Tags: BBRI

Indonesia fuel price UP!

Nov 19, 2014 - Indo - 0 Comments - Standard

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 […]

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

Nov 19, 2014 - Indo - 0 Comments - Standard

● 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 […]

When the market sulks ..

Nov 18, 2014 - Indo - 0 Comments - Standard

.. 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 […]

KPPU to fine BRI with IDR25b

Nov 14, 2014 - Indo - 0 Comments - Standard

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 […]

9M14 review: Widening dominance of major banks

Nov 14, 2014 - Indo - 0 Comments - Standard

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 […]

TOBA to expand its business to palm oil plantation

Nov 14, 2014 - Indo - 0 Comments - Standard

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 […]

BBRI proved to have monopolistic practices on its bancassurance

Nov 13, 2014 - Indo - 0 Comments - Standard

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 […]

Banking: 9M14 results review

Nov 06, 2014 - Indo - 0 Comments - Standard

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. […]

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

Oct 30, 2014 - Indo - 0 Comments - Standard

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 […]

BBRI: 3Q14: Headline strong, but core weak

Oct 28, 2014 - Indo - 0 Comments - Standard

§ 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 […]

BBRI: 3Q14 performance: Moving as expected

Oct 27, 2014 - Indo - 0 Comments - Standard

§ 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 […]

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

Oct 23, 2014 - Indo - 0 Comments - Standard

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 […]

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

Oct 22, 2014 - Indo - 0 Comments - Standard

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% […]

August 2014 data – loan growth slowing, NPL rising

Oct 22, 2014 - Indo - 0 Comments - Standard

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 […]

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

Oct 21, 2014 - Indo - 0 Comments - Standard

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 […]

Antisipasi Laporan Keuangan BBRI & BMRI !!..

Oct 21, 2014 - Indo - 0 Comments - Standard

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 […]

NPL KUR Increase to 4.5% in August 2014

Oct 16, 2014 - Indo - 0 Comments - Standard

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 […]

Banks: 5Y trading ranges show interesting trends

Oct 16, 2014 - Indo - 0 Comments - Standard

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, […]

BBRI has issued MTN Stage 1 IDR720b

Oct 15, 2014 - Indo - 0 Comments - Standard

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 […]

Ashmore Indonesia Drops ASII from Top Holdings, Adds BBRI

Oct 13, 2014 - Indo - 0 Comments - Standard

Ashmore Indonesia drops Astra International from top 5 holdings of its Dana Progresif Nusantara mutual fund in Sept., replacing it with Bank Rakyat Indonesia, according to its fund factsheet posted on its website. * Top 5 holdings as of Sept. 30 include Bank Negara Indonesia, Bank Rakyat Indonesia, Bank Tabungan Negara, Gudang Garam, Tambang Batubara […]

BBRI :  Incar korporasi, BRI ekspansi ke Singapura

Oct 10, 2014 - Indo - 0 Comments - Standard

PT Bank Rakyat Indonesia Tbk (BBRI) menanti izin pendirian bank dari Monetary Authority of Singapore (MAS). Achmad Baequni, Direktur Keuangan BRI, mengatakan, pihaknya tengah memproses izin ekspansi di Singapura, karena negara ini memiliki potensi besar untuk bisnis korporasi melihat posisi negara ini strategis di wilayah ASEAN. “Kami akan mendirikan offshore bank di Singapura untuk bisnis […]

Time deposit rates cap

Oct 06, 2014 - Indo - 0 Comments - Standard

OJK sets the maximum time deposit rate for large banks, effective today. This should be positive for banks’ margin which is expected to expand in 4Q14 before contracting again in 2015 as lending rates will be adjusted as well. Maintain Neutral on the industry with BRI as out top pick. OJK puts a cap on […]

OJK cap on deposit rates: key is how much lower lending rates go

Oct 06, 2014 - Indo - 0 Comments - Standard

● The banking sector regulator (OJK) has introduced a cap on time deposit rates of 7.75% for deposits less than Rp2 bn and 9.50%/ 9.75% for other time deposits by big four/second tier banks. ● As per OJK, irrational competition in time deposits is translating to higher borrowing cost in the economy leading to lower […]

OJK plans to cap lending rates

Oct 06, 2014 - Indo - 0 Comments - Standard

Another plan from Indonesia Financial Services Authority (OJK), this time is to set a maximum rates for loans in general which has increased 1ppt since Bank Indonesia raised its benchmark rate by 175bp to currently 7.5%. But like OJK’s plan to cap the micro lending rates, there has been no detail on how big the […]

Indo Banks – OJK puts a cap on deposit rate

Oct 03, 2014 - Indo - 0 Comments - Standard

· Regulation: o For banks with >Rp30tn capital, max deposit rate is 200bp above BI rate or 9.5% o For banks with capital between Rp5tn and Rp30tn, max deposit rate is 225bp above BI rate or 9.75% o No deposit rate caps for small banks with sub Rp5tn capital · Cap is applicable to deposits […]

