BRIS - Targets to acquire 1 mn QRIS merchants in 2024

BRIS - Targets to acquire 1 mn QRIS merchants in 2024 Bank Syariah Indonesia (BRIS) recorded the transaction volume of Quick Response Code Indonesia Standard (QRIS) via BSI Mobile Banking to reach 14.8 mn transactions, or an increase of 149% year to date (YTD). The transaction value s equal to IDR2.6 tn, or an increase of 121%. YTD until April 2024 the number of QRIS merchants had also increased by 81.88%. The target for merchants to be acquired in 2024 is 1 mn merchants. (Source : Kontan) Comment : We like the BRIS QRIS achievement. Assuming the same growth with 1H23, it would overall help 1H24 earnings to grow better amid the continuing higher cost of deposit pressure. Likewise for BRIS's ‘24F expectation for the BRIS transaction of 56 mn, which is equal to around IDR6.6 tn will be a significant role to our ‘24F earnings for BRIS. Maintain BUY BRIS with a DDM TP of IDR 2,970 (3.2x ‘24F PB).