BANKING SECTOR OVERWEIGHT. BBCA blitzkrieg with shock mortgage rate cut. Equity Research
|
|
- Buck Fleming
- 6 years ago
- Views:
Transcription
1 Equity Research BANKING SECTOR Sector Updates BCAS Vignette BBCA blitzkrieg with shock mortgage rate cut BBCA goes to war with record-low mortgage rate introduction BBCA seems ready to go to war over high mortgage rates by announcing a record-low promotiol mortgage rate, at a 6.00% fixed-rate for the first 2 years (capped at 6.88% for the next years), in light of its 60 th anniversary on 20 Feb-1. Present mortgage competition is intense, with rates offered at high single-digits (promotiol) to low double-digits (non-promotiol). Yet, our channel check infers none could offer a more attractive deal vs. BBCA for: lower mortgage rate, longer promotiol mortgage tenor, lower floating-rate cap, faster loan turround, and marketing program consistency; Exhibits 2-. Extending market share in higher risk-adjusted return segment The ratiole of BBCA s move is to deploy excess liquidity into higher riskadjusted return segment, in our view. About 1% of idle funds in its earnings asset were placed in secondary reserves (with.1% yield), marketable securities (.%), and gov't bonds (6.%) as of Sep-16. One may argue BBCA s aggressive campaign is a negative-carry to its NIM and thus, its profitability. However, a promotiol mortgage rate at % is higher than average idle funds placement yield. Also, a mortgage loan is a more efficient use of capital (% RWA) with low net credit cost (low-risk debtor s profile and high collateralized asset), implying ROA/ROE stability. In general, we expect BBCA to grow market share domince in the medium to long term. Not all banks created equal; defensive attributes needed to compete As this low-yield business requires defensive attributes i.e. solid funding strength (low CoF and longer funding duration) and good cost control to keep bottom-line stay sound, not every bank would be able to compete in this segment without risking market share. Only a few banks (i.e. BMRI, BBNI) are strong contenders against BBCA. We note BBCA clearly endures as the strongest with low-sector LDR (8.%), low-sector CoF (2.0%), second-low cost-income (2.1%), low-sector credit cost (1.0%) and NPL (Sep-16: 1.%), but sustaining second-high ROE (20.6%) Dec-16 uudited bank-only. What s next to expect? Our recent note (here) relays 201F sector s loan volume to outweigh pricing in a steady and low-rate milieu. We expect loan competition to grow more challenging in search of high-quality clients. Most banks target consumer loan (notably mortgage and payrolls) this year as loan growth driver; we view YoY growth for mortgage at 1% above total loan s 1%. As the real mortgage competition just began, only a few banks (i.e. BBCA, BMRI, BBNI) will be able to defend/grow their mortgage market share. More, 201F sector s NIM fall of 0bp YoY, on lower asset spread, is assumed already. Reiterate OVERWEIGHT. Exhibit 1. Promotiol mortgage loan marketing PRICE PERFORMANCE 6,000 2,000 8,000,000 OVERWEIGHT Source: Bloomberg, BCA Sekuritas MARKET DATA Previous Call: Unchanged February 201 Igor Nyoman Putra igor.putra@bcasekuritas.co.id ext 18 0,000 Jan-16 Apr-16 Jul-16 Oct-16.BCASBANK JCI Rebase as of 2-Feb-1 YTD 1M M 12M Absolute -0.2% -0.2% 1.% 18.1% JCI Return 1.1% 1.1% -1.% 1.8% Relative -1.2% -1.2% 2.% 2.% Source: Bloomberg, BCA Sekuritas Source: Bank Central Asia, CNN Indonesia, BCA Sekuritas
2 Exhibit 2. Promotiol mortgage program (as of 2-Feb-1) Promotiol mortgage program Bank Program Fixed rate Period (year) Floating rate cap Promo period Remarks BBCA I (fix) Min deposits placement I (cap) at x of installment II (fix) Min deposits placement Until 28-Apr-1 II (cap) at 2x of installment III (fix) No deposits minimum III (cap) placement requirement BNGA I.0 12M BI rate + II M BI rate + Jan - 28 Feb '1 BBNI Required mortgage tenor I 8.0 Jan - 1 Mar '1 at least year Current floating rate stands at 1.% BMRI I (fix) Priority and payroll Until 28-Feb-1 I (cap) customers BBRI I II III Feb - 1 Mar '1 IV PNBN I II III.8 1 Feb - 1 Mar '1 IV 8.68 NISP I.99 II 8.2 Source: BCA Sekuritas channel checks Current floating rate stands at 1% Exhibit. Non-promotiol mortgage program (as of 2-Feb-1) Non-promotiol mortgage program Max tenor Turround Bank Program Fixed rate Fixed (year) Floating rate cap (year) (days) Remarks BBCA I II III IV BNGA I II III 8.0 NISP I.99 2 II 8.2 PNBN I (fix).80 1 Current floating I (cap) rate stands at II % BMRI I II BBNI I Current floating 20 1 II.0 2 rate 1.% BBRI I (fix) I (cap) BNLI I BBTN I Loan<IDR200mn 2-1 II Loan>IDR200mn Mandiri I Syariah II III Source: BCA Sekuritas channel checks 2
3 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-1 Jun-1 Sep-1 Dec-1 Mar-1 Jun-1 Sep-1 Dec-1 Mar-1 Jun-1 Sep-1 Dec-1 Mar-16 Jun-16 Sep-16 Exhibit. Mortgage market share and loan mix (Q16; **Q16) Market share 9 8 BBTN* BBCA BBNI** BMRI BNGA BBRI** BJBR Source: Companies data, BCA Sekuritas * Unsubsidized mortgage; ** Q16 Loan mix 1 1 BBTN s mortgage business is a given from the govt and has the lowest targeted market segment among others; BBCA retains its mortgage market share domince Exhibit. Mortgage NPL vs. total NPL (Q16; **Q16) Mortgage NPL Bank NPL BBCA sustains its high-quality franchise with both NPLs the lowest among others BBCA BNGA BBTN* BBNI** BJBR BMRI BBRI** Source: Companies data, BCA Sekuritas * Unsubsidized mortgage; ** Q Exhibit 6. BBCA earnings asset yield movement Secondary reserves Marketable securities 11 Loans Government bonds Aggressive campaign is not a negative-carry since promotiol mortgage rate are mostly higher than these idle funds (ex. loan) yield that are sitting in earnings asset Fixed-rate mortgage should bode well for loan yield given declining interest rate outlook structurally Source: Bank Central Asia, BCA Sekuritas
4 Exhibit. Promotiol mortgage loan marketing by BBCA Source: Bank Central Asia, BCA Sekuritas Exhibit 8. Summarized Indonesia banks promotiol mortgage rate Source: CNN Indonesia, BCA Sekuritas
