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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.

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