BBRI – To distribute dividends amounting IDR 48.1tn

BBRI – To distribute dividends amounting IDR 48.1tn Bank Rakyat Indonesia (BBRI) will distribute dividends worth of IDR48.1 tn from the total profits earned in 2023. This decision was taken at the Annual General Meeting of Shareholders (AGMS), which was held on March 1, 2023. Meanwhile, the amount of dividends distributed is equivalent to 79.63% of the total profit for 2023. As a reminder, BBRI made a profit of IDR60.4 tn last year. The number of dividends approved at the GMS includes the interim dividend. In the last two years, the ratio of dividends distributed reached 85%. (Source: Kontan) Comment : An uninterrupted high dividend amount should be translated as BBRI’s major catalyst, aside from its promising capital gain. With its rich liquidity position, we believe BBRI will be able to manage a consistent high dividend yield, going forward. The DPO ratio of 79.6% is around 1.63% surpassing our FY23 expectation on BBRI’s DPO. Maintain BUY with GGM TP of IDR6,830 (3.0x ’24F P/B).