BJTM Bank Pembangunan Daerah Jawa Timur Tbk

29 Jul 2021 09:40 (1 tahun 7 bulan lalu) - More upside from current price   BJTM 1H21’s net profits of IDR803bn are inline with the cyclicality, reaching 63.2% of our FY21F. Funding will remain abundant given the support from its shareholders with funds from the government’s budget placed in BJTM’s deposits. All in all, FY21F’s net profits are estimated to decline by 14.6% yoy on the back of normalised tax expenses as the bank benefitted from FY20’s tax expenses from restitution in the 2016-2018 fiscal years. Upgrade to BUY with an unchanged GGM-derived TP of IDR850 (implying 1.2x 2021F PBV).    1H21 highlights. 1H21’s net profits of IDR803bn are 63.2% of our FY21F, supported by low ...

26 Apr 2021 16:29 (1 tahun 11 bulan lalu) - Defensive Strategy: BJTM Berpeluang Memulai Fase Uptrendnya by galerisaham on TradingView.com BJTM berkonsolidasi sehat di area 815 – 790 dan menguji level resisten 805. Jika nantinya saham ini mampu menguat menembus area resisten tersebut, terbuka ruang kenaikan kembali bagi BJTM menuju 970 dengan minor target 910. MACD yang mendatar menunjukan saham ini berada dalam fase akhir konsolidasinya. Rekomendasi: Buy jika mampu break 805. Stoploss level 790. Disclaimer ON

15 Apr 2021 08:30 (1 tahun 11 bulan lalu) - Fairly priced   BJTM 1Q21’s net profits of IDR448bn exceeded our forecast thanks to lower credit costs of 123bps. For 2021, NIM is expected to decline slightly to 5.4% as we foresee a dip in asset yields and an uptick in the blended CoF by c.20bps to 3.1%. All in all, FY21F’s net profits are estimated to decline by 14.6% yoy on the back of normalised tax expenses as the bank benefitted from FY20’s tax expenses from restitution on the 2016-2018 fiscal years.Downgrade to HOLD with an unchanged GGM-derived TP of IDR850 (implying 1.2x 2021F PBV).    FY20/1Q21 highlights. FY20’s net profits of IDR1.5tn are above our forecast due to significantly ...

22 Oct 2020 14:04 (2 tahun 5 bulan lalu) - BPD Jatim(BJTM IJ) Still manageable BJTM 9M20’s net profits of IDR1.1tn, exceedingour forecast thanks to lower credit costs of 106bps. Given the challenges amid the COVID-19 pandemic, we expect the gross NPLs ratio to reach 4.4% by December 2020F with 154bps credit costs. On the funding side, the 32.9% yoy TD growth in September 2020 reflects low absorption oftheregional government’s budget due totheCOVID-19 pandemic. This trend,however,should not elevate its blended CoF as BJTM’s management claims that most of these funds will shift towardcurrent accounts towardstheend oftheyear. As such,we maintain our 2.9% blended CoFestimatefor 2020.BU ...

30 Jul 2020 09:16 (2 tahun 7 bulan lalu) - BPD Jatim  On track to grow further    BJTM posted net profits of IDR770bn in 1H20 backed by 12.7% yoy loans growth and a 5.8% NIM. Given the challenges amid the COVID-19 outbreak, we expect softer loans growth at 3.9% yoy mainly driven by the consumer loans segment. On the funding side, CASA deposits will remain sizeable in the bank’s customer deposits structure backed by strong support from provincial and regency government current accounts. This should translate into a 2.9% blended CoF for FY20F in our model.BUY maintained with a higher GGM-derived TP of IDR760 (implying 1.1x 2021F PBV).  1H20 highlights. 1H20’s net profits of IDR770bn a ...

29 Apr 2020 14:04 (2 tahun 10 bulan lalu) - BPD Jatim(BJTM IJ) Fundamentally still solid   BJTM posted net profits of IDR439bn in 1Q20 backed by 14.0% yoy loans growth and a 6.1% NIM. Given the challenges amid the COVID-19 outbreak, we expect softer loans growth at 3.9% yoy mainly driven by the consumer loans segment. On the funding side, CASA deposits will remain sizeable in the bank’s customer deposits structure backed by strong support from provincial and regency government current accounts. This should translate into a 2.9% blended CoF for FY20F in our model.BUY maintained with a lower GGM-derived TP of IDR750 (implying 1.15x 2020F PBV). 1Q20 highlights. 1Q20’s net profits of I ...

13 Apr 2020 23:06 (2 tahun 11 bulan lalu) - Jelang RUPS tanggal 24 April 2020, saham BJTM perlahan-lahan mulai rebound dengan bergerak naik. Salah satu agenda RUPS adalah penetapan penggunaan laba bersih tahun buku 2019, termasuk pembagian deviden. Berdasarkan historical selama 5 tahun terkahir (2014-2018), deviden pay out ratio (DPR) ada dikisaran 54,3% hingga 72,88%. Apabila mengikuti DPR tersebut maka untuk tahun buku 2019 dengan EPS sekitar Rp 92 per lembar, perkiraan deviden BJTM sekitar Rp 49,95 hingga 67 per lembar. Dengan harga penutupan hari ini di 515, maka deviden yield-nya sekitar 10% atau lebih. Jauh diatas deposito!! Secara teknikal, apabila BJTM dapat bertahan diatas 49 ...

31 Jan 2020 10:22 (3 tahun 1 bulan lalu) - BPD Jatim(BJTM IJ) Steady performance We maintain our BUY call on BJTM with an unchanged GGM-derived TP of IDR800, liking the bank for its turnaround story with a decent loans growth outlook going forward. Commercial loans are the new growth engine for BJTM as the bank is participating in loans syndication for some infrastructure projects. Thus, we expect 10.9% yoy loans growth this year. On the funding side, CASA deposits will remain sizeable in the bank’s customer deposits structure backed by strong support from provincial and regency government current accounts. This should translate into a 2.8% blended CoF for FY20F in our model. FY1 ...

17 Oct 2019 10:24 (3 tahun 5 bulan lalu) - BPD Jatim(BJTM IJ) Finally, stronger momentum     We maintain our BUY call on BJTM with a lower GGM-derived TP of IDR800, liking the bank for its turnaround story with a new management teamin place, and noting its bright loans growth outlook going forward. Commercial loans are the new growth engine for BJTM as the bank is participating in loans syndication for some infrastructure projects. Thus, we expect 10.9% yoy loans growth next year. On the funding side, CASA deposits will remain sizeable in the bank’s customer deposits structure backed by strong support from provincial and regency government current accounts. This should translate i ...

12 Apr 2019 11:24 (3 tahun 11 bulan lalu) - BPD Jatim(BJTM IJ) Picking up the momentum   We maintain our BUY call on BJTM with a GGM-derived TP of IDR850, liking the bank for its generous dividends, in particular. Commercial loans are the new growth engine for BJTM as the bank is participating in loans syndication for some infrastructure projects. All in all, we estimate 10.0% yoy loans growth this year. On the funding side, CASA deposits will remain sizeable in the bank’s customer deposits structure supported by strong support from provincial and regency government current accounts. We expect a 75% contribution from CASA to total customer deposits by the end of 2019F.   1Q19 highl ...