Bank Rakyat Indonesia (BBRI IJ)
HOLD / TP: IDR:4,400 (-7.2%)
Analyst: Yap Swie Cu

FY2019 results: Within expectation
• Resilient core profit growth supported by fee-based business
• Margin contraction dragged on top-line earnings
• Expecting higher impact of IFRS 9
• We re-iterate our HOLD recommendation