Bank Negara Indonesia (BBNI IJ): Focuses on liquidity over profitability

Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:5,700 (+39.4%)
Analyst: Yap Swie Cu

Focuses on liquidity over profitability
• Sacrificing profit for liquidity boost
• Slight pick-up in LAR, but overall loan quality remained under control
• Revise down net profit estimation on lower margin guidance. Re-iterate BUY on undemanding valuation