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

Rabu, 13 Februari 2013

Bank Rakyat Indonesia ( Persero ) (BBRI.JK)

Bank Rakyat Indonesia ( Persero ) (BBRI.JK)
Q4 CY12 Result Preview: Key Will Be Micro Business Trend

Earnings to depend on credit and opex costs —

With strong 11M net profit of Rp16.4trn reported on BI’s website, CY12 profit is likely to exceed Citi’s forecast of Rp16.7trn (consensus is Rp17trn). The share price, in our opinion, will be driven more by trends in the Micro business (both loan growth as well as yields). Analyst meeting is scheduled for Jan 31, 2013 evening (Thursday) and financial statements will be published in Friday’s newspapers.

Citi Q4 PPOP of Rp4.6trn (-16% qoq) and NP of Rp3.5trn (-21% qoq) —

Our forecasts are based on NIM contraction, a seasonal jump in opex and higher credit costs. NIM contraction is due to lower loan yields (20bps) and higher proportion of low yield assets due to year end deposit flow. Our 12M opex growth is estimated at
17% and 12M credit cost at 0.35% (net of cash recovery of Rp2trn). Upside surprises could come from higher trading, other operating and non-operating
income (details in Fig. 1)

Micro loan trends —

Micro loan disbursements have picked up from March 2012,
with net increases of Rp4.8trn in Q2 and Rp4.5trn in Q3. Mgmt indication of 18% growth (end 2012) equates to c~Rp5.3trn disbursement in Q4. The Q4 run rate would translate into 20% growth in 2013F.

Tidak ada komentar:

Posting Komentar