Daily Briefs

Bank Rakyat Indonesia (BBRI IJ) have seen a significant correction on the back of concerns over credit quality, as provisions increased in 1Q2024, the bank addressed its problem micro-loans
The bank is addressing these loans with some further provisions likely over the coming quarter but special mention loans should plateau in July signifying a turn.
Bank Rakyat Indonesia will slow micro-lending and grow corporate loans this year to address the cost of credit. Profits will likely be flat and dividend payout up. Valuations are attractive.

Ecocare Indo Pasifik (HYGN IJ) – Hygiene Is a Secular Growth Story in Indonesia

Recently listed Ecocare Indo Pasifik (HYGN IJ) is a small-cap with significant potential as a leader in hygiene services in Indonesia, which is a segment with a secular growth story.
The company operates a rental model which means recurrent revenues with a high retention rate and annual price increases in a market with high barriers to entry.
Ecocare Indo Pasifik (HYGN IJ) has entered the pest control market with services that can be offered to its existing 13,000 corporate customers, with cleaning services as an additional add-on.

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Jun 29

Daily Brief India: Emcure Pharmaceuticals, Ramkrishna Forgings , Rajshree Polypack, Jyoti Resins and Adhesives, Kolte Patil Developers and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential
The Beat Ideas- Ramkrishna Forgings: A Strategic Growth Opportunity
Rajshree Polypack (RPPL): All Set for a Strong FY25
Jyoti Resins and Adhesives- Forensic Analysis
Kolte Patil: Medium-Term Outlook Remains Robust

Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential

By Tina Banerjee

Emcure Pharmaceuticals seeks to raise INR19.5B in upcoming IPO through a fresh issue of INR8B and an OFS of 11.4M shares. IPO price band has been set at INR960–1,008.
The issue will open for subscription on July 3 and close on July 5. Bidding for anchor investors will open on July 2. Lot size for bidding is 14 shares.
IPO proceeds will be used to repay debt. As at March 31, 2024, the company’s outstanding borrowings stood at INR21B against cash balance of INR2B.

The Beat Ideas- Ramkrishna Forgings: A Strategic Growth Opportunity

By Sudarshan Bhandari

Rising exports, as it has higher margins and Growth in Non-Auto sectors
Acquisition of ACIL, JMT auto, TSUYO, and Multitech Auto will drive revenue
Reducing dependency on a single product or categories and single customer

Rajshree Polypack (RPPL): All Set for a Strong FY25

RPPL executed well in FY24 with sales volume growth at 18% YoY. However, sudden and significant contraction in raw material prices dampened FY24 sales value growth to just 9% YoY.
Exports sustained its quarterly run-rate of INR 10cr+ in Q4FY24, resulting in FY24 aggregate exports sales at INR 42cr. Exports contributed 15% of revenues in FY24 vs 5% in FY23.
RPPL is also making good progress with its new initiatives. Its Olive Ecopak venture began commercial production in Mar 2024. Its injection molding segment is also scaling up well.

Jyoti Resins and Adhesives- Forensic Analysis

By Nitin Mangal

Jyoti Resins and Adhesives (JRA IN) engages in manufacturing of synthetic wood adhesives under ‘Euro’ brand and claims to be the second largest player in its respective market.
While on ground, Euro has gained good traction and has received positive feedbacks, there are however several takeaways noticed on the forensic end.
These include Lack of clarity on revenue figures, low FA base, lack of disclosures of important accounting policies such as leases and customer rewards, etc.

Kolte Patil: Medium-Term Outlook Remains Robust

Kolte Patil reported a muted Q4FY24 with sales value flattish at INR 743cr vs INR 746cr QoQ. However, overall FY24 ended strong with sales value growing at 25%+ YoY.
New project acquisition ended FY24 at INR 6000cr+, which was below the guidance of INR 8000cr. However, Kolte Patil remains upbeat and has guided to do INR 8000cr in FY25.
Even with lower than expected project acquisitions, Kolte Patil is well positioned with INR 25000cr worth of projects portfolio. It has guided for 25% CAGR in sales value through FY25-27.

