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BBNI: A Satisfying 1Q19 Result, Downgrade to Neutral
13 May 2019

BBNI: A Satisfying 1Q19 Result, Downgrade to Neutral

BBNI managed to book a satisfying result in 1Q19, in which net interest income (NII) and net profit figures covered by 24% to our 2018 forecast of Rp 37.14 trillion in NII and Rp 17.10 trillion in net profit. Meanwhile, its NPL maintained at the low level of 1.9% in 1Q19 thanks to a write┬┐off of Rp 1.5 trillion and Rp 30.3 trillion in restructuring loan which resulted in better coverage ratio at 153%. Recently, BBNI’s share price increased by 10% YTD 2019 which was precisely traded to its 5 years average forward PBV + 1std dev of 1.49x, hence, we downgrade our BUY rating to NEUTRAL since our fair value only offer limited upside potential of 10%.

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