5 Teguh Hartanto Director of Equity, ext: 129 RESEARCH DIVISION Darmawan Halim Arga Samudro Igor Nyoman Putra Head of Research, ext: 168 FI Alyst, ext: 181 Equity Alyst, ext: 18 Strategy, Automotive, Heavy Equipment FI Strategies & Macroeconomist Banking, Industrial Estate Jennifer Frederika Yapply Aditya Eka Prakasa Johanes Prasetia Equity Alyst, ext: 19 Equity Alyst, ext: 182 Equity Alyst, ext: 18 Cigarettes, Consumer, Health Care Telco, Coal, Metal Mining Retail, Poultry Michael Ramba Nyoman Widita Prabawa Achmad Yaki Yamani Equity Alyst, ext: 18 Equity Alyst, ext: 180 Technical Alyst, ext: 186 Construction, Property Residential Cement, Plantation, Oil & Gas Technical Alyst Yuni Pratiwi Research Assistant, ext: 18 EQUITY CAPITAL MARKET DIVISION Ermawati Agusti Erman Head of Institutiol Sales, ext: 19 Haslienda Santoso Jodikin Arief Iskandar Equity Capital Market, ext: 1 Sales Trader, ext: 16 Institutiol Dealer, ext: 16 haslienda.rifman@bcasekuritas.co.id santoso@bcasekuritas.co.id arief.iskandar@bcasekuritas.co.id DISCLAIMER By receiving this research report ("Report"), you confirm that: (i) you have previously requested PT BCA Sekuritas to deliver this Report to you and you are legally entitled to receive the Report in accordance with Indonesian prevailing laws and regulations, and (ii) you have fully read, understood and agreed to be bound by and comply with the terms of this Report as set out below. Your failure to comply with the terms below may constitute a violation of law. This Report is strictly confidential and is for private circulation only to clients of PT BCA Sekuritas. This Report is being supplied to you strictly on the basis that it will remain confidential and that you will maintain its confidentiality at all times. Without the prior written consent of PT BCA Sekuritas authorized representative(s), no part of this Report may be (i) copied or reproduced in any form by any means, (ii) redistributed or delivered, directly or indirectly, to any person other than you, or (iii) used for any other purpose that is not in line with the terms of the Report.. PT BCA Sekuritas, its affiliates and related companies, their directors, associates, connected parties and/or employees (excluding the individual alysts who prepare this Report) may own or have positions in securities of the company(ies) covered in this Report and may from time to time buy or dispose, or may have material interest in, those securities. Further, PT BCA Sekuritas, its affiliates and its related companies do and seek to do business with the company(ies) covered in this Report and may from time to time: (i) act as market maker or have assumed an underwriting commitment in the securities of such company(ies), (ii) sell to or buy those securities from other investors for its own account, (iii) perform or seek to perform significant investment banking, advisory or underwriting services for or relating to such company(ies), or (iv) solicit any investment, advisory or other services from any entity covered in this Report. Furthermore, the personnel involved in the preparation of this Report may also participate in the solicitation of the businesses as described above. The views expressed in this Report reflect the persol views of the individual alyst(s) at PT BCA Sekuritas about the securities or companies mentioned in the Report and the compensation of the individual alyst(s), is, or will be directly or indirectly related to the performance of PT BCA Sekuritas activities. PT BCA Sekuritas prohibits the individual alyst(s) who prepared this Report from receiving any compensation, incentive or bonus based on specific investment banking transactions or for providing a specific recommendation for, or view of, a particular company (including those covered in the Repot). However, the individual alyst(s) may receive compensation based on the scope of his/their coverage of company(ies) in the performance of his/their duties or the performance of his/their recommendations. In reviewing this Report, you should be aware that any or all of the above activities of PT BCA Sekuritas, its affiliates and related companies, their directors, associates, connected parties and/or employees, among other things, may give rise to real or potential conflicts of interest between them and you. The content of this Report is prepared based on data believed to be correct and reliable on the date of this Report. However, this Report: (i) is not intended to contain all necessary information that a prospective investor may need, (ii) is not and should not be considered as an investment advice in any way, and (iii) cannot be relied as a basis for making an informed investment decision. Accordingly, PT BCA Sekuritas does not guarantee the adequacy, accuracy, completeness, reliability or fairness of any content of this Report and PT BCA Sekuritas, its affiliates and related companies, their directors, associates, connected parties and/or employees (including the alysts) will not be liable in any way for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) arising from or relating to any reliance on or use of the content of this Report by any person (including you). This Report is general in ture and has been prepared for information purposes only. It is intended for circulation amongst PT BCA Sekuritas clients only and does not consider any specific investment objectives, fincial situation and the particular needs of any specific person who may receive this Report. The entire content of this Report is not and cannot not be construed or considered as an offer, recommendation, invitation or solicitation to enter into any transaction (including trading and hedging) relating to the securities, other fincial instruments, and other form of investments issued or offered by the company(ies) covered in this Report. It is your own responsibility to: (i) independently evaluate the content of this Report, (ii) consider your own individual investment objectives, fincial situation and particular needs, and (iii) consult your own professiol and fincial advisers as to the legal, business, fincial, tax and other aspects before participating in any transaction in respect of the securities of company(ies) covered in this Report. Please note that the securities of the company(ies) covered in this Report might not be eligible for sale in all jurisdictions or to all categories of investors. The availability of those securities and your eligibility to invest in those securities will be subject to, among others, the prevailing laws of the relevant jurisdiction covering those securities. Furthermore, the value and income of any of the securities covered in this Report can fall as well as rise and an investor (including you) may get back less than invested. Future returns are not guaranteed, and a loss of origil capital may be incurred. Foreign-currency denomited securities are subject to fluctuation in exchange rates that could have a positive or adverse effect on the value, price or income of such securities and fincial instruments. Past performance is not indicative of comparable future results and no guarantee regarding future performance is provided in this Report. This Report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to the applicable laws or regulation of such jurisdiction.
