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

Minggu, 07 Agustus 2011

BMRI Meeting All Expectations - AAA

BMRI’s 1H11 net profit came in no surprise and everything was in good shape. The expectation of higher interest rate environment going forwards is beneficial for BMRI, as it can potentially widen its profitability margin. BMRI relatively high CASA (second after BCA) is not sensitive to the increase in the interest rate while it can enjoy the increase rate on the lending side.

± 1H11 Profit Gained 57% yoy, Higher Loan Growth Send NIM Upward
Loan expansion has pushed up BMRI’s net profit in 1H11 by 57% yoy, 33% qoq to Rp6.3 tn, which accounted for 51% of our full year estimates. Net interest income grew 32% yoy driven by interest income (mostly from loan expansion) that has gone up 27% yoy or faster than the increase in interest expense of 19% yoy. In turn, this resulted in higher NIM of 5.4% (from 5.2%). The fee- based income was up 74% yoy to Rp967 bn mainly from the recovery of Garuda (GIAA) bond. However, this gain was somewhat offset by the (GIAA) underwriting loss in BMRI’s subsidiary. Excluding the recovery income, net profit still respectably grew 35% yoy. The provisioning expense increased by 22% although NPL was down to 2.4%.

± Potentially Wider Profitability Margin Going Forward
Armed with higher CASA portion at 59% and corresponded with lower COF of 3.8% (or 20 bps lower), loan has expanded 26% yoy, higher than the expansion in funding side of 14% yoy. LDR stood at 76% from only 67% in 1H10, lessening the reserve requirement penalty by the BI. As with BBCA, BMRI will be the beneficiary of higher interest rate environment because CASA is less sensitive to the increase in interest rate while the bank can enjoy higher yield on the assets side that mainly consist (75%) of corporate and commercial loans. Further, BMRI’s NPL coverage ratio is still high at 172% indicating an adequate cover against the potentially higher NPL in high interest rate environment

± Valuation: Reiterate BUY, New TP Rp9,300
As 1H11 results is in line, we shift forward our TP to 2012 resulting in a new TP of Rp9,300 implying PBV of 3.2x FY12F. Currently Bank Mandiri is traded at 2.7x PBV FY12F, lower than its +1.5 std historical PBV at 3.5x. BUY.

Tidak ada komentar:

Poskan Komentar