In today’s briefing:
- Indonesian Banks; We Stick with Our Key Pick Bank Negara (BBNI IJ)
Indonesian Banks; We Stick with Our Key Pick Bank Negara (BBNI IJ)
- Negara is our top pick in the Indonesian banks, based on our proprietary scorecard; it scores well based on attractive valuations, sound credit quality metrics and potential for improved returns
- The PB value in Negara is especially apparent relative to Permata; Negara trades at a 50%+ PBV ratio discount to Permata, which we believe is not warranted by the fundamentals
- We downgrade Mandiri from a buy to a neutral rating; it is no longer, in our view, compelling based on PBV ratio and now looks expensive in PEG ratio terms
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