BRI Leadership Bought BBRI Shares, Shows Confidence in Future Performance

JAKARTA, Indonesia, June 14, 2024 /PRNewswire/ — PT. Bank Rakyat Indonesia (Persero) Tbk (IDX: BBRI) directors have been actively buying BBRI shares, according to information disclosed to the Indonesia Stock Exchange (BEI) on June 12.

BRI’s Deputy CEO, Catur Budi Harto purchased 230,000 BBRI shares on June 7th, bringing his total holdings to 4,045,557 shares. On the same day, BRI’s CFO, Viviana, also purchased 280,000 BBRI shares, bringing her total holdings to 3,659,500 shares. On June 10th, the Director of Micro Business, Supari, purchased 213,300 BBRI shares, bringing his holdings to 4,970,914 shares.

“The transaction is for personal investment purposes,” Agustya Hendy Bernadi, BRI’s corporate secretary, said in response.

Despite a 23% year-to-date decline in BBRI stocks, the company continues to show strong growth. RHB Securities analysts Andrey Wijaya and David Chong, in their June 11, 2024, research, suggest a potential price increase, noting that the risks are already factored in.

BRI’s financial report shows it led Big Cap banks with the fastest profit growth during the first four months of 2024, up 4.5% year-on-year. This increase, driven by robust loan growth and an effective cost of credit (CoC), included a 12% year-on-year loan increase in April. Analysts Andrey and David emphasized BBRI’s sector-leading performance, “CoC for 4M24 dropped to 3.7% (3M24; 3.8%), with expectations to drop below 3% for the entire year. CASA and LDR ratios remain stable,” they detailed in their research.

The 4.5% profit growth for the first four months of 2024 also met analysts’ expectations, equivalent to 28% of the forecast for the year. Based on such promising potential, RHB Securities maintains and affirms a Buy recommendation for BBRI stocks with a target price of Rp6,300 per share, predicting a 40% potential increase, aligned with excellent performance.

Also, 33 analysts unanimously recommend buying BBRI stocks based on Bloomberg consensus. Not a single analyst recommends selling. All of them firmly gave a Buy rating. The Bloomberg consensus yields a potential target price of Rp6,105 per share for the upcoming 12 months.

Recently, Jayden Vantarakis, an analyst at Macquarie, gave a buy recommendation with a target price of Rp6,630 per share. Moreover, Erni M. Siahaan, an analyst at Ciptadana Securities, also gave a buy recommendation with a target price of Rp7,000 per share.

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