24, which was relatively in line with our forecast (20.3%) but below consensus (18.9%). This decline of 11.5% yoy was partially due to lower O&G lifting and ASP, as well as lower AMMN earnings in 1Q24.
• At the EBITDA level, MEDC managed to achieve relatively stable performance at US$326 mn (+0.2% yoy), which aligns with ours (23.8%) and the consensus (23.4%).
• On a quarterly basis, MEDC also experienced negative earnings growth (-17.7% qoq) due to lower lifting, and AMMN earnings declined by 31.8% qoq in 1Q24. (Hasan Barakwan - BRIDS)

MYOR 1Q24: Above our forecast and consensus estimates, strong gross margins and lower opex

• MYOR reported 1Q24 core net profit of approximately Rp1.1tn (+20% yoy and down 7% qoq) and accounting for 33% of our FY24F and consensus, i.e., above.
• In 1Q24, MYOR reported high gross margins of 27.8%. Combined with lower opex/revenue of 12.8% (vs 1Q23: 13.8%) and Rp75bn of forex gains (vs forex losses of Rp184bn in 1Q23), MYOR reported 1Q24 net profit growth of 53% yoy.
• Domestic 1Q24 revenue grew 9% yoy, while export revenue was down 5% yoy. This supported 3.7% yoy revenue growth in 1Q24 with 6.7% yoy volume growth. (Natalia Sutanto & Sabela Nur Amalina – BRIDS)

NISP - Bank Only Mar24 Results

• In 3M24, NISP reported a 13% rise in net profit amounting to Rp1.2tr, mainly driven by Rp357bn provision reversal, despite the 30% decline in PPOP caused by the opex growth of 40%.
• The provision reversal may be explained by the NPL coverage ratio, which reached 324.7% in FY23. Thus, the high level of coverage may have been deemed sufficient to create provision reversals.
• CIR rose significantly to 60.8% (+1711bps yoy) in 3M24 due to the 40% opex increase caused by a 91% increase in other expenses.
• NIM remained flat at 4.4% as the 26bps growth in EA yield was offset by the 49bps rise in CoF.
• On a monthly basis, in Mar24, NISP recorded a net profit of Rp408bn (+14% mom), supported by a 79% improvement in PPOP as NII rose 12% mom and CIR declined 1658bps mom to 58.9%.
• In Mar24, NIM reached 4.7% (+46bps mom, -6bps yoy) as the EA yield increased to 7.7% (+64bps mom, +11bps yoy), offsetting a CoF of 4.0% (+27bps mom, +28bps yoy).
• Despite the flat monthly growth, loans and customer deposits showed 11% and 7% yearly growth, respectively. LDR was recorded at 84.5% (-50bps mom, +329bps yoy).
• Compared to the FY23 ratios, NISP recorded a higher EA yield, offset by a higher CoF, resulting in a flat NIM. (Victor Stefano & Naura Reyhan Muchlis - BRIDS)

PTBA 1Q24 earnings miss on higher costs

• PTBA reported 1Q24 net profit of Rp791bn (-32% yoy), forming only 16% of our and consensus FY24F forecasts. We deem the 1Q24 profit to be a miss, as historically 1Q earnings contributed >26% of FY earnings during times when the coal price is correcting.
• 1Q24 revenue came in at Rp9.4tr (-5% yoy), inline with our expectations (forming 27%/ 25% of our/ consensus estimates), as PTBA's aggressive sales volume growth offset the drop in coal ASP (details pending the release of operational numbers).
• However, this came at the expense of higher cost (COGS +1% yoy), which dragged down EBITDA to Rp1.09tr (-34% yoy, forming only 16%/ 15% of FY24F est.). We think this was likely due to the higher stripping ratio, as PTBA expanded production into areas with a higher SR in FY24. While the SR and costs may reverse in the coming quarters, earnings are exposed to an expected further correction in coal prices in 2Q-3Q24.
• We currently have a Buy rating on PTBA with DCF-based TP of Rp2,750. (Erindra Krisnawan - BRIDS)

SMGR 1Q24 – Long Holiday Brought Down Cement Sales Volume

• NP reached Rp472bn in 1Q24 (-16%YoY/+3%QoQ), 17% of ours/cons, missed ours and consensus estimate, mostly due to higher opex to sales (15.4% in 1Q24 vs 15.1% in 1Q23).
• Revenue reached Rp8.4tr in 1Q24 (-6 % YoY/-24%QoQ), 21% of ours/cons, inline vs seasonality of 23%, due to lower sales volume (-2% yoy) as there were fewer working days in 1Q24.
• GPM reached 26.3% in 1Q24 (-100bps YoY) due to lower ASP (Rp 829k, -4% yoy), as SMGR had a higher bulk portion and lower ASP for Semen Padang in 1Q24, based on our price tracker.
• Operating profit reached Rp913bn in 1Q24 (-17%YoY/-4%QoQ), 19% of ours/cons, below seasonality of 23% due to higher opex to sales, driving down the OPM to 10.9% in 1Q24 (-140bps YoY). (Richard Jerry - BRIDS)

TBIG - Strong 1Q24 results overshadowed by a high 39% effective tax on EBT.

