Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:10,300 (+35.1%)
Analyst: Yap Swie Cu

FY2019 results: In line with estimates
• Strong fee-based income supported PPOP
• Deceleration of lending growth
• Rising NPL ratio, expecting aggressive provision charge in Jan 20 equity balance
• Maintain BUY