Bank Syariah Indonesia Tbk PT
IDX:BRIS
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Intrinsic Value
The intrinsic value of one BRIS stock under the Base Case scenario is 2 835.47 IDR. Compared to the current market price of 2 920 IDR, Bank Syariah Indonesia Tbk PT is Overvalued by 3%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
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Fundamental Analysis
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Bank Syariah Indonesia Tbk PT
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Bank Syariah Indonesia Tbk PT, a leading Islamic banking institution in Indonesia, emerged as a key player in the nation’s financial landscape following the merger of several notable Islamic banks. Established to serve the growing consumer demand for Sharia-compliant financial products, the bank caters primarily to individual and small to medium-sized enterprises, fostering economic growth in accordance with Islamic principles. Its commitment to ethical banking practices, transparency, and community development resonates well with a customer base that values accessibility and integrity. The bank's strategic initiatives focus on enhancing digital banking capabilities, expanding its product of...
Bank Syariah Indonesia Tbk PT, a leading Islamic banking institution in Indonesia, emerged as a key player in the nation’s financial landscape following the merger of several notable Islamic banks. Established to serve the growing consumer demand for Sharia-compliant financial products, the bank caters primarily to individual and small to medium-sized enterprises, fostering economic growth in accordance with Islamic principles. Its commitment to ethical banking practices, transparency, and community development resonates well with a customer base that values accessibility and integrity. The bank's strategic initiatives focus on enhancing digital banking capabilities, expanding its product offerings, and reaching underserved segments, positioning it for robust growth in a market where Islamic finance is on the rise.
For investors, Bank Syariah Indonesia represents not just a financial institution but a vehicle for participating in the burgeoning Islamic finance sector, which has demonstrated resilience and stability compared to conventional banks. The bank's focus on risk management, asset quality, and a diversified portfolio of Sharia-compliant products boosts investor confidence while adhering to the principles of financial inclusion. As Indonesia continues to strengthen its economy and increase its global standing in Islamic finance, Bank Syariah Indonesia is well-positioned to capitalize on this momentum, providing an attractive opportunity for those looking to invest in a socially responsible and ethically-driven banking system.
Bank Syariah Indonesia Tbk PT (BSI) is a leading Islamic bank in Indonesia, formed through the merger of several Islamic banks. Its core business segments are aligned with Islamic banking principles, focusing on providing financial services that comply with Sharia law. Here are the primary segments:
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Retail Banking:
- This segment primarily caters to individual customers and small enterprises. It includes various products such as savings accounts, current accounts, personal financing, and home financing solutions (like Murabaha and ijarah).
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Corporate Banking:
- BSI provides banking services to medium and large enterprises, focusing on working capital financing, project financing, and trade financing. Products are structured to comply with Islamic finance principles, such as profit-sharing and risk-sharing models.
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Treasury and Capital Markets:
- This segment deals with liquidity management, funding, and investment activities. It includes Sharia-compliant investment products and treasury operations, such as issuing Sukuk (Islamic bonds) and other financial instruments.
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Financial Services:
- This includes wealth management and investment advisory services tailored to Islamic finance. It often involves structuring portfolios that are Sharia-compliant for both individual and institutional investors.
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Sharia Advisory Services:
- As part of ensuring compliance with Sharia law, BSI offers advisory services on Islamic finance principles and practices, helping clients understand and implement Sharia-compliant solutions.
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Digital Banking:
- Recognizing the trend towards digitalization, BSI invests in digital banking services to enhance customer experience, providing online banking, digital payments, and mobile applications that cater to a tech-savvy clientele.
In summary, Bank Syariah Indonesia Tbk PT focuses on providing a comprehensive range of financial products and services that adhere to Islamic values, emphasizing ethical banking while supporting economic growth and development in the community.
Bank Syariah Indonesia Tbk PT (BSI) holds several unique competitive advantages over its rivals, particularly in the context of the Islamic banking sector in Indonesia. These advantages can be classified into several key areas:
1. Focused Islamic Banking Model
- Sharia Compliance: As a fully Islamic bank, BSI’s operations are exclusively based on Sharia principles, appealing to a significant segment of the Indonesian population that prefers ethical banking alternatives.
- Specialized Products and Services: BSI offers a range of Sharia-compliant financial products that cater not only to individual customers but also to businesses and corporations, giving them an edge in attracting clients who prioritize such values.
2. Strong Brand Recognition and Trust
- National Representation: As a state-owned entity with significant backing, BSI enjoys greater trust among customers compared to smaller or less recognized competitors.
- Reputation for Integrity: The commitment to ethical banking practices helps in building long-term customer relationships and brand loyalty.
3. Wide Distribution Network
- Extensive Branch Network: BSI has an extensive network of branches across Indonesia, making it accessible to a larger customer base, particularly in underserved areas.
- Digital Banking Capabilities: Investment in digital platforms enhances customer convenience, allowing for greater competitiveness against traditional banks and fintechs.
4. Government Backing
- State Support: Being a state-owned bank, BSI benefits from government support in terms of funding, policy alignment, and regulatory advantages, which can strengthen its market position.
- Inclusion in National Programs: Participation in government financial inclusion initiatives positions BSI as a key player in promoting financial literacy and services in the country.
