Maybank (ZP)
BJBR buy TP 1175
BJBR buy TP 1175
Rahmi Marina maintains BUY recommendation on Bank BJBR with TP IDR1,175 per share (1.2x 2016 P/BV).
Land revaluation in 2H16 is projected to add 1.3ppt CAR to 16.7%, with upside risk to the growth buffer coming from a potential capital raising in 2017, which could put BJBR’s CAR at par with the big banks.
Land revaluation in 2H16 is projected to add 1.3ppt CAR to 16.7%, with upside risk to the growth buffer coming from a potential capital raising in 2017, which could put BJBR’s CAR at par with the big banks.
As demand from its high-yield consumer segment remains strong, BJBR should face no issues in maintaining loan growth at 12% in FY16-18F. Rahmi estimates 19% YoY EPS growth in 2016F, higher than for most of the big banks under Rahmi coverage
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