In today’s briefing:
- Indonesian Banks Screener; Negara Is Our Preferred Pick
Indonesian Banks Screener; Negara Is Our Preferred Pick
- We rate Bank Negara as our top pick for its deep value attributes of low PE multiples and PEG ratio relative to sound returns and strong liquidity metrics
- We also recommend Bank Mandiri, for its premium returns and modest PE multiples; Bank Central Asia, albeit fully valued, has impressive liquidity and return metrics
- Bank Rakyat registered worsening returns in 1Q23, with pre-provision returns declining again QoQ and cost of risk rising; its loan mix implies a high structural cost of risk going forward
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