[Indonesia] Banks

Bank Central Asia Hold

(BBCA IJ) (Maintain)

9M22 result review: Beating the consensus’ estimates TP: IDR9,000

Upside: 4.0%

Mirae Asset Sekuritas Indonesia

Handiman Soetoyo handiman.soetoyo@miraeasset.co.id Rizkia Darmawan rizkia.darmawan@miraeasset.co.id
ri

9M22 result Lower provision expense and higher margins boost earnings growth
 In 3Q22, BBCA posted a net profit of IDR10.9tr (+9.2% QoQ; +14.5% YoY), mainly driven by much lower
provision expense. Cumulatively in 9M22, the bank posted a net profit of IDR29.0tr (+24.8% YoY). The
result is in line with our estimate but above the consensus’ at 76.5% and 78.8% run rates against FY22F
estimates, respectively (5-year average: 73.4%).
 Interest income growth accelerated to 6.8% QoQ in 3Q22 (2Q22: +5.0% QoQ) as benchmark rate increased
that drove up yield, especially from placement in BI and government bonds. Moreover, strong loan growth
(+12.6% YoY) and higher USD loan yield (2Q22: 3.1%; 3Q22: 3.6%) also contributed to rising interest income
despite stable IDR loan yield (2Q22 and 3Q22: 7.3%). Meanwhile, CoF remained stable as the bank
maintained its deposit rates. NIM improved significantly from 5.0% in 2Q22 to 5.4% in 3Q22. Cumulatively,
the bank posted strong net interest income growth of 9.3% YoY in 9M22, driven by strong interest income
(+5.7% YoY) and lower interest expense (-15.5% YoY) with NIM at 5.1%. The bank raised its NIM guidance to
5.2-5.3% for FY22 (previously 5.1%), driven by the expected higher NIM at 5.6% in 4Q22.
 Non-interest income grew by 7.8% YoY in 9M22, derived primarily from loan and deposit-related fees as
loan, deposit, and transaction volume increased. Meanwhile, opex also increased by 9.4% due to the
accrued employee benefit in 3Q22.
 Provision expense was only IDR191bn in 3Q22 (1Q22: IDR2.8tr; 2Q22: IDR909bn), which resulted in much
lower provision expense of IDR3.9tr in 9M22 (-48.8% YoY). Nevertheless, the bank has indicated the
provision expense to elevate slightly in 4Q22 vs 3Q22. We expect its CoC to be at 1.0% (BBCA guidance: 0.8-
1.0%) in FY22 (FY21: 1.6%; 9M22: 0.8%), which will be among the key net profit growth drivers in FY22.
 Although gross NPL ratio remained steady at 2.2% QoQ (3Q21: 2.4%; 2Q22: 2.2%), LAR ratio continued to
improve to 11.7% in 3Q22 (3Q21: 17.1%; 2Q22: 12.3%). NPL and LAR coverage ratios reached 247.9% and
49.9%, respectively. Restructured loan has come down to only 10.4% of the total loan (3Q21: 13.3%).
 Loan growth came in at 12.6% YoY as of 3Q22, decelerating from 13.8% YoY as of 2Q22, dragged by
corporate loan (-1.3% QoQ) although commercial & SME and consumer loans increased by 3.0% and 2.8%
QoQ, respectively. Despite the QoQ decline, corporate loan remained the highest YoY loan growth driver
at 13.4%, v.s. commercial & SME and consumer loans at 12.6% YoY and 10.4%, respectively. The bank
maintains its loan growth guidance at 10% in FY22, which is lower than our forecast at 12%.
Outlook Set to grow more aggresively
 With benchmark rate having increased by 125bps this year, we expect BBCA to post higher NIM, especially
coming from higher yield of placements in BI and government bonds. BBCA sees little reason to raise
lending rates by now as the bank is still able to keep CoF low due to abundant liquidity and favorable
deposit mix. We think loan growth will be the main agenda to drive earnings growth next year, given low
LDR at 63.3%. This is in line with the bank’s guidance of 12% YoY loan growth in FY23. The bank seems
confident that economic recovery will continue to drive up loan demand, despite many challenges (high
inflation, rising interest rates, global recession, among others).
Recommendation Maintain Hold with a TP of IDR9,000 (based on FY23F P/B target of 4.5x)
 Although we like BBCA with its superb result and strong fundamental, we maintain our Hold
recommendation with a TP of IDR9,000 due to limited upside potential. Downside risks to our call are
slower loan growth and worsening asset quality. Meanwhile, key upside risk is stronger earnings growth.
Key data
(D-1yr=100) JCI BBCA Share Price (10/21/22, IDR) 8,650 Market Cap (IDRtr) 1,066.3
120
Consensus NP (22F, IDRbn) 37,345 Shares Outstanding (mn) 123.275.1
115
110 NP Mirae Asset vs. consensus (22F, %) 1.4 Free Float (%) 42.4
105 EPS Growth (22F, %) 20.5 Beta (Adjusted, 24M) 0.9
100
95 P/E (22F, x) 28.2 52-Week Low (IDR) 7,000
90 Industry P/E (22F, x) 15.5 52-Week High (IDR) 8,875
10/21 1/22 4/22 7/22 10/22
Benchmark P/E (22F, x) 15.1