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Jun 29

Daily Brief Japan: Kyodo Printing, Nikkei 225 and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Kyodo Printing (7914 JP): Coverage Initiaion
EQD | The Nikkei’s Rally May Be About To Restart

Kyodo Printing (7914 JP): Coverage Initiaion

By Shared Research

In FY03/24, revenue was JPY97.0bn (+3.9% YoY), operating profit was JPY1.6bn (+103.5% YoY), recurring profit was JPY2.1bn (+61.6% YoY), and net income attributable to owners of the parent was JPY1.5bn (+19.3% YoY). Information Security earnings expanded due to a recovery in demand for transportation IC cards as inbound demand increased with the end of the COVID-19 pandemic.
On the other hand, operating loss in Information Communication increased due to lower demand for publication printing.
Kyodo Printing’s full-year forecast for FY03/25 calls for revenue of JPY104.0bn (+7.2% YoY), operating profit of JPY3.1bn (+96.6% YoY), recurring profit of JPY3.6bn (+72.8% YoY), and net income attributable to owners of the parent of JPY3.3bn (+117.4% YoY).

EQD | The Nikkei’s Rally May Be About To Restart

By Nico Rosti

The Nikkei 225 Index rallied last week, and closed the week up.
Although slightly overbought, our models are not pointing to a SHORT opportunity here.
If the index pulls back this coming week, it may be a good idea to BUY, in order to take advantage of a possible reprise of the rally.

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Jun 29

Daily Brief Utilities: Talen Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

TLNE: Protest Validates Long Thesis

TLNE: Protest Validates Long Thesis

By Hamed Khorsand

TLNE has come under pressure after news of AEP and EXC protesting the power purchase agreement between TLNE and AWS. AEP and EXC are asking for a hearing by FERC
The process creates a headwind for TLNE and the timing of when, or if, the remaining $300M would be released in TLNE’s agreement with AWS.
The signal AEP and EXC are sending supports the long-term view on power supply. The power being diverted to AWS would put greater stress on the regulated power companies

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Jun 29

Daily Brief Industrials: SK Networks, Ecocare Indo Pasifik, Ramkrishna Forgings , Grab Holdings , Kyodo Printing, AZEK / and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SK Square + SK Networks Merger Swap: A Guide to Pre-Merger Arb Spread Calculations
Ecocare Indo Pasifik (HYGN IJ) – Hygiene Is a Secular Growth Story in Indonesia
The Beat Ideas- Ramkrishna Forgings: A Strategic Growth Opportunity
Grab Holdings (GRAB US) – Facing Off the Competition
Kyodo Printing (7914 JP): Coverage Initiaion
The AZEK Company Inc.: The 5 Reasons Why We Are Optimistic About Them! – Financial Forecasts

SK Square + SK Networks Merger Swap: A Guide to Pre-Merger Arb Spread Calculations

By Sanghyun Park

SK Square’s market cap exceeds SK Networks’ by over 10 times, qualifying this merger as small-scale. Thus, only SK Networks needs shareholder approval and grants appraisal rights solely to shareholders.
The current arbitrage spread for SK Networks’ appraisal rights is 1.95%, and for the swap, it’s 4.16%. These are nominal values excluding trading costs and taxes.
Today’s SK Square and SK Networks prices reflect arbitrage spreads. Yesterday’s 8% spread widened, focusing on narrowing appraisal rights and swap spreads, essential before next week’s announcement.

Ecocare Indo Pasifik (HYGN IJ) – Hygiene Is a Secular Growth Story in Indonesia

Recently listed Ecocare Indo Pasifik (HYGN IJ) is a small-cap with significant potential as a leader in hygiene services in Indonesia, which is a segment with a secular growth story.
The company operates a rental model which means recurrent revenues with a high retention rate and annual price increases in a market with high barriers to entry.
Ecocare Indo Pasifik (HYGN IJ) has entered the pest control market with services that can be offered to its existing 13,000 corporate customers, with cleaning services as an additional add-on.

