Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Minggu, 17 Juli 2011

Bank Danamon Indonesia - Alert: Rights Issue Planned - Citigroup

Bank Danamon has applied to the regulators for the approval of a renounceable rights issue. Details on the size and pricing will be disclosed later. Management is aiming to complete the transaction by the end of this year. The objective is to maintain CAR at or above 12%. We are of the opinion that the rights Issue is a positive development, as low CAR is one of our concerns (other being high LDR). We maintain our Sell recommendation till full details are available.

The Rights issue is not surprising as the Capital Adequacy Ratio (CAR) was depleting very fast, due to business model (standalone CAR requires deduction of investment in Adira Finance). Management had hinted that based on current growth trends, bank will need capital injection every three years (last right of Rp4.1trn was announced in Feb 2009 and completed in April 2009).

Citi calculations show that CAR would have fallen below 12% by Dec 2011. Based on our 2010/13 loan growth of 19% CAGR, the rights issue size of Rp3.8trn will give sufficient cushion till 2014. For loan growth of 25% CAGR, the estimated rights issue size has to be Rp6.5trn.

Tidak ada komentar:

Poskan Komentar