• TBIG’s 1Q24 earnings ended at Rp350bn (-20.8%qoq, +5.4%yoy) dented by high tax expenses, thus trailing our forecast/the cons.    
• The 1Q24 Revenue was Rp1.7tr (+1.0%qoq, +5.4%yoy) trending well inline with ours/cons FY estimates (Achiev. 24.3%/25.0%). TBIG delivered 837 gross tenancies comprised of 509 BTS towers, and 328 collocations. Numbers indicate that the churn impact (mainly from IOH) has subsided.
• EBITDA reached Rp1.47tr, trending is well inline with our FY est, and ahead of consensus, with EBITDA margins solid at 86% (+50bps qoq). (Niko Margaronis - BRIDS)

TOWR – Slightly missed, trailing FY24F estimates

TOWR delivered NP of Rp797bn (-3.7%qoq, +5.9%yoy) trailing ours/cons FY estimates.

This owed to:

1. Revenue growth (Rp3.0tr, +0.8%qoq, +6.3%yoy), inline with expectations, achieving 24.5%/24.8% of ours/cons est. The lower tower revenue is more than compensated with growth in non-tower biz (now contributes 31.7% to the topline) with strong traction in FTTH, (homepass inventory jumped to 1mn in 1Q24, (+65%qoq), while home connections increased to 125k (+5.2%qoq).
2. TOWR’s EBITDA margin subsided to 83.5% (130bps qoq), owing to a change in the mix of revenue from tower to more non - tower biz which initially delivers lower margins, we think.
3. TOWR’s D&A recovered from one-offs in 4Q23, however other operating expenses (taxes & disposals) weighed on the net profit.
4. Our key take: We like the substantial diversification currently taking place at TOWR to fiber revenue and FTTH. with increasing topline contribution, and thus being in much better position to ameliorate the impact from collocation churns due to IOH. (Niko Margaronis - BRIDS)

MACROECONOMY

China’s PMI Rose to 51.4 in Apr24

China's PMI rose to 51.4 in Apr24, a slightly faster expansion rate compared to March's 51.1. Demand improved, resulting in the fastest growth of output since May23. The increasing demand was also reflected by rising backlogs, but managers remain reluctant to increase employment. Input prices rose amid declines in selling prices. (S&P Global).

Eurozone Economy Data

Eurozone seemed to escape the recession with the bloc’s GDP up by 0.3% qoq and 0.4% yoy in 1Q24. Both figures are higher than consensus estimates. Inflation for Apr24 also showed progress as headline inflation remained low at 2.4%, matching March's figure, while core inflation slowed to 2.7% (vs. March's 2.9%). Services inflation finally decelerated to 3.7% yoy in Apr24 after being steady at 4% in the previous 5 months. The slower services inflation might support the case for a June rate cut by the ECB. (Bloomberg)

The Fed Left the Rate Unchanged at 5.5%

The Fed left the rate unchanged at 5.5% in May’s FOMC. The Fed Chairman Jerome Powel stated that it’s unlikely that the next move would be a rate hike although FOMC members are also getting less confident that inflation could return to 2% any time soon. A less hawkish tone is also implied by the reduction of the balance sheet runoff rate. Beginning in June, The Fed will reduce the pace from US$60bn/month to US$25bn/month. The figure is lower than market expectations of US$30bn and will put less pressure on the UST yield. (CNBC)

CORPORATE

ASII to Distribute Dividends of Rp21.01tr

ASII agreed to distribute Rp21.01tr or the equivalent of Rp519/share (yield: 10.1%) as dividends from 2023 net profits of Rp33.8tr. For information, an interim dividend of Rp98/share, amounting to Rp3.96tr, was paid on October 31, 2023. Meanwhile, the remaining Rp17.04tr or the equivalent of Rp421/share will be distributed on May 30, 2024. (Kontan)

BBRI Conducted a Share Buyback

BBRI has again carried out a share buyback as its share price experienced a significant correction after the publication of the 1Q24 financial report. For information, through the Annual General Meeting of Shareholders (AGMS) on March 13 2023, BBRI obtained shareholder approval to carry out a share buyback of a maximum of Rp1.5tr to be carried out within 18 months after the approval. (Kontan)

BBNI Green Credit Reached Rp67.4tr as of March 2024

BBNI’s green credit distribution has grown at an annual average (CAGR) of 23%, with a value reaching Rp67.4tr at the end of March 2024, compared to the end of December 2020 of Rp29.5tr. Green credit distribution contributed 14.2% to the total wholesale loans, while in December 2020, the portion was only 7.8%. (CNBC)