Share performance Earnings and valuation metrics

(%) 1M 6M 12M (FY Dec. 31) 12/18 12/19 12/20 12/21 12/22F 12/23F
Absolute 2.1 9.8 16.9 Total OP (IDRbn) 63,022 71,595 74,744 77,870 85,126 92,907
Relative 4.4 12.7 11.1 PPOP (IDRbn) 35,383 40,880 45,420 48,464 54,201 59,896
Net Profit (IDRbn) 25,855 28,565 27,131 31,423 37,858 43,026
EPS (IDR) 210 232 220 255 307 349
BPS (IDR) 1,230 1,412 1,497 1,644 1,808 1,983
P/E (x) 41.2 37.3 39.3 33.9 28.2 24.8
P/B (x) 7.0 6.1 5.8 5.3 4.8 4.4
ROE (%) 18.5 17.6 15.4 16.5 17.8 18.4
ROA (%) 3.3 3.3 2.7 2.8 2.9 3.0
Source: Company data, Mirae Asset Sekuritas Indonesia Research estimates
Analysts who prepared this report are registered as research analysts in Indonesia but not in any other jurisdiction, including the US.
PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES AND DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.
October 24, 2022 Bank Central Asia

Figure 1. Loan growth Figure 2. Deposit growth

(IDRtr) Loan (L) Loan growth (R) (%, YoY) (IDRtr) (%, YoY)
Deposit (L) Deposit growth (R)
1000 20 1500 25

800 15 1200 20

600 10 900 15

400 5 600 10

200 0 300 5

0 -5 0 0
2016 2017 2018 2019 2020 2021 2022F 2023F 2016 2017 2018 2019 2020 2021 2022F 2023F

Source: Company data, Mirae Asset Sekuritas Indonesia Research Source: Company data, Mirae Asset Sekuritas Indonesia Research

Figure 3. Margin trajectory Figure 4. Interest income and expense trajectory

(IDRbn) PPOP (L) Net income (L) (%) (IDRbn) Interest income (L) (%, YoY)
PPOP margin (R) Net margin (R) Interest expense (L)
75,000 100 Interest income growth (R)
80,000 30
Interest expense growth (R)

60,000 80
20
60,000

45,000 60 10
40,000
30,000 40 0

20,000
15,000 20 -10

0 0 0 -20
2016 2017 2018 2019 2020 2021 2022F 2023F 2016 2017 2018 2019 2020 2021 2022F 2023F

Source: Company data, Mirae Asset Sekuritas Indonesia Research Source: Company data, Mirae Asset Sekuritas Indonesia Research

Figure 5. NIM & COF Figure 6. ROA & ROE

(%) COF NIM (%) ROE (L) ROA (R) (%)

10 24 3.5

8 22 3.2

6 20 2.9

4 18 2.6

2 16 2.3

0 14 2.0
2016 2017 2018 2019 2020 2021 2022F 2023F 2016 2017 2018 2019 2020 2021 2022F 2023F

Source: Company data, Mirae Asset Sekuritas Indonesia Research Source: Company data, Mirae Asset Sekuritas Indonesia Research

Mirae Asset Sekuritas Indonesia Research 2

October 24, 2022 Bank Central Asia

Figure 7. Loan growth Figure 8. Deposit growth

(%,YoY) Corporate Commercial & SME Consumer (%,YoY) Current account Savings account Time deposit
40
30

20 30

10 20

0 10

-10 0

-20 -10
3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22

Source: Company data, Mirae Asset Sekuritas Indonesia Research Source: Company data, Mirae Asset Sekuritas Indonesia Research