The Beat Ideas- Ramkrishna Forgings: A Strategic Growth Opportunity

By Sudarshan Bhandari

Rising exports, as it has higher margins and Growth in Non-Auto sectors
Acquisition of ACIL, JMT auto, TSUYO, and Multitech Auto will drive revenue
Reducing dependency on a single product or categories and single customer

Grab Holdings (GRAB US) – Facing Off the Competition

Grab Holdings (GRAB US) continues to face off the competition with product-led initiatives which continue to gain traction, improving retention rates, and increasing user spend and frequency.
Competition from new players in Singapore is evident but given Grab’s market position, which allows it to virtually guarantee driver’s daily income, whilst competition often affects smaller players more.
Grab Holdings (GRAB US) continues to reinvest excess margins in growth but the real kicker will come next year once new product initiatives fully take hold.

Kyodo Printing (7914 JP): Coverage Initiaion

By Shared Research

In FY03/24, revenue was JPY97.0bn (+3.9% YoY), operating profit was JPY1.6bn (+103.5% YoY), recurring profit was JPY2.1bn (+61.6% YoY), and net income attributable to owners of the parent was JPY1.5bn (+19.3% YoY). Information Security earnings expanded due to a recovery in demand for transportation IC cards as inbound demand increased with the end of the COVID-19 pandemic.
On the other hand, operating loss in Information Communication increased due to lower demand for publication printing.
Kyodo Printing’s full-year forecast for FY03/25 calls for revenue of JPY104.0bn (+7.2% YoY), operating profit of JPY3.1bn (+96.6% YoY), recurring profit of JPY3.6bn (+72.8% YoY), and net income attributable to owners of the parent of JPY3.3bn (+117.4% YoY).

The AZEK Company Inc.: The 5 Reasons Why We Are Optimistic About Them! – Financial Forecasts

The AZEK Company reported robust performance for the second quarter of fiscal 2024.
The company’s ability to outperform market expectations stemmed from strong residential segment growth, strategic channel partnerships, and innovative product offerings.
This performance has led The AZEK Company to raise its fiscal year outlook for both net sales and adjusted EBITDA.

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Jun 29

Daily Brief TMT/Internet: Broadcom , Dell Technologies , Singtel, Keywords Studios and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Broadcom’s AI-Driven Growth Signals Upside Amid Stock Split Surges
Tech Supply Chain Tracker (29-Jun-2024): Notebook shipment update May 2024
Reiterating Japan Overweight — Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out
EQT/Keywords Studios: Lower Revised Offer

Broadcom’s AI-Driven Growth Signals Upside Amid Stock Split Surges

By Uttkarsh Kohli

Broadcom’s Strong Q2 Performance: Broadcom’s Q2 revenue surged 43% year-over-year to USD 12.5 billion, driven by AI demand and VMware contributions.
Dominance in AI ASIC Market: Broadcom holds a 60% market share in AI-specific integrated circuits, serving major clients like Alphabet and Meta.
Lead up to Stock Split Upside Potential: Mega caps have seen an average 17% outperformance relative to S&P 500 from announcement to actual stock split, signaling sharp upside for Broadcom.

Tech Supply Chain Tracker (29-Jun-2024): Notebook shipment update May 2024

By Tech Supply Chain Tracker

South Korean battery makers stand to benefit from Tesla’s production issues with 46800 cells, boosting profitability in May 2024.
STMicro and Panasonic Cycle Tech team up to introduce AI technology in e-bikes, making safety enhancements more affordable and accessible.
Axelera AI secures US$68 million for global expansion in AI, recognizing computing as the new currency and focusing on growth in the tech industry.

