BBRI - To give interim dividend of IDR57 per share

Bank Rakyat Indonesia (BBRI) will pay interim dividend of IDR57 per share or IDR8.63 tn in total to its shareholders. The Indonesian vernment, as the controlling shareholder of BBRI, will earn interim dividend of IDR4.59 tn. Then, the remaining IDR4.04 tn will be channeled to other shareholders, including public investors. Sunarso, President Director of BBRI, claimed that the interim dividend distribution is a proof of BBRI’s contribution to the nation as a State-owned Enterprise (BUMN). “BRI’s profit will be retuned back to the masses through tax and dividend,” he explained in a press release. (Soucre : IDN Financials). Comment: We might see solid earnings in 2023 to continue. We also continue to like BBRI 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. On this backdrop we think the bank could continue to report stronger RoE and this should be translated into an ample room for higher dividend ing forward. Maintain BUY, DDM TP of IDR5,550 (2.6x ‘23F P/B).