BMRI booked a net income of IDR14 trillion in 9M20 or 82% of our FY20E estimate. High liquidity with 84.4% LDR, but with lower CoF. We maintain BUY with IDR7,000 TP (1.7x PBV FY20E). Meanwhile, BMRI will become the parent company of Islamic SOE bank, as Bank Syariah Mandiri provides the highest contribution for assets of the merged entity.
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