BJBR posted improving result in 3Q14 with net
profit reported at Rp238 bn, increased 56.9% qoq but still down 31.7% yoy. The
higher net profit was supported from 30bps increase in NIM on the back of
lower funding cost and manageable operating expense, which down 0.5% qoq. The
gross NPL still deteriorated, reported at 4.1% or worsened by 10bps qoq. We
upgraded our rating to BUY, as the share price correction in recent months has
provided more than 10% potential upside and we expect this improvement to
linger, supported with new management which comes in November 2014.
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