Bank Mandiri (BMRI IJ)
BUY / TP: IDR:9,300 (+23.2%)
Analyst: Yap Swie Cu
Tax reversal bolsters bottom-line profit
• In-line operating income
• Robust 4Q21 result comes amid enlarged earning assets size, maintained margin, and eased credit cost
• Keeping a conservative target
• Re-iterate BUY on undemanding valuation and strong franchise
Bank Central Asia (BBCA IJ)
BUY / TP: IDR:8,700 (+11.5%)
Analyst: Yap Swie Cu
2021 results within expectation
• Robust gross income in 4Q21 on expansion and strong fee income
• Prudent risk management keeps loan quality intact
• Conservative target for 2022
• To get the most benefit from business recovery. Re-iterate BUY
Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:8,700 (+22.1%)
Analyst: Yap Swie Cu
Above 2021 results on lower tax rate
• In-line pretax profit
• Resilient upper-line earnings in 4Q21
• Higher lending growth, lower credit cost to aid 2022F earnings
• Stronger fundamentals, promising business initiatives, attractive valuation support our BUY call
INDUSTRY
• Government to implement DMO of 20% on CPO
CORPORATE
• EXCL to jointly acquire majority of LINK
• TBIG to add new tenant of 3,500 in FY22
• BRIS books IDR3.0tn net profit in 2021
INDUSTRY
• IMF to project Indonesia GDP growth at 5.6%
CORPORATE
• ZINC to start trial operation
• TPMA to expand its fleet by 2-3 new ships in FY22
• NETV to explore NFT and Metaverse opportunities
• BBNI to go on with rights issue plan
INDUSTRY
• Two new cement plant to commence operation
• Ministry of Public Works completed auction
CORPORATE
• PTBA to sell DME cheaper than LPG
• EMTEK gets Grab and Singtel to invest in Bank Fama
• BBRI to buyback shares
