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Rabu, 27 Juli 2011

Bank Danamon (BDMN, N, PT Rp5,700): Assessing the Impact of Rights Issue - Credit Suisse

In the analysis, BDMN’s earnings dilution from the rights issue is limited. In addition, BDMN’s PBV multiple would also be lower post the rights issue. We would remain as a holder of BDMN at present, until the final terms of the rights issue is announced.

· BDMN is targeting to rise up to Rp5.0 tn by issuing up to 1.2 bn shares at Rp4,100-4,800/share in the upcoming rights issue – with a ratio of 144 new shares per 1,000 existing.
· Assuming the targeted proceed of Rp5.0 tn, BDMN’s TERP is estimated at Rp5,324-5423/share – 1-3% discount to yesterday’s closing price of Rp5,500.
· BDMN rights issue would increase 2011 CAR and Tier I ratio to 19.1% and 18.1% respectively – from 15.4% and 14.4% currently.

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