(BBRI IJ / BBRI.JK, OUTPERFORM - Maintained, Rp7,100 - Tgt. Rp9,600, Financial Services)
We have a higher DDM-based (discount rate 16.4%) target price of Rp9,600 for BRI (from Rp7,150) as we roll over to CY10. High loan growth which defied sector trends is still the main reason for our Outperform rating. Micro loan growth has proven resilient again. While 3Q09 results show a slight increase in the NPL ratio, we believe this was a hiccup. 3Q09 core profit was in line with our expectations. However, we have raised our FY09 net profit by 8% to incorporate non-recurring income. Our new target price implies 3.9-3.3x P/BV and 15.2-11.9 CY10-11 P/Es.
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