BRIS (Bank Syariah Indonesia Tbk PT) vs Jakarta Composite Index Comparison

BRIS

Jakarta Composite Index

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BRIS

Jakarta Composite Index

Difference

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BRIS

Jakarta Composite Index

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Jakarta Composite Index

BRIS

JPM

BAC

601398

601288

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Bank Syariah Indonesia Tbk PT
Glance View

Market Cap

122.7T IDR

Industry

Banking

Bank Syariah Indonesia Tbk PT, often abbreviated as BSI, is a compelling narrative of strategic convergence and a shift towards ethical banking in the sprawling Indonesian market. Born from the merger of three state-owned Islamic banks—BNI Syariah, Bank Syariah Mandiri, and BRI Syariah—BSI stands as a testament to Indonesia's commitment to Islamic finance. This merger, significantly backed by the Indonesian government, aimed to capture the rising demand for Shariah-compliant banking services. Positioned as the country's largest Islamic bank, BSI operates under Islamic financial principles, which prohibit interest (riba) and invest in businesses complying with Shariah law. This framework not only resonates with the beliefs of Indonesia’s primarily Muslim population but also aligns with the increasing global emphasis on ethical banking practices. BSI generates revenue through a diverse array of Shariah-compliant banking products and services. These include profit-sharing (Mudarabah), joint venture (Musharakah), cost-plus financing (Murabahah), and leasing (Ijarah). Their operations span across consumer banking, corporate banking, banking for small and medium enterprises (SMEs), and treasury. By leveraging digital innovations and a vast network of branches across Indonesia, BSI has enhanced its customer reach, catering to both individual and corporate clients. The bank taps into the growing appetite for ethical investments and savings products, profiting by facilitating commercial transactions, extending equity-financed partnerships, and maintaining a portfolio of compliant investments. As BSI propels itself forward, it mirrors a journey of growth embedded in tradition and the modernization of Islamic financial principles.

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BRIS Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

US		JPMorgan Chase & Co NYSE:JPM	Add
ZA	A	Absa Bank Ltd JSE:ABSP	Add
ZA	S	Standard Bank Group Ltd JSE:SBK	Add
ZA	C	Capitec Bank Holdings Ltd JSE:CPI	Add
US		Bank of America Corp NYSE:BAC	Add
CN		Industrial and Commercial Bank of China Ltd SSE:601398	Add
CN		Agricultural Bank of China Ltd SSE:601288	Add
US		Wells Fargo & Co NYSE:WFC	Add
CN		Bank of China Ltd SSE:601988	Add
CN		China Construction Bank Corp SSE:601939	Add

US		JPMorgan Chase & Co NYSE:JPM	Select
ZA	A	Absa Bank Ltd JSE:ABSP	Select
ZA	S	Standard Bank Group Ltd JSE:SBK	Select
ZA	C	Capitec Bank Holdings Ltd JSE:CPI	Select
US		Bank of America Corp NYSE:BAC	Select
CN		Industrial and Commercial Bank of China Ltd SSE:601398	Select
CN		Agricultural Bank of China Ltd SSE:601288	Select
US		Wells Fargo & Co NYSE:WFC	Select
CN		Bank of China Ltd SSE:601988	Select
CN		China Construction Bank Corp SSE:601939	Select

US		JPMorgan Chase & Co NYSE:JPM	Add
ZA	A	Absa Bank Ltd JSE:ABSP	Add
ZA	S	Standard Bank Group Ltd JSE:SBK	Add
ZA	C	Capitec Bank Holdings Ltd JSE:CPI	Add
US		Bank of America Corp NYSE:BAC	Add
CN		Industrial and Commercial Bank of China Ltd SSE:601398	Add
CN		Agricultural Bank of China Ltd SSE:601288	Add
US		Wells Fargo & Co NYSE:WFC	Add
CN		Bank of China Ltd SSE:601988	Add
CN		China Construction Bank Corp SSE:601939	Add

HR	C	CROBEX INDX:CRBEX	Add
PK	K	Karachi 100 INDX:KSE100	Add
SA	T	Tadawul All Share INDX:TASI	Add
TH	S	SET Index INDX:SET	Add
GR	A	Athens General Composite INDX:ATG	Add
BR	B	BOVESPA INDX:BVSP	Add
AR	S	S&P Merval INDX:MERV	Add
MX	M	Mexico S&P/BMV IPC INDX:MXX	Add
CZ	P	PX Prague Stock Index INDX:PX	Add
RU	M	MOEX Russia INDX:IMOEX	Add

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BRIS

vs

Jakarta Composite Index

Stocks Performance
BRIS vs Jakarta Composite Index

Performance Gap
BRIS vs Jakarta Composite Index

Performance By Year
BRIS vs Jakarta Composite Index

Competitors Performance
Bank Syariah Indonesia Tbk PT vs Peers

Bank Syariah Indonesia Tbk PT
Glance View

Company

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BRIS vs Jakarta Composite Index

Stocks Performance BRIS vs Jakarta Composite Index

Performance Gap BRIS vs Jakarta Composite Index

Performance By Year BRIS vs Jakarta Composite Index

Competitors Performance Bank Syariah Indonesia Tbk PT vs Peers

Bank Syariah Indonesia Tbk PT Glance View

Company

Help

Tools

Stocks

BRIS

vs

Jakarta Composite Index

Stocks Performance
BRIS vs Jakarta Composite Index

Performance Gap
BRIS vs Jakarta Composite Index

Performance By Year
BRIS vs Jakarta Composite Index

Competitors Performance
Bank Syariah Indonesia Tbk PT vs Peers

Bank Syariah Indonesia Tbk PT
Glance View