Panin Bank (PNBN IJ) (Neutral) - Post FY25 adjustments; reduce TP to IDR1,130
EWWe expect the Indonesia banking sector to continue...
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Panin Bank (PNBN IJ) (Neutral) - We adjust FY25-26F earnings by ~11-12%
EWThe Indonesia banking sector is likely to continue to face liquidity issues in 2025F,