Bank Rakyat Indonesia (BBRI IJ): In-line core earnings

Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:5,500 (+14.8%)
Analyst: Yap Swie Cu

In-line core earnings
• Lower-than-expected provisions drove profit
• Resilient upper-line earnings
• Ultra micro and non-subsidized micro loans to drive future growth
• Solid fundamentals, prospective outlook, and high dividend yield. Re-iterate BUY