google-site-verification=zsLknblUv9MPpbGfVx9l3sfhCtAjcEQGFzXwTpBAmUo Analisa Saham BBNI | 15 Februari 2019 Langsung ke konten utama

Analisa Saham BBNI | 15 Februari 2019

Bank Negara Indonesia Tbk (BBNI)
Sound result on the backed of corporate loan
Shinhan Sekuritas Indonesia
Helmi Therik

Bank BNI posted a satisfactory result for the full year of 2018. The net profit increased by 10.3%yoy to IDR15,015bn or slightly lower than our estimation at IDR15,901 but remain acceptable. This was as a result of the higher net interest income that expanded by 11%yoy to IDR35.4tn. This translated into the higher pre provisioning operating income (PPOP) that was up by 10.7%yoy. The efficiency has also improved due to the improvement in the business process which was indicated by the cost to income ratio that recorded at the lower level at 42.5% from 43.9%.

The loan increased higher than the expectation due to the loan take over at the last quarter. The loan grew by 16%yoy to IDR512.77tn or higher than our estimation that expect the growth at 15%yoy. Despite of the loan increased, the yield was slightly lower to 9.7% from 10% that resulted in the modest interest income growth. The loan improvement was underpinned by an increase in corporate SOE loan that was up by 31.6%yoy to IDR110.9tn or representing 21.6% while the first largest loan composition came from corporate private that improved by 12.9%yoy to IDR151.7tn. The private corporate loan was 29.6% of the total loan. 

The synergetic between corporate SOE (state owned enterprise) and corporate private loan as the key strategy to penetrate the corporate loan. The achievement was as the result of the company’s effort to elaborate the loan opportunity started from the high quality SOE loan and its supply chain as the loan target. The loan offering would flow down to the medium and small business at the down-stream as part of the supply chain from the high quality corporate loan. The product service improvement and the strong relationship have been capitalized as reflected in the strong growth in corporate loan.

Higher CASA has reduced the NIM compression. The company was able to manage the NIM at 5.3% in full year of 2018 from 5.5% at previous year or only 20bps lower. The lower loan yield to 9.7% from 10% that was caused by the industry pressure has been detained by the improving of low cost of fund as seen in the CASA composition that was up to 64.8% from 63.1%. This resulted in the lower cost of fund to 2.8% from 3%. In term of the liquidity the company would maintain its LDR at around 90% going forward while at the last full year the LDR was at 88.8% or at the manageable level.

Valuation. We consider upgrading our target price to our new TP at IDR10500 from our previous TP at IDR9200 on the back of the improvement of the loan, stable NIM outlook. We adjusted our risk free to our GGM calculation do to the more stable outlook ahead which implying the PBV at 1.6X and 1.4 for 2019F and 2020F respectively.


Komentar

Saham Online di Facebook

Postingan populer dari blog ini

Berita Saham BCAP 22 Mei 2017

MNC KAPITAL INDONESIA BERNIAT TAMBAH MODAL TANPA HMETD IQPlus, (22/05) - PT MNC Kapital Indonesia Tbk (BCAP) akan melakukan Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu (PMTHMETD) sebanyak-banyaknya 406.627.281 saham dengan nominal Rp100 atau maksimal 7,43% dari seluruh saham yang telah ditempatkan dan disetor penuh dalam perseroan. Menurut keterangan perseroan Senin disebutkan bahwa Penambahan Modal Tanpa HMTED ini memerlukan persetujuan terlebih dahulu dari Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) yang akan diselenggarakan pada 30 Mei 2017 mendatang. Rencananya dana hasil PMTHMETD ini setelah dikurangi biaya-biaya akan digunakan untuk investasai dan modal kerja untuk perseroan dan entitas anak dengan pembagian 70% dan 30%. Bagi pemegang saham perseroan akan mengalami dilusi kepemilikan saham secara proporsional sesuai dengan jumlah saham baru yang dikeluarkan maksimal 6,92%. Dilusi ini menurut perseroan relatif kecil dan terjadi pada harga pasar sehingga tidak me...

INDUSTRI LOGAM DAN BAJA TUMBUH POSITIF TAHUN 2021.

Meskipun tantangan Covid-19 masih belum berakhir, kinerja industri nasional cukup menggembirakan dibanding tahun 2020, dengan indikasi rata-rata Purchasing Manager's Index (PMI) selama 2021 menunjukkan angka 50 atau ada dalam ahap ekspansif. Hal ini juga ditunjukkan oleh kinerja sektor industri logam dan baja yang turut mengalami pertumbuhan positif selama tahun 2021. Badan Pusat Statistik (BPS) mencatat, pada kuartal III tahun 2021, sektor industri logam dengan HS 72-73 mampu tumbuh di atas 9,82 persen. Kinerja ini juga didukung ekspor produk baja hingga November 2021 mencapai USD19,6 miliar dan mengalami surplus sebesar USD6,1 miliar. Direktur Industri Logam, Direktorat Jenderal Industri Logam, Mesin, Alat Transportasi dan Elektronika (ILMATE) Kemenperin, Budi Susanto mengemukakan, pertumbuhan positif sektor baja akibat upaya pengendalian yang dilakukan pemerintah dengan konsep smart supply demand, yang diterapkan dengan berpihak pada industri baja nasional mulai dari sektor hulu...

Puradelta (DMAS) Raih Marketing Sales Rp1 Triliun Di Semester I 2023

PT Puradelta Lestari Tbk (DMAS) selaku pengembang Kota Deltamas Cikarang menyampaikan bahwa peruusahaan meraih prapenjualan atau marketing sales sebesar Rp1 triliun pada semester pertama tahun 2023, atau sekitar 59,7% dari target marketing sales tahun 2023 sebesar Rp1,8 triliun. Perolehan marketing sales tersebut menjadi tolok ukur kalau kebutuhan ruang serta produk komersial maupun area industri masih cukup tinggi. Hal itu dikatakan, Direktur Sales & Marketing PT Puradelta Lestari Tbk, Stanley W. Atmodjo, dalam keterangan tertulisnya, yang dikutip, Rabu (16/8). Untuk meningkatkan produk komersial, kata Stanley W. Atmodjo, perusahaan kembali meluncurkan klaster komersial terbaru yakni Greenland Square yang mengusung konsep commercial lot berlokasi di Jalan Utama Kota Deltamas. "Ruang komersial telah menjadi sarana pendukung untuk sebuah kawasan hunian seiring terus berkembangnya populasi di kawasan residensial. Kami menghadirkan kawasan komersial premium Greenland Square di K...