BBRI berencana untuk mengakuisisi perusahaan asuransi, saat ini perusahaan tengah melakukan penjajakan dengan beberapa perusahaan asuransi, salah satunya adalah PT Asuransi Jiwa Bringin Life Sejahtera (Bringin Life)

BBRI berencana untuk mengakuisisi perusahaan asuransi, saat ini perusahaan tengah melakukan penjajakan dengan beberapa perusahaan asuransi, salah satunya adalah PT Asuransi Jiwa Bringin Life Sejahtera (Bringin Life). Akusisi perusahaan asuransi ini ditargetkan untuk selesai pasa semester 1 tahun 2015.

BBRI: Uninspiring trends

 BBRI 4Q/FY14 earnings in line with ours; marginally above consensus; earnings trends were uninspiring  Concerns on lending cap remains a wildcard; 2015 targets unveiled; moderate outlook ahead  Maintain HOLD, Rp12,600 TP Highlights Uninspiring earnings trends  Earnings were mainly saved by significantly lower provisions for the quarter as revenue lines were weaker while operating expenses were higher….

Banking: Improving liquidity

 Improving liquiity should lead to higher loan growth of 15-16% in 2015 with LDR expected at 90%. We expect banks to maintain high NIM of 6.7% in 2015, improve asset quality and manage to garner 20% average ROE. We keep our Neutral call with top picks on BBRI and BBTN and suggest BBCA and BBNI on price weakness. …

BBRI: 2014, BRI Raup Laba Bersih Rp 24,20 Triliun

PT Bank Rakyat Indonesia Tbk (BBRI) mencatatkan kinerja yang cukup positif di sepanjang 2014. Tahun lalu, bank pelat merah itu meraup laba bersih sebesar Rp 24,20 triliun, meningkat 14,35 persen dibandingkan laba bersih 2013 di angka Rp 21,16 triliun. “Peningkatan laba (bersih) ini ditopang oleh kontribusi dari penyaluran kredit yang (terus) meningkat baik itu korporasi maupun UMKM sesuai dengan fokus…

Indonesia Banks: 4Q results to drive the stocks higher

Bank Rakyat will kick-off the 4Q reporting season on 26th January, after market. We expect these results and the accompanying guidance to drive the sector higher. Rakyat and BNI are our top picks. Three points to note: 1. Shift in yield curve: The long end of the curve has already moved down, with JPM’s rates team forecasting 6.5% for 10Y…

BBRI: Deposit base to support loan growth

BBRI FY14 net profit of IDR24.2t is in line with our estimate. Loans grew 14% YoY with stable NPL of 1.7%. Stronger deposit base to support 2015F loan growth. Higher contribution from fee-based income is also expected. Top BUY, TP at IDR14,000 (FY15F: 12.7x PER & 2.9x P/BV)

BBRI: Best-in-class micro business, which is one of the few loan categories that still gives high risk-adjusted returns despite higher funding costs

Key reasons to own this stock include: Best-in-class micro business, which is one of the few loan categories that still gives high risk-adjusted returns despite higher funding costs. Micro CASA is 88%, an often-understated source of liquidity. Barriers to entry are high in the micro segment, and the bank has been able to maintain its market share. Rakyat has more…

BBRI: Comfortably met expectations

Comfortably met expectations BBRI FY14 core net profit came in line, forming 101% of consensus and 105% of our full-year expectations. A strong 4Q14 (improved NPL and loan growth) brought strong closure to the year. In addition, BRI lowered its LDR to the lowest level since 2012, providing room for ample growth in 2015. The micro segment continued to do…

BBTN share price remains under selling pressure today after it dropped by 8% to IDR1,010 yesterday in reaction to Government’s talks about cutting subsidized mortgage (FLPP) lending rates to 5% which creates a potential erosion to BBTN’s 4.4% NIM

BBTN share price remains under selling pressure today after it dropped by 8% to IDR1,010 yesterday in reaction to Government’s talks about cutting subsidized mortgage (FLPP) lending rates to 5% which creates a potential erosion to BBTN’s 4.4% NIM. We think the change is likely to be carried out but is potentially not only limited to lending rates. Government could…

BBRI: Benefiting from micro segment

We raise BBRI TP to IDR14,000 (FY15F: 12.7x PER & 2.9x P/BV). BBRI is our Top BUY with 13% EPS growth for 2015F on top of the 16% growth in 2014F. We expect BBRI to come out as the main beneficiary of Jokowi’s administration’s plan to empower low-income segment through micro KUR, a credit scheme where 70% NPL are covered…

BMRI: Does Mandiri Need Fresh Equity with a CET1 of 14.6%?

