BBCA – Low LDR Drives Credit Expansion

BBCA posted a net profit of IDR 8.06 trillion in 1Q22 (+14.6 YoY), supported by growth in Interest and Non-Interest Income. Meanwhile, the Company managed to reduce the Provision Fee by 13.4% YoY. Gross NPL slightly increased annually, while Net Interest Margin (NIM) was slightly depressed. With a low LDR, there is room for expansion for BBCA’s credit growth.

ANTM – ASP and Sales Volume Remains High

ANTM sales booked 40.5% of growth to IDR 38.5 trillion in 2021. Gold products was the largest contributor at IDR 25.9 trillion or 67% of the Company’s total sales. Meanwhile, net profit grew 62% to IDR 1.9 trillion. NHKSI Research sees the increase of commodity prices in 2021 was a positive sentiment. However we believe ANTM still has a positive long-term forecast.

PTBA – Liquidity Maintains Debt Ratio Low

The increase in average coal price, both in the Newcastle Index and Indonesia Coal Index, boosted PTBA’s performance in 2021. PTBA recorded a net profit of IDR 7.9 trillion or jumped 231.4% YoY. The rise in net profit is in line with revenue that grew 68.9% to IDR 29.3 trillion. Meanwhile, Cost of Revenue was recorded at IDR 15.8 trillion, or up 23.7%.

WIKA – New Contracts Support Performance

WIKA booked sales of IDR 17.8 trillion in 2021, growing 7.7% YoY. Meanwhile, the highest contributor to sales is the Infrastructure and Building segment. Followed by Energy and Industrial Plant, Industry, Realty and Property, and Investment. WIKA’s sales growth, supported by operational activities that are gradually recovering, indicated the positive recuperation of the company.

JSMR – Eid Mobility Boosts Transaction Volume

JSMR recorded significant net profit growth, jumping 222.4% to IDR 1.6 trillion, in line with the divestment of the Jasamarga Pandaan Malang, and Marga Lingkar Jakarta toll roads. In addition to the reduced average cost of debt, the volume of toll road transactions, which grew by 9% YoY, boosted Jasa Marga’s performance in 2021.