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Selasa, 22 Maret 2011

Bank Negara Indonesia (BBNI Buy PT 4,500): Continue to be positive - UBS Indo

Analyst Joshua Tanja places BBNI as his top pick in the sector, although he is aware that BBNI’s market cap of just US$7.0-8.0 bn could be relative small compared to its peers. Joshua likes BBNI due to its strong growth outlook (earnings CAGR of 25% in 2011-13) coupled with improving return profile (ROE expansion from 15% in 2011 to 18% in 2013). The aforesaid thesis will be supported by BBNI’s: 1) Higher NIM; 2) reduced cost-to-income ratio; and 3) stronger underwriting standards.

In Joshua’s view, the catalysts for BBNI stock price would be: 1) rising interest rate (9% earnings upgrade for every 100 bps rate hike); and 2) quarterly results (to be reported at the end of April, July and October). Note that Joshua lowered his PT on BBNI by 8%, fined-tuned his 2011/12 EPS forecast to Rp281/366 (7-10% lower on lower fees, which is mitigated by lower provisioning) and introduced 2013 EPS of Rp435.
Posted by Saham Pilihan at 11.48

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