[10:19, 1/16/2019] +62 815-7319-0777: FR CGS-CIMB (YU) : Bank Rakyat Indonesia | PDF
Lower proportion of KUR and improvement in liquidity are a boon to margins
BBRI IJ / BBRI.JK | ADD - Maintained | Rp3,790.00 tp:Rp4,700.00
Mkt.Cap:US$33,096.00m | Avg.Daily Vol:US$24.62m | Free Float:43.30%
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Author(s): Jovent GIOVANNY +62 (21) 3006 1727, Timothy HANDERSON, Leonardo TUKIMAN

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■ BBRI’s KUR target for 2019 is raised by 9% to c.Rp87tr, a relatively mild increase. The interest and subsidy rates for 2019 KUR are left unchanged.
■ The benign KUR target should create room for a higher proportion of Kupedes (conventional micro), which is reflected in 4Q18 numbers.
■ Improving liquidity should also be positive for its margin outlook. Subsiding M&A risk could also lift the overhang on the stock. Maintain Add.
[10:19, 1/16/2019] +62 815-7319-0777: FR CGS-CIMB (YU) : Economic Update | PDF
Dec 2018 trade
Author(s): Yee Ping LIM +60 (3) 2261 9083, Michelle CHIA

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■ Dec’s trade deficit improved to US$1.1bn amid sharp deceleration in gross imports though lower commodity exports deepened export contraction.
■ We project higher goods trade deficit and lower travel services surplus to outweigh smaller primary income deficit in 4Q18, lifting CAD to 4.4% of GDP.
■ We maintain our gross export growth at 6.2% and gross import growth at 4.9% for 2019.
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