Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Rabu, 05 Januari 2011

JP Morgan Indo : Indonesia - Underweight (update 2)

Bank Central Asia (Overweight)
• BCA remains a high quality exposure to the long term Indonesia story of expanding credit penetration given its reach, balance sheet size, lower leverage and high capital adequacy. Valuations are a risk, but management quality should underpin long term capital appreciation.
• A low rate, high liquidity environment undermines BCA’s core strengths – a deposit franchise and uniquely
liquid balance sheet and has precipitated a 14% underperformance over the last 12 months. We expect it
to trail a rallying market, but should provide defensive long term gains.

Bank Mandiri (Overweight)
• BMRI continues to build out its deposit offering by investing in technology and convenience, while at the
same time gradually building a high yield asset portfolio – which should be augmented by leveraging its
acquisition of Mandiri Tunas Finance and Bank Sinar Bali. This should help continue its trend towards a
higher RoE.
• Mandiri expects to complete a rights issue in 1QFY11. The added Capital should give it headroom for growth, and should not be substantially dilutive. However entry opportunities could present themselves in the run up to the rights.


Bank Danamon (Overweight)
• After a fairly difficult period in 2008-2009, Bank Danamon is expanding its Balance sheet again, and we
believe that benign comparisons should make for healthy growth all the way through FY11E. The banks
traditional weakness from asset quality and a weaker liabilities franchise are mitigated in the current
economic environment.
• After rallying by over 20% in the last quarter, we believe that Danamon’s return to being a 20% RoE bank
is now being recognized by the market. However, growth should continue to drive performance, and over
the medium term we see the possibility that strategic premiums could add a layer of icing to valuations.

Bank Rakyat (Underweight)
• Over the last 12-18 months BRI has had to grapple with high NPLs in its medium and private sector corporate loan business. This has taken the sheen off its attractive micro and consumer lending franchises, and the stock has mildly lagged the JCI over the last 12 months after a brief spurt in 3Q.
• We believe that high NPLs in its wholesale businesses, and a slightly strained balance sheet could lead BRI to look at refocusing on its lower RWA and higher profitability businesses. This is nascent, but holds the
potential to arrest longer term margin declines at the bank.
Posted by Saham Pilihan at 23.33

Tidak ada komentar:

Posting Komentar

Langganan: Posting Komentar (Atom)