This report is prepared for venia.allani@bnisekuritas.co.

id
18/7/2023 - 8:58:48
Keuangan
26 Juli 2023 Company Report

Bank Negara Indonesia

NR 3M/12M

Not Rated 2Q23: Sesuai dengan perkiraan,

Harga saham (26-Juli-23)
Share info and key metrics
Ticker Bloomberg
Kisaran 52 minggu
Kapitalisasi pasar
Jumlah saham beredar (jt)
Free float (%)
Rata-rata volume harian, jt (3M)
Rata-rata value harian, US$jt (3M)
Pemegang saham utama
Pemerintah Indonesia
outlook 2H23 yang lebih baik
Ringkasan kinerja 2Q23:
 Pada 1H23 laba bersih tumbuh 17% YoY menjadi Rp10,3 triliun, mencapai
Rp8.950 48% dari konsensus (vs. rata-rata 2 tahun: 46%). Pada 2Q23 laba bersih
turun sebesar -2,7% QoQ tetapi meningkat sebesar 5% YoY menjadi Rp5,1
triliun.
BBNI IJ  Pada 2Q23, NIM (Net Interest Margin) turun sebesar 20bps QoQ menjadi
4,48% karena biaya dana naik sebesar 10bps QoQ. Dengan perkembangan
Rp8.925 -Rp9.050 terbaru, manajemen telah menurunkan target NIM sebesar 10bps dari
Rp169tr/US$11.344jt minimum 4,7% menjadi minimum 4,6%.
18.649  Pada 2Q23, provisi bruto tumbuh sebesar 9% QoQ. Biaya kredit 2Q23
40,0 mencapai 1,5%, dan biaya kredit 1H23 sebesar 1,4%. Rasio LAR coverage
sedikit turun secara QoQ sebesar 2% poin menjadi 47%.
27,0
16,7  Pinjaman tumbuh sebesar 5% YoY (Maret 2023: 7% YoY) dan 3% QoQ
menjadi Rp651 triliun. Manajemen mengulangi target pertumbuhan pinjaman
sebesar 7-9% YoY. Rasio Loan to Deposit (LDR) stabil QoQ sebesar 85%.
60,0% Key takeaways dari management call:

 Manajemen mengulangi target ROE (Return on Equity) jangka panjang yang

berkelanjutan sebesar 18% pada FY25. Diharapkan akan terjadi perlambatan
pertumbuhan aset selama perjalanan transformasi karena fokus beralih ke
Kinerja harga saham segmen berisiko rendah.
1M 3M 6M 12M  Sebagai hasil dari perubahan strategi portofolio, RWA (Risk-Weighted Assets)
Absolute (2,2) (6,1) (6,5) 16,3 terbaru sebesar 75%, turun sebesar 4,6% YoY. Perusahaan mengulangi
target payout ratio di kisaran 40-50% (payout ratio FY2022: 40%).
Relative to JCI (6,2) (5,9) (7,0) 15,4
Sumber: Bloomberg
 Segmen Badan Usaha Milik Negara (SoE) Perusahaan berhasil tumbuh
sebesar 14% QoQ karena perusahaan mulai fokus untuk kembali
mengembangkan segmen ini setelah membersihkan watchlist BUMN mereka..
Valuasi dan ikhtisar keuangan
FY20A FY21A FY22A  Bank BNI bertujuan untuk mendorong pertumbuhan segmen korporasi swasta
sebesar 20%, tidak termasuk pembayaran kembali (per Juni 2023: +17% YoY
P/BV (x) 1,6 1,5 1,3 dan berkontribusi 37% dari total pinjaman). Sektor yang memberikan
P/E (x) 53,7 16,2 9,5 kontribusi terbesar adalah sumber daya alam, manufaktur, dan infrastruktur,
yang berkontribusi 68% dari pertumbuhan pinjaman secara keseluruhan..
PPOP Growth 4,3 8,4 6,5
Loan Growth (%) 5,5 5,3 10,9  Untuk nama-nama perusahaan kontruksi yang masuk dalam watchlist, Bank
BNI mengulangi coverage eksposur untuk WSKT sebesar 60%, sementara
EPS Growth (%) (78,7) 232,2 69,4 untuk WIKA sebesar 30% (comfortable level pada 40%), namun ini masih
ROE (%) 2,9 9,5 14,5 dalam situasi wait-and-see tergantung pada perkembangan restrukturisasi.
Net Int. Margin (%) 4,5 4,3 4,3
BNIS/Cons. EPS (%) - - -
Figure 1: Kinerja harga saham vs sektor vs pasar
Chg. in Core EPS Est. (%) - - -
Sumber: BNIS Research

Yulinda Hartanto, CFA

yulinda.hartanto@bnisekuritas.co.id
+62-21-2554 3946 Ext. 3981
Ilham Firdaus
ilham.firdaus@bnisekuritas.co.id
Sumber: Bloomberg, BNIS Research
+62-21-2554 3946 Ext. 2034
Darren Linardi
darren.linardi@bnisekuritas.co.id
+62-21-2554 3946 Ext. 3915

This report has been prepared by PT BNI Sekuritas. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON THE LAST PAGE.
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BNI Sekuritas | Keuangan 26 Juli 2023

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12M Rating Definition

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BNI Sekuritas | Keuangan 26 Juli 2023

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