ASII – Positive Catalysts Continue

The continuation of government-borne PPnBM program and high commodity prices are expected to continue supporting ASII’s performance in 2022.

SMGR – Facing Higher Costs

While SMGR recorded significant growth in 3Q21, YTD performances were slightly down compared to last year. The cement industry is faced with higher coal prices;
which posed significant challenges to its profitability. Going forward, SMGR will still rely on the possible extension on favourable government incentives, such as: Cap on coal prices and Government-borne VAT on houses.

CPIN – Suppressed by Broiler Segment

The sluggish performance was mainly attributed to Broiler segment which had a huge loss, effectively offset income from other segments. Higher corn price will remain as a huge challenge for CPIN performance in the upcoming quarters.

ASII – Embracing New Economy

For the period 9M21, ASII booked IDR 167.4 trillion in total revenue (up 28% yoy); with net profit increase by 6.7% yoy to IDR 21.0 trillion. The automotive sector led the performance recovery, supported by robust growth in car sales and market share. ASII also continue to embrace the new economy by investing in top quality start-ups; which would be a positive catalyst for future performance.

BBNI – Solid Performance Growth, Provision Still Rising

BBNI recorded solid performance recovery in 1H21, with increases in top-line from both interest and non-interest incomes. This resulted in Pre-provision Operating Profit (PPOP) growth to IDR 16.1 trillion (up 24.4% yoy). NPL gross level also continued to decline on a quarterly basis, although it is still relatively high at 3.9%; which resulted in significant increase of provision expense.

BBCA – Solid Performance Growth, Declining Asset Quality

BBCA booked solid performance growth in 1H21, marked by net profit increase of 18.1% yoy to IDR 14.4 trillion. PPOP successfully grew 13.4%; while provision expense was relatively maintained with only 0.4% yoy increase. However, worsening asset quality and declining trend in Net Interest Margin (NIM) will be the hurdles for the rest 2021.

MIKA – Boosted by Covid-19 Related Services

MIKA continued its V-shaped recovery with a 1Q21 Revenue of IDR 1,204 Bn (up 37.6% yoy) and Net Income of IDR 374 Bn (up 69.6% yoy). Increased capacity and patient volume for Covid-19 cases have steadily support MIKA’s performance since bottoming out in 2Q20. With the pandemic expected to be more controllable, new hospital openings both through self-developed constructions and acquisitions, are expected to sustain healthy performance growth.