PROPERTY SECTOR. Wait-and-see stance prolonged NEUTRAL. Equity Research
Equity Research PROPERTY SECTOR Sector Update Property Sector Wait-and-see stance prolonged Buyers and developers are both holding out In our view, the property industry overall continues to assume a wait-andsee
More informationBANK MANDIRI BMRI IJ / BMRI.JK
Equity Research BANK MANDIRI BMRI IJ / BMRI.JK Results Flash Financials Sector 3Q16: debunking RGM-led proposition One-time repayment led to 9M16 beat vs our forecast BMRI posted IDR12tn of net profit
More informationBank Rakyat Indonesia BBRI IJ / BBRI.JK
Vol (mn) Equity Research Bank Rakyat Indonesia BBRI IJ / BBRI.JK BUY (Upgrade from: HOLD) Results Update BCAS Vignette Banking Sector A consistently pattern of growth Facts: Solid net profit growth in
More informationASTRA INTERNATIONAL ASII IJ / ASII.JK
Equity Research ASTRA INTERNATIONAL ASII IJ / ASII.JK Company Update Automotive Sector HOLD Previous: HOLD 16 November 2016 More powerful auto Gaining 4W market share Astra s 4W division has performed
More informationBank Tabungan Negara BBTN IJ / BBTN.JK
Vol (mn) Equity Research Bank Tabungan Negara BBTN IJ / BBTN.JK Company Update BCAS Vignette Banking Sector Still Striving Facts: Solid 2Q17 results; inline with our estimates BBTN recorded net profits
More informationJapfa Comfeed Indonesia JPFA IJ / JPFA.JK
Vol (mn) Equity Research Japfa Comfeed Indonesia JPFA IJ / JPFA.JK Company Update BCAS Vignette Poultry Sector Golden eggs with many hands Facts: NP: +304.9% YoY, below ours, but above consensus JPFA registered
More informationIndofood CBP Sukses ICBP IJ / ICBP.JK
68.3% 67.0% 64.6% 64.5% 63.6% 62.3% 59.5% 17.5% 18.0% 17.0% 18.1% 19.2% 20.8% 22.6% Vol (mn) Equity Research Indofood CBP Sukses ICBP IJ / ICBP.JK Company Updates BCAS Vignette Consumer Sector Stable set
More informationCement Sector NEUTRAL. Back to Java. Equity Research. Sector Update BCAS Vignette Cement Sector
Equity Research Cement Sector NEUTRAL (unchanged) Sector Update BCAS Vignette Cement Sector Back to Java Facts: Flat Feb-17 volume growth Domestic sales volume -12.2% MoM, +0.2% YoY. Indonesia Cement Association
More informationCement Sector NEUTRAL. Magnificent March. Equity Research. Sector Update BCAS Vignette Cement Sector
Equity Research Cement Sector NEUTRAL (unchanged) Sector Update BCAS Vignette Cement Sector Magnificent March Facts: Mar-17 cement sales record 5-year high Domestic demand surged to +10.5% MoM, +3.6% YoY.
