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

Jumat, 29 April 2011

Bank Central Asia (BCA) - 1Q results: Earnings Growth falters, could prompt a correction - ALERT - JP Morgan

• 1Q results disappointing: BCA’s 1Q FY11 net profis came in at Rp2.02T, well below our Rp2.4T estimate. Net profit grew by 5.5% y/y, but was down 15% q/q.

• Revisions likely – biased towards the downside: 1Q net profit was just over 20% of FY11E consensus PAT, and we believe the direction of revisions is likely to be lower.

• Loan growth a bit slower than expected – seasonality to blame: Loan growth in 1Q was 25% y/y, healthy, but below the 30% that we had forecast. Management highlighted seasonality, as although lending declined 2.4% q/q, total facilities extended grew 2% q/q and 28% y/y, suggesting that a pick-up in credit growth could be quick. BCA’s consumer credit grew by 36% y/y in 1Q, while corporate loans grew by 14% y/y.

• On the positive side, margins increased in 1Q and management appears to have eschewed attracting time deposits. Savings and demand deposits grew by 19% and 22% y/y, respectively, while time deposits contracted by 3% y/y. Interestingly, BCA’s demand deposit base is now bigger than its time deposit base. The overall impact of better asset yields and lower funding costs is that the bank’s net interest margin increased by 13bp q/q.

• But management cautious on the margin outlook due to the reserve impact in 2Q: Management noted that the additional LDR-based reserve (applicable from 31 March) would manifest as additional pressure on margins – with a 10-15bp impact from the new norms.

• Valuations leave little room to absorb disappointment: Trading at 4.7x 12M forward PBV, BCA’s valuations do not leave much room for disappointment. We therefore expect these results (declared after market) to cause some near-term downside in response.

Tidak ada komentar:

Posting Komentar