Bank Negara Indonesia Company update - Needs time - by Mulya Chandra CFA
(BBNI IJ / BBNI.JK, NEUTRAL - Downgraded, Rp710 - Tgt. Rp870, Financial Services)
BNI is adopting a gradualist approach to a turnaround, unlike Mandiri three years ago. Thus, it could take more time to recover. Possibilities of further provisioning in 2009 remain, diminishing hopes of a quick P/L recovery. BNI has one of the lowest capital levels among peers, possibly prompting capital additions in the near term. We reduce our FY09-10 EPS estimates by 4-6% on adjustments to provisioning expenses. Our DDM target price falls to Rp870 from Rp920. Downgrade to Neutral from Outperform.
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