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Sabtu, 22 Januari 2011

CLSA Clipan Finance, Pedal to the metal - initiating with a BUY - Tp1,100

This is not a typo here.  Target price does translates to a whopping 100% upside.  I know in this current volatile environment it is not the best time to push a small cap idea (US$150m with US$1m+ daily turnover) but the story of here is too good to ignore. 

Clipan Finance is the most profitable multifinance company in terms of profit per branch and per employee.  Its unique ownership structure (by Panin Bank and Panin Insurance) ensures steady funding (still saw positive in 2008) and incentives for loan origination from car dealers.  By focusing on the less crowded used car market, their interest rate moves pretty much inline with cost of funding. 

Our target price represents 10x and 1.6x 11CL PE and PBV (big discount to Indian peers).  Not demanding for 17% ROE this year going to 20% in 2012 by leveraging up balance sheet.

For those who don't mind going against the wind (rising interest rates), there is a lot of value on the table here for the longer term investor. 
Posted by Saham Pilihan at 05.34

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