BMRI: 2Q19 NPL Improvement, Neutral Rating - Fair Value at Rp8,900/share
22 Jul 2019
BMRI: 2Q19 NPL Improvement, Neutral Rating, Fair Value at Rp8,900/share
BMRI’s NPL continued to improve in 2Q19 became to the level of 2.6% thanks to its NPL improvement from SME and consumer segments to the level of 2.09% and 2.54%. Currently, BMRI share price has increased by 7% YTD 2019 and traded at its 5 years average forward PBV of 1.78x while our fair value offer 13% upside potential, hence, we call Neutral on the counter.
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