Feb’s NIM contracted by 2.3% pts mom on falling asset yield. This was offset by opex decreasing by 5% mom, but PPOP still fell 9% mom and 13% yoy. A higher CoC of 4.4% also brought NP down to Rp113bn (-12% mom, -14% yoy), despite loan growth inching up 0.7% mom and 6.5% yoy. It has underperformed the JCI by 10% for the past month. Lacking catalysts, valuation at 3.7x forward P/BV or 0.1 s.d. below mean justifies a Hold.