Country Daily
Indonesia Daily
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Company Results | Bank Negara Indonesia (BBNI IJ/HOLD/Rp3,630/Target: Rp4,150)
BBNI’s 1H26 PPOP rose 14.5% yoy on solid NII and fee-income growth, but a 42.1% increase in provisions limited net profit growth to 6.6%. Loan growth reached 24.4% yoy, although Agrinas and SAL placements inflated balance-sheet expansion and created prospective funding pressure. Rising deposit costs prompted management to cut its NIM guidance to 3.3-3.5%. Furthermore, given slower 2H26 lending and persistent retail asset-quality risks, we maintain HOLD with a Rp4,150 target price while a 10.6% dividend yield provides downside support.
Technical Analysis
Sumber Alfaria Trijaya | AMRT IJ
Trading Buy Range: We have a technical Buy at Rp1,410, and take profit at Rp1,500.
Kalbe Farma | KLBF IJ
Trading Buy Range: We have a technical Buy at Rp790, and take profit at Rp850.
Country Daily
Indonesia Daily
Top Stories
Company Results | Bank Negara Indonesia (BBNI IJ/HOLD/Rp3,630/Target: Rp4,150)
BBNI’s 1H26 PPOP rose 14.5% yoy on solid NII and fee-income growth, but a 42.1% increase in provisions limited net profit growth to 6.6%. Loan growth reached 24.4% yoy, although Agrinas and SAL placements inflated balance-sheet expansion and created prospective funding pressure. Rising deposit costs prompted management to cut its NIM guidance to 3.3-3.5%. Furthermore, given slower 2H26 lending and persistent retail asset-quality risks, we maintain HOLD with a Rp4,150 target price while a 10.6% dividend yield provides downside support.
Technical Analysis
Sumber Alfaria Trijaya | AMRT IJ
Trading Buy Range: We have a technical Buy at Rp1,410, and take profit at Rp1,500.
Kalbe Farma | KLBF IJ
Trading Buy Range: We have a technical Buy at Rp790, and take profit at Rp850.
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