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BNIS Short Note
Stock Data (as of December 23, 2021) Last Price IDR2,730
52wk Range IDR261-IDR2,790
YTD % Change +931.5%
1 Year Total Return +924.6%
Share Outstanding (Millions) 9,421.7
Market Capitalization (IDR b) 25,972.7
Free Float 35.27%
Previous Recommendation -
NOT RATED
Shareholders Akulaku Silvrr Indonesia 25.23%
Gozco Capital 15.8%
Rockcore Financial Technology 6.18%
What’s New? Recently we met up with BBYB where we learnt that its journey to be a lead-ing digital bank in Indonesia is just starting. With the support from Akulaku and Alibaba, BBYB is set to cut its learning curve in digital consumer lending business significantly. Key Highlights:
BBYB will continue on its success in acquiring organic users from cur-rently 12 million to more than 30 million by YE2022.
Management aspires to break even in FY23F through digital direct lend-ing to be its key business.
Proven lending ecosystem from Akulaku will expedite BBYB’s digital banking business growth.
More aggressive in 2022, aspires to break even in 2023 As of Nov’21, BBYB has acquired c.12.8m registered users with 80-90% of its users are coming from organic growth. Management targets to add 20m new users in 2022, bringing the total users to more than 30m users by YE2022. This was possible through high savings and deposit rate products, aside from cash back, bonus and games to acquire users and improve in engagement. Bank has set to launch more products in 2022, including digital lending, wealth management products and increase its app use cases. BBYB’s active users in Nov’21 was recorded at 5m users. Meanwhile, ARTO’s active users as of Oct’21 was at 700k while AGRO (Pinang) was at 18k as of Sep’21. BBYB sets to break even by 2023. As of 10M21, the bank posted a net loss of IDR277b (10M20: IDR15b). Meanwhile, deposits grew by 106.8% YoY to IDR6.6t and loans grew by 9.98% YoY to IDR4.0t in the same period. The bank has sold some of its legacy loan to Bank Woori and expect the propor-tion to decline to 10% in future from current position of 50%. Annualized 10M21 NIM was reported at 6.0% (10M20: 4.5%). While operational expens-es were still elevated, with CIR of 160% with technology expenses being the biggest cost contribution. A part of the Akulaku and Alibaba digital group Being a subsidiary of Akulaku, BBYB is integrating with Akulaku’s digital lend-ing ecosystem. Given Akulaku’s earlier experience on digital lending, it has learnt valuable knowledge in learning customer behaviour and building cred-it scoring through its current c.12m active users. Akulaku has relatively man-ageable asset quality with delinquency rate of 4-5% while one customer typically lends 3 to 4 times annually. Moreover, with Alibaba as one of the Akulaku’s shareholder, it has opened the possibility for BBYB to tap into Alibaba Group’s other digital ecosystem such as Lazada, Bukalapak, Dana, etc. Not only that, BBYB has also been receiving support from its parent company in building its technology and platform services. Valuation Adding the recent rights issue proceeds of IDR2.5t to total equity, currently, BBYB is trading at 7.2x P/Bk. Meanwhile, ARTO’s valuation is currently at 30.0x P/Bk and AGRO is at 12.4x P/Bk.
