Analisa Saham BMRI | 5 Maret 2018

Analisa Saham BMRI

FIGHT BAD LOANS MONSTER

BMRI FY17 net profit grew by 49.5% YoY to Rp 20.6 tn (vs FY16: -32.1% YoY). Improving FY17 net profit was contributed by lower provision growth of -35.3% YoY (vs FY16: 104.6% YoY) and lower cost of fund (FY17: 2.7% vs in FY16: 3.0%). Loan grew by +10.2% YoY while deposits grew by +7.0% YoY lead to higher LDR (FY17: 89.2% vs FY16: 86.54%). Loan growth dominated by corporate loan (FY17:14.7% YoY vs FY16: 15.6% YoY) and commercial loan (FY17: -5.7%YoY vs FY16: 2.8% YoY). Based on sector, the manufacturing (30% of total loan) and plantation companies (14% of total loan) companies are the biggest contributors. NPL slightly decrease to 3.46% in FY17 (vs FY16: 4.00%) due to sizeable write-off of Rp 190.2 tr (vs FY16: 180.0Rp tr), driven by commercial segment in distribution trading, raw material manufacturing, and retail trading sectors. NIM squeezed by 57bps YoY to 5.87% in FY17 due to lower loan yield (FY17: 10.3% vs FY16: 11.3%). Thus, we re-initiate HOLD on BMRI with a target price 9,100/share.

BMRI reported net profit of Rp 20.6tr (FY17: +49.5% YoY vs FY16: -32.1% YoY), supported by lower provision in FY17 (Rp15.9tr; +-35.3 %YoY). Loan grew to Rp 729.5 tr (+10.2% YoY) in FY17, dominated by corporate loan (FY17:14.7% YoY vs FY16: 15.6% YoY) and commercial loan (FY17: -5.7%YoY vs FY16: 2.8% YoY). Based on sector, the manufacturing (30% of total loan) and plantation companies (14% of total loan) companies are the biggest contributors.

NPL slowed by 54bps YoY to 3.46% in FY17, driven by better quality of corporate loan (FY17:0.37% vs FY16:1.01%), while the commercial loan’s quality declining (FY17:10.01% vs FY16: 9.32%). Of the total NPL of Rp 21.65 tr in FY17, 64.5% were more than 90 days overdue on interest payment. Based on the sector, the NPL is contributed mostly by trading distribution, raw material manufacturing, chemical manufacturing sectors which used the loan mostly for working capital. Of the total loan, Rp 46.34 tr restructured loan generated recoveries (4Q17: Rp 83.5 bn vs 4Q16: Rp78.7bn) and write-off (4Q17: Rp 190.2 bn vs 4Q16: Rp194.6 bn).

NIM is squeezed by 57bps YoY to 5.87% in FY17 due to lower loan growth (FY17: 10.2% YoY vs FY16: 11.2% YoY) and lower loan yield, 10.3% in FY17 (vs FY16: 11.3%) as an impact of expansive monetary policy and price wars from other banks and capital markets which offer competitive yield to the debtor.

Outlook: Need to squeeze the bad loans. On loan, we see BMRI will facing a better year for a better loan quality. However, if BMRI failed to squeeze the bad loan, they will not be able to expand the growth in FY18. On margin, like the peers, we see BMRI will be facing some pressures on loan yield due to price wars amidst low-rate environment. On asset quality, we believe BMRI will be record a better year, but with a decent phase.

We re-initiate our coverage on BMRI with HOLD recommendation at a price of Rp 9.100/share. The share is currently trading at 2.0x forward P/BV, while our implied P/BV multiple of 2.1x implying limited upside potential.

Best Regards,
Panin Sekuritas

Rekomendasi Saham GS IDX | 21 Agustus 2017

Watchlist Ganesha Stock IDX (day trade) : Senin, 21 Agustus 2017 - PUDP (Scalping) - TGRA (Scalping) - WAPO (Scalping) - BBTN - MPPA - BOGA - PTRO - INDY - INCO - DOID Batasi resiko masing2 ya.. Sharing is caring. Salam cerdas investasi! Warning : Watchlist scalping, rata-rata watchlist copet pada saham-saham dengan likuiditas rendah. Jika belum terbiasa copet, hati-hati. — Disclaimer : Bukan perintah jual/ beli, disiplin dengan trading plan masing-masing, resiko dan cuan ditanggung ma

Baca selengkapnya

Cara Membaca Grafik Saham di Bursa Efek

grafik candlestick saham Pergerakan harga instrumen finansial baik saham maupun forex biasanya digambarkan dalam bentuk grafik. Grafik ini memudahkan trader untuk mengetahui pola-pola pergerakan harga yang terjadi sebelumnya. Ada beberapa jenis grafik yang biasa dipakai di pasar finansial yaitu: Line Chart/Grafik Garis Bar Chart/Grafik Batang Candlestick Chart/Grafik Lilin Grafik Line Chart hanya memuat data harga dipenutupan perdagangan yang digambarkan dalam bentuk garis saja. Sementara Bar Chart dan Candlestick Chart hampir sama dikarenakan memuat data harga pembukaan, harga penutupan, harga tertinggi dan terendah. Hanya saja grafik candlestick lebih mudah dibaca dibandingkan grafik bar. Di samping itu keunggulan lain dari candlestick chart adalah mampu menampilkan psikologi pasar dengan tampilan yang lebih mudah dibaca. Berikut tampilan masing-masing chart menggunakan contoh Indeks S&P500: Line Chart Bar Chart Candlestick Chart Saya priba

Baca selengkapnya

Apa itu Saham ? Pengertian, Contoh, Jenis, Keuntungan, Resiko

Apa itu Saham? Saham adalah jenis surat berharga yang menandakan kepemilikan secara proporsional dalam sebuah perusahaan penerbitnya. Saham kadang disebut ekuitas. Saham memberikan hak kepada pemegang saham atas proporsi aset dan pendapatan perusahaan. Saham pada umumnya dijual dan dibeli di bursa saham . Akan tetapi saham juga dijual secara pribadi. Transaksi saham harus sesuai dengan peraturan pemerintah yang dimaksudkan untuk melindungi investor dari praktik penipuan. Secara historis, investasi saham telah mengungguli sebagian besar investasi lainnya dalam jangka panjang. Investasi saham dapat dilakukan melalui broker saham online atau sekuritas saham yang terdaftar di lembaga yang mengaturnya di sebuah negara. Sebuah perusahaan terbuka menerbitkan / menjual saham dalam rangka mengumpulkan dana untuk menjalankan bisnisnya. Pemegang saham, ibaratnya telah membeli secuil perusahaan dan memiliki hak atas sebagian aset dan pendapatannya. Dengan kata lain, pemegan

Baca selengkapnya

Saham Online Indonesia

Cari Blog Ini