5. Focus on Sustainable and Ethical Finance
- Alignment with ESG Goals: BSI's commitment to sustainable and ethical finance resonates with global trends towards environmental, social, and governance (ESG) criteria, attracting socially responsible investors.
- Community Development Initiatives: BSI invests in community development and social welfare projects, which enhances its corporate image and fosters customer loyalty.
6. Robust Financial Performance
- Strong Capital Base: A solid capital structure allows BSI to withstand economic fluctuations better than some smaller competitors.
- Diverse Revenue Streams: By offering a wide variety of products and tapping into various customer segments, BSI can generate diverse sources of revenue, thus reducing risk.
7. Customer-Centric Approach
- Tailored Financial Solutions: BSI's ability to customize financial products to meet the specific needs of different customer groups helps in building a loyal customer base.
- Excellent Customer Service: Focused efforts on customer service and experience differentiate BSI from its competitors.
8. Strategic Alliances and Partnerships
- Collaborations: BSI has opportunities to form strategic partnerships with fintech firms and technology providers, enhancing its service offerings and technological capabilities.
In summary, Bank Syariah Indonesia Tbk PT is well-positioned in the Indonesian banking landscape through its focus on Islamic principles, strong government backing, and commitment to ethical banking practices, all of which contribute to its competitive edge in the market.
Bank Syariah Indonesia Tbk PT, like any financial institution, faces various risks and challenges that could impact its operations and growth. Here are some potential risks and challenges the bank may encounter in the near future:
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Regulatory Compliance Risks: As a Sharia-compliant bank, it must adhere to specific regulations and standards set by both Islamic finance principles and Indonesian banking authorities. Changes in regulations or failure to comply could jeopardize its operating license.
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Economic and Market Risks: Fluctuations in economic conditions, including inflation rates, interest rates, and currency exchange rates, can impact profitability. A slowdown in the Indonesian economy due to external factors can also affect customer confidence and lending activities.
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Competition: The banking sector in Indonesia is competitive, with conventional and Islamic banks vying for market share. Increased competition may lead to pressure on margins and necessitate enhanced customer service and product innovation.
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Credit Risk: The potential for borrower default can pose significant risks. Given the bank's focus on sectors that may be more vulnerable to economic downturns or business cycles, effective credit assessment and risk management practices are critical.
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Technological Risks: As the banking sector moves toward digital transformation, Bank Syariah Indonesia must invest in technology to enhance customer experiences. Cybersecurity risks and the need for robust IT systems are paramount as they expand digital offerings.
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Changing Consumer Preferences: Consumer preferences are evolving, with customers increasingly expecting personalized banking solutions. Failure to adapt to these changes and offer relevant products could hinder customer retention and acquisition.
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Social and Community Pressure: Being an Islamic bank, the institution faces the responsibility of upholding ethical standards aligned with Sharia law. Negative publicity or failure to meet community expectations can impact reputation and customer trust.
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Global Economic Factors: Geopolitical tensions, trade wars, and global economic uncertainties can influence local market conditions. The bank must remain agile to adapt to potential global economic shifts.
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Operational Risks: Risks related to internal processes, human resources, and systems can disrupt operations. Strong governance and risk management frameworks are essential to mitigate these risks.
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Liquidity and Funding Challenges: In times of economic stress, access to liquidity can become constrained. The bank needs to ensure it has adequate funding sources to meet its obligations.
By proactively identifying and managing these risks, Bank Syariah Indonesia Tbk PT can better navigate the complexities of the financial landscape.
Balance Sheet Decomposition
Bank Syariah Indonesia Tbk PT
Net Loans | 152.1T |
Investments | 175.7T |
PP&E | 6.6T |
Intangibles | 1.5T |
Other Assets | 34.9T |
Total Deposits | 306.7T |
Short Term Debt | 1.4T |
Long Term Debt | 597.1B |
Other Liabilities | 18.6T |
Wall St
Price Targets
BRIS Price Targets Summary
Bank Syariah Indonesia Tbk PT
According to Wall Street analysts, the average 1-year price target for BRIS is 3 553 IDR with a low forecast of 3 030 IDR and a high forecast of 4 305 IDR.
Dividends
Current shareholder yield for BRIS is .
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Description
PT Bank Syariah Indonesia Tbk engages in the provision of Sharia banking services. The company is headquartered in Jakarta Pusat, Dki Jakarta and currently employs 17,720 full-time employees. The company went IPO on 2018-05-09. is an Indonesia-based Islamic bank. The firm's segments include Commercial, Corporate, SME, Micro, Consumer, Pawning, and Others. The SME Segment serves productive financing to private business entities in the form of legal entities and non-legal entities, primary and secondary education, clinics, cooperatives, linkage patterns, and/or plasma nuclei. The Consumer segment is focused on consumptive/ multipurpose purposes (among others Griya products, multipurpose, vehicles, pensioners, financing cards, gold installments and gold pawning, and government program financing). The Micro segment serves individual customers and micro-entrepreneurs, including the distribution of subsidized financing to support government programs in empowering community businesses and deposit products and other banking services for the needs of each customer. The Others segments include products outside of financing, savings, and non-deposit products.
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The intrinsic value of one BRIS stock under the Base Case scenario is 2 835.47 IDR.
Compared to the current market price of 2 920 IDR, Bank Syariah Indonesia Tbk PT is Overvalued by 3%.