BFI Finance Indonesia

BFI Finance Indonesia (BFIN IJ) - Catching a Digital Wave with GoTo?

Equity Bottom-Up
236 Views, 23 Feb 2022 12:06
EXECUTIVE SUMMARY
  • 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.
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Angus Mackintosh
ASEAN Insight Provider
CrossASEAN Research
IndonesiaEquity Bottom-UpThematic (Sector/Industry)

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range... 

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