· The media (detik.com) has quoted Indonesia’s SOE Minister as saying the government-owned banks (BMRI, BBRI, BBNI) would look to bolster capital, and BMRI would be the first to go for a rights issue of Rp9.3 tn = 3.7% of market cap and 9.2% of BMRI’s equity. · Of the various possible reasons why a bank would need capital (inadequate…

BBRI: Hingga November 2014, laba BRI capai Rp 22,6 T  

Bank Rakyat Indonesia (BRI) berhasil meraup pertumbuhan laba bersih sebesar 20,14% secara year on year (yoy) di akhir November 2014. Pertumbuhan ini membuat BRI tetap menjadi bank dengan perolehan laba bersih terbesar di akhir November 2014. Menurut Budi Satria, Sekretaris Perusahaan BRI, pertumbuhan laba bersih memang senantiasa terjaga diatas 10%. “Hal itu bisa tercapai karena BRI mampu mempertahankan pertumbuhan kredit…

BANKING: Bank BUMN bidik asuransi dan multifinance  

Perbankan BUMN akan melanjutkan rencana pertumbuhan anorganik di tahun ini. Mencari anak usaha di bidang asuransi atau multifinance menjadi pilihan bank-bank pelat merah. Achmad Baequni, Direktur Keuangan Bank Rakyat Indonesia (BRI) mengatakan, pihaknya, masih akan melancarkan rencana pertumbuhan bisnis anorganik, seperti mengakuisisi perusahaan asuransi jiwa. Rencana tersebut tertuang dalam rencana bisnis bank (RBB) tahun 2015. BRI menyiapkan dana sebesar Rp…

BMRI: Preparing IDR9t rights issue?

Local news quoting Indonesia Minister of State Owned Enterprises wrote that Bank Mandiri (BMRI) is preparing rights issue with preemptive rights in 2015, subject to parliament’s approval. The bank is targeting IDR9.3t proceeds, where Government of Indonesia as 60% owner will subscribe for IDR5.6t. So far we see no urgency for BMRI to raise capital considering 9M14 CAR at 16.47%…

BBRI menganggarkan dana Rp3 triliun untuk mengakuisisi perusahaan asuransi jiwa swasta pada semester I tahun ini

BBRI menganggarkan dana Rp3 triliun untuk mengakuisisi perusahaan asuransi jiwa swasta pada semester I tahun ini. Achmad Baiquni, Direktur Keuangan BBRI, menuturkan dana untuk akuisisi korporasi memang telah disiapkan beberapa tahun terakhir. Dana akuisisi disiapkan dari kas internal BBRI senilai Rp3 triliun.

Banking Industry Update Liquidity is a Priority

Deposit growth surpassed loan growth Bank Indonesia has released Indonesian banking industry data of October 2014, and it confirmed our expectation that Indonesian banks in general worry more about enhancing liquidity rather than expanding loan book. In October 2014, deposit growth surpassed loan growth where deposit grew by 9.5%ytd, outpacing loan that grew by 8.1% ytd. From the October data,…

BBRI menargetkan laba 2014 tumbuh 10%-12% yoy

BBRI menargetkan laba 2014 tumbuh 10%-12% yoy. Laba bersih 2013 sebesar Rp21,6 triliun. Hingga Oktober 2014 BBRI mencatatkan laba sebesar Rp20,29 triliun. BBRI menargetkan transaksi layanan keuangan tanpa kantor atau BRILink naik 5x lipat pada 2015 menjadi Rp3 triliun dari 35 ribu agen yang tersebar di pelosok desa dan perbatasan. Saat ini jumlah agen BRILink sekitar 15 ribu agen, 9.800…

Sebanyak tiga bank BUMN mengucurkan pinjaman sebesar Rp520 miliar kepada BWPT

Sebanyak tiga bank BUMN mengucurkan pinjaman sebesar Rp520 miliar kepada BWPT. Tiga Bank tersebut antara lain BBNI, BBRI, dan BMRI. Direktur Keuangan dan Sekretaris Perusahaan, Kelik Irwantono menuturkan dana pinjaman akan dipergunakan untuk memenuhi 40% belanja modal BWPT senilai Rp1,3 triliun ditahun ini.

