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Kamis, 23 Juni 2011

Big Indo bank report - EXTREME, in a good way - CLSA

What is extreme banking? Must read our big report on Indonesian Banks which should be hitting your desks anytime.
A few charts here speaks a thousand words;

1) We have created a new metric which we believe best highlights the relative ability to capture growth and income in each Asian country.
To do this, we look at the change in GDP per capita over the past five years together with return on assets (ROA). We multiply the change in GDP per capita by ROA to arrive at what we call the CLSA Earnings Ability Index (EAI).

Unlike most countries in Asia, Indonesian banks hold fairly unique positions. given their extremely high ROA, Indonesian banks are capitalising on economic growth better than other Asian countries.

Using our new CLSA Earnings Ability Index, we find that the country’s GDP-per-capita growth and ROA combined is greater than the rest of the region. Limited credit penetration, low leverage ratios and high internally generated capital will support strong expansion. With limited overlap of banks’ specialisation, extreme ROAs can persist. We remain Overweight on Indonesian banks.

Bank Central Asia (BBCA IJ) is extremely well positioned. Bit pricey but overall the best bank hands down. We also like Mandiri (BMRI IJ) and Bank Negara (BBNI IJ) as it both banks are armed with ample capital to boost loan growth.

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