SOE Ministry propose 4 scheme for banks consolidation

Sep 26, 2014 - Indo - 0 Comments - Standard

SOE Ministry propose 4 scheme for banks consolidation. The scheme will be proposed to the presidential working unit in early October to be put on SOE master plan 2015-2019. Based on Investor Daily’s undisclosed sources in the ministry, The schemes are 1) the 4 SOE banks to be combined to 2 banks, consisting of corporate […]

Indonesian Banks: NPL growth of 39% YoY breaches 2009 level

Sep 24, 2014 - General - 0 Comments - Standard

Deposits grew 12% YoY; CASA growth shrank 3% year-to-July Bank Indonesia (BI) has released its July 2014 statistics. These were highly impacted by the Lebaran holiday season (higher non-performing loans (NPL), weak low cost fund) but were still disappointing overall. System deposits grew only 12% YoY and 3% yearto- July. Time deposits grew 11% year-to-July, […]

Banking : July 2014 banking data – deteriorating again

Sep 19, 2014 - Indo - 0 Comments - Standard

Loan data showed a weakening month for banks with loan growth at 15.7% y-y, deposit growth at 11.6% y-y and LDR rising to 92.3%. NPL level, which improved to 2.16% in June, reversed to 2.24% in July. As we expect the trend to continue in 3Q14 we maintain our Neutral stance on banks with BRI […]

BBRI: No Mutiara – Positive for BRI

Sep 18, 2014 - Indo - 0 Comments - Standard

Closing chapter of Bank Mutiara (previously Bank Century) The govt’s LPS has announced that J Trust Group of Japan (8508) has been selected as the final bidder in the auction of Bank Mutiara (BCIC), which thereby removing BBRI from potentially acquiring the bank. The transaction is conditional upon successful completion of certain regulatory procedures and […]

Indonesian Banking Update: Liquidity: Still an issue

Sep 15, 2014 - Indo - 0 Comments - Standard

During the Indonesia Banking Expo last week, Chatib Basri, the Finance Minister, stated that the outlook for the banking sector next year remains uncertain. The condition of the banks should be determined by the extent of internal fiscal policy on the subsidized fuel cut and potential foreign outflows as a result of the expected Fed […]

Limited impact from ATM fee hike

Sep 12, 2014 - Indo - 0 Comments - Standard

The Jakarta Post reported that the banks would raise the charges for interbank transfer, cash withdrawal and balance inquiry transactions via ATM Bersama, Prima and Link networks by 33-50% (but not for internal transactions) in Oct-Nov 2014. We estimate that there would be a less than 3% positive impact on the banks’ net profit, with […]

BBRI: Migrating credit cards to national chip standard starting 2015

Sep 10, 2014 - Indo - 0 Comments - Standard

BBRI: Migrating credit cards to national chip standard starting 2015. Bank Indonesia’s network has been certified by the onshore standards provider, Citra Bakti Indonesia, however the bank believes the process for the system has started late and may be delayed. All new cards are being provided with chips, and the bank has 14m credit cards. […]

BBRI: Back to basic banking

Sep 08, 2014 - Indo - 0 Comments - Standard

BBRI has been expanding its micro banking division, which we believe will be the growth driver in the future. Given its low problem loans in the segment, BRI should be able to increase earnings based on this micro lending. We upgrade 2014 earnings forecast by 4% and keep Buy rating with revised TP of Rp13,000. […]

Improving mortgage availability

Sep 04, 2014 - Indo - 0 Comments - Standard

BCA reduced mortgage rate by 25bps Bisnis Indonesia reported that BCA plans to reduce its mortgage rate by 25bps in September 2014 (its existing rate is at around 9.9% fixed 3 years). The plan for lower mortgage rate came post BCA’s cut on its special TD rate by as much as 75bps from its peak […]

BBRI: Back to basic banking

Sep 04, 2014 - Indo - 0 Comments - Standard

BBRI has been expanding its micro banking division, which we believe will be the growth driver in the future. Given its low problem loans in the segment, BBRI should be able to increase earnings based on this micro lending. We upgrade 2014 earnings forecast by 4% and keep Buy rating with revised TP of Rp13,000. […]

New telecommunication satellite, BRIsat, in mid-2016

Sep 03, 2014 - Indo - 0 Comments - Standard

New telecommunication satellite, BRIsat, in mid-2016. BRI menandatangani perjanjian dengan Space Systems/Loral (SSL) dari US and Arianespace of France untuk merakit satelit dan akan meluncurkannnya pada pertengahan 2016. BRI memprediksi satelit itu akan menelan investasi senilai US$250 juta-US$300 juta, yang akan didepresiasi selama 15 tahun. Mereka juga memproyeksikan keberadaan satelit itu akan menghemat 50% beban […]

Banking: June 2014 banking data – sign of improvement?

