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Rabu, 24 Agustus 2011

Bank Jabar Banten: key takeaways from our visit to the branch (BJBR, Rp1,040, Not Rated) - Mandiri

We visited BJB's unit in Majalaya yesterday and below were the highlights:
􀂄 By 19Aug-11 the branch has Rp366bn total assets, total loans of Rp349bn and third party funds of Rp120bn. The inadequacy source of funding is supported by the borrowings from BJB head quarter with lending rate of 9.5%.
􀂄 The loans consist of Microbanking of 21.6%, Consumer of 75%, and Commercial of 3.4%. For micro banking, the average loan is Rp10mn effective rate of 27% and loan for commercial is above Rp500mn. Majalaya is a growing textile industry area, and there is a potential for micro banking to growing rapidly.
􀂄 This branch reported a low NPL per 19Aug-11 at 0.8%. The highest NPL come from micro loan of 2%.
􀂄 BJB Majalaya branch is managing 3 sub branches around Majalaya, which are Majalaya sub-branch, Dayeuh Kolot, and Ciparay. Each sub-branch could obtain incremental loans of Rp1.2bn/month with 80 new debtors.
􀂄 We were also visiting one of micro customer, the business engaged in convection industry named Aura Konveksi with total sales of Rp50mn/month and net margin profit of 30%. Aura Konveksi borrowed Rp50mn last year and monthly installment of Rp2.15mn/month for 2 years.
􀂄 Today the stock is trading at 2012PER of 8.3x and PBV of 1.7x. We have no rating on this counter.

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