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Minggu, 15 Mei 2011

BBCA acquires a small securities business, Dinamika Usaha Jaya - DBS Vickers

BBCA signed a sale and purchase agreement with PT Poly Kapotalindo to acquire a 75% stake in PT Dinamika Usaha Jaya. PT Dinamika was established in 1990 as a securities company delivering underwriting, brokerage, and investment services. Citing from Detik.com, the purchase price is estimated to be Rp189bn, which is relatively insignificant given its earnings base of over Rp2trn for 1Q11. According to BBCA's Preseident Director, Jahja Setiaadmadja, during its recent AGM, BBCA would focus its expansion plans via inorganic routes. It appears that BBCA aims to fill up the gaps via acquisitions. So far, BBCA's auto financing unit has taken off and will likely proceed to add insurance to its portfolio soon.

BBCA remains Indonesia ’s premium bank with a solid deposit and transactional banking franchise. However, valuations are not attractive at 4.7x FY11 P/BV. Maintain Hold and TP at Rp7,100 based on the Gordon Growth Model (26% sustainable ROE, 11% growth, and 14% cost of equity). Our target price is equivalent to 4.6x FY11 P/BV and 18.5x FY11 PE. Downside risks relate to NIM, which is already low, further exacerbated by competitive pressures as well as its reluctance to gear up its balance sheet for growth in order to protect asset quality, and its low loan-to-deposit ratio, which could drag ROEs.
Posted by Saham Pilihan at 21.06

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