More informationAstra International ASII IJ / ASII.JK
Vol (mn) Equity Research Astra International ASII IJ / ASII.JK HOLD (Unchanged) Company Update BCAS Vignette Automotive Sector Bracing for tighter competition What s in store for the car market? All eyes
More informationAcset Indonusa ACST IJ / ACST.JK
Vol (mn) Equity Research Acset Indonusa ACST IJ / ACST.JK NOT RATED Company Update BCAS NR Construction Sector Small but mighty Highest exposure to infra among private contractors Acset Indonusa, 50.1%
More informationBank Rakyat Indonesia (BBRI IJ)
Equity Research Company Update Wednesday,26 December 2018 BUY Maintain Last price (IDR) 3,650 Target Price (IDR) 4,300 Upside/Downside +17.8% Previous Target Price (IDR) 4,350 Stock Statistics Sector Bloomberg
More informationBank Central Asia. Still the best in class. Exhibit 1 : Financial Highlights. Source : BBCA, Ciptadana Estimates
BUY TP: 26,100 (+12.0%) Bank Central Asia Still the best in class Sector Bloomberg Ticker Share Price Performance Banking BBCA IJ Last Price(Rp) 23,300 Avg. Daily T/O(Rpbn/USDmn) 343.5/25.0 3m 6m 12m Absolute
More informationBank Rakyat Indonesia(BBRI IJ)
Equity Research Company Update Monday,27 August 2018 BUY Maintain Last price (IDR) 3,270 Target Price (IDR) 4,350 Upside/Downside +33.0% Previous Target Price (IDR) 4,350 Stock Statistics Sector Bloomberg
More informationBank Central Asia (BBCA IJ)
Equity Research Company Update Thursday, 06 December 2018 HOLD Maintain Last price (IDR) 26,150 Target Price (IDR) 28,000 Upside/Downside +7.1 Previous Target Price (IDR) 22,700 Stock Statistics Sector
More informationBank Mandiri. Credit cost continue to normalize. Exhibit 1 : Financial Highlights. Source : BMRI, Ciptadana Estimates
BUY TP: Rp9,200 (+19.1%) Bank Mandiri Credit cost continue to normalize Sector Bloomberg Ticker Share Price Performance Banking BMRI IJ Last Price(Rp) 7,725 Avg. Daily T/O(Rpbn/USDmn) 296.3/21.3 3m 6m
More informationTICKER Price (Rp.) Mkt. Cap (%) TARGET P/E (X) ROE (%) EPS g (%) 13-Sep-11 (Rpbn) to JCI Rec Price
September 16, 2011 TRIM Sector Update Bank: Strong Result Amid Global Uncertainty Hanel Topada Era Tania Equity Analyst hanel.tania@trimegah.com (021) 2924-9098 Loans Growth Pull Back on Seasonality Banking
More informationBank Tabungan Negara(BBTN IJ)
Equity Research Company Update Monday,23 October 2017 BUY Maintain Last price (IDR) 3,060 Target Price (IDR) 3,600 Upside/Downside +17.6% Previous Target Price (IDR) 2,940 Stock Statistics Sector Bloomberg
More informationBank Central Asia(BBCA IJ)
Equity Research Company Update Friday,09 March 2018 HOLD Maintain Last price (IDR) 23,300 Target Price (IDR) 21,000 Upside/Downside -9.9% Previous Target Price (IDR) 21,000 Stock Statistics Sector Bloomberg
More informationMonetary and Banking Review
Monetary and Banking Review Macroprudential Policy in Action Policy rates outcome Dec 2017 Jan 2018 Est. Cons. BI 7DRRR (%) 4.25 4.25 4.25 4.25 Deposit facility rate (%) 3.50 3.50 3.50 Lending facility
More informationIndonesian Banking Sector
Indonesian Banking Sector Update on Indonesian Banking Sector 2008 All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges
More informationBCAS Vista. Indonesia Morning Digest. 28 October ,417 (+0.32%) 6,915 (+9.56%) IDX: Turnover (IDRbn): RESEARCH HEADLINE NEWS MACRO COMPANY
RESEARCH MACRO COMPANY BKPM: 9M16 direct investment realization accelerated 10.7% YoY AALI IJ 9M16: in line with consensus BNGA IJ 9M16: above consensus ICBP IJ 9M16: above consensus INDF IJ 9M16: above
More informationBank Tabungan Pensiunan Nasional (BTPN IJ) Short-term pain for long-term gains
Equity Research Company Initiation Monday,13 November 2017 BUY Initiation Last price (IDR) 2,470 Target Price (IDR) 2,800 Upside/Downside +13.4% Previous Target Price (IDR) 0 Stock Statistics Sector Banks
More informationBCAS Vista. Indonesia Morning Digest. 24 November ,212 (+0.14%) 5,929 (+4.55%) IDX: Turnover (IDRbn): RESEARCH RESEARCH REPORT
RESEARCH RESEARCH REPORT APLN IJ: Worth to watch A property player that focuses on residential and commercial projects Podomoro Golf View as a future marketing sales driver Reclamation project is temporarily
More informationMNCS COMPANY UPDATE MNC Sekuritas Research Division November,
MNCS COMPANY UPDATE MNC Sekuritas Research Division November, 2 2018 PT Bank Tabungan Negara (Persero) Tbk Banking Small House is Booming Stock Data BUY Target Price : IDR 3,000 Curent Price : 52wk Range
More informationHaitong Securities [6837.HK]
July 14, 2015 Haitong Securities [6837.HK] Solid 1H Result Provides Buffer; Margin Financing Risk Manageable We believe a 36% correction of Haitong Securities (HTS) share price since early June has been
More informationDAILY UPDATE October 26, 2018
DAILY UPDATE October 26, 2018 MACROECONOMIC NEWS US Economy - Core durable goods and capital goods both were soft for September. Weekly initial claims were right in-line at 215,000. The advance goods trade
More informationBank Negara Indonesia(BBNI IJ)
Equity Research Monthly Result Wednesday,27 June 2018 BUY Maintain Last price (IDR) 7,150 Target Price (IDR) 10,400 Upside/Downside +45.5% Previous Target Price (IDR) 10,400 Stock Statistics Sector Bloomberg
More informationBank Central Asia (BBCA IJ)
Equity Research Results Note Friday, 26 October 2018 HOLD Maintain Last price (IDR) 22,900 Target Price (IDR) 22,700 Upside/Downside -0.9% Previous Target Price (IDR) 22,700 Stock Statistics Sector Bloomberg
More informationNestlé India Outlook Hazy; Valuations Prohibitive
Nestlé India Outlook Hazy; Valuations Prohibitive Nestlé India s net sales, EBITDA and net profit surged by 35% yoy, 67% yoy & 116% yoy to Rs23.5bn, Rs4.5bn & Rs2.7bn, respectively in 3QCY16. This growth
More informationINDONESIA BANKS OVERWEIGHT. The going gets better. 22 Sep 2016
INDONESIA BANKS OVERWEIGHT Sector Reinitiation Financials Sector 22 Sep 216 The going gets better Reinitiating with OVERWEIGHT as momentum turns bullish Our positive outlook on Indonesia banks is built
More informationAUSTRALIAN SECURITISATION FORUM Australian Market Review and Outlook. Ken Hanton May 2018
AUSTRALIAN SECURITISATION FORUM Australian Market Review and Outlook Ken Hanton May 2018 Australian Bond Market Source: Australian Fixed Income Securities in a Low Rate World. Christopher Kent, RBA, Assistant
More informationGFINBUR Banks. Quarterly Report July 28, GFINBUR: Strong operating results hidden by non-cash losses.
