Bank Central Asia (BBCA IJ)
BUY / TP: IDR:34,700 (+19.3%)
Analyst: Yap Swie Cu

Stellar 3Q20 results
• Beating our projection on robust core earnings performance and lower-than-expected credit cost
• Impressive core earnings performance
• Improving NPL ratio, loan restructuring within expectation
• Re-iterate BUY recommendation, projection is under review