BBRI - To distribute dividend interim

Bank Rakyat Indonesia (BBRI) will distribute dividend maximum at around IDR8.63 tn or IDR57 per shares. Of the total, IDR4.59 tn will distributed to vernment and the remaining will be distributes to public IDR4.04 tn. (Source : Emiten News) Comment: We like BBRI plan to distribute dividend. With its continuing sustainable long-term growth and a combination of strong presence on SME business landscape, stable loan growth as well as solid manageable quality, we expect the bank to remain stand out in the challenging year in 2023. Likewise, with potential steady earnings growth should be translated into stronger RoE and this means ample room for higher dividend ing forward. Maintain BUY, DDM TP of IDR5,550 (2.6x ‘23F P/B). Currently traded at 2.4x ‘23F P/B, or below its +1SD of 10-year historical mean at 2.5x.