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Jumat, 05 Agustus 2011

Downgrade banking sector - valuations have priced in strong fundamental and lack of positive surprise - CIMB

Indonesia's inflation rate looks to have reached the bottom and I would think that Aug/Sep inflation would be higher as consumption increase as the results of the fasting month and Lebaran holiday. Our banking analyst, Mulya Chandra, CFA, downgraded the banking sector to Neutral from Overweight. The banks have had strong results in 1H11, and the core operations (loan growth and NIM) are very much in line with expectations. Some banks delivered better than expected earnings, but these better results were helped by unusually low cost-income ratios, low tax rates, or reductions in provisioning coverage, which were not sustainable. He does not expect any further positive surprises and valuations look stretch. His preference would be medium size banks like Bukopin and BBTN; for big size bank is Mandiri, but buy after the pull back of the sector. I would take profit on banks for the time being.

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