Banks

Indonesia / Financials /  Banks

The Banks subsector on the Indonesia Stock Exchange is a crucial component of the country's market. It encompasses various subindustries, with the primary focus on banking. This subsector plays a major role in Indonesia's market due to the country's history and potential. Indonesia has a large population and a growing middle class, which creates a significant demand for banking services. Additionally, the government has implemented policies to promote financial inclusion and encourage banking sector growth. At this moment, this sub-sector seems to be experiencing a bullish trend, with a total market cap growth of around 3% over the past 365 days. It appears that 24 companies in this sub-sector might have seen a positive market cap change, while around 23 companies could have experienced a negative market cap change. Notable companies in this subsector, based on market capitalization, include PT Bank Central Asia Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, and PT Bank Syariah Indonesia Tbk.

P/E Value

The Banks sub-sector in Indonesia is considered cyclical, with historical P/E values fluctuating between moderate and high. The current lower P/E values compared to last year can be attributed to factors such as economic uncertainty, rising interest rates, and regulatory changes impacting profitability. With 18 companies in the Banks sub-sector boasting favorable P/E ratios ...

10.96

Price to Earnings

Banks Sector P/E
10.96
The Price-to-Earnings (P/E) ratio is a key tool for investors and analysts to assess whether a stock is overvalued, undervalued, or fairly valued. The P/E ratio is calculated by dividing the market price of a company's stock by its earnings per share (EPS).
Banks Weighted Sector P/E
22.52
The weighted average P/E ratio is a measure of the average P/E ratio of the companies in the sector, weighted by market capitalization.
Indonesia Stocks Avg. P/E
8.07

Resilience & Health Index

In the Banks sub-sector of the Indonesia index, there are 47 companies with 20th place in price changes over the last 30 days. The average price changes in this sub-sector are worse than the overall IDX price changes, possibly due to factors such as stricter regulations or economic uncertainties affecting the banking industry. With no new listings this month and barriers to ...

8.4

Sector Health Score

Banks Sector Max Drawdown
-0.24
The maximum drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown (MDD) is an indicator of downside risk over a specified time period.
Indonesia Stocks Avg. Max Drawdown
-0.31
Banks RSD (Close)
0.08
The RSD (Close) is a measure of the volatility of a stock's daily price change. It is calculated as the standard deviation of each day's logarithmic returns summed over the past 90 days.
Indonesia Stocks Avg. RSD (Close)
0.17

Sector Growth Index

In the past year, the Banks sub-sector in Indonesia has shown strong growth with a 30.61% average Year on Year (YoY) quarter earnings increase and a 3.21% average YoY quarter revenue increase. Despite ranking 9th in earnings and 20th in ...

4.7

Sector Growth Score

Trailing 3Y Banks Sector Growth
+13.65%
This uses geometric mean to compute a measure of the sector's revenue growth over the last 3 years.
Banks Current Revenue Growth
3.30%
The change in revenue this quarter compared to the same period a year ago.
Banks Current Earnings Growth
30.40%
The change in earnings per share (EPS) this quarter compared to the same period a year ago.
Banks 1Y Market Cap Growth
-4.78%
The change in market capitalization relative to the same period a year ago.
Banks Recent Performance
52nd
Recent growth beats 52% of all sectors in Indonesia.
Banks '25 Revenue Growth Forecast
+21.20%
The estimated change in revenue for the Banks sector in 2025.
Banks '25 Earnings Growth Forecast
+18.51%
The estimated change in earnings for the Banks sector in 2025.

Top Companies

Most profitable companies in Banks

Company

Profit (billion)

59878.12

55060.06

48639.12

21079.72

6582.71

Key Figures

Banks companies on IDX

47

Total Market Cap. (IDR, billion)

IDR 3,079,940.63B

26.85% of total market cap. on IDX
Range of P/E Value

-70 - 391

Average of 11.0 P/E
Sector CAGR

> 0%

Compound Annual Revenue Growth of 3.30%

Banks Sector Performance

IDR 3,079.94T

Sector Market Cap. (IDR, trillion)
  1. Last 4 Quarters

  2. Prev 4 Quarters

Sector Composition

Sector Valuation

Historical valuation of companies in Banks
More than 5% deviation of median from the last 3 years
Within 5% deviation of median of last 3 years
TTM: Trailing Twelve Months (TTM)
Metric2020202120222023Current (TTM)
Price/Equity27.3015.0115.1313.4710.96Lower than average of last 3 yearsRanked 22 of all sectors
Price/Book1.261.471.010.830.75Lower than average of last 3 years
Price/Sales6.386.374.343.903.45Lower than average of last 3 yearsRanked 28 of all sectors
Price/Cash Flow4.496.926.03-0.941.33Lower than average of last 3 years

