Banks - Indonesia: Not out of the woods yet – NIM pressure persists, guidance cuts loom

Research evidence excerpt

Banks - Indonesia: Not out of the woods yet – NIM pressure persists, guidance cuts loom

South Asia Financials Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

BUY

Aditya Birla Capital XADIF ABCAP IN Pujita Pasumarthi

AU Small Finance Bank XAIIF AUBANK IN Madhur Sharma

Bajaj Finance XECVF BAF IN Pujita Pasumarthi

Bandhan Bank XBNDF BANDHAN IN Madhur Sharma

Bank Central Asia PBCRF BBCA IJ Sukriti Bansal

Bank Mandiri PPERF BMRI IJ Sukriti Bansal

Bank Negara Indonesia PBNNF BBNI IJ Sukriti Bansal

Bank of Baroda XZYRF BOB IN Madhur Sharma

Bank of the Philippine Islands BPHLF BPI PM Julian Roxas

BDO Unibank BDOUF BDO PM Julian Roxas

Canara Bank CNRKF CBK IN Madhur Sharma

CIMB Group CIMDF CIMB MK Aiden Chionh

Groww (Billionbrains Garage Ventures) XBGXF GROWW IN Madhur Sharma

HDFC Bank HDFBF HDFCB IN Madhur Sharma

HDFC Bank HDB HDB US Madhur Sharma

ICICI Bank XLORF ICICIBC IN Madhur Sharma

ICICI Bank IBN IBN US Madhur Sharma

JMT Network Services XQXRF JMT TB Narumon Ekasamut

Kasikornbank KPCKF KBANK TB Sarachada Sornsong

Kotak Mahindra Bank XWIUF KMB IN Madhur Sharma

Krungthai Bank KGTLF KTB TB Sarachada Sornsong

Krungthai Card XXHFF KTC TB Sarachada Sornsong

Manappuram Finance XMGPF MGFL IN Pujita Pasumarthi

Metrobank MTPOF MBT PM Julian Roxas

Muangthai Capital XMCPF MTC TB Sarachada Sornsong

Muthoot Finance XMFLF MUTH IN Pujita Pasumarthi

Oversea-Chinese Banking Corp OVCHF OCBC SP Sukriti Bansal

Power Finance Corporation PWFEF POWF IN Pujita Pasumarthi

Public Bank PBLOF PBK MK Aiden Chionh

SCB X PCL SCBXF SCB TB Sarachada Sornsong

Security Bank SYBJF SECB PM Julian Roxas

Shriram Finance SHTFF SHFL IN Pujita Pasumarthi

Srisawad Corporation SRISF SAWAD TB Sarachada Sornsong

Star Health Insurance XRXUF STARHEAL IN Pujita Pasumarthi