BEWARE OF FRAUDULENT SCHEMES CLAIMING TO REPRESENT PT VERDHANA SEKURITAS INDONESIA

• Please be cautious of any fraudulent schemes conducted by parties claiming to represent PT Verdhana Sekuritas Indonesia. These scams often use the name, logo, and identity of PT Verdhana Sekuritas Indonesia to pose as official company representatives.
  
• Identified scam methods include investment fraud, job offers, task assignments, or other programs that appear to offer monetary rewards or commissions. Please remain vigilant against other forms of fraud as well.
  
• These scams may be carried out through various media channels, including:
  1. Fake websites;
  2. Messaging apps such as WhatsApp, Telegram, SMS, etc.;
  3. Fake emails and letters;
  4. Fraudulent phone calls. 
• PT Verdhana Sekuritas Indonesia operates solely as a Securities Broker-Dealer and Underwriter. We are not an investment manager or an institution that offers investment programs, job offers, commission-based tasks, or other financial schemes directly to the public via social media, private messages, phone calls, or unofficial individual agents. We do not appoint any individual or third party to collect funds from the public. 
• We never request the public, prospective clients, or our clients to (1) conduct cash transactions or (2) transfer funds to any personal account of individuals claiming to be employees or representatives of PT Verdhana Sekuritas Indonesia.
  
• Official information from PT Verdhana Sekuritas Indonesia is communicated only through our official channels:
  Website: www.verdhana.id and www.verdhanaresearch.com 
  Email: info@verdhana.id
  Phone: (021) 5098 5799
  Address: Deutsche Bank Building, 18th Floor, Jl. Imam Bonjol No. 80, Jakarta 10310 
• If you receive any suspicious messages, offers, or solicitations conducted by parties claiming to represent PT Verdhana Sekuritas Indonesia, please do not respond and report them immediately to us via email at info@verdhana.id.

This announcement is hereby conveyed. Thank you for your attention and for placing your trust in PT Verdhana Sekuritas Indonesia.
Sincerely,

PT Verdhana Sekuritas Indonesia

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• Bank BTPN Syariah (BTPS IJ) (Neutral) - FY24 results below expectations

  EW

  Post BTPS's FY24 results release, which came in below our expectations, we identify several areas of concern.

  BANKS BTPS BTPS JK BTPS IJ Erwin Wijaya

  1 year ago

• Bank Central Asia (BBCA IJ) (Buy) - Jan-25 result: Decent start

  EW

  BBCA kicked off 2025 with decent bank-only Jan-25 results with headline profit of IDR4.7tn (+6% y-y).

  BANKS BBCA BBCA JK BBCA IJ Erwin Wijaya

  1 year ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - Slow growth outlook

  EW

  We believe BBRI will still face the issue of maturing micro/ultra-micro loans.

  BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

  1 year ago

• Bank Rakyat Indonesia (BBRI IJ) (Buy) - FY24 profit flat y-y, as expected

  EW

  We previously highlighted that BBRI might face maturing micro/ultra-micro segments,

  BANKS BBRI BBRI JK BBRI IJ Erwin Wijaya

  1 year ago

• Bank Tabungan Negara Persero (BBTN IJ) (Neutral) - 4Q24 Results: a miss

  BBTN reported 4Q24 net profit (NP) of IDR925bn (+59% q-q; -22% y-y).

  BANKS BBTN BBTN JK BBTN IJ Erwin Wijaya

  1 year ago

• Bank Mandiri (BMRI IJ) (Buy) - Earnings update, TP adjustment

  EW

  Post FY24 results, we revise our FY25-26F earnings estimates.

  Banks BMRI BMRI JK BMRI IJ Erwin Wijaya

  1 year ago

• Bank Syariah Indonesia (BRIS IJ) (Buy) - Solid FY24 results

  EW

  BRIS continued to deliver solid 4Q24 results with headline profit of IDR1.9tr (+11% q-q / +26% y-y),

  Banks BRIS BRIS JK BRIS IJ Erwin Wijaya

  1 year ago

• Bank Mandiri (BMRI IJ) (Buy) - Unexciting (in-line) FY24 results

  EW

  BMRI has released its FY24 results with headline consolidated profit at IDR55.8tn (+1.3% y-y).

  Banks BMRI BMRI JK BMRI IJ Erwin Wijaya

  1 year ago

• Bank Negara Indonesia (BBNI IJ) (Buy) - FY24 earnings review, TP adjustment

  EW

  Post FY24 results, we revise FY25F-26F earnings estimates. We also add a new forecast year FY27F.

  Banks BBNI BBNI JK BBNI IJ Erwin Wijaya

  1 year ago

• Indonesia Banks - Room for better liquidity

  EW

  Based on the latest SRBI issuances (dated 31 Jan 2025), we see some improvements in liquidity

  Banks Erwin Wijaya

  1 year ago

• Bank Central Asia (BBCA IJ) (Buy) - Steady trend

  EW

  We have updated our earnings projections for BBCA for FY25-26F

  Banks BBCA BBCA JK BBCA IJ Erwin Wijaya

  1 year ago

• Bank Central Asia (BBCA IJ) (Buy) - Solid (and in line) FY24 results

  EW

  BBCA released its FY24 results with headline profit at IDR54.8tn (+13% y-y),

  Banks BBCA BBCA JK BBCA IJ Erwin Wijaya

  1 year ago

• Bank Negara Indonesia (BBNI IJ) (Buy) - In-line FY24 results

  EW

  BBNI released its FY24 results with a net profit of IDR21.5tn (+3% y-y),

  Banks BBNI BBNI JK BBNI IJ Erwin Wijaya

  1 year ago

• Indonesia Banks - Cutting reserve requirement might be prudent option

  EW

  In our opinion, the last three SRBI (Sekuritas Rupiah Bank Indonesia) issuances this year,

  Banks Erwin Wijaya

  1 year ago

• Indonesian Banks - Muted impact from BI rate cut

  EW

  Bank Indonesia has made a surprise 25bp benchmark rate cut to 5.75%.

  Banks Erwin Wijaya

  1 year ago