In today’s briefing:
- BMRI IJ Initiation: Growth at Reasonable Price!
BMRI IJ Initiation: Growth at Reasonable Price!
- BMRI is more profitable than BBNI, less cyclical than BBRI and less expensive than BBCA. This combination makes it an attractive play on the Indonesia credit growth story.
- BMRI’s FY23 results are a strong beat with industry-leading loan growth and strong ROE; BMRI also has the potential to aggressively grow its retail portfolio which still is likely under-appreciated
- BMRI still trades at a discount to BBRI and has the potential to re-rate by another 20% in the near term, apart from the compounding driven by strong loan growth.
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