We believe the current bond yield cycle is different than previous cycles as Indonesia’s macro backdrop is much more stable vs 2013’s taper tantrum. We think Indonesia big banks should be less impacted by the rise in digital banks in the medium term. With Covid cases seemingly under control, Indonesia banks’ recovery, as seen in the 1Q21 and 4M21 trends, shall remain intact. We realign our preferences to BBNI, BBRI, BMRI, BBCA, BTPS, and BBTN, in that order. Maintain Overweight.
- 1 Macro Analysis/Global G7 reiterates support for SDR allocation and seeks to boost its impact
- 2 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
- 3 Strategy Note/Vietnam Vietnam: The best emerging market is still spoilt by foreign ownership limits
- 4 Strategy Note/Global Egypt's military spend is not securing the Nile in its dispute with Ethiopia
- 5 Strategy Note/India India sues Twitter
This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...