Figure 9. NIM trajectory Figure 10. Asset quality metrics

(%) Yields on IEA Cost of Fund NIM (%)

SML NPL
10 3.0

2.5
8

2.0
6
1.5

4
1.0

2
0.5

0 0.0
3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22

Source: Company data, Mirae Asset Sekuritas Indonesia Research Source: Company data, Mirae Asset Sekuritas Indonesia Research

Figure 11. Consolidated loan restructuring Figure 12. P/B band

(%) (x) P/B Mean -1 SD

(IDRtr) Total retruct. Loans (L) % to total loan (R)
5.0 +1 SD -2 SD +2 SD
125 20

100
15 4.5

75
10 4.0
50

5 3.5
25

0 0
3.0
3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
10/17 10/18 10/19 10/20 10/21 10/22
Source: Company data, Mirae Asset Sekuritas Indonesia Research Source: Company data, Mirae Asset Sekuritas Indonesia Research

Mirae Asset Sekuritas Indonesia Research 3

October 24, 2022 Bank Central Asia

Table 1. Key financial highlights (IDRbn, %)

2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 chg (QoQ) chg (YoY) 9M21 9M22 chg (YoY)
Interest income 16,514 16,268 16,588 16,462 17,288 18,457 6.8 13.5 49,392 52,207 5.7
Interest expense 2,368 2,390 2,273 1,979 1,997 2,138 7.0 -10.5 7,236 6,114 -15.5
Net interest income 14,146 13,878 14,315 14,483 15,291 16,319 6.7 17.6 42,156 46,093 9.3
Non interest income 5,256 5,240 5,976 5,920 5,203 5,540 6.5 5.7 15,451 16,663 7.8
Operating income 19,402 19,118 20,291 20,402 20,494 21,859 6.7 14.3 57,606 62,755 8.9
Other operating expenses 6,993 6,960 8,250 7,722 7,331 8,123 10.8 16.7 21,184 23,176 9.4
PPOP 12,409 12,158 12,041 12,680 13,163 13,737 4.4 13.0 36,422 39,579 8.7
Provision expenses 3,292 1,103 1,675 2,818 909 191 -79.0 -82.7 7,649 3,918 -48.8
Pretax profit 9,194 10,766 10,200 9,953 12,345 13,507 9.4 25.5 28,641 35,805 25.0
Net profit 7,416 8,743 8,224 8,064 9,985 10,905 9.2 14.5 23,199 28,955 24.8

Total loan 593,585 605,874 636,987 637,131 675,362 681,983 1.0 12.6 605,874 681,983 12.6
Current accounts 248,237 263,375 285,640 301,097 304,808 318,274 4.4 20.8 263,375 318,274 20.8
Saving accounts 448,838 458,424 481,373 497,061 513,003 512,174 -0.2 11.7 458,424 512,174 11.7
Time deposits 198,163 201,936 208,937 199,602 193,231 195,081 1.0 -3.4 201,936 195,081 -3.4
Total deposits 895,238 923,736 975,949 997,761 1,011,043 1,025,528 1.4 11.0 923,736 1,025,528 11.0

CASA ratio 77.9 78.1 78.6 80.0 80.9 81.0 0.1 2.8 78.1 81.0 2.8
LDR* 62.4 62.0 62.0 60.5 63.5 63.3 -0.2 1.3 62.0 63.3 1.3
NPL* 2.4 2.4 2.2 2.3 2.2 2.2 0.0 -0.2 2.4 2.2 -0.2
NPL coverage* 230.6 230.2 240.0 244.8 246.4 247.9 1.5 17.7 230.2 247.9 17.7
NIM* 5.3 5.2 5.1 4.9 5.0 5.4 0.4 0.2 5.2 5.1 -0.1
Note: *Bank only figures
Source: Company data, Mirae Asset Sekuritas Indonesia Research

Table 2. Results run rate (IDRbn)

9M22 BBCA 2022F MASI 2022F (a)/(b) (a)/(c) 5-years average Comment
Results run rate
(a) (b) Consensus (c) (%) (%) run rate (%) (MASI / Consensus)
Pre-tax profit/(loss) 35,805 46,793 45,752 76.5 78.3 72.7 In line/Above
Attributable net profit/(loss) 28,955 37,858 36,739 76.5 78.8 73.4 In line/Above
Source: Company data, Mirae Asset Sekuritas Indonesia Research

Mirae Asset Sekuritas Indonesia Research 4

October 24, 2022 Bank Central Asia

Bank Central Asia (BBCA IJ)

