- Banking: SOE banks’ profit and credit growth will be single-digit
Deputy Minister of SOEs Kartika Wirjoatmodjo projects that SOE Banks’ performance this year will slow down, both in credit and profit growth, due to the unfavorable external situation. The many challenges that occurred during almost the 1H24 have caused banking performance to slow down slightly. However, he is still optimistic that Himbara’s performance in the 2H24 will be better than the previous semester, especially if interest rates and liquidity conditions improve and credit quality is also in line. (Kontan)
What we think: We and the consensus predict SOE banks will book single-digit growth this year following a performance better than expected last year due to the high interest rate and lower growth. We maintain our Neutral call on the sector. - ACES distributes an IDR 33.5 dividend per share
ACE Hardware Indonesia (ACES) distributes IDR 574B in dividends or IDR 33.5 dividend per share. The dividend payout ratio is 75% of its FY23 net profit. The meeting also agreed on the company name change to Aspirasi Hidup Indonesia, which is expected to reflect a more comprehensive role of the company. (Bisnis Indonesia)
What we think: Based on the last closing price of IDR 835, the dividend yield is at 4%.