Lower proportion of KUR and improvement in liquidity are a boon to margins
BBRI IJ / BBRI.JK | ADD - Maintained | Rp3,790.00 tp:Rp4,700.00
Mkt.Cap:US$33,096.00m | Avg.Daily Vol:US$24.62m | Free Float:43.30%
Banks
Author(s): Jovent GIOVANNY +62 (21) 3006 1727, Timothy HANDERSON, Leonardo TUKIMAN
BBRI’s KUR target for 2019 is raised by 9% to c.Rp87tr, a relatively mild increase. The interest and subsidy rates for 2019 KUR are left unchanged.
The benign KUR target should create room for a higher proportion of Kupedes (conventional micro), which is reflected in 4Q18 numbers.
Improving liquidity should also be positive for its margin outlook. Subsiding M&A risk could also lift the overhang on the stock. Maintain Add.
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