BCAS: CNMA IJ - 1Q25 Earnings Below

COMPANY 
BCAS: CNMA IJ - 1Q25 Earnings Below

• CNMA posted 1Q25 net loss of IDR 68 bn, from profit in previous quarter and year, below ours' and cons. The Co recorded operating loss with increased OPEX for the quarter as occupancy rate decreased to 16.5% (vs 24.1% in 1Q24). 
• 1Q25 revenue came in at IDR 929 bn (-35.4% QoQ, -28.7% YoY), also missed ours/cons. Total admissions decreased to 13.8mn (vs 21.1mn in 1Q24) due to an earlier fasting period which depicted lowest demand. ATP improved to IDR46.1k (vs IDR43k in 1Q24). 

BCAS: UNVR IJ – 1Q25 Earnings Beat

• 1Q25 net profit at IDR1.2tn (+226% QoQ; -14.6% YoY), beat ours/cons at 30%/32%. Sequential QoQ improvement on growth and profitability was seen from higher sales. 
• 1Q25 Revenue at IDR9.4tn (+22.6% QoQ; -6.1% YoY). Domestic sales saw –6.6% growth (UPG +1.3% | UVG –7.8%) and exports at +12.6% growth. This is an impact from customer stock reduction, underlying business improvement and festive season. MT however saw decreasing market share. 

The Co. is on track in doing its transformation program. 1Q25 upbeat results mostly impacted by festive season. Will see better results starting in 2H25, while ice cream business separation is also on track for end of FY25. Our last call is HOLD, as we think this is a seasonality, while low purchasing power still persists.

Bank Tabungan Negara (BBTN) Booked IDR 905 bn Net Profit in 1Q25 
BBTN posted a net profit of IDR 905 bn in 1Q25 (+5.1% YoY), supported by consistent credit and financing growth. Third-party funds increased to IDR 384.7 tn (+7.5% YoY), with CASA jumped to IDR 196.7 tn (+10.1% YoY). NIM improved to 3.6% (vs 1Q24; 3.3%). Total assets reached IDR 468.5 tn, while LDR stood at 94.4%. The Co. remains optimistic to hit the IDR 500 tn asset target by year-end, supported by strategic partnerships and the national housing development program. (Emitennews)