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Kamis, 31 Maret 2011

Bank Central Asia (BBCA IJ), Earnings Review, from Bret Ginesky - CLSA

BCA’s FY10’s results are largely in line with his forecasts, with net profit growing 25% to Rp8.5tn. 4Q10 results driven by operating efficiency, limited provisioning and a lower tax rate.

Despite loan growth of 25%, Pre Provision Operating profits (PPOP) grew by only 2% QoQ due to contracting earning asset yields. Bret maintains his TP of Rp7,500 (9% upside), and OPF call.

Key points from report:
FY10 Net profit grew 25% to Rp8,479bn, in line with CLSA numbers
Loans grew by 25% YoY and deposits grew by 13% YoY. Slightly offset by lending yields falling by 164bps YoY to 8.29%
Still one of Asia’s most profitable banks, with 4Q10 ROA and ROE increasing to 3.0% and 30.3% respectively.
Adjusting 11CL/12CL net profit estimates by -3%/+2% respectively to reflect a more challenging operating environment in 2011
Maintains TP at Rp7,500, representing 9% upside. OutPerform
Posted by Saham Pilihan at 10.27

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