by Samuel Sekuritas
Bank Rakyat Indonesia (BBRI) – Maintain Buy
Price: Rp6,800 – Target Price: Rp8,100
9M11 Results – Beat Estimates
BBRI posted net profit of Rp3.6 trillion at 3Q11, up 3.4% QoQ and brought 9M11 net profit Rp10.4 trillion, up 57%, above our estimate and the market.
We downgrade our assumption for loan growth and dividend payout as CAR slightly above BI standart.
NPL was booked 3.3% with Rp977 Bn write off in 3Q11 and recovery rate 59.6%.
Maintain Buy recommendation and upgrade target price with new Target Price of Rp8,100.
Bank BJB (BJBR) – Maintain Buy
Price: Rp1,020 – Target Price: Rp1,450
Attempting to Improve
BJBR posted net profit of Rp250 billion in 3Q11, which declined 12.3% QoQ, but still in line with our and market estimates.
In 3Q11, time deposits rose significantly by 19.1% QoQ and brought CASA position to 38% in 9M11.
In our opinion, the excess liquidity difficult to be converted to loan.
Maintain Buy recommendation and upgrade target price with new Target Price of Rp1,450.
Bank Central Asia (BBCA) – Upgrade to Hold
Price: Rp8,000 – Target Price: Rp8,300
9M11 Beats Estimates, yet Still Overvalued
Net profit grew by 25.3%YoY, above expectation.
New accounting standard reduce provisioning.
Loan grew above expectation, especially commercial and consumer loan.
BBCA is trading premium 60% compared to JCI vs BMRI and BBRI at discount.
Upgrade recommendation to HOLD with Target Price of Rp8,300.