NDR takeaways: well positioned for 2019
BBCA IJ / BBCA.JK | HOLD - Maintained | Rp25,100.00 tp:Rp25,500.00
Mkt.Cap:US$42,444.00m | Avg.Daily Vol:US$23.90m | Free Float:50.80%
Banks
Author(s): Jovent GIOVANNY +62 (21) 3006 1727, Timothy HANDERSON, Leonardo TUKIMAN
We hosted a two-day NDR for BBCA last week where it guided a mild loan growth target (c.9%) but higher NIM in 2019 amid expectation of higher rate.
While we concur with the management that it will be the prime beneficiary of higher rate, we think the magnitude of rate adjustment will be milder in 2019.
BbCA has outperformed its peers YTD by 22% which underpin our Hold call. Key upside risk is stronger than market low-cost deposit growth.
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