A Strong Digital Bank Contender
BNIS Short Note BBYB (PT Bank Neo Commerce Tbk)
Analyst:
Posmarito Pakpahan
1
EQUITY RESEARCH
December 24, 2021
Comparative Returns
BNIS Short Note
2
Analyst:
Posmarito Pakpahan [email protected]
Exhibit 5. NIM Trends
Source: BBYB, BNIS Sekuritas
Exhibit 6. CIR Trends
Source: BBYB, BNIS Sekuritas
Exhibit 1. Deposit Outstanding (IDRb)
Source: BBYB, BNIS Sekuritas
Exhibit 2. Loan Outstanding (IDRb)
Source: BBYB, BNIS Sekuritas
Exhibit 3. Monthly NII Trends in 2021 (IDRb)
Source: BBYB, BNIS Sekuritas
Exhibit 4. Monthly PPOP & Net Income Trend in 2021 (IDRb)
Source: BBYB, BNIS Sekuritas
BNIS Short Note
3
MAIN OFFICE - JAKARTA PT BNI SEKURITAS
Sudirman Plaza, Indofood Tower 16th Floor, Jl. Jend. Sudirman Kav. 76-78 Jakarta 12910, Indonesia
Phone: (62-21) 25543946 (Hunting) Fax: (62-21) 57935831
e-mail: [email protected] (General)
JAKARTA - Mangga Dua
Pertokoan Mangga Dua Blok E4 No. 7
Jl. Mangga Dua Raya, Jakarta Utara
Phone: (62-21) 6123804-5,62203890
Fax: (62-21) 6123806
e-mail: [email protected]
JAKARTA - Puri Indah
Gedung Bank BNI Ruko Grand Puri Niaga
Puri Kencana Blok K 6 no.2J 2K
Puri Kembangan, Jakarta Barat
Phone: (62-21) 58357464
Fax: (62-21) 58357465
e-mail: [email protected]
JAKARTA - Central Park
Central Park, APL Tower Podomoro City
Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan
Phone: (62-21) 29034215
Fax: (62-21) 29034216
email: [email protected]
JAKARTA – Wisma Bumiputera
Wisma Bumiputera Lt. 18
Jl. Jend. Sudirman Kav. 75 Jakarta 12910
Phone: (62-21) 2523349
Fax: (62-21) 2523350
e-mail: [email protected]
BANDUNG
Jl. Perintis Kemerdekaan 3
Bandung - 40117
Phone: (62-22) 4213375
Fax: (62-22) 4220604
e-mail: [email protected]
YOGYAKARTA
Jl. Laksda Adisucipto 137, Yogyakarta - 55282
Phone: (62-274) 581001-584032
Fax: (62-274) 584023
e-mail: [email protected]
SOLO
Jl. Honggo Wongso No. 24, Surakarta
Phone: (62-271) 729667, 730525
Fax: (62-271) 729668
e-mail: [email protected]
SURABAYA
Jl. Gubernur Suryo No. 36, Surabaya
Phone: (62-31) 5320912
Fax: (62-31) 5318425
e-mail: [email protected]
MALANG
Jl. Buring No. 58, Malang
Phone: (62-341) 321214,321213,321430
Fax: (62-341) 356876
e-mail: [email protected]
DENPASAR
Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2
Jl. Diponegoro No. 100, Denpasar - Bali
Phone: (62-361) 264376, 2753389
Fax: (62-361) 229170
e-mail: [email protected]
MEDAN
Jl. Pemuda No. 12, Medan - 20151
Phone: (62-61) 4579616
Fax: (62-61) 4579656
e-mail: [email protected]
PALEMBANG
Jl. Jend. Sudirman 132, Palembang - 30126
Phone: (62-711) 361969
Fax: (62-711) 319663
e-mail: [email protected]
PEKANBARU
Jl. Riau, No. 124, Bank BNI Lt. 2, Pekanbaru
Phone: (62-761) 46757, 839698
Fax: (62-761) 856279
e-mail: [email protected]
MANADO
BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1
Jl. Piere Tendean, No. 20, Manado
Phone: (62-431) 847256
Fax: (62-24) 847256
e-mail: [email protected]
ACEH
Kantor Cabang BNI Banda Aceh Lt.2
Jl. KH. Ahmad Dahlan No. 111, Banda Aceh
Phone: (62-651) 31109
Fax: (62-651) 31107
BANJARMASIN
Gd. Bank BNI Antasari Lt. 2
Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin
Phone: (62-511) 3253735
Fax: (62-651) 3253754
e-mail: [email protected]
DISCLAIMER This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice. Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek terse-but). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, terma-suk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.