BBRI Rp5t in capex in 2015, including Rp2.2.2-5t for satellite launch

BBRI Rp5t in capex in 2015, including Rp2.2.2-5t for satellite launch. The capex is up from Rp3t in 2014 and is used primarily for technology. The bank is spending to improve its electronic banking channel and satellite launch this year. The Satellite will cost Rp2.2-2.5t and save Rp500b in annual rental costs as the bank previously rented transponders from other…

BBRI and BBNI to strengthen infrastructure loans

Two of Indonesia’s biggest banks intend to strengthen their corporate loans. Bank Rakyat Indonesia (BBRI) and Bank Negara Indonesia (BBNI) will count on the disbursement of infrastructure loans to enhance and grow their corporate loans. Krishna Suparto, the director of Business Banking BBNI, explains that the infrastructure sector has a large potential to be tapped due to the new government…

BBRI targeting 15% profit growth in 2015

BBRI is targeting 16-18% credit growth, 17-19% deposit growth and 13-15% net profit growth in 2015. The bank’s CFO has said though 2015 is noted a s a year of challenges, the bank continues to remain optimistic citing an improved investment climate as providing room for banks to grow.

Emiten perbankan masuk ke jajaran 10 perusahaan tercatat berkapitalisasi pasar terbesar di bursa tahun ini

Emiten perbankan masuk ke jajaran 10 perusahaan tercatat berkapitalisasi pasar terbesar di bursa tahun ini. Keempat bank itu adalah PT Bank Central Asia Tbk (BBCA), PT Bank Rakyat Indonesia Tbk (BBRI), PT Bank Mandiri Tbk (BMRI), dan PT Bank Negara Indonesia Tbk (BBNI).

Banking: Kredit Usaha Rakyat – October 2014 data

 KUR growth slowed down further to 7.3%yoy in October 2014 as KURproviders, apart from BRI, continued to reduce KUR disbursement. Credit quality improved with overall KUR NPL declining by 16bps to 4.1% in October. Nevertheless Bank Sulteng’s and bjb’s KUR have shown further quality deterioration above 20% level.  BRI continued to dominate KUR market. Total KUR outstanding stood…

BANKING: Outlook 2015, Conservative Growth Needed

Pengurangan subsidi BBM, baik untuk jangka panjang. Presiden Jokowi telah menaikkan harga BBM bersubsidi sebesar Rp2000 efektif 18 November 2014, diikuti oleh kenaikkan BI Rate sebesar 25bps menjadi 7,75%. Hal ini akan menekan pertumbuhan jangka pendek namun baik untuk jangka panjang, seiring pengalihan subsidi BBM untuk pembangunan infrastruktur dan sektor produktif, sehingga mendorong pertumbuhan ekonomi dalam jangka panjang. Pertumbuhan kredit…

BANKING: Akhirnya, Bunga Kredit Bank Diturunkan Mulai Januari 2015  

Otoritas Jasa Keuangan (OJK) menegaskan kepada industri perbankan agar segera menurunkan bunga kredit mulai Januari 2015.   Pada Oktober 2014, OJK juga tengah mendorong industri perbankan untuk menurunkan dan membatasi suku bunga simpanan dengan tujuan untuk mencegah dampak negatif perebutan dana.   Deputi Komisioner Pengawas Perbankan I OJK Irwan Lubis mengatakan otoritas telah menyampaikan pada industri perbankan setelah penyesuaian bunga…

Banking: KUR – September 2014

KUR growth slowed down further to 8.9%yoy in September 2014 as participant banks, apart from BRI, reduced KUR disbursement. Credit quality improved with overall KUR NPL declining by 30bps to 4.2% in September. Yet, the KUR NPL from Bank Sulteng’s, bjb’s and BSM’s remained above 20% level. „ BRI’s aggressive approach to KUR. Total outstanding KUR stood at Rp 50.3tr…

BBRI sepanjang kuartal III-2014 mencetak pertumbuhan laba bersih sebesar +19% yoy dibandingkan dengan laba bersih pada kuartal III-2013 yang sebesar Rp 15,23 triliun

Bank Rakyat Indonesia (BBRI) sepanjang kuartal III-2014 mencetak pertumbuhan laba bersih sebesar +19% yoy dibandingkan dengan laba bersih pada kuartal III-2013 yang sebesar Rp 15,23 triliun. Pertumbuhan laba bersih ini menghasilkan earning per share (EPS) sebesar Rp 979,6 lebih besar dari angka pada periode yang sama tahun 2013 yang sebesar Rp 823. BBRI sendiri menjadi salah satu stock pick untuk…

BBRI menargetkan pertumbuhan kredit 15 – 17% dan pertumbuhan DPK 14 – 16% pada tahun 2015

Bank Rakyat Indonesia (BBRI) menargetkan pertumbuhan kredit 15 – 17% dan pertumbuhan DPK 14 – 16% pada tahun 2015. Perseroan juga menargetkan penambahan 50 – 100 cabang baru meliputi kantor cabang utama, kantor cabang pembantu, serta unit Teras BRI.

