Our analyst Bret raised Bank Rakyat Indonesia (BBRI IJ) TP to Rp10,700 (from Rp8,700) and upgrades recommendation to BUY. We raise net profit forecast by 9.6% for FY10 and 12.2% for FY11.
Bret highlights BBRI’s falling cost to income ratio and increasing market share of core deposits. Bret also lowers his provisioning forecasts by 3.5% for FY10 and 8% for FY11, due to PSAK 55 and loans becoming seasoned. Bret is upgrading to a BUY and raising TP to 10,700 representing a 6% discount to its peer group PE and PBV.
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