Superbank IPO: Price Target & Stockbit Insights

Daily Market Performance 🚀

IHSG	Foreign Flow	Exchange rate USD/IDR	Gold
8.522 -0,56%	-Rp308,1 billion	16.662 -0,20%	4.135 +0,98%

Oil	Coal	CPO	Nickel
62,5 -0,29%	112,5 +0,04%	3.990 -1,60%	14.699 +1,69%

👋 Stockbitor!

PT Super Bank Indonesia (Superbank) officially announced prospectus for IPO with the issuer code $SUPA. In this plan, SUPA plans to offer ~4.4 billion in new shares (13%) stock with offering prices ranging 525–695 rupiah per sharewhich implies Fund acquisition ranged from 2.3 to 3.1 trillion rupiah. Obtaining funds from this corporate action will be used as much as 70% for working capital for credit distributiontemporary The remaining 30% is for capex.

The initial offering is planned to take place on November 25–December 1, 2025, with plans public offering on December 10–15, 2025 and estimates listing on December 17, 2025.

After IPO, SUPA shareholders include PT Elang Media Visitama (27.07%) as a subsidiary of Elang Mahkota Teknologi ($EMTK), PT Kudo Teknologi Indonesia (16.67%), A5–DB Holdings (10.03%), GXS Bank (10.44%), KakaoBank (8.66%), and Singtel Alpha Investments (7.36%). Based on website company as of August 2025, Grab Holdings Ltd. has ownership in SUPA through PT Kudo Teknologi Indonesia, A5–DB Holdings, and GXS Bank.

The SUPA shareholder ecosystem creates The company can integrate its digital banking products across other platforms — like Grab, Ovo, or Video as a digital asset owned by EMTK — while utilizing partners’ data and distribution channels. As of 1H25, ~64.4% of the company’s customers were obtained through Grab and Ovo.

Based on financial report as of 8M25 available in the prospectus, SUPA noted net profit of 44.5 billion rupiah (vs. 8M24: loss 192.5 billion rupiah), supported by an increase in Net Interest Income to 950.4 billion rupiah (+175% YoY) as the Net Interest Margin increases (NIM) to 11.2% (vs. 8M24; 8.1%). Meanwhile, The company’s financing and DPK during 8M25 each grew +99% YoY (vs. 8M24: +224%) and +291% YoY (vs. 8M24: +361% YoY), resulting in Loan–to–Deposit Ratio (LDR) down to 93% (vs. 8M24: 183%).

Based on the financial report for the 8M25 period, SUPA’s valuation after the IPO is in the range of 2.3–2.8x P/BVnot much different when compared to the latest financial report as of 9M25 which is available at website company.

Key Takeaway

Based on the closing trading price on Tuesday (25/11), SUPA’s IPO valuation range by P/BV is below $ ART And $BBHI, although not as low $BBYB (see table above). However, annualized SUPA’s ROE as of 8M25 was recorded to be lower in comparison peers– her, which we consider to be normal considering the differences in growth phases (life–cycle) between the company and its competitors.

We assess that SUPA’s strong digital ecosystem has the potential to be a catalyst for the company’s future growth through efficient customer acquisitionwhich in the end can increase Third Party Funds, expand credit distribution, and grow Non-Interest Income. This catalyst becomes increasingly relevant in the midst of the merger discourse between GoTo Gojek Tokopedia ($GOTO) and Grab. As of September 2025, SUPA has 5 million customers, an increase of around +25% from the position in June 2025.

However, SUPA’s high dependence on the Grab ecosystem is one of the main risks (concentration risk) because the company’s performance will tend to have a high correlation with the performance of its affiliates. Another risk that investors need to pay attention to when analyzing the digital banking industry is IT risk — both regarding security, the ability to support daily operations, and competitive advantages compared to competitors.