Income statement (summarized) Balance sheet (summarized)

(IDRbn) 12/20 12/21 12/22F 12/23F (IDRbn) 12/20 12/21 12/22F 12/23F
Net interest income 54,547 56,471 61,593 67,669 Cash and cash equivalents 24,322 23,616 25,529 27,647
Non-interest income 20,197 21,399 23,533 25,238 Current account with BI 65,889 135,020 152,459 167,645
Net commission income 13,161 14,680 16,441 17,756 Placement at other banks 21,022 29,524 30,241 32,751
Trading related income 1,487 2,528 2,571 2,605 Securities assets 201,818 230,857 240,324 260,272
Other non-interest income 5,549 4,191 4,520 4,876 Net loans and advances 563,642 608,875 706,088 783,355
Total operating profit 74,744 77,870 85,126 92,907 Net loans 555,088 597,415 693,263 769,735
SG&A expenses 29,324 29,406 30,924 33,011 Gross Loans 583,002 630,654 706,332 791,092
Pre-provisioning OP 45,420 48,464 54,201 59,896 (Allowance for credit losses) -27,913 -33,239 -13,069 -21,357
Net provisions 11,599 9,324 7,063 6,329 Total assets 1,075,570 1,228,345 1,355,410 1,487,233
Net operating profit 33,820 39,140 47,138 53,567 Total customer deposits 840,752 975,949 1,102,003 1,211,769
Non-operating income -252 -298 -345 -387 Demand deposits 229,821 285,640 348,480 392,040
Pretax profit 33,569 38,841 46,793 53,180 Savings Deposits 414,041 481,373 548,765 610,876
Corporate tax 6,421 7,401 8,916 10,133 Time Deposits 196,890 208,937 204,758 208,853
Minority interest 16 17 19 20 Other deposits 0 0 0 0
Attributable net profit 27,131 31,423 37,858 43,026 Borrowings 10,165 10,095 10,933 11,863
Growth (%) Debentures 1,091 982 1,047 1,284
Net interest income 7.3 3.5 9.1 9.9 Total liabilities 890,974 1,025,632 1,132,540 1,242,799
Non-interest income -2.8 5.9 10.0 7.2 Capital stock 1,541 1,541 1,541 1,541
Total operating profit 4.4 4.2 9.3 9.1 Capital surplus 5,549 5,549 5,549 5,549
SG&A expenses -4.5 0.3 5.2 6.7 Accum. translation adjustments 12,597 13,023 16,150 18,362
Pre-provisioning OP 11.1 6.7 11.8 10.5 Retained earnings 162,668 180,087 196,744 215,676
Net provisions 152.6 -19.6 -24.2 -10.4 Non-controlling interest 0 0 0 0
Net operating profit -6.8 15.7 20.4 13.6 Total shareholders' equity 184,596 202,713 222,870 244,434
Attributable net profit -5.0 15.8 20.5 13.7

Key performance indicators Balance sheet growth rate

12/20 12/21 12/22F 12/23F 12/20 12/21 12/22F 12/23F
Per share data Cash and cash equivalents -4.3 -2.9 8.1 8.3
EPS (IDR) 220 255 307 349 Current account with BI -11.2 104.9 12.9 10.0
EPS growth (%) -5.0 15.8 20.5 13.7 Placement at other banks 35.2 40.4 2.4 8.3
BPS (IDR) 1,497 1,644 1,808 1,983 Securities assets 31.3 14.4 4.1 8.3
BPS growth (%) 6.1 9.8 9.9 9.7 Net loans and advances -3.1 8.0 16.0 10.9
DPS 530 145 172 195 Net loans -3.0 7.6 16.0 11.0
Key ratios (%) Gross Loans -0.7 8.2 12.0 12.0
Non-int. income/ Total OP 27.0 27.5 27.6 27.2 (Allowance for credit losses) 87.3 19.1 -60.7 63.4
Cost-to-income 39.2 37.8 36.3 35.5 Total assets 17.0 14.2 10.3 9.7
Provisions/ Loans 2.0 1.5 0.9 0.8 Total customer deposits 20.3 16.1 12.9 10.0
Tax rate 19.1 19.1 19.1 19.1 CASA deposits 24.3 24.3 22.0 12.5
Loan-to-deposit ratio 66.8 61.6 64.1 65.3 Savings Deposits 19.8 16.3 14.0 11.3
Yields on IEA 7.3 6.6 6.2 6.2 Time Deposits 16.9 6.1 -2.0 2.0
Yields on IBL 1.5 1.0 0.8 0.8 Other deposits -100.0 N/A N/A N/A
Margins on IEA 6.1 5.6 5.5 5.5 Borrowings 48.7 -0.7 8.3 8.5
Spreads on IEA 5.9 5.5 5.4 5.4 Marketable Securities Issued -41.0 -10.0 6.6 22.6
ROA 2.7 2.8 2.9 3.0 Total liabilities 19.6 15.1 10.4 9.7
ROE 15.4 16.5 17.8 18.4 Capital stock 0.0 0.0 0.0 0.0
Financial leverage Capital surplus 0.0 0.0 0.0 0.0
Avg. adjusted equity (IDRbn) 175,711 190,242 212,791 233,652 Accum. translation adjustments 44.6 3.4 24.0 13.7
Average total assets (IDRbn) 989,241 1,138,618 1,291,877 1,421,321 Retained earnings 4.1 10.7 9.2 9.6
Avg. Assets/ vg/ equity (x) 5.6 6.0 6.1 6.1 Non-controlling interest -100.0 N/A N/A N/A
Avg. equity / Avg. assets (%) 17.8 16.7 16.5 16.4 Total shareholders' equity 6.0 9.8 9.9 9.7
Source: Company data, Mirae Asset Sekuritas Indonesia Research estimates