Indonesia fuel price UP!

Indonesia government has raised domestic fuel price by IDR2,000/lt, or at the lower end of expectation of IDR2000-3000/lt price hike as global oil price has declined in the past few weeks. Effective from 18 Nov 2014, the gasoline price will be at IDR8,500/lt (+31%) and diesel price will be at IDR7,500/lt (+36%). We believe the price hike is positive for…

BI hikes policy rate: Another boost to big banks’ margins?

● BI hiked policy rate by 25 bp to 7.75%, lifting it by a total of 200 bp including the 175 bp of Jun-Sep last year. Our economists expect real policy rate to remain positive even after CPI spike of 2.0-2.5% following the Rp2,000/l fuel price hike (by around one-third). ● BI also said it expects GDP growth to be…

When the market sulks ..

.. that is a great opportunity to start shopping in our opinion. The new cabinet announcement disappointed the stock market, and the 9M14 results are largely uninspiring. Yet we believe Jokowi has established a solid foundation for a new Indonesia that would do wonders to equity values. Key catalysts for a multi-year bull run are (a) raising the subsidized fuel…

KPPU to fine BRI with IDR25b

The Anti Monopoly Commission (KPPU) imposed penalty of IDR25bn to Bank Rakyat Indonesia (BBRI) for conducting closed agreement with Asuransi Jiwa Bringin Jiwa Sejahtera and Heksa Eka Life in bancassurance business. In that closed agreement, BRI; act as debtor; was required to pay the insurance premium from the consortium consisted of Asuransi Jiwa Bringin Jiwa Sejahtera and Heksa Eka Life….

9M14 review: Widening dominance of major banks

9M14 review: Widening dominance of major banks Growing dominance of major banks Major banks continued to deliver superior earnings in 3Q14, with combined NP rising 6% qoq, resulting in 9M14 NP growth of 16%. Thus, their portion of the profit contribution across banks in our coverage (11 in total) rose to 84% in 9M14, up from 79% in 2013 and…

TOBA to expand its business to palm oil plantation

Toba Bara Sejahtera (TOBA) will be more focus on expanding its business into palm oil plantation for 2015. The company claimed that it already secured loan from Bank Rakyat Indonesia (BBRI) addressed to Perkebunan Kaltim Utama; TOBA’s subsidiary. According to Pandu P. Syahrir; TOBA’s secretary and CFO; the investment needed will be around US$10m for 2,896ha plantation area. Separately, the…

BBRI proved to have monopolistic practices on its bancassurance

Bank Rakyat (BBRI) proved to have monopolistic practices on its bancassurance – KPPU (Business Competition Supervisory Commission of Indonesia) found BBRI has implemented specific T&C on free cover limit, premium tariff, and mechanism on claim payment, so that only 2 insurance companies can offer their products to BBRI’s mortgage holder. Those companies are BBRI’s own insurance business BRIngin Life and…

Banking: 9M14 results review

Banks recorded 11% y-y net profit growth in 9M14 with loan growth slowing down to 12% y-y and LDR declining to 87%. Asset quality was maintained with average NPL of 1.9% while average NIM declined sligthly to 6.65% in 3Q14. We keep our Neutral rating on the sector with BRI as our top sector pick. „ Average net earnings growth…

BBRI sepanjang kuartal III-2014 mencetak pertumbuhan laba bersih sebesar +19% yoy dibandingkan dengan realisasi laba bersih perseroan pada kuartal III-2013 yang sebesar Rp 15,23 triliun

Bank Rakyat Indonesia (BBRI) sepanjang kuartal III-2014 mencetak pertumbuhan laba bersih sebesar +19% yoy dibandingkan dengan realisasi laba bersih perseroan pada kuartal III-2013 yang sebesar Rp 15,23 triliun. Pertumbuhan laba bersih ini menghasilkan earning per share (EPS) sebesar Rp 979,6 lebih besar dari angka pada periode yang sama tahun 2013 yang sebesar Rp 823. BBRI sendiri menjadi salah satu stock…

BBRI: 3Q14: Headline strong, but core weak

§ BBRI reported a strong 3Q14 result at first glance. Net profit was up 21% y-o-y and 11% q-o-q to Rp6.4tn and way ahead of expectations. 9M14 net profit came in at Rp18.2tn, up 18% y-o-y and accounting for 76-82% of ours and consensus estimates. We are about 7% below consensus for FY14E. Despite the strong headline net profit, we…

