Patricia Marianne, Fanny Suherman, Baihaqi Azhari

  • We hosted a two-day NDR for BBCA last week where it guided a mild loan growth target (c.9%) but higher NIM in 2019 amid expectation of higher rate.
  • While we concur with the management that it will be the prime beneficiary of higher rate, we think the magnitude of rate adjustment will be milder in 2019.
  • BBCA has outperformed its peers YTD by 22% which underpin our Hold call. Key upside risk is stronger than market low-cost deposit growth

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