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Jumat, 28 Januari 2011

Credit Suisse Bank Mandiri - Rights issue, Garuda IPO to boost net income

● BMRI announced a Rp5,000/share exercise price for its one new for nine old right issues. Post the rights issue, BMRI’s free float will rise to 40%, allowing BMRI to benefit from a 5% tax rate cut.

● BMRI will also sell its 1.9 bn shares of Garuda Indonesia (not listed) in the airline’s upcoming IPO. We estimate that the sale will generate proceeds of Rp1.4 tn.

● Net net, we increase our FY11E-12E earning estimates for BMRI by 13.1-9.7% on: 1) a lower tax rate from increasing the free float to 40% on the back of upcoming rights issue, 2) earnings
generated from the proceeds of the rights issue, assumed to be re-invested in SBI, and 3) proceeds from Garuda’s IPO.

● We maintain BMRI as our top pick for Indonesia’s bank sector on robust fundamentals (a low LDR and high CASA) and undemanding valuations. Adjusting for the benefits from the rights
issue and Garuda divestment, we believe that BMRI is trading at the lowest 2011E P/E of all Indonesian banks under our coverage. Maintain an OUTPERFORM and a target price of Rp8,400/share.
Posted by Saham Pilihan at 04.55

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