Bank Negara Indonesia (BBNI IJ): 1Q19 results: In-line, downgrade to HOLD on price appreciation

Bank Negara Indonesia (BBNI IJ)
Analyst: Yap Swie Cu
HOLD-OPF / TP: IDR9,900 (+1.0%)
1Q19 results: In-line, downgrade to HOLD on price appreciation
• An in-line results supported by lower credit cost and cost efficiency
• Margin compression reducing the impact of robust loan expansion
• Robust loan growth due to stronger demand from private sector
• Manageable loan quality
• Downgrade to HOLD due to price appreciation