We expect BRI ($BBRI) to maintain its focus on the micro and SME segments going forward through the KUR and Kupedes programmes. As such, we project a 15.4% YoY growth for the micro lending segment. Fee income would also be an additional income source, particularly from loan administration fees. Credit cost would remain manageable at 255bps this year on the back of substantial exposure to micro lending. Maintain BUY and our GGM-derived TP of IDR14,500 (13% upside).