汇丰银行-印尼-银行业（个股-bbri）-减持：资产质量改善，但信贷增长疲软-20171026-bank_rakyat_indonesia-reduce：_asset_quality_improves_but_credit_growth_looks_soft.pdfVIP

26 October 2017   Bank Rakyat Indonesia (BBRI IJ) EQUITIES COMMERCIAL BANKS Reduce: Asset quality improves but credit growth looks soft Indonesia Broad-based asset quality metrics appear to be improving REDUCE But credit growth is soft and NIM is trending down again TARGET PRICE (IDR) PREVIOUS TARGET (IDR) Maintain Reduce and IDR12,200 target price 12200.00 PBT below market expectations but within our estimates. Quarterly earnings SHARE PRICE (IDR) UPSIDE/DOWNSIDE data for BBRI is not comparable because of a one-off adjustment to recognise KUR 15600.00 -21.8% loan subsidies on an accrual basis in 2Q17. This explains the higher NIM in 2Q17 vs (as of 25 Oct 2017) 1Q and 3Q17. 9M17 PPoP is up 20% thanks to loan growth, non-interest income MARKET DATA strength and controlled operating cost growth. However, core pre-tax earnings is up Market cap (IDRb) 384,839 Free float 43% by only 9% due to higher credit cost. If 3Q17 earnings are sustained, annualised PBT Market cap (USDm) 28,339 BBG