Executive Summary

Sector Performance

1W

-3.3%

1Y

-4.8%

YTD

-10.1%

Trailing 12 Months

Overall -4.8%

−0.40−0.30−0.20−0.10

Positive

Neutral (Within <2.5%)

Negative

Sector Percentile

52%

35
55
75
0
100

This sector has a return that beats 52% of all sectors on the Indonesia Stock Exchange over the past 12 months.

Sector Dividend Yield

5.88%

Dividend-paying companies in this sector pay out a dividend yield of 5.88% on average over the past 12 months. This beats the average dividend yield of all companies on IDX, which is around 3.45%.

Sector Stabillity

98%

35
55
75
0
100

This sector is very stable, with a RSD (Relative Standard Deviation) of 8%. Companies on IDX have an average RSD of 14%. This gives the sector a score of 98%.

RSD (Relative Standard Deviation)
98%
The relative standard deviation, caluclated from the S.D of the sector's returns.
Max Drawdown
-23.89%
The maximum loss from a peak to a trough during a specific period (TTM).

This past month

Over the last month, stocks in the Banks sector has remained flat, although notably Bank Pan Indonesia Tbk has gained 2.31% in the last month.

Current quarter

This quarter, the sector has seen an average revenue growth of 3.30% compared to the same quarter last year.
When it comes to earnings, the sector has seen an average growth of 30.40% compared to the same quarter in 2023. Much of this growth is driven by the following companies:
MAYA.JK(+213.2%), BANK.JK(+101.7%), AMAR.JK(+68.5%), BBKP.JK(+67.1%), BBYB.JK(+59.4%).

Last 12 Months

Companies in the Banks sector have seen a -4.8% change in market cap over the last 12 months. A decline in market cap over the last 12 months is not necessarily a bad thing. It could be that investors are readjusting expectations for the sector, or affected by rotation into other higher-growth sectors.

Most of the last 12 months in the Banks sector has been negative with February (+4.3%), January (+3.2%) and July (+2.7%) being the best performing months.

Sector Valuation

Has the Banks sector valuation in Indonesia changed over the past 12 months?

Price to Earnings Ratio

  • The Banks sector is trading at a median PE ratio of 10.96x, which is lower than its 3-year historical average PE of 22.52x. This puts the sector in the undervalued category based on its historical valuation.
  • Companies in the Banks have an extremely wide range of PE ratio, going between -70x to 391x.This makes it necessary to consider the outliers in the sector, and adjust for the respective market caps of each company to prevent any skewing of the data.
  • To add some perspective across the value disparity, among the top gainers in the last month, Bank of India Indonesia Tbk commands a premium with a PE ratio of 293.27 while Bank Pan Indonesia Tbk is trading at a PE ratio of only 8.58.
  • When weighted by market cap, the Banks sector is trading at a PE ratio of 22.52x as compared to the unweighted PE ratio of 10.96x. The unweighted sector median is considered a slight premium (1.4x) to the overall IDX median of 8.07x.
  • The Banks sector is trading at a PE ratio (10.96) that represents a substantial discount to its historical average (17.73).

Sector Gainers

PNBN Logo
Bank Pan Indonesia Tbk
PNBN.JK
Last Trading Day

IDR 1,105.00

1 Month

+2.31%

1 Year

-3.49%

P/E Ratio

8.58

BINA Logo
PT Bank Ina Perdana Tbk.
BINA.JK
Last Trading Day

IDR 4,220.00

1 Month

+1.69%

1 Year

+6.03%

P/E Ratio

127.34

BCIC Logo
PT Bank JTrust Indonesia Tbk.
BCIC.JK
Last Trading Day

IDR 94.00

1 Month

+1.08%

1 Year

-1.05%

P/E Ratio

11.18

BSWD Logo
Bank of India Indonesia Tbk
BSWD.JK
Last Trading Day

IDR 3,100.00

1 Month

0.00%

1 Year

+160.94%

P/E Ratio

293.27

BACA Logo
PT Bank Capital Indonesia Tbk
BACA.JK
Last Trading Day

IDR 130.00

1 Month

0.00%

1 Year

-1.52%

P/E Ratio

41.25

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