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| Symbol(s): |
BBRI.JK |
| Date: |
5-Nov-09 |
| Author: |
Mulya Chandra |
| Contributor: |
CIMB_GK Research Pte Ltd. |
| Title: |
Bank Rakyat Indonesia-Defying sector trends |
| Document Size: |
5 pages |
| Price: |
$10 |
| Document Type: |
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| Maintain Outperform. We have a higher DDM-based (discount rate 16.4%) target price of Rp9,600 (from Rp7,150) as we roll over to CY10. High loan growth which defied sector trends is still the main reason for our Outperform rating. Micro loan growth has proven resilient again to the sector’s downcycle. While 3Q09 results show a slight increase in the NPL ratio, we believe this was a hiccup. 3Q09 core profit was in line with our expectations. However, we have raised our FY09 net profit by 8% to incorporate...
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