In today’s briefing:
- BFI Finance Indonesia (BFIN IJ) – Catching a Digital Wave with GoTo?
- Ace Hardware Indonesia (ACES IJ) – January 2022 SSSG: Remain negative
BFI Finance Indonesia (BFIN IJ) – Catching a Digital Wave with GoTo?
- BFI Finance Indonesia (BFIN IJ) released an impressive set of FY2021 results, as new financing picked up significantly and funding and credit costs declined in 4Q2021.
- Management is optimistic on the outlook for new financing in 2022 plus the potential for significant tailwinds from the association with GoTo plus inorganic growth opportunities.
- BFI Finance Indonesia trades on 2.2x FY22E PBV with a forecast ROE of 16.2%, above its 5-year average PBV but it deserves a re-rating given its association with GoTo.
Ace Hardware Indonesia (ACES IJ) – January 2022 SSSG: Remain negative
January 2022 SSSG: Remain negative
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