Listed Company Analysis – BRIS


Today, we will inform you about a company from subsidiary of PT Bank Rakyat Indonesia Tbk, (BBRI) which named Bank BRIsyariah Tbk (BRIS). BRIS so we called is entity that was before named as Bank Jasa Arta on December 19th, 2007. BBRI acquisitioned it and BBRI obtained permission from Bank Indonesia on October 16th, 2008 by the letter No.10/67/KEP.GBI/DpG/2008, so PT. Bank BRI Sharia officially was operated on November 17th, 2008. After that, PT. Bank BRIsyariah changed its conventional banking system into Islamic principle-based banking operation.

BRIS of Series 48

PT. Bank BRIsyariah is the third largest Islamic bank based on its assets. PT. Bank BRIsyariah grows exponentially, on assets, total of financing, and fund acquisition from third party. With the focus on middle-low segment, because most of the people who lives not in big cities are not looking for interest but more friendly by the terms of profit sharing (concept behind it does matter for them). BRIS want to provide muslim who saves up for pilgrimage deposit because lot of Bank Rakyat Indonesia’s customer are doing that time to time and preferable bank who held same principles as their religion. BRIS also the first Syariah Bank who entered the IHSG.

BRIS Products of series 48

BRIS offer a lot of products such as personal banking, business banking, other banking service (Employee benefit program and Sukuk). Sukuk is similar to bond in conventional banking.

BRIS Capital Composition of Series 48

2008 first capital injected is IDR 400 B then added more in 2009 IDR 1.500 B which then in total capital IDR 1.900 B which comprises 3.8 B shares with par value IDR 500/share. Now in Q2-2020 the total market capital for BRIS is IDR 5205.19 B. It’s increased 174% since 2009. In 2019 alone BRIS increase their capital IDR 96.2 B and in 2020 will be put some more, in 6 months BRIS already increase their capital IDR 117.2 B. BBRI said the total amount will be IDR 300 B with Danareksa Sekuritas as the broker in charge. There will be IDR 182.8 B more will be injected to BRIS in July to October 2020.

Key Financial Statistics of BRIS in IDR:

Balance Sheet and Income Statements of BRIS Q2 2020
Financial Ratio of BRIS Q2 2020

Several highlight of BRIS in 2020:

  • Menteri Badan Usaha Milik Negara – Erick Thohir said will merger the Syariah banks that belongs to government in February 2021 (Bank Syariah Mandiri, BNI, and BRI).
  • BRIS already overcome the pandemic effects and breakthrough the last year record in terms revenue and share price.

Current Target Price for BRIS:

Hopemity – Buy Rating – 650

BRIS is promising because it’s the only Syariah Bank in IHSG, and with the plan of government to merger all of the government’s syariah bank to become one just like Mandiri at 1998. This will brings promising future value for the BRIS. By looking at BMRI as a kind of that endeavor with present stock price at IDR 5800/share. At least BRIS will getting to 1200++ a year from now.

Build passive income not ruin our pension funds. This stock is good if we want to saves up until end of 2021. Cheers!


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