NIM contracted 50bp mom in Feb, largely due to falling asset yield. Non-II fell 29% mom while opex rose 3.2% mom, lifting CIR to 54%. Loans declined 0.2% mom. PPOP fell 30% mom and higher CoC of 3.2% pushed Feb NP down 82% mom (-78% yoy) to Rp64bn. The stock underperformed JCI by 8% last month; its valuation now stands at 0.6x forward P/BV (1.5 s.d. below 10Y mean). Reiterate Add with a lower TP.