BBNI: Expected Result - Healthy Asset Quality
28 Oct 2019
BBNI: Expected Result - Healthy Asset Quality
BBNI managed to maintain its NPL at healthy level of 1.8% in 3Q19 (vs 1.8% in 2Q19 and 2.0% in 3Q18) thanks to 1) Rp 845 billion corporate debtor payment from coal mining sector; 2) upgraded bad debt of Rp 895 billion into current category (mainly come from marble mining sea transportation and mining contracting as well as corporate segment); and 3) a write-off of Rp 4.2 trillion. In all, the company’s 9M19 net interest income (NII) and net profit came in line with expectation which covered by 72% and 70% to our 2019F, respectively. Currently, BBNI share price plummeted by 21% from its highest closing price this year implied to its average 5 years forward PBV - 1 stdev of 1.09x and reflected an attractive valuation. Kept BUY rating on the counter.
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