Bharat Financial Inclusion: Loan Waivers to Remain an Overhang
We initiate coverage on Bharat Financial Inclusion Limited (BHAFIN IN) (BFIL ), the largest micro finance institution (MFI) and the third largest...
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Asia: Developing Leadership
As all eyes are focused on Europe—the current darling trade—Asia is emerging as a technical leader. The MSCI All-Country Asia Index (below) is...
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Bank Tabungan Pensiunan Nasional: Misunderstood Small-Cap Bank with a 40% Upside Potential
Bank Tabungan Pensiunan Nasional Tbk Pt (BTPN IJ) is a misunderstood small cap bank stock given 1) digital banking/branchless initiatives 2)...
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Bank Tabungan Negara: Mortgage Powerhouse in a Sweet Spot
Bank Tabungan Negara Persero (BBTN IJ) is a mortgage powerhouse, with a leading 34% market share in the country. Importantly, mortgage is in a...
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Bank BJB: Decent Growth Story at Fair Valuation
Bank Pmbngn Daerh Jawa Brt Dn Btn Tbk Pt (BJBR IJ) has a decent growth story (10% CAGR in PPOP/core profit), in our view. Our biggest reservation...
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