EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Bank Negara Indonesia (BBNI IJ) Indonesia

Financials

Tabbush Report

Indonesia is seeing a strong recovery in lending growth, which adds to the positive trifecta for BNI - improving margins (NIM up from 4.5% to 4.9% in 2Q22 Q/Q. There are few banks in Asia-Pacific that show this type of NIM expansion), with improving loan volume, and better credit metrics (BNI is one of those banks that appears to have taken far too much credit costs during FY20 and FY21). It just so happens, that BNI’s market capitalisation of IDR154tr is a fraction of the IDR970tr for comparable peer bank Bank Central Asia.

Edition: 142

- 19 August, 2022