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We expect 2H26 earnings to slow as credit cost normalises from just 0.70% in 1H26 toward the 1.0-1.2% guide, but that looks priced in: at 0.3x 26F P/BV BBTN is the cheapest name in our coverage (sector: 1.8x). Its pivot into pension and payroll loans, taking non-housing to c.22% of the book and 30% by 2030, should add c.20bps to 2H26 assets yield and cushion rising CoF, while 20.0% CAR supports further loan growth.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
