Saham Pilihan

Jumat, 08 Juni 2012

Bank Rakyat Indonesia, Visit Note: Maintaining Guidance, Citi

 Overcorrected to 2std below mean with price -23% (YTD) — The market has, in our
opinion, over reacted to weak micro loan growth considering 1) its strong network that
can be energized to revive micro loans, 2) strong CASA growth that continues to
support earning asset growth at low costs, and 3) declining NPLs supporting lower
credit cost. While 2012F may remain relatively subdued, BBRI’s franchise is robust
enough to deliver 25% pa book value growth. Our 2012F base case assumed a 50bps
decline in loan yield and another 100bps decline will impact earnings by 16%.

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Indonesia Strategy, Still Like Supply Side, CLSA

Emerging markets have struggled in May and Indonesia has
underperformed relatively. One key reason is IDR pressure. A confluence
of aggressive monetary policy, BI’s late moves to intervene and
heightened “policy risk” has made the IDR (a confidence barometer)
vulnerable. Against a volatile backdrop we maintain our strategy of
BUYing the ‘Supply Side’ of Indonesia’s economy given high earnings
visibility & domestic business models less exposed to the global malaise.

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