Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:6,300 (+79.0%)
Analyst: Yap Swie Cu

Bolsters defenses against pandemic fallout
• Net profit in 1Q20 rose 4.3% YoY
• FY2020F targets revised down
• We expecting a sharp 77% decline in FY2020F net profit, but re-iterate our BUY call