💰 BRMS Receives Syndicated Loan of US$ 625 Million

• $BRMS: Bumi Resources Minerals obtained a syndicated loan facility worth 625 million US dollars from Bangkok Bank Public Company Limited, Bank Permata ($BNLI), Bank Mega ($MEGA), and Bank Central Asia ($BBCA). BRMS Director, Charles Gobel, said that this facility has a tenor of 6 years, incl grace period about 10 months. From these funds, as much as 425 million US dollars will be used by BRMS subsidiaries, PT Citra Palu Minerals, to complete underground gold mine construction in 3Q27, increase the processing capacity of gold factories carbon–in–leach (CIL) the first of 500 tons of ore per day to 2,000 tons of ore per day in 4Q26, and pay off loans amounting to 120 million US dollars from MEGA. Meanwhile, the remaining loan facility is: 200 million US dollars will be used by BRMS to finance drilling and exploration activities for copper mines in Gorontalo as well as gold and silver mines in Aceh and Banten.
• $EARTH: UBS Group AG sells ~3.6 billion Bumi Resources shares at average prices ~226.6 rupiah per share on November 17, 2025. The total transaction value reached ~809.2 billion rupiah and addressed for clients’ derivative hedging activities. After this transaction, UBS Group AG’s direct ownership portion in BUMI fell from 8.05% to 7.09%.
• $FROM: Operator Uluwatu Hill Villa, PT Nusantara Utama Investama, sold ~1.5 billion (6,07%) stock BUVA at average prices 150 rupiah per share on November 21, 2025 to increase liquidity free float in society. After this transaction, PT Nusantara Utama Investama’s direct ownership portion in BUVA fell from 67.71% to 61.64%. On the other hand, 4 members of BUVA’s board of directors and commissioners — consisting of Satrio, Hendry Utomo, Cindy Budijono, and Astini Bernawati Oudang — purchased a total of ~26.6 million BUVA shares at a price of 150 rupiah per share on November 21 2025.
• $DEWA: Darma Henwa shareholder, PT Andhesti Tungkas Pratama, sold ~645 million DEWA shares on November 21, 2025 at an average price 416 rupiah per share. The total transaction value reached ~268 billion rupiah. After this transaction, PT Andhesti Tungkas Pratama’s direct ownership portion in DEWA fell from 11.76% to 10.18%.
• $IMPC: happy reported that a subsidiary of Impack Pratama IndustriPT Circular Karya Indonesia, signed a memorandum of understanding on cooperation with PT CCEPC Indonesia regarding project development waste–to–energy in Bali. In this collaboration, PT Circular Karya Indonesia will act as a provider of investment support in the project waste–to–energywhile PT CCEPC Indonesia will provide technical support as a contractor engineering, procurement, and construction (EPC) as well operation and maintenance (O&M).
• $ENRG: Energi Mega Persada announced that it has completed the divestment of 50% participation rights in the cooperation contract (KKS) Gebang, North Sumatra to Japan Petroleum Exploration Co. Ltd. (JAPEX) with an undisclosed transaction value. Gebang assets, via the Secanggang field, targeted to start production in 2027 with an initial capacity of ~40 million standard cubic feet per day. ENRG said that the presence of JAPEX would accelerate the development of Gebang assets through better access to funding and expertise subsurface more advanced, as well as more efficient project execution. In a separate transaction, ENRG also announced it had acquired 25% participating rights in KKS Kangean, East Java from JAPEX. This acquisition makes ENRG as the sole owner of the Kangean Blockwhich is now the second largest gas asset in the company’s portfolio. In the future, ENRG plans to continue developing the Kangean Block by drilling 3 development wells and strengthening exploration activities in West Kangean.
• $PANI: Pantai Indah Kapuk Dua announced that implementation schedule rights issue The company will be revised until an undetermined time limit because the company is still waiting for the issuance of an effective statement letter from the OJK. Previously, PANI said that cum rights in the regular market and negotiations will fall on November 25, 2025, with a trading period rights scheduled to take place December 1–5, 2025.
• $BBCA: Bank Central Asia plans to share interim dividend 2025 financial year worth ~6.8 trillion rupiah or 55 rupiah per shareindicated dividend yield ~0,65% as of Tuesday (25/11). Cum dividends in the regular and negotiated markets on December 2, 2025, while payment will be on December 22, 2025.

