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Company Update

19 Oktober 2022

BCAP IJ - MNC Sekuritas Equity Report October 19, 2022

Supportive Measures to Boost Fintech
 
1H22: Over Four-Fold Increase in Net Income
• BCAP’s consolidated revenue grew by +8.19% YoY to IDR1.39tn in 1H22 (vs IDR1.28tn in 1H21).
• The growth was supported by interest and dividends income, which grew by +12.69% YoY to
IDR804.28bn. Meanwhile, digital income rose significantly by +216.95% YoY to IDR145.06bn.
• Net profit increased by +325.66% YoY to IDR54.22bn in 1H22 (vs IDR12.74bn in 1H21),
expanding the net margin to 3.91% (vs 0.99% in 1H21).
• The increase in 1H22’s net income was due to lower interest expense by -16.05% YoY.
 
3:1 for Rights Issue, Aiming for IDR3tn
• BABP planned to conduct a right issue by issuing 10,48 mn series B shares or 25% of capital after rights.
• Right issue will be effective on 24 Nov-22 with the rights traded for 10 days, starting from 8 Dec-22 to 21 Dec-22. Rights that are not exercised until the end of the period are declared invalid.
• For every 3 shares, each shareholder is entitled for one rights (ratio 3:1). The goal of this corporate action is to meet a minimum core capital of IDR3tn according to POJK 12/2020 regulation.
• The proceeds from the rights after deduction of issuance costs will be used entirely to strengthen the capital structure. The aim is to support the target to increase productive assets, among others through the provision of credit, placement of funds, and purchase of securities with due regard to the provisions of the Minimum Capital Adequacy Requirement (KPMM).
 
Upcoming Developments: Maximizing Capability in FinTech
• Life Insurance: The most complete digital life insurance products available in the market, with digital onboarding, cashless claim, and auto-debit feature.
• General Insurance: A wide variety of general insurance products including property, automotive, travel, and gadget.
• Insurance Aggregator: Aggregating all of the insurance packages from partners, for a lower fee to provide customers with a more financially accessible option.
• Cryptocurrency Exchange: A marketplace to buy and sell cryptocurrencies, with further development in blockchain sphere for projects like NFT, metaverse, etc. in collaboration with MNC Media.
• Online Mutual Fund: Financial platform to buy, sell, switch & redeem MNC Asset Management Mutual Funds with interconnection to MotionTrade and MotionPay.
• Venture Capital: Utilizing MNC Asia Holding’s network to find and grow promising new venture.
• Securities Crowdfunding: Raising funds by selling a portion of ownership to help MSMEs grow their businesses.
 
Valuation and Recommendation: NOT RATED
PT MNC Sekuritas is affiliated with PT MNC Kapital Indonesia Tbk. Therefore MNC Sekuritas Institutional Research Team does not recommend anything related to the prospect of the Company - NOT RATED.
 
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