BBRI: 3Q14 performance: Moving as expected

§ 3Q14 net profit grew 21.2% y-y and 10.4% q-q: BBRI booked 3Q14 net profit growth of 21.2% y-y and 10.4% q-q to reach IDR6.4tn, bringing 9M14 earnings of IDR18.2tn (+17.6% y-y). This was in line with our and consensus’ estimates, accounting for approximately 75.5% of the respective full-year estimates. § Lower provisioning and other income offset NIM contraction: On…

BBRI : Kuartal III-2014, Laba Bersih BBRI Rp18,12 Triliun

PT Bank Rakyat Indonesia (Persero), Tbk (BBRI) mencatatkan perolehan laba bersih pada kuartal III-2014 sebesar Rp18,12 triliun atau meningkat 19% bila dibandingkan dengan periode yang sama pada 2013 lalu, yakni sebesar Rp15,23 triliun. Direktur Kepatuhan BBRI Randi Anto mengatakan, pertumbuhan laba bersih ini telah menghasilkan earning per share (EPS) sebesar Rp979,7 atau lebih besar dari angka di periode yang sama…

Banking: August 2014 data – loan growth slowing, NPL rising

Di saat total kredit menunjukkan tren perlambatan, +14% YoY, kredit bermasalah naik lagi menjadi 2,31% pada Agustus vs 2,24% pada Juli. Mandiri Sekuritas memprediksi pertumbuhan kredit tumbuh 5% dari total kredit), kredit agrikultur & hutan membukukan pertumbuhan 26% YoY, transportasi, pabrik, & komunikasi 21%, industri pemrosesan 17%, rumah tangga 15% (di antaranya rumah tapak 13% YoY), dan perdangangan serta grosir…

August 2014 data – loan growth slowing, NPL rising

While total loans showed declining trend, growing at 14% y-y, problem loans started to rise again to 2.31% in August vs. 2.24% in July. We expect loan growth at 5% of total loans), loans to agriculture & forestry posted 26% y-y growth rate, transport , warehousing & communication 21%, processing industry 17%, household 15% (of which landed houses 13% y-y)…

Waspadai “Profit Taking” Usai Pelantikan Jokowi, Perhatikan Empat Saham Ini

Pada perdagangan hari ini, para pelaku pasar diharapkan mewaspadai aksi profit taking pasca pelantikan Joko Widodo sebagai presiden ketujuh yang dinilai menjadi salah satu pemicu utama kenaikan IHSG ke level 5040. Hal tersebut dikatakan analis PT HD Capital Tbk, Yuganur Wijanarko, di Jakarta, Selasa (21/10). Dia mengatakan, secara teknikal keberhasilan IHSG untuk kembali di atas level psikologis 5.000 tampak cukup…

Antisipasi Laporan Keuangan BBRI & BMRI !!..

Hari Kamis 23 Okt BBRI akan mempublikasikan LK di koran, kami prediksi laba bersih 9m14 sebesar Rp17,5 triliun, atau tumbuh 14%. Sementara BMRI hari Jumat 24 Okt, dengan prediksi laba bersih Rp14,8 triliun, tumbuh 16%. Kami merekomendasikan BMRI melihat PBV 14 di level 2,3x, sementara BBRI 2,7x. Didukung ekspektasi pertumbuhan laba bersih yang juga lebih tinggi dari BBRI. Rekomendasi BUY…

NPL KUR Increase to 4.5% in August 2014

The Credit Committee (KUR) has reported an increase of NPL to 4.5% in August 2014 from 4.3% in the previous month. This NPL increase was due to several commercial banks, with their NPL increasing from 3.7% in Jul 2014 to 3.9% in August 2014, as well as 26 Regional Development Banks (BPD) who maintained a high total NPL of 8.8%…

Banks: 5Y trading ranges show interesting trends

Danamon is trading at almost absolute bottom of 1Y, 3Y and 5Y PE/PB ranges, with Mandiri also in the bottom half of respective ranges (charts below). These point to rather muted expectations for both these stocks going into 3Q season, which are partly structural. BCA and BNI are trading at relative premium vs. their 1Y, 3Y and 5Y PE/PB ranges,…

BBRI has issued MTN Stage 1 IDR720b

On a separate news, BBRI has issued debt in the form of medium term notes (MTN) stage 1 with a total amount of IDR720b. The MTN was issued in 3 series (A, B, and C) with an interest rate ranging from 8.75 to 9.5%. Bank Negara Indonesia (BBNI) has been appointed as the arranger. The debt consisted of short-term as…