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ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Equity Bottom-Up

<ul><li>A conference call with IR of <a href="https://www.smartkarma.com/entities/484" target="_blank" data-smartkarma-citation="entities:484:1">Bank Rakyat Indonesia Perser (BBRI IJ)</a> reveals plenty of room for loan growth in the next few years.</li><li>BBRI is a gold standard in micro loans lending, evidenced by a healthy micro loan growth and its low NPL ratio.</li><li>Digital banking remains in an infancy stage at this point.</li><li>Our GGM-model-derived PT is Rp16,700/share, implying a decent 11% upside potential from current share price. </li></ul>

A conference call with IR of Bank Rakyat Indonesia Perser (BBRI IJ) reveals plenty of room for loan growth in the next few years.BBRI is a gold standard in micro loans lending, evidenced by a healthy micro loan growth and its low NPL ratio.Digital banking remains in an infancy stage at this point.Our GGM-model-derived PT is Rp16,700/share, implying a decent 11% upside potential from current share price. 

Bank Tabungan Pensiunan Nasional (BTPN IJ)

Bank Rakyat Indonesia: A Gold Standard in Micro Loans Lending