Reiterating Japan Overweight — Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out

By Joe Jasper

Our bullish outlook (since early-November 2023) remains intact. We continue to recommend buying dips as long as MSCI $ACWI and $EEM remain above important supports at $110 and $41-$42, respectively.
We are reiterating Japan as an Overweight — Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out. And 2+ year RS uptrends remain intact on TOPIX and Nikkei 225
We take a break from recommending Technology (though we are still bullish) and highlight buys within global Energy, Health Care, Telecommunications, and Utilities

EQT/Keywords Studios: Lower Revised Offer

By Jesus Rodriguez Aguilar

On June 27, Keywords Studios (KWS LN) received an updated cash offer of 2,450p/share from EQT (3.9% lower than initial 2,550p), 66.7% premium, implied EV €2,405 million, 13.2x EV/fwd NTM EBITDA,
22.4x Fwd P/E. The likelihood of a strategic buyer making an offer is low, while the offer from EQT is opportunistic, which will seek to merge Keywords with Virtuos.
The revised lower offer and the small extension to the PUSU deadline do not inspire optimism. Nevertheless, EQT remains a credible bidde. Gross spread stands at 5.9%. Maintain long.

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Jun 29

Daily Brief Energy/Materials: Sanil Electric, Copper, Rajshree Polypack, Jyoti Resins and Adhesives, Jericho Energy Ventures , Ercros , Boise Cascade Co and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Sanil Electric IPO Industry Analysis
Southern Copper: In a League of Its Own
Rajshree Polypack (RPPL): All Set for a Strong FY25
Jyoti Resins and Adhesives- Forensic Analysis
Spin-Off Analysis – Jericho Energy Ventures Inc. (TSXV: JEV; OTC Pink: JROOF)
Esseco/Ercros: Bidding War
Boise Cascade Company: Will The Heightened Focus on Repair and Remodel (R&R) Market Pay Off? – Major Drivers

Sanil Electric IPO Industry Analysis

By Douglas Kim

With the development of new and renewable energy, transmission and distribution network bottlenecks are worsening in many countries, and there is a strong demand for new transmission and distribution networks.
China is virtually excluded from competition for the US market. This situation has resulted in increased new orders for companies such as Sanil Electric.
Our base case valuation of Sanil Electric is target price of 58,593 won, which is 95% higher than the high end of the IPO price range (30,000 won).

Southern Copper: In a League of Its Own

By Sameer Taneja

Southern Copper (SCCO US) in the equity space is the best way to play bullish copper long-term with its long-term (10-year) ROCE of >22%
With low-cost production assets in Peru and Mexico, the company has managed EBITDA margins of> 39% across the cycle (last 15 years) and averaging 50%.
A 100% payout results in a dividend yield of 3.5%. We believe there is a price for everything, and in the event of a 20% correction, it would be attractive.

Rajshree Polypack (RPPL): All Set for a Strong FY25

RPPL executed well in FY24 with sales volume growth at 18% YoY. However, sudden and significant contraction in raw material prices dampened FY24 sales value growth to just 9% YoY.
Exports sustained its quarterly run-rate of INR 10cr+ in Q4FY24, resulting in FY24 aggregate exports sales at INR 42cr. Exports contributed 15% of revenues in FY24 vs 5% in FY23.
RPPL is also making good progress with its new initiatives. Its Olive Ecopak venture began commercial production in Mar 2024. Its injection molding segment is also scaling up well.

Jyoti Resins and Adhesives- Forensic Analysis

By Nitin Mangal

Jyoti Resins and Adhesives (JRA IN) engages in manufacturing of synthetic wood adhesives under ‘Euro’ brand and claims to be the second largest player in its respective market.
While on ground, Euro has gained good traction and has received positive feedbacks, there are however several takeaways noticed on the forensic end.
These include Lack of clarity on revenue figures, low FA base, lack of disclosures of important accounting policies such as leases and customer rewards, etc.

Spin-Off Analysis – Jericho Energy Ventures Inc. (TSXV: JEV; OTC Pink: JROOF)

By Garvit Bhandari

JEV announced plans to separate its Hydrogen Platform into a separate public company (SpinCo), potentially via a spin-off . The parent will retain the oil & gas business.
The spin-off makes sense given the lack of synergy between the businesses. The transaction provides each business with access to equity and debt capital markets to fund their growth strategies.
We anticipate the spin-off to be value accretive for shareholders. We expect re-rating as the green energy business will receive higher multiple compared to the hydrocarbon assets.

