If Pegadaian and PNM acquisitions by YE21 materialize, BRI shall benefit not only from higher RoA and good asset quality, but also huge customer base. BRI’s digitization success with its BRISpot microloan shall allow BRI to leverage the growth opportunity afforded under a merged SME ecosystem. We adjust earnings by -10% to +3%, lift TP price to Rp4,900, as we cut our beta assumption, and upgrade BRI to ADD. The bank is our second top pick in the industry, after BNI.
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