Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:8,100 (+45.9%)
Analyst: Yap Swie Cu

Considerable net loss in 4Q20 as expected
• Net loss widened to IDR1.0tn in 4Q20
• Strong top-line earnings performance
• Resilient lending expansion
• Credit cost spiked in 2020 and to continue at high level in 2021
• Re-iterate BUY