Bank Negara Indonesia
Result note - Rapid cost recovery - by Mulya Chandra CFA
(BBNI IJ / BBNI.JK, OUTPERFORM - Upgraded, Rp720 - Tgt. Rp930, Financial Services)
BNI's FY08 results beat consensus and our expectations, on a rapid cost recovery. The bank managed to slash its cost-income ratio to 54% from 66% in FY07. Provisioning expenses were in line and we have factored in Rp4.4tr for 2009 in anticipation of more write-offs. We raise our FY09-10 EPS estimates by 1-27% on a faster cost recovery, which raises our DDM-based target price to Rp930 from Rp870. We upgrade the stock to Outperform from Neutral as its valuation gap with Mandiri has widened, offering the prospect of BNI tracking Mandiri's recent good share-price performance.
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