Bank Rakyat Indonesia (BBRI IJ) (Buy) - Micro: Not worsening, but recoveries take time
EWOverall, the bank sees improvements in its micro segment,
Overall, the bank sees improvements in its micro segment,
According to BBRI, the government has finalized the KUR (People’s Business Credit) disbursement target of IDR3
In our recent note on BBRI, we wrote that the bank may face maturing micro/ultra-micro segments in coming year
BBRI has released its YTD Oct-24 results with PPOP and net profit of IDR89.5tr (+15% y-y)
In our recent note, we wrote that BBRI might face maturing micro/ultra-micro segments in the next few years.
On a YTD basis, BBRI had underperformed its major peers by ~13-30%, with predominantly net foreign selling amo
On a YTD basis, BBRI’s share price has underperformed its peers (BMRI / BBCA / BBNI / BRIS – all Buys)
BBRI has released its bank-only Aug-24 results which suggests potential for the bank
Rolling forward to 2025F book-value; raise TP to IDR6,300
BBRI posted its Jul-24 bank-only results, which showed decent improvement
Based on the Indonesia government’s latest 2025 budget, we think there will potentially be less exposure to