Mirae Asset Sekuritas Indonesia Research 5

October 24, 2022 Bank Central Asia

Appendix 1

Important Disclosures & Disclaimers

2-Year Rating and Target Price History
Company (Code) Date Rating Target Price (IDR) BBCA Analyst's TP
Bank Central Asia (BBCA IJ) 9/6/2022 Hold 9,000 10,000
8/16/2022 Trading Buy 9,000
9,000
7/28/2022 Trading Buy 8,550
7/5/2022 Buy 8,550 8,000
5/23/2022 Trading Buy 8,550 7,000
4/22/2022 Hold 8,550
6,000
1/28/2022 Hold 8,425
11/29/2021 Trading Buy 8,350 5,000
10/6/2021 Hold 7,370 Oct-20 Oct-21 Oct-22

9/23/2021 Trading Buy 7,370

4/23/2021 Buy 7,740

Stock Ratings Industry Ratings

Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving
Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes
Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening
Sell : Relative performance of -10%
Ratings and Target Price History (Share price (─), Target price (▬), Not covered (■), Buy (▲), Trading Buy (■), Hold (●), Sell (◆))
* Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months.
* Although it is not part of the official ratings at PT Mirae Asset Sekuritas Indonesia, we may call a trading opportunity in case there is a technical or short-term
material development.
* The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future
earnings.
* The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic
conditions.

Disclosures
As of the publication date, PT Mirae Asset Sekuritas Indonesia and/or its affiliates do not have any special interest with the subject company and do not own 1% or
more of the subject company's shares outstanding.

Analyst Certification
Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily
responsible for this report. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject
companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was,
is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of PT Mirae Asset
Sekuritas Indonesia, the Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business
units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do
not know or have reason to know of any actual, material conflict of interest of the Analyst or PT Mirae Asset Sekuritas Indonesia except as otherwise stated
herein.

Disclaimers
This report is published by PT Mirae Asset Sekuritas Indonesia (“Mirae Asset”), a broker-dealer registered in the Republic of Indonesia and a member of the
Indonesia Exchange. Information and opinions contained herein have been compiled from sources believed to be reliable and in good faith, but such
information has not been independently verified and Mirae Asset makes no guarantee, representation or warranty, express or implied, as to the fairness,
accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Bahasa Indonesia. If
this report is an English translation of a report prepared in the Indonesian language, the original Indonesian language report may have been made
available to investors in advance of this report. Mirae Asset, its affiliates and their directors, officers, employees and agents do not accept any liability for
any loss arising from the use hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a
solicitation of an offer to effect transactions in any securities or other financial instruments. The intended recipients of this report are sophisticated
institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no
person whose receipt or use of this report would violate any laws and regulations or subject Mirae Asset and its affiliates to registration or licensing
requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are subject to change without notice
and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior
written consent of Mirae Asset. Mirae Asset, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the
subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments
from time to time in the open market or otherwise, in each case either as principals or agents. Mirae Asset and its affiliates may have had, or may be
expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are
permitted under applicable laws and regulations. The price and value of the investments referred to in this report and the income from them may go down
as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Fu ture returns are not
guaranteed, and a loss of original capital may occur.

