BRIS - Confident will continue its performance in ‘24

BRIS - Confident will continue its performance in ‘24 Bank Syariah Indonesia (BRIS) is optimistic about welcoming 2024 by continuing its impressive performance like last year. This optimism is in line with the company's consistency in maintaining double-digit growth. According to the bank BRIS set a net profit target for this year of above 30%. To achieve this target, it will boost its financing performance this year, especially in the consumption segment, but would also continue to try to balance the corporate segment by targeting debtors more selectively. At least BSI has set a target for financing distribution this year to grow in the range of 16% to 19% yoy. On the other hand, related to corporate actions in 2024, the company is always open to expansion and acquisition opportunities by adapting to existing needs and situations. (Source: Kontan) Comment: We believe the ’24 target is achievable, backed by its ’23 solid performance, which should be translated as a strong base to support this year's performance. The high yield segment will continue to play a crucial role for BRIS NIM, while continuing asset quality improvement will overall underpin ’24 earnings growth. We also like the BRIS position, which will become the main beneficiary of the continuing promising and tempting syariah market development. Maintain BUY with a DDM TP of IDR 2,050 (2.2x ’24F P/B).