Quarterly Report GFINBURSA Market Outperformer 2016e Price Target P$39.0 Price 31.16 12M Price Range 27.82 / 42.48 Shares Outstanding (Mill) 6,667 Market Cap (Mill) 207,745 Float 33.6% Deposits (Mill)
More informationBank Negara Indonesia(BBNI IJ)
Equity Research Company Update Thursday,18 January 2018 HOLD Maintain Last price (IDR) 9,600 Target Price (IDR) 8,500 Upside/Downside 11.5% Previous Target Price (IDR) 8,500 Stock Statistics Sector Bloomberg
More informationBCAS Vista. Indonesia Morning Digest. 31 March 2017 RESEARCH RESEARCH REPORT. IDX: Turnover (IDRbn): 5,593 (+0.01%) 6,109 (-0.21%)
RESEARCH RESEARCH REPORT MEDC: Acquiring Inpex PI in SNSB Facts: MEDC to acquire 100% of Inpex Natuna shares Outlook: Higher earnings growth in 2017F Recommendation: Reiterate BUY (Please refer to our
More informationTelkom (TLKM IJ) HOLD (from Buy) Recovery mostly priced-in. Equity Indonesia Telecommunication. Company Update. 28 November 2018
Equity Indonesia Telecommunication Telkom (TLKM IJ) HOLD (from Buy) Stock Data Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp4, Rp4,1 Rp3,72 Upside/downside (%) +7.5 Sharesoutstanding (m) 99,62 Marketcap.
More informationANALYST MEETING. PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of 30 Sept Jakarta, Oktober 2011
ANALYST MEETING PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of 30 Sept 2011 Jakarta, Oktober 2011 Disclaimer IMPORTANT: The following forms part of, and should be read in
More informationBanks are sacrificing profitability to secure liquidity Analyst: Putri Amanda
Banks are sacrificing profitability to secure liquidity Analyst: Putri Amanda The Indonesian banking industry survived the economic vulnerabilities of, but banks are bracing themselves for new challenges
More informationBank Negara Indonesia (BBNI IJ)
Equity Research Result Note Friday,19 October 2018 BUY Maintain Last price (IDR) 7,200 Target Price (IDR) 10,400 Upside/Downside +44.4% Previous Target Price (IDR) 10,400 Stock Statistics Sector Bloomberg
More informationANALYST MEETING. PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of December 31, Jakarta, February 26 th 2015
ANALYST MEETING PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of December 31, 2014 Jakarta, February 26 th 2015 Disclaimer IMPORTANT: The following forms part of, and should
More informationFlash Note. Indonesia. Indonesian Banks and Multifinance Companies. Key takeaways from recent visit. DBS Group Research.
Indonesia Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 7 Mar 2016 Indonesian Banks and Multifinance Companies Analyst LIM Sue Lin +65 8332 6843; suelinlim@dbs.com
More informationECONOMIC UPDATE. Figure 1: Economic projections of the Federal Reserve. September 19, 2013 ASIA PACIFIC
ASIA PACIFIC ECONOMIC UPDATE CIMB Analyst(s) LEE Heng Guie T () 3 897 E hengguie.lee@cimb.com We could begin later this year. But even if we do that, the subsequent steps will be dependent on continued
More informationLooking at a Variety of Municipal Valuation Metrics
Looking at a Variety of Municipal Valuation Metrics Muni vs. Treasuries, Corporates YEAR MUNI - TREASURY RATIO YEAR MUNI - CORPORATE RATIO 200% 80% 175% 150% 75% 70% 65% 125% Average Ratio 0% 75% 50% 60%
More informationCMP* (Rs) 208 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) Free Float (%) 65.6 Shares O/S (mn) 630
1QFY18 Result Update July 28,2017 CMP* (Rs) 208 Bloomberg Ticker CROMPTON IN Market Cap. (Rs bn) 130.6 Free Float (%) 65.6 Shares O/S (mn) 630 Channel De-stocking Impairs Top-line; Recovery Ahead Crompton
More informationA Compelling Case for Leveraged Loans
A Compelling Case for Leveraged Loans EXECUTIVE SUMMARY In the current market environment, there are a number of compelling reasons to invest in leveraged loans. In a situation where most assets are trading
More informationSaudi Banks Sector Banks Finance Saudi Arabia 19 November 2017 January 18, 2010
Saudi Arabia January 18, 2010 Implications earnings growth was subdued by higher provisioning charges. Liquidity tightened modestly along with rise in SAIBOR. The financial health of the smallest 60 companies
More informationResults Review. 3QFY13: Downsizing its workforce. Technology Bloomberg Ticker: UNI MK Bursa Code: November 2013
Results Review (Member of Alliance Bank group) PP7766/03/2013 (032116) 8 November 2013 Analyst Toh Woo Kim wookim@alliancefg.com +603 2604 3917 12-month upside potential Previous target price 0.89 Revised
More informationMarket Access. Results Review 2Q16. M&A Securities. RHB Capital Berhad. Recovery in Decent Traction. Thursday, August 25, 2016 BUY (TP: RM5.