Distribution

Mirae Asset Sekuritas Indonesia Research 6

October 24, 2022 Bank Central Asia

United Kingdom: This report is being distributed by Mirae Asset Securities (Europe) Ltd. in the United Kingdom only to (i) investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and
other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as
“Relevant Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of
its contents.
United States: This report is distributed in the U.S. by Mirae Asset Securities (America) Inc., a member of FINRA/SIPC, and is only intended for major
institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their
acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied
understanding that they will direct commission income to Mirae Asset or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in
any securities discussed herein should contact and place orders with Mirae Asset Securities (America) Inc., which accepts responsibility for the contents of
this report in the U.S. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such
case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements.
Hong Kong: This document has been approved for distribution in Hong Kong by Mirae Asset Securities (Hong Kong) Ltd., which is regulated by the Hong
Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for
distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws
of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person.
All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Mirae
Asset or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Mirae
Asset and its affiliates to any registration or licensing requirement within such jurisdiction.

Mirae Asset Sekuritas Indonesia Research 7

October 24, 2022 Bank Central Asia

Mirae Asset Securities International Network

Mirae Asset Securities Co., Ltd. (Seoul) Mirae Asset Securities (HK) Ltd. Mirae Asset Securities (UK) Ltd.
One-Asia Equity Sales Team Units 8501, 8507-8508, 85/F 41st Floor, Tower 42
Mirae Asset Center 1 Building International Commerce Centre 25 Old Broad Street,
26 Eulji-ro 5-gil, Jung-gu, Seoul 04539 1 Austin Road West London EC2N 1HQ
Korea Kowloon United Kingdom
Hong Kong
Tel: 82-2-3774-2124 Tel: 852-2845-6332 Tel: 44-20-7982-8000
Mirae Asset Securities (USA) Inc. Mirae Asset Wealth Management (USA) Inc. Mirae Asset Wealth Management (Brazil) CCTVM
810 Seventh Avenue, 37th Floor 555 S. Flower Street, Suite 4410, Rua Funchal, 418, 18th Floor, E-Tower Building
New York, NY 10019 Los Angeles, California 90071 Vila Olimpia
USA USA Sao Paulo - SP
04551-060
Brazil
Tel: 1-212-407-1000 Tel: 1-213-262-3807 Tel: 55-11-2789-2100
PT. Mirae Asset Sekuritas Indonesia Mirae Asset Securities (Singapore) Pte. Ltd. Mirae Asset Securities (Vietnam) LLC
District 8, Treasury Tower Building Lt. 50 6 Battery Road, #11-01 7F, Saigon Royal Building
Sudirman Central Business District Singapore 049909 91 Pasteur St.
Jl. Jend. Sudirman, Kav. 52-54 Jakarta Selatan Republic of Singapore District 1, Ben Nghe Ward, Ho Chi Minh City
12190 Vietnam
Indonesia
Tel: 62-21-5088-7000 Tel: 65-6671-9845 Tel: 84-8-3911-0633 (ext.110)
Mirae Asset Securities Mongolia UTsK LLC Mirae Asset Investment Advisory (Beijing) Co., Ltd Beijing Representative Office
#406, Blue Sky Tower, Peace Avenue 17 2401B, 24th Floor, East Tower, Twin Towers 2401A, 24th Floor, East Tower, Twin Towers
1 Khoroo, Sukhbaatar District B12 Jianguomenwai Avenue, Chaoyang District B12 Jianguomenwai Avenue, Chaoyang District
Ulaanbaatar 14240 Beijing 100022 Beijing 100022
Mongolia China China

Tel: 976-7011-0806 Tel: 86-10-6567-9699 Tel: 86-10-6567-9699 (ext. 3300)

Shanghai Representative Office
38T31, 38F, Shanghai World Financial Center
100 Century Avenue, Pudong New Area
Shanghai 200120
China
Ho Chi Minh Representative Office Mirae Asset Capital Markets (India) Private Limited
7F, Saigon Royal Building Unit No. 506, 5th Floor, Windsor Bldg., Off CST Road,
91 Pasteur St. Kalina, Santacruz (East), Mumbai – 400098
District 1, Ben Nghe Ward, Ho Chi Minh City India
Vietnam

Tel: 86-21-5013-6392 Tel: 84-8-3910-7715 Tel: 91-22-62661336

Mirae Asset Sekuritas Indonesia Research 8