In today’s briefing:
- BFI Finance Indonesia (BFIN IJ) – Multi-Finance Masterpiece
BFI Finance Indonesia (BFIN IJ) – Multi-Finance Masterpiece
- BFI Finance Indonesia (BFIN IJ) released a strong set of 3Q2022 results with record quarterly bookings and total receivables almost back to pre-pandemic levels with NPFs at less than 1%.
- Growth has been driven by non-dealer used car financing with new growth coming from both heavy equipment financing and leasing plus strong growth from used-car aggregators such as Moladin.
- BFI Finance Indonesia (BFIN IJ) has one of the lowest cost of funds of any multi-finance company in Indonesia underpinning growth. Valuations are attractive in 2.0x PBV with 21% ROE.
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