Bank Rakyat Indonesia – Growing Bigger Through Micro Lending
We maintain our BUY call on BRI with a new GGM-derived IDR16,500 TP (from IDR14,500, 14% upside) as we rollover our valuation to 2018. Micro lending would continue to be its core business despite the uncertainties over the KUR programme – this is as the Government reviews the interest rate subsidy scheme and budget annually. BRI’s asset quality would remain manageable due to its significant exposure to the micro, salary-based and SOE lending segments. The bank is now Top Pick in our domestic big-cap banks universe.
Rabu, 24 Mei 2017