Esseco/Ercros: Bidding War

By Jesus Rodriguez Aguilar

Esseco, an Italian manufacturer of chlorine and sulfur-based chemicals, has made a competing all-cash offer at €3.84/share, cum dividend, valuing 100% of Ercros (ECR SM) at €351 million.
Putting 25e EBITDA of €70 million (source: IBES consensus), on the median of comparables, the stand-alone fair-value per share of Ercros is €4.4. Neither bid accounts for synergies.
The strategic fit of Ercros for both bidders and its intrinsic value suggest a likely bidding war, given the scarcity of listed companies similar to Ercros. Reiterate long.

Boise Cascade Company: Will The Heightened Focus on Repair and Remodel (R&R) Market Pay Off? – Major Drivers

Boise Cascade’s first quarter of 2024 shows a balance of strengths and areas of concern reflecting the complex dynamics in the wood products and building materials markets.
Starting with the positives, Boise Cascade reported a revenue increase of 7% reaching $1.6 billion, coupled with a rise in net income to $104.1 million, up from $96.7 million in the prior year.
The firm’s earnings per share also increased, reaching $2.61 compared to $2.43 in the previous year, primarily driven by a notable upswing in single-family housing starts which grew by 27%.

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Jun 29

Daily Brief Industrials: SK Networks, Ecocare Indo Pasifik, Ramkrishna Forgings , Grab Holdings , Kyodo Printing, AZEK / and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SK Square + SK Networks Merger Swap: A Guide to Pre-Merger Arb Spread Calculations
Ecocare Indo Pasifik (HYGN IJ) – Hygiene Is a Secular Growth Story in Indonesia
The Beat Ideas- Ramkrishna Forgings: A Strategic Growth Opportunity
Grab Holdings (GRAB US) – Facing Off the Competition
Kyodo Printing (7914 JP): Coverage Initiaion
The AZEK Company Inc.: The 5 Reasons Why We Are Optimistic About Them! – Financial Forecasts

SK Square + SK Networks Merger Swap: A Guide to Pre-Merger Arb Spread Calculations

By Sanghyun Park

SK Square’s market cap exceeds SK Networks’ by over 10 times, qualifying this merger as small-scale. Thus, only SK Networks needs shareholder approval and grants appraisal rights solely to shareholders.
The current arbitrage spread for SK Networks’ appraisal rights is 1.95%, and for the swap, it’s 4.16%. These are nominal values excluding trading costs and taxes.
Today’s SK Square and SK Networks prices reflect arbitrage spreads. Yesterday’s 8% spread widened, focusing on narrowing appraisal rights and swap spreads, essential before next week’s announcement.

Ecocare Indo Pasifik (HYGN IJ) – Hygiene Is a Secular Growth Story in Indonesia

Recently listed Ecocare Indo Pasifik (HYGN IJ) is a small-cap with significant potential as a leader in hygiene services in Indonesia, which is a segment with a secular growth story.
The company operates a rental model which means recurrent revenues with a high retention rate and annual price increases in a market with high barriers to entry.
Ecocare Indo Pasifik (HYGN IJ) has entered the pest control market with services that can be offered to its existing 13,000 corporate customers, with cleaning services as an additional add-on.

The Beat Ideas- Ramkrishna Forgings: A Strategic Growth Opportunity

By Sudarshan Bhandari

Rising exports, as it has higher margins and Growth in Non-Auto sectors
Acquisition of ACIL, JMT auto, TSUYO, and Multitech Auto will drive revenue
Reducing dependency on a single product or categories and single customer

Grab Holdings (GRAB US) – Facing Off the Competition

Grab Holdings (GRAB US) continues to face off the competition with product-led initiatives which continue to gain traction, improving retention rates, and increasing user spend and frequency.
Competition from new players in Singapore is evident but given Grab’s market position, which allows it to virtually guarantee driver’s daily income, whilst competition often affects smaller players more.
Grab Holdings (GRAB US) continues to reinvest excess margins in growth but the real kicker will come next year once new product initiatives fully take hold.

