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Rabu, 20 April 2011

Bank Rakyat Indonesia (BUY): Indicated Rp4t net profit in 1Q11 - Kim Eng

According to Dow Jones News Wire, BRI’s CEO, Mr. Sofyan Basir, indicated Rp4t net profit in 1Q11, up 86% y/y from Rp2.2t in 1Q10.
The robust profit was achieved on the back of 18%-22% y/y loan growth.
BRI is planning to hold an AGM on 28 April 2011 where it will propose for 10% total dividend payout (yield: 0.8%) of its Rp11.5t profit in 2010. This implies Rp1.2/share final dividend payment in addition to Rp45.9/share that has been distributed as interim dividend in December 2010.

Comment:
We are waiting for confirmation from the bank on the indicated profit which stood far above our estimate.
BRI’s 1Q11 financial result will be announced on 29 April 2011. Details will be given on the analyst meeting that follows.
We see a possible upgrade on our valuation should the indicated profit were accurate. Currently, we estimate Rp12.8t FY11 net profit, up 11.7% y/y from Rp11.5t in 2010.
At the moment we recommend BUY for BRI with TP at Rp7,200/share (13.7x 2011F PER; 3.8x 2011F PBV), implying 15.6% upside potential from yesterday’s closing of Rp6,250/share. The TP has not put into account the abovementioned possible upgrade.vg
Posted by Saham Pilihan at 17.41

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