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Selasa, 15 Maret 2011

MFIN Resilient to Continue - Indopremier Securities

MFIN is set to benefit from Indonesia’s strong GDP and robust motorcycle sales. Threat from high inflation and higher BI rate could overshadow MFIN’s performance for 2010 onward. We expect MFIN to book 25% increase of financing in 2011. With ROE11 of 22.6%, we are initiating our coverage with BUY recommendation and TP Rp 800 per share.

One of Highly Network Multifinance Company in Indonesia
Mandala Multifinance (MFIN) is one of sizeable and resilient multifinance company in Indonesia. MFIN’s total asset has increased from Rp 389 bn in 2004 to Rp 3.1 tn in September 2010, implied ten times leap in recent six years. Up to September 2010, MFIN has owned 152 branch offices and manages more than 4,600 employees.

Focus on Motorcycle Financing
Given parent is the main dealer for Yamaha, most of MFIN’s financing also designated for Yamaha. As of December 2010, Yamaha captured 50% of MFIN’s financing, while Honda and Suzuki contributed 30% and 15% of total financing respectively. Compared to Industry, we calculate MFIN market share were almost 10% of total Yamaha credit sales.

New Record High for New Booking
Inline with automotive recovery, MFIN financing also touched the new high record by posting Rp 3.7 tn new booking in 2010, or 135% YoY increase from Rp 1.6 tn in 2009. Despite a threat from high inflation ahead, we believe that MFIN will be able to deliver 25% financing growth in 2011.

Sound Assets Quality
Despite most of motorcycles financing are distributed to middle low costumers, MFIN’s credit overdue was always below 1% of total financing. MFIN’s financing have been well diversified. Small financing value per account (average one twentieth of cars financing) and wide costumer’s base (with more than 580k accounts in 2010) has set low financing risk in MFIN loan system.

Buy Recommendation
We are initiating our coverage on MFIN with BUY recommendation and TP of Rp 800 per share on the back strong GDP and low ratio between motorcycles to population in Indonesia. Our target price reflect 7.6x PER and 1.6x PBV in 2011.
Posted by Saham Pilihan at 09.19

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