BBNI - BNI Multifinance targets financing growth of 100% in 2024

BBNI - BNI Multifinance targets financing growth of 100% in 2024 Bank Negara Indonesia (BBNI) subsidiary, PT BNI Multifinance, targets 100% growth next year in all segments. According to the company, that next year targets financing to reach IDR 6 tn. Financing until Oct23 reaches IDR2.2 tn and pursuing up to IDR3 tn by the end of this year. (Source: Kontan). Comment: We believe that the industry potentially to continue growing next year and thus will benefit BNI multi finance as well. We also believe that demand, especially from auto will play important part to the sector growth. Moreover, consumer financing should overall support the demand as well, in our view. Maintain BUY with DDM TP of IDR5,750 (1.3x ‘24F P/B).