Bank Central Asia (BBCA IJ): Solid core earnings performance

Bank Central Asia (BBCA IJ)
HOLD / TP: IDR:29,700 (-2.6%)
Analyst: Yap Swie Cu

Solid core earnings performance
• Positive carry from excess liquidity supports top-line earnings
• Expecting further margin pressure in coming months
• Loan contraction amid repayments and weak demand
• Deteriorating loan quality
• We keep our 2020F projection and HOLD recommendation