Kyodo Printing (7914 JP): Coverage Initiaion

By Shared Research

In FY03/24, revenue was JPY97.0bn (+3.9% YoY), operating profit was JPY1.6bn (+103.5% YoY), recurring profit was JPY2.1bn (+61.6% YoY), and net income attributable to owners of the parent was JPY1.5bn (+19.3% YoY). Information Security earnings expanded due to a recovery in demand for transportation IC cards as inbound demand increased with the end of the COVID-19 pandemic.
On the other hand, operating loss in Information Communication increased due to lower demand for publication printing.
Kyodo Printing’s full-year forecast for FY03/25 calls for revenue of JPY104.0bn (+7.2% YoY), operating profit of JPY3.1bn (+96.6% YoY), recurring profit of JPY3.6bn (+72.8% YoY), and net income attributable to owners of the parent of JPY3.3bn (+117.4% YoY).

The AZEK Company Inc.: The 5 Reasons Why We Are Optimistic About Them! – Financial Forecasts

The AZEK Company reported robust performance for the second quarter of fiscal 2024.
The company’s ability to outperform market expectations stemmed from strong residential segment growth, strategic channel partnerships, and innovative product offerings.
This performance has led The AZEK Company to raise its fiscal year outlook for both net sales and adjusted EBITDA.

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Jun 29

Daily Brief Health Care: Emcure Pharmaceuticals, Rani Therapeutics Holdings , Fortrea Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential
RANI: GLP-2 Deal Announced
Fortrea Holdings Inc.: Enhanced Focus On Clinical Development Efficiency & Other Major Drivers

Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential

By Tina Banerjee

Emcure Pharmaceuticals seeks to raise INR19.5B in upcoming IPO through a fresh issue of INR8B and an OFS of 11.4M shares. IPO price band has been set at INR960–1,008.
The issue will open for subscription on July 3 and close on July 5. Bidding for anchor investors will open on July 2. Lot size for bidding is 14 shares.
IPO proceeds will be used to repay debt. As at March 31, 2024, the company’s outstanding borrowings stood at INR21B against cash balance of INR2B.

RANI: GLP-2 Deal Announced

By Zacks Small Cap Research

Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules.
Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis).
Both programs have completed Ph1 trials characterizing safety tolerability & pharmaco-kinetics.

Fortrea Holdings Inc.: Enhanced Focus On Clinical Development Efficiency & Other Major Drivers

Fortrea’s first quarter 2024 report demonstrates a mixed performance with signs of pivotal growth amidst ongoing strategic transformations and challenges post the recent company spin-off.
The clinical outsourcing company, while navigating complexities from the spin-off, seems to have slightly stumbled in immediately achieving some of its financial metrics but remains on track with the strategic and operational revamp aimed at long-term growth.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

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Jun 29

Daily Brief Financials: Bank Rakyat Indonesia, Kolte Patil Developers, White Mountains Insurance, Nikkei 225 and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Bank Rakyat Indonesia (BBRI IJ) – Special Mention on the Turn
Kolte Patil: Medium-Term Outlook Remains Robust
White Mtns Ins Group Ltd (WTM) – Thursday, Mar 28, 2024
EQD | The Nikkei’s Rally May Be About To Restart

Bank Rakyat Indonesia (BBRI IJ) – Special Mention on the Turn

Bank Rakyat Indonesia (BBRI IJ) have seen a significant correction on the back of concerns over credit quality, as provisions increased in 1Q2024, the bank addressed its problem micro-loans
The bank is addressing these loans with some further provisions likely over the coming quarter but special mention loans should plateau in July signifying a turn.
Bank Rakyat Indonesia will slow micro-lending and grow corporate loans this year to address the cost of credit. Profits will likely be flat and dividend payout up. Valuations are attractive.

Kolte Patil: Medium-Term Outlook Remains Robust