Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:3,600 (+53.2%)
Analyst: Yap Swie Cu
Tougher period ahead
• Resilient top-line earnings performance in 1Q20
• Strengthening the buffer
• Revised guidance from management
• Expecting sharp decline in earnings, but re-iterate our BUY call due to its depressed valuation