haha....nyangkut berat... pesanan research dari mana nih :D tambahin lagi dong ada ESOP dengan strike price di 400
NPL terbesar diantara bank sejenis sebesar 3.x% dengan kecenderungan meningkat On Tue, Jul 14, 2009 at 3:56 PM, Krist Faryanto <infa...@yahoo.com> wrote: > > > > > Hi, > > > > My preliminary search of value and laggard stocks in Indonesia market > suggested that Bank Bukopin (BBKP.IJ) is the stock worth to look at. BBKP > is the only state-owned bank with P/BV less than 1 (0.88x based on Dec > 2008, > ROE c.18%) and have micro business relatively similar to BBRI (Bank Rakyat > Indonesia). > > > > Based on Bloomberg: PER 2010 is c.5x , Div yield is c.5-6%, PBV is 0.8x, > ROE > c.18% > > Market cap: c. USD190m > > > > > > > > > > It is a consensus view that banks are the right place to be but most of the > big cap banks may no longer offer attractive valuation. In fact, we are > little bit concern about valuation of big cap banks (P/BV for BBRI, BBCA, > BMRI are 3.5x, 3.6x and 2.18x respectively). I am not arguing that P/BV for > BBKP should be close to big bank but at current valuation of 0.9x P/BV, the > stock is definitely attractive, in my opinion. In fact, BBNI (Bank BNI 46) > is trading at 1.7x P/BV with ROE only c.7.5%. > > > > Company background: > > - BBKP was the first established as a cooperative bank in 1970 as > Bank Umum Kopersai Indonesia. In 1993, the bank became a limited liability > company. In 1999, the bank participate in the Bank Recapitalization program > but in 2001, BBKP became the first bank that had been able to pay off all > of > its recap bonds. The bank conducted its IPO in June 06 at price > Rp.350/share. > > - BBKP has a strong relationship with state logistic agency Bulog. > Loans to Bulog accounts for c.32% of BBKP total loans as of 2006. > > - In 2005, the banks was appointed by Ministry of Finance as one > of > the state treasury banks authorized to disburse the national budget monies > and distribute funds to various government dept and agencies. > > - As of end 2006, BBKP has a total of 294 branches, 420 swamitra > units and 285 ATMS. > > > > Given its small market cap, the stock is not for everyone but my > preliminary > analysis suggest that the stock looks interesting (amid demanding valuation > in the sector) for alpha hunters. I am planning to conduct more detail > analysis and will update you soon. > > > > > > Best regards, > > > > > > Herry Dion M > > Institutional Sales > > DBS Vickers Securities Indonesia > > Phone: (+62 21) 39835438 > > Mobile: (+62) 8881514888 > > Fax : (+62 21) 3905868 > > Email : > <mailto:herry.maharg...@id.dbsvickers.com<http://mc/compose?to=herry.maharg...@id.dbsvickers.com> > > > herry.maharg...@id.dbsvickers.com<http://mc/compose?to=herry.maharg...@id.dbsvickers.com> > > > <mailto:hdi...@bloomberg.net<http://mc/compose?to=hdi...@bloomberg.net>> > hdi...@bloomberg.net <http://mc/compose?to=hdi...@bloomberg.net> > > DBS. Living, Breathing Asia > > > > _____ > > CONFIDENTIAL NOTE : > [This Message together with any attachment, is intended only for the use of > the individual or entity to witch it is addressed, and may contain > information > that is legally privileged and confidential. if you are not the intended > recipient, > please be informed that any dissemination, distribution or copying of this > message, > or any attachment is strictly prohibited. kindly not that internet > communications > are not secure, and therefore are susceptible to alteration. DBS Vickers > Securities > and its affiliates will not accept legal responsibility for the contents of > this message. > if you have received this message in error, please advise the sender by > reply > e-mail, and delete the message. Thank you for your cooperation.] > > > ------------------------------ > New Email names for you! > <http://sg.rd.yahoo.com/aa/mail/domainchoice/mail/signature/*http://mail.promotions.yahoo.com/newdomains/aa/> > Get the Email name you've always wanted on the new @ymail and @rocketmail. > Hurry before someone else does! > > >
