In today’s briefing:
- BBRI:IJ— The Growth Cannot Be Financed Twice
BBRI:IJ— The Growth Cannot Be Financed Twice
- $BBRI is still growing, with loans up 12.23% YoY in 5M26. But the economics are deteriorating: NIM fell to 5.87%, while May-26 credit costs moved beyond the historical range.
- A high payout ratio leaves only 7.98% of earnings retained, implying just 1.39% internal growth and raising the question of how sustained book-value growth can be financed.
- Our Residual Income Model estimates intrinsic value at Rp2,952–Rp3,710, with the valuation less sensitive to near-term ROE recovery than the operating outlook suggests.
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