印尼国家银行：风险回报更新

研报英文原文证据摘录

M

Update

August 5, 2026 08:57 AM GMT

Morgan Stanley Asia (Singapore) Pte.+

Bank Negara Indonesia | Asia Pacific

Selvie Jusman, CFA

Equity Analyst

Risk Reward Update

What’s Changed

Bank Negara Indonesia (BBNI.JK)

From

To

Price Target

Rp3,897

Rp3,880

Bull Case

Rp5,124

Rp5,101

Base Case

Rp4,008

Rp3,990

Bear Case

Rp2,895

Rp2,882

Updated Components

EPS

Investment Thesis

Bull Base Bear Scenarios

Risks to Price Target / Rating

Risk Reward for Bank Negara Indonesia (BBNI.JK) has been

updated

Reason for change

Bank Negara Indonesia (BBNI.JK, BBNI IJ)

ASEAN Financials | Indonesia

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Equal-weight

In-Line

Rp3,880

Rp3,660

Rp4,730-2,990

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (Rp)**

Prior EPS (Rp)**

537.54 564.66 589.26 655.67

- 561.43 584.28 656.87

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

We make +0.6%/+0.9%/-0.2% changes to our FY26/FY27/FY28 EPS estimates

following 2Q results. As a result, our bull/ base/ bear case valuations fell by 0.5%

and our price target falls by 0.4%.

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.