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Jumat, 12 Agustus 2011

BFI Finance: key takeaways from an analyst meeting (BFIN, Rp6,950, Not Rated) - Mandiri

From analyst meeting yesterday, we highlighted key takeaways from BFI Finance as follows:
􀂄 The Company reported 1H11 net income of Rp201bn (+14%yoy, -1%qoq), supported by the increase of revenue (+29%yoy, +8%qoq). The decline in qoq net income was due to impairment losses of Rp6bn booked in 2Q1`1 vs none in 1Q11, as the company adopted more conservative accounting policy. If we exclude the impairment losses, the growth in net income will be 4%qoq.
􀂄 The company reported Rp2.7tn (+50%yoy, +8%qoq) of new booking in 1H11, represented 49% of the company target of Rp5.5tn for FY11. The main contributor was still derived from used car dealer financing.
􀂄 The asset quality improved, reflected by the decrease of NPL from 1.4% at Jun10 to 1.0% at Jun11.
􀂄 Management is still reviewing its plans to build cooperation in form of joint financing and sharing outlet with BTPN. Given that the company’s net gearing ratio was still low at 1.4x, the company plans to issue bonds in the forthcoming quarters.
􀂄 At current price, the stock is traded at P/BV2012 1.6x and PER of 9.8x based on consensus estimates. We have no rating on this counter.

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