Top Gainer 🔥

$RAJA	$EARTH	$TINS	$MBMA
+8,50%	+8,26%	+6,67%	+6,36%

Top Loser 🤕

$TCPI	$BRMS	$AMMN	$BBRI
-5,47%	-4,88%	-4,23%	-3,77%

🔥 Another hot thing you need to know…

• Minister of Energy and Mineral Resources, Bahlil Lahadaliasaid on Monday (24/11) that his party currently discussing the minimum reference price limit for coal that is eligible to be subject to export duties. Bahlil said that implementation Export duties for coal will be applied conditionally. Bahlil explained that export duties for coal will only apply when coal prices are high. Meanwhile, if coal prices are low, export duties are not applied.
• President Director PT Freeport IndonesiaTony Wenas, said that his party can only send 10 tons of gold to Aneka Tambang ($ANTM) until the end of 2025as part of a contract to deliver 30 tonnes of gold per year for 5 years worth 12.5 billion US dollars or ~200 trillion rupiah signed in November 2024. For context, happy reported that gold was sent from PT Freeport Indonesia to ANTM only reached 8.5 tonnes during 9M25. Delay in the delivery of the gold influenced by force majeure at the Grasberg mine in September 2025.
• Director BPJS EmploymentEdwin Ridwan, told Reuters that his party interested in investing in overseas companies that provide artificial intelligence infrastructure (AI), if the government has issued a permit for BPJS Employment to invest abroad. Edwin said that the AI ​​supply chain would be a good diversification for BPJS Employment investment, where his party sees investment opportunities in companies that support the AI ​​industry, such as data centeran energy company that supplies electricity to data centerand cable companies. Apart from that, Edwin said that his party currently discussing with stakeholders to allow BPJS Employment to be able to invest in gold as well as clauses to reduce investment losses with certain terms and conditions.
• Bloomberg reported that Danantara’s investment arm, PT Danantara Investment Management, has registered 2 series of bonds worth a total of 12.6 trillion rupiah at KSEI. The bonds consist of a series with a term of 5 years and 7 yearswith each tenor having its own interest of 2% per year. This news emerged after CIO Danantara, Pandu Sjahrir, told happy that it plans to publish patriot bond 2nd volume with a value of up to 15 trillion rupiah in 2026.
• Chandra Daya Investment ($CDIA) provided a loan worth 140 million US dollars to the Chandra Asri Pacific business entity ($TPIA), Aster Port and Terminal Pte. Ltd. and Aster Power Pte. Ltd. The loan has a tenor of 10 years and is intended for business development in the port and terminal sector as well as the electricity and renewable energy sector.
• Cahayasakti Investindo Sukses ($CSIS) announced that implementation schedule rights issue The company will be revised until an undetermined time limit because the company is still waiting for the issuance of an effective statement letter from the OJK. Previously, CSIS said that cum rights in the regular market and negotiations will fall on November 25, 2025, with a trading period rights scheduled to take place December 1–8, 2025.
• Fuji Finance Indonesia ($FUJI) signed memorandum of understanding on cooperation with Thai companies, Energy Absolute Public Company Limited, to explore electric vehicle financing, supporting infrastructure, as well as other collaboration opportunities that support the sustainability agenda in Indonesia. happy reports that Energy Absolute Public Company Limited is an integrated electric vehicle ecosystem in Southeast Asia, where the company is involved in various projects such as e-bus, e–ferryas well as an emissions reduction program that supports Thailand’s carbon neutral target by 2050. This collaboration is a new chapter for FUJI in green financing, where the company previously focused more on the property sector. In separate news, FUJI shareholders, John Veter Firdaus Reagan, bought ~9.9 million (0,76%) FUJI shares at average prices 930 rupiah per share on November 24 2025, so that Jhon Veter Firdaus Reagan’s direct ownership portion in FUJI increases to 13.94%.
• Bank CIMB Niaga ($BNGA) noted net profit bank only amounting to 632 billion rupiah in October 2025 (+47% YoY, -30% MoM). This result makes net profit bank only for 10M25 reach 5.8 trillion rupiah (+6% YoY), equivalent 81% consensus 2025F consolidated estimate (vs. 10M24: 79% annual consolidated realization). Factors driving annual net profit performance in October 2025/10M25 influenced by the growth of Non-Interest Income (+111% YoY/+15% YoY) and reduction in provision expenses (-60% YoY/-17% YoY). The increase in Non-Interest Income in October 2025/10M25 mainly came from profits from the sale of financial assets. On the other hand, top–line BNGA is still under pressure Net Interest Income fell -1% YoY/-2% YoY in October 2025/10M25. Credit growth bank only BNGA also continues to slow to +4% YoY as of October 2025 (vs. September 2025: +4,5% YoY, October 2024: +5,6% YoY). In earnings call 3Q25, BNGA management estimates that realized credit growth during 2025 will be at the lower limit of guidance in the range of +5–7% YoY.
• Yupi Indo Jelly Gum ($YUPI) will share interim dividend financial year 2025 worth 300 billion rupiah or ~35.11 rupiah per shareindicates dividend yield ~2,2% as of Tuesday (25/11). Cum dividends in the regular and negotiated markets on December 3, 2025, while payment will be on December 18, 2025.

🌠 Hope Doesn’t Save a Portfolio

“Maybe once or twice you can make a profit, until finally you fall into the abyss, then you understand the truth.” — James Jayadi

Interesting quotes from the Stockbit community this week

Often investors buy shares only based on “expectations to rise” without any real strategy behind it, and end up falling into the abyss when expectations are not met. This article reminds us that “Hope is not a strategy” — it’s more important to master business fundamentals, understand the product you are buying, and make sure you are the person who understands the stock best before entering. To learn more about mature investment philosophies and strategies, read the full article here!