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Rabu, 03 Agustus 2011

Bank Central Asia (BBCA, N, PT Rp8,600): 2Q11 Results – In-line With Our Estimates - Credit Suisse

Investors seemed to agree that BBCA valuation is demanding, while admitting that BBCA is one of the best managed banks in Indonesia. Through we are not excited on its valuation; we do like BBCA due to its strong CASA franchise and low LDR. We would be a buyer on weakness on this name.

· Analyst Teddy Oetomo maintains his Neutral call on BBCA stock but cut the stock TP by 1.1% to Rp8,600/share on slightly lower 2011-13 earnings. The new TP implies 5.4x and 21.5x 2011 PBV and PE respectively, which continue to be demanding relative to its peers.
· BBCA’s higher-than-expected operating expenses and lower-than-expected provision expense in 2Q11 prompted Teddy to slightly downgrade BBCA’s 2011-13 earnings by 0.9-2.2%.
· BBCA 1H11 PPOP came-in at Rp5.9 tn (+19% QoQ, +28% YoY) – 45% of our previous 2011 forecast: In-line.
· BBCA 1H11 net income came-in at Rp4.8 tn (+38% QoQ, +20% YOY) – 48% of our previous 2011 forecast: In-line.

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