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Kamis, 28 April 2011

Bank Negara (BBNI IJ) slowly turning around - CLSA

Bret Ginesky is looking at the BNI’s 1Q results more closely. Solid results – NPL continued to decline and operating efficiency are improving. In addition personnel costs declined by almost 20% YoY. This is exactly what we like to see, slow but steady operational turnaround. And with ample capital raised last year, BBNI is well positioned for strong loan growth this year. We like Mandiri (BMRI) and Bank Negara (BBNI IJ) in this space.

· Net profit Rp1.25tn, up 22% YoY, 25.8% of our FY11 estimates. Normalized net profit is closer to Rp1.05tn (22% of our estimates) after taking out forex gains (Rp104bn) and recovery on written off loans (Rp326bn).

· Biggest driver of earnings was operating efficiency (down 7.6% YoY) as personnel expenses fell 18% YoY due to PSAK 24 compliance. CIR also improved by 590bps to 44.5% from 50.4% YoY.

· NPL’s keep improving to 4.1%, down by 20bps QoQ and 60bps YoY.

· Shares currently trade at 2.1x 11CL PBV, representing 28% discount to Indonesian peers.

· BNI remains our favourite turnaround story in Indonesia. Maintain our outperform rating.
Posted by Saham Pilihan at 13.20

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