Aug 29, 2014 - Indo - 0 Comments - Standard

Pertumbuhan kredit berlanjut melambat menjadi 17,2% YoY, sedangkan nilai simpanan naik 13,6% YoY, sehingga membentuk rasio kredit terhadap simpanan (LDR) sebesar 90,4% untuk Juni. Meskipun pinjaman bermasalah masih meningkat, yaitu sebesar 35% YoY, rerata pinjaman tidak lancar (NPL) turun menjadi 2,16% pada Juni dari 2,18% pada Mei. Kami masih menetapkan kembali rekomendasi sektor perbankan pada […]

June 2014 banking data – sign of improvement?

Aug 27, 2014 - Indo - 0 Comments - Standard

Loan growth continued to slowdown to 17.2% y-y while deposits has started to increase at 13.6% y-y, leading to 90.4% LDR in June 2014. Despite the rising problem loans value, which increased 35% y-y, the NPL level declined to 2.16% in June from 2.18% in May 2014. Maintain Neutral on banks with BRI as our […]

NPLs grew 35% YoY in June

Aug 27, 2014 - Indo - 0 Comments - Standard

Deposits grew 14% YoY, backed by 19% YoY growth in time deposits Bank Indonesia (BI) released its June 2014 statistics. System deposit growth improved to 14% YoY and 5% year-to-June, a significant 89% of which was contributed by expensive time deposits compared with their 51% contribution to FY13 growth. Savings shrank 4% year-to-June. Outlook: We […]

Banks: Big is beautiful?

Aug 27, 2014 - Indo - 0 Comments - Standard

Talk of creating larger SOE banks via consolidation is back in vogue. We think this is sensible amid tight liquidity and slowing loan growth. Cost savings and synergy could be extracted but historically, politics has been the stumbling block. To ease the anxiety, it may start small. We view BTN as the most likely target […]

Map of consolidation for the banks is complete

Aug 26, 2014 - Indo - 0 Comments - Standard

Map of consolidation for the banks is complete. The SOE ministry notes it will consolidate the SOE banks according to its plans and then consolidate the Sharia banks second after this is complete. The banks have been made aware of these plans (BBRI, BMRI, BBNI, BBTN) however the representative from the ministry could not disclose […]

One more player to focus on pensioners segment in 2015

Aug 26, 2014 - Indo - 0 Comments - Standard

Bank Mandiri (BMRI) plans to focus on loans to pensioners through its subsidiary Bank Sinar Harapan Bali (BSHB) starting 2015. We think the early years contribution to BMRI will be marginal, considering numbers of pensioners is not expected to grow in the next couple of years as the government extend retirement age for civil servants. […]

BBRI targets satellite launch will take place in 2Q16

Aug 20, 2014 - Indo - 0 Comments - Standard

BBRI targets satellite launch will take place in 2Q16. Currently, BBRI is still completing construction in Pasar Minggu, Jakarta Selatan. BBRI allocated USD 250mn for the procurement of these satellites. This satellite has 15 years usage period with 54 transponders, where 4 transponder will be used by the Government. With this satellite, BBRI claims will […]

Dahlan want to push banking consolidation

Aug 20, 2014 - Indo - 0 Comments - Standard

Dahlan want to push banking consolidation. Minister of SOE points out that the consolidation make sense but he won’t have time to carry the changes as his tenor is only 2 months left. Dahlan points out that the end of majority of BBNI directors’ tenor as the prime time for banking consolidation despite potential objections […]

BBRI – Roadshow feedback

Aug 20, 2014 - Indo - 0 Comments - Standard

Link to note here: · We hosted BBRI for an NDR to UK/Europe last week, meeting ~50 funds. Interest was strong following the favourable presidential election outcome. · The number one concern from investors centered on the bank’s LDR, which at 94% is above its peer group. BBRI targets a 92% LDR ratio by year […]

Banking – three state banks launched EDC Link

Aug 19, 2014 - Indo - 0 Comments - Standard

Three state banks, BMRI, BBRI and BBNI, launched the shared electronic data capture (EDC) Link, which will ease the noncash transactions for merchants through this electronic banking. Altogether the three banks have around 50m customers and they control around 48% share in EDC market or around 310,000 units

Banking – deposit rates started to decline

Aug 16, 2014 - Indo - 0 Comments - Standard

Perbankan mulai memangkas bunga untuk simpanan dengan jumlah besar yang sebelumnya diberikan, sejalan dengan kondisi likuiditas di sistem perbankan saat ini yang sudah lebih baik. PT Bank Central Asia Tbk (BBCA) telah memangkas suku bunga deposito senilai Rp25 miliar sebesar 25 bps menjadi 9% dan berencana memangkas lagi suku bunga yang sama bulan depan. Suku […]

Indonesian Banking Update: Possible new banking proposals for growth

Aug 14, 2014 - Indo - 0 Comments - Standard

There is market talk that banking reforms could be implemented to create sounder and more conducive industry growth while concurrently establishing a more level playing field for all Indonesian commercial banks. § Potential lower government ownerships in banks to spur growth: In order to enable state-owned banks to be more competitive, the government may further […]

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