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Selasa, 26 April 2011

Bank Tabungan Negara: a key take away from our visit (BBTN, Rp1,760, Neutral, TP: Rp1,600) - Mandiri

We met with BBTN’s IR yesterday and below are the highlights:
􀂄 The bank expects to book a net profit Rp1.1tn this year, however 1Q11 results usually fall below 25% of the targeted FY net profit (net profit for 1Q10 only accounted for 17% of FY10).
􀂄 The bank expects new booking for subsidized mortgage to reach Rp6tn this year, while for nonsubsidized mortgage would be around Rp5.5-6tn.
􀂄 The current lending rate for non subsidized mortgage was 10.5% p.a for residential housing and 12.0% p.a for apartment.
􀂄 The bank plans to be aggressive in boosting its image on non subsidized mortgage. In Feb11, the bank conducted property expo, which managed to get over Rp1tn new bookings.
􀂄 At current price, the stock is traded at 2011F P/BV of 2.3x and PER of 15.8x. We maintained our neutral stance on the counter.
Posted by Saham Pilihan at 16.32

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