M&A Securities Results Review 2Q16 PP14767/09/2012(030761) RHB Capital Berhad BUY (TP: RM5.80) Thursday, August 25, 2016 Recovery in Decent Traction Results Review Actual vs. expectations. RHB Bank Berhad
More informationBank Rakyat Indonesia(BBRI IJ)
Equity Research Company Update Tuesday,12 December 2017 BUY Maintain Last price (IDR) 3,440 Target Price (IDR) 3,900 Upside/Downside +13.4% Previous Target Price (IDR) 3,600 Stock Statistics Sector Bloomberg
More informationMedco Energy (MEDC IJ)
Medco Energy (MEDC IJ) BUY (Unchanged) 04 May 2018 Results Note Equity Indonesia Mining 280 260 240 220 180 160 140 120 80 Stock Data Target price Prior TP Shareprice Rp1,370 Rp1,370 Rp1,170 Upside/downside
More informationFOCUS RESEARCH. Solid 9M17 Bottom Line PT BANK NEGARA INDONESIA (PERSERO) TBK NEUTRAL 17OCTOBER2017
FOCUS RESEARCH 17OCTOBER2017 COMPANY UPDATE NEUTRAL STOCK INFORMATION Bloomberg Code BBNIIJ Sector Bank Current Price Rp7,525 Target Price Rp 7,700 Previous Target Price Rp 7,700 Upside/Downside 2% Share
More information2017F 2018F 2017F 2018F 2018F
Equity Research Banking Tuesday,09 January 2018 OVERWEIGHT Maintain BBRI relative to JCI Index xxxx BBTN relative to JCI Index xxxx Banking Rise and Shine The expectation of higher consumer spending in
More informationBuy Dec 2018 TP (IDR) 10,300 Consensus Price (IDR) 8,407 TP to Consensus Price +22.5% vs. Last Price +17.0%
Bank Mandiri Tbk (BMRI) Firm Stepping for Further Growth 4Q17 Performance Review BMRI posted the interest income of IDR20.2 trillion (+1.9% y-y) and the net interest income of IDR13.5 trillion (+2.4% y-y).
More informationCummins India Ltd Bloomberg Code: KKC IN
Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn
More informationNet Profit 5,051 4,588 4,641 (8.1)% 1.1% 14,208 15, %
RESULTS REVIEW Share Data Market Cap Rs. 83 bn Price Rs. 202.5 BSE Sensex 15,566.10 Reuters Bloomberg Avg. Volume (52 Week) CNBK.BO CBK IN 0.1 mn 52-Week High/Low Rs. 421.45 / 198.05 Shares Outstanding
More informationKey estimate revision. Financial summary. Year FY14 391,088 45,198 34, FY15E 354,262 35,426 23,
: price: EPS: How does our one year outlook change? We retain our negative stance on the stock. We expect s revenue to de-grow by 9% y-o-y on the back of muted execution (client side and clearance delays)
More informationCMP* (Rs) 1,458 Upside/ (Downside) (%) 10 Bloomberg Ticker. ABB IN Market Cap. (Rs bn) 309 Free Float (%) 25 Shares O/S (mn) 212
2QCY17 Result Update July 20, 2017 Market Cap. (Rs bn) 309 Free Float (%) 25 Shares O/S (mn) 212 Well-placed in Power T&D Hi-tech Space; Order Book Remains Robust India s revenue rose by 6.0% YoY to Rs23.3bn
More informationMarket Access. M&A Securities. Results Review 1Q15. Malayan Banking Bhd BUY (TP: RM10.70) Stabilizing Period. Results Review
M&A Securities Results Review 1Q15 PP14767/09/2012(030761) Malayan Banking Bhd BUY (TP: RM10.70) Friday, May 29, 2015 Stabilizing Period Results Review Actual vs. expectation. Malayan Banking Berhad (Maybank)
More informationPT Bank Rakyat Indonesia (Persero) Tbk.
PT Bank Rakyat Indonesia (Persero) Tbk. Q1-2015 - Financial Update Presentation Jakarta, 30 April 2015 1 Outline Financial Updates 3 Business Updates: 1. Micro Banking. 11 2. Small Commercial and Medium
More informationPT Bank Negara Indonesia Tbk.
PT Bank Negara Indonesia Tbk. Results Broadly In line BUY (TP: IDR 9,125) 23 July 2018 Stable CoF as CASA outpaced TD. As of 1H18, BNI booked net profit of IDR 7.4 Tn (up 1 YoY). This implies 48% of our
More informationHCL Technologies. Rating: Target price: EPS: Target CMP. Rating. Rs. 826 REDUCE. Rs.760
: price: EPS: How does our one year outlook change? HCLT registered a strong quarter with revenues growing at 6.5% qoq (4% qoq organic) including $40m contribution from Volvo, after a disappointing show
More informationQatar National Bank (QNB)
Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Global Research Investment Update Equity Qatar Banking Sector 15 February, 2016 (QNB) Market Data Bloomberg Code:
More informationWeekly Brief (October 15 19)
NH Korindo Research NH 해외주식 인도네시아 Weekly Brief (October 15 19) Summary: Last week, JCI rallied albeit a steep tumble on Thursday, 10/11/2018. JCI s positive performance was in a stark contrast to the global
More informationCMP* (Rs) 242 Upside/ (Downside) (%) 2. Market Cap. (Rs bn) 157 Free Float (%) 65.6 Shares O/S (mn) 630
4QFY17 Result Update June 02,2017 Market Cap. (Rs bn) 157 Free Float (%) 65.6 Shares O/S (mn) 630 Decent Performance to Continue; Maintain Crompton Greaves Consumer Electricals (CGCEL) has delivered a
More informationBUY Target Price, Rp 4,350 Upside 11,9%
Friday, 9 May 214 BUY Target Price, Rp 4,350 Upside 11,9% SMSM IJ/SMSM.JK Last Price, Rp 3,885 No. of shares (bn) 1,439 Market Cap, Rp bn 5,591 (US$ mn) 484 3M T/O, US$mn 0.2 Last Recommendation 09Jan14
More informationIndonesia Capital Market Outlook Phillip Securities Indonesia Research Division. Sector Coverage. 30 Nov :00 10:30 am.
