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

Jumat, 29 Juli 2011

Corporate Result Flash Bank Bukopin - Bahana

2Q11 performance
§ BBKP reported 1H11 net profit of IDR337b (+50.8% y-y), above our and market consensus, accounting for 54% of our full-year and market estimates. Note that the strong 1H11 ROAE of 20.7% has not fully factored in the impact of the rights issue.
§ 2Q net profit increased 16.7% q-q to IDR181b, supported by strong loan growth, higher fee-based income and lower provisioning charges. NPL dipped from 3.7% at end 1Q11 to 3.0% at end 2Q11.
§ Loans grew 21.3% q-q to IDR32t in 2Q11, bringing ytd loan growth to 5.7%. This strong loan growth was driven by commercial and SME loans while loans to related-party Bulog, the state-owned logistics agency, only accounted for 9.4% of loan portfolio. This combined with low 1.2% q-q growth in deposits raised LDR to 72% in 2Q11 from 60% in 1Q11.

Despite solid 2Q11 results, BBKP still has many challenges: 1) managing liquidity flow, 2) maintaining loan quality and 3) enhancing capital base. BBKP’s 2Q11 strong loan growth has pressured 2Q11 CAR to 14.8% from 16.7% in 1Q11 on higher risk weighted assets from non-Bulog SME and commercial loans. That said, issuance of subordinated notes to raise CAR is on the cards. On a positive note, apart from the current strategic partnerships with Taspen and Jamsostek pension funds, allowing for loan penetration, the bank is currently negotiating with ASABRI, the military insurance company.

Recommendation and valuation
Earlier loan growth recovery and improved NPLs have encouraged us to upgrade our 2011-12 earnings estimates by 11-12% respectively. In addition, we shift our valuation using 2012 book value resulting in higher target price of IDR920 (+18%), reflecting 2012 implied P/BV of 1.8x. With more than 15% upside, we upgrade our rating on BBKP from hold to BUY.

Tidak ada komentar:

Posting Komentar