[09:00, 1/21/2019] +62 815-7319-0777: FR CGS-CIMB (YU) : Banks | PDF
Nov 18 stats: Stable NIM due to elevated LDR; smaller banks have raised rates
OVERWEIGHT - Maintained

Author(s): Jovent GIOVANNY +62 (21) 3006 1727, Timothy HANDERSON, Leonardo TUKIMAN
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■ System loans grew 12% yoy (flat mom) in Nov 18 while deposits grew slower at 7% yoy (flat mom) – LDR remained high at 93% indicating tighter liquidity.
■ NIM remained stable despite higher rates from small-mid sized banks in Nov (c.20bp vs. 7bp mom increase for big banks).
■ Asset quality was resilient despite a slight mom uptick in SML. We stay sector Overweight with BBNI as our sector top pick.
[09:00, 1/21/2019] +62 815-7319-0777: FR CGS-CIMB (YU) : Sarimelati Kencana PT | PDF
Undervalued despite strengthening rupiah
PZZA IJ / PZZA.JK | ADD - Maintained | Rp930.00 tp:Rp1,550.00▲
Mkt.Cap:US$198.00m | Avg.Daily Vol:US$0.03m | Free Float:30.50%
Food Retail
Author(s): Kevie ADITYA +62 (21) 3006 1738,

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■ We believe SSSG picked up in 4Q18F, backed by better purchasing power and aggressive promotions by various fintech players.
■ PZZA met its target of 59 net new outlets in 2018. We expect its franchise fee to go down by 20/30/20bp in FY18/19/20F, respectively.
■ The strengthening of the rupiah could significantly benefit PZZA, which we believe is not priced in. We maintain Add with a higher TP of Rp1,550.
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