Indonesia Banking Industry
Analyst: Yap Swie Cu
5M19 results: Mostly intact
• Expect most of the banks to meet FY19F target
• BBTN continues to have the slowest earnings generation
• BBNI’s sluggish 5M19 earnings due to higher than expected margin compression
• Lower provisioning boosts earnings in BMRI and BBRI
• BBCA continues to show excellent performance
• Valuation and recommendation