Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:4,900 (+15.8%)
Analyst: Yap Swie Cu

One more step to ultra-micro holding
• To issue a maximum of 28.68bn new shares
• Non-cash participation from government
• Potential rights issue size is IDR96.5tn
• Business impact from the combination
• Financial impact from the rights issue and business combination
• We re-iterate BUY on its promising business prospects