Indonesia Capital Market Outlook 2014 30 Nov 2013. 9:00 10:30 am. Phillip Securities Indonesia Research Division Gunawan Sutanto, Hd of Research Aditya Perdana Putra, Economist & Equity Analyst Martha
More informationCANARA BANK RESEARCH. Canara Bank. EQUITY RESEARCH July 29, 2008 RESULTS REVIEW
RESULTS REVIEW Share Data Market Cap Rs. 72.8 mn Price Rs. 177.65 BSE Sensex 13,791.54 Reuters Bloomberg Avg. Volume (52 Week) CNBK.BO CBK IN 0.2 mn 52-Week High/Low Rs. 404.35 / 160.85 Shares Outstanding
More informationTTK Prestige. Channel-check takeaways Growth recovery pace sees moderation, competitive headwinds continue to prevail. Target CMP. Rating Rs.
Channel-check takeaways Growth recovery pace sees moderation, competitive headwinds continue to prevail Growth traction turns subdued in 4Q - Our channel-check interactions on a pan India basis is indicating
More informationGlobal Portfolio Flows and Impact on European Markets Investment Implications of a Low Yield Environment
April, 2015 DATA Global Portfolio Flows and Impact on European Markets Investment Implications of a Low Yield Environment Carlos Egea Chief Trading Desk Strategist carlos.egea@morganstanley.com Elaine
More informationPT Bank Rakyat Indonesia (Persero) Tbk.
PT Bank Rakyat Indonesia (Persero) Tbk. Q2-2014 Financial Update Presentation Maintaining profitability in a challenging environment Jakarta, 22 July 2014 Outline Macro Economy Q2 2014 - a maintained performance
More informationBank Mandiri Presentation H Results
Bank Mandiri Presentation H1 2004 Results 0 Bank Mandiri Presentation Contents Overview Page # H1 2004 Summary P&L 3 Key Balance Sheet Items & Financial Ratios 4 Reconciliation to IFRS 5 Quarterly Loan
More informationBintulu Port Holdings Bhd
This report has been prepared by CIMB for the CMDF-Bursa Research scheme. 4QFY12 RESULTS CIMB Research Report 27 Feb 2013 Bintulu Port Holdings Bhd RECOM Hold PRICE RM7.00 Skimping on dividends MKT CAPITALISATION
More informationHDFC Bank BUY. Performance Highlights. CMP `2,145 Target Price `2,500. Q3FY2019 Result Update Banking. 3-year price chart. Key financials (Standalone)
Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 Q3FY2019 Result Update Banking Jan 22, 2019 HDFC Bank Performance Highlights BUY CMP `2,145 Target Price `2,500 Particulars (` cr)
More informationANALYST MEETING. PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of March 31, Jakarta, April 17 th 2017
ANALYST MEETING PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of March 31, 2017 Jakarta, April 17 th 2017 Disclaimer IMPORTANT: The following forms part of, and should be
More informationBUY. Lippo Karawaci EQUITY RESEARCH. Stable income through diversified products. TP: Rp880 (+19.7%) LPKR - Results Update - 10 October 2017
BUY TP: Rp880 (+19.7%) Lippo Karawaci Stable income through diversified products Sector Bloomberg Ticker Share Price Performance Property LPKR IJ Last price (Rp) 735 Avg. daily T/O (Rpbn/USDmn) 53.2/3.9
More informationBCAS Vista. Indonesia Morning Digest October 2017 RESEARCH. IDX: Turnover (IDRbn): 5,975 (-0.34%) 5,576 (-15.10%)
11 RESEARCH RESEARCH REPORT Cigarettes Sector: Another round of increase AALI: Planting profit BJBR: Rising competition looming JPFA: Margin on feed: more than chicken-scratch PGAS: Rejuvenating Period
More informationSIEMENS INDIA LIMITED RESEARCH
RESULTS REVIEW Siemens India Limited Hold Share Data Market Cap Rs. 196.1 bn Price Rs. 581.6 BSE Sensex 14,961.07 Reuters Bloomberg Avg. Volume (52 Week) SIEM.BO SIEM IN 0.2 mn 52-Week High/Low Rs. 1,142.5
More informationBPD Jatim (BJTM IJ) Equity Research Result Note BUY. Retaining its niche appeal. Friday,25 January 2019
Equity Research Result Note Friday,25 January 2019 BUY Maintain Last price (IDR) 730 Target Price (IDR) 850 Upside/Downside +16.4% Previous Target Price (IDR) 850 Stock Statistics Sector Bloomberg Ticker
More informationRamco Cement. Rating: Target price: EPS: Rating CMP. Target BUY. Rs.415. Rs. 360
: price: EPS: How does our one year outlook change? We maintain our positive stance on s (TRCL). The company is one of the largest cement producers in South and remains among the best plays on Southern
More informationExternal trade review
External trade review Deficit still haunting Exports and imports Sep 2018 Oct 2018 Est. Cons. Exports (USDbn) 14.8 15.8 - - Imports (USDbn) 14.6 17.6 - - Exports (%, YoY) 1.7 3.6 0.3 1.1 Imports (%, YoY)
More informationTSX COMPOSITE EARNINGS SCORECARD AGGREGATE EARNINGS AND REVENUE PERFORMANCE VS ESTIMATES
REPORTING ANALYSTS: Tajinder Dhillon, David Aurelio Media Questions/Earnings Hotline: 617-856-2459 EARNINGS AGGREGATES AGGREGATE EARNINGS AND REVENUE PERFORMANCE VS ESTIMATES February 28, 2019 tajinder.dhillon@refinitiv.com
More informationCMP* (Rs) 336 Upside/ (Downside) (%) 21 Bloomberg Ticker. MOIL IN Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133
4QFY17 Result Update June 06, 2017 Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133 Mixed Quarterly Performance; Volume to Remain Strong has reported a mixed performance in 4QFY17. Its blended
