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Investing.com - Citi has initiated coverage on Bank Syariah Indonesia (BRIS:IJ) with a Buy rating and a price target of IDR3,900.00, according to a research note released Friday.
The Indonesian financial institution, which holds approximately 50% market share in the country’s Sharia banking sector, is positioned to benefit from increasing Islamic finance adoption, according to the investment bank.
Citi highlighted Bank Syariah Indonesia’s recent gold bullion banking license as a potential structural growth driver, noting it is only the second bank to secure such authorization in the country.
The license enables the bank to tap into Indonesia’s 1,800-tonne private gold market through Sharia-compliant lending products, the research note explained.
Citi also pointed to Bank Syariah Indonesia’s 17% return on equity and earnings per share trajectory as factors that distinguish it from industry peers.
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