More informationCash-Maximiser (SGD) Notes issued by Macquarie Bank Limited
Enhanced Notes Cash-Maximiser (SGD) Notes issued by Macquarie Bank Limited Denominated in SGD, 100% principal protected at maturity HSBC's authorised sales staff must go through this document with you
More informationQ3 Results Presentation
Q3 Results Presentation 2 Disclaimer This presentation is being provided to you for general information purposes. The information contained in the presentation has been obtained from sources believed by
More informationTSX COMPOSITE EARNINGS SCORECARD AGGREGATE EARNINGS AND REVENUE PERFORMANCE VS ESTIMATES
REPORTING ANALYSTS: Tajinder Dhillon, David Aurelio Media Questions/Earnings Hotline: 617-856-2459 EARNINGS AGGREGATES AGGREGATE EARNINGS AND REVENUE PERFORMANCE VS ESTIMATES February 14, 2019 tajinder.dhillon@refinitiv.com
More informationTSX COMPOSITE EARNINGS SCORECARD AGGREGATE EARNINGS AND REVENUE PERFORMANCE VS ESTIMATES
REPORTING ANALYSTS: David Aurelio Media Questions/Earnings Hotline: 617-856-2459 AGGREGATE EARNINGS AND REVENUE PERFORMANCE VS ESTIMATES EARNINGS AGGREGATES July 19, 2018 david.aurelio@thomsonreuters.com
More informationMargins(%) EBITDA 30.0% 26.3% 25.4% NPM 26.5% 12.5% 18.1%
RESULTS REVIEW Share Data Market Cap Rs. 1,460.7 bn Price Rs. 177.2 BSE Sensex 15,049.86 Reuters NTPC.BO Bloomberg NATP IN Avg. Volume (52 Week) 2.6 mn 52-Week High/Low Rs. 291 / 148.75 Shares Outstanding
More informationGuotai Junan International [1788.HK]
Guotai Junan International [788.HK] Correction Overdone; Valuation Back to Crisis Level; Reiterate BUY The share price of Guotai Junan International (GTJAI) dropped nearly % within the past month, as the
More informationSTATE BANK OF INDIA RESEARCH
RESULTS REVIEW Share Data Market Cap Rs. 1120.6 bn Price BSE Sensex Rs. 1,765.10 14,785.74 Reuters SBI.BO Bloomberg SBIN IN Avg. Volume (52 Week) 0.98 mn 52-Week High/Low Rs. 1,935 / 894 Shares Outstanding
More informationTerm Deposits. Figure 1. Term Deposit Spread over Relevant BBSW: November v October. 3 Month Spread. Background on Term Deposits
Deposit Review November 2016 Term Deposits Jack Pobjoy Credit Analyst (+61) 3 9670 8615 jack.pobjoy@bondadviser.com.au While global interest rate volatility continues, term deposit (TD s) rate spreads
More informationCMP* (Rs) 417 Upside/ (Downside) (%) 46 Bloomberg Ticker. SUNP IN Market Cap. (Rs bn) 1,001 Free Float (%) 46 Shares O/S (mn) 2399
Company Update January 22, 2019 Market Cap. (Rs bn) 1,001 Free Float (%) 46 Shares O/S (mn) 2399 Multiple Growth Drivers in Place despite Near-term Headwinds Industries (SUNP) has released an investor
More informationCMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7
2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18.
More informationKalpataru Power. Rating: Target price: EPS: Rating CMP. Target BUY. Rs Rs.256
: price: EPS: How does our one year outlook change? We expect KPP s revenue (standalone) to grow by 21% y-o-y in FY17E backed by an order book of Rs. 91bn (1.7x FY17E book-to-bill). Both Transmission line
More informationHektar REIT. Results highlights. Full-year results in line MKT CAPITALISATION RM605m. RECOM Buy PRICE BOARD SECTOR INDEX COMPONENT
This report has been prepared by CIMB for the CMDF-Bursa Research scheme. 4QFY14 RESULTS CIMB Research Report 17 Feb 2015 Hektar REIT RECOM Buy PRICE RM1.52 Full-year results in line MKT CAPITALISATION
More informationAdani Ports & SEZ Rating: Target price: EPS:
Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT
More informationBank Tabungan Pensiunan Nasional (BTPN IJ)
Equity Research Flash Note Thursday, 04 October 2018 HOLD maintain Last price (IDR) 3,780 Target Price (IDR) 3,900 Upside/Downside +3.2% Previous Target Price (IDR) 3,900 Stock Statistics Sector Banking
More informationBIMBO Food. Quarterly Report October 27, BIMBO Market Underperformer 2016 Price Target P$41.9
Quarterly Report BIMBO Market Underperformer 2016 Price Target P$41.9 Price 51.51 12M Price Range 45.02 / 59.86 Shares Outstanding (Mill) 4,703.2 Market Cap (Mill) 242,262 Float 24.0% Net Debt (Mill) 72,562
More informationFixed Income Portfolio Management
Fixed Income Portfolio Management Presented By: Marty Hammond, Managing Director Samantha Myers, Senior Analyst February 2019 PFM Asset Management LLC 821 Alexander Road Suite 110 Princeton, NJ 08540 609.452.0263
More informationPT Bank Mandiri (Persero) Tbk. Results Presentation, Q1 2004
PT Bank Mandiri (Persero) Tbk. Results Presentation, Q1 2004 0 Bank Mandiri Presentation Contents Overview Page # Q1 Summary P&L 3 Key Balance Sheet Items & Financial Ratios 4 Quarterly Loan Growth & LDR
More informationMarket Access. M&A Securities. Results Review 1Q16. Malayan Banking Berhad. Hampered by Loan Loss. Monday, May 30, 2016 HOLD (TP: RM9.
M&A Securities Results Review 1Q16 PP14767/09/2012(030761) Malayan Banking Berhad Monday, May 30, 2016 HOLD (TP: RM9.10) Hampered by Loan Loss Results Review Actual vs. expectations. Malayan Banking Bhd
More information