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Apr 25,2017 11:23:01

We expect BRI ($BBRI) to maintain its focus on the micro and SME segments going forward through the KUR and Kupedes programmes. As such, we project a 15.4% YoY growth for the micro lending segment. Fee income would also be an additional income source, particularly from loan administration fees. Credit cost would remain manageable at 255bps this year on the back of substantial exposure to micro lending. Maintain BUY and our GGM-derived TP of IDR14,500 (13% upside).

  • Fee income as another source of income. Bank Rakyat Indonesia’s ($BBRI) strategy to push non-interest income as an additional growth engine should materialise starting this year. We expect loan administration fees to have a higher contribution at 13.7% of total fee income in FY17 (FY16: 12.7%). All in, we assume a 22% growth in fee income to IDR11.3trn.
  • Asset quality remains under control. BRI’s 1Q17 credit cost of 314bps was part of the bank’s front-loading strategy with regards to its asset quality. Looking ahead, we assume asset quality would remain manageable with a stable credit cost of 255bps and 2.3% gross NPL ratio by year-end. These assumptions would result in a LLC ratio of 171.5%.
  • Focus on KUR programme. BRI’s People’s Business Credit (KUR) target of IDR71trn this year would be its key focus. The bank would upgrade potential KUR borrowers to its commercial micro lending under the General Rural Credit (Kupedes) programme. We expect a 15.4% growth in micro lending this year.
  • Maintain BUY and IDR14,500 TP. The GGM-derived TP implies a 2.18x 2017F P/BV multiple. Key risks are a higher-than-expected contribution from the KUR loans-to-total loan book and higher-than-expected credit cost. (Eka Savitri)

Dec 14,2016 08:12:14

Bank Rakyat Indonesia ($BBRI) distributes loans to Bukit Asam ($PTBA)

BBRI distributed loans totaling to USD135mn and Rp800bn to PTBA. The loans will be used to support the company’s funding and to support the government’s energy supply. The foreign exchange loan scheme consists of USD100mn of working capital loans and USD35mn of forex line, which is a non-cash facility to be used for hedging. Meanwhile, of the total rupiah loans, Rp500bn consists of bank guarantees and stand by letters of credit while the remaining Rp300bn will be used as collateral for imported coal and operational needs both inside and outside the country. (Bisnis Indonesia)

Nov 18,2016 15:16:45

Recovery on track ?

Loans growth has rebounded
Bank Indonesia states that banking industry loans growth in October 2016 grew by 7.5% YoY. The growth was better than September’s growth of 6.5% YoY, and October is the first month where loans growth accelerates after a string of deceleration that had happened since the start of the year. Furthermore, Bank Indonesia expects that significant loans growth recovery could start in 2Q17 as appetite for capacity expansion is expected to rebound. In line with authorities’ projection, we expect that loans to grow by 11% in 2017, helped by : 1) Higher GDP growth as we expect GDP to grow by 5.3% in 2017 versus 5.1% in 2017 2) Bank Indonesia’s stance to keep liquidity afloat by keeping lenient monetary policy 3) High level consumer confidence that we expect to continue throughout 2017 where in October 2016 the reading was at 116.8, much higher than in September of 110.0.
NPL is stabilizing
Banking industry NPL was lower to 3.1% in September 2016 from 3.2% a month earlier after accelerating consistently since January 2016. This is an encouraging sign that asset quality has begun to stabilize. With accelerating loans growth in October 2016, we expect that the NPL reading in October could be better. The improvement of asset quality is the main theme of our call for better bottom line growth for banking industry in 2017. As of September 2016, banks grew its net income by only 9.7% YoY to Rp84.8 tn. Slower growth of provision expense in 2017 due to gradual decrease of NPL would be the main factor for net income acceleration in 2017. We expect banking industry’s to book 15-17% net income growth in 2017 thanks to higher loans growth and declining NPL.
Cost of fund is starting to creep up
OJK confirms that several banks from Book I to Book IV have started to slightly increase special TD rates since October 2016. The increase of TD rate is inevitable as LDR is stubbornly above 90% and banks have begun to push loans book growth after long period of asset quality consolidation. Nevertheless, we will only see gradual increase of cost of fund and stabilization of NIM instead of significant drop of NIM as we believe Bank Indonesia will keep its commitment to lenient monetary policy to keep the acceleration of GDP growth,
What will the central bank do ?
Bank Indonesia decided to keep reverse repo rate benchmark at 4.75% (in part to guard the exchange rate stability) in response to global uncertainty after Trump won US presidential election. However, we do not believe that BI would change its course to a more hawkish stance as inflation is still contained and the need of monetary policy to complement the already limited fiscal room. Instead, we expect BI to lower reserve requirement in 1H17 to push liquidity to the market.
BBNI and BJBR are still our top pick

We maintain BBNI as our top pick for Book IV bank on the back of our conviction that the bank could significantly lower improve its asset quality in 2017. We expect BBNI’s NPL to decline to 2.5% at the end of 2017 from 3Q16 level of 3.1% on. For Book III bank, BJBR is our choice as the bank’s transformation has proven to significantly improve asset quality in 2016 that can continue throughout 2017.


Nov 18,2016 11:00:38


CEO of MNC group, Harry Tanoesoedibjo, has stated that $MNCN is currently preparing to partially mrepay its syndicated loan, which will be due in 2017, in a refinancing scheme. Deutsche Bank AG (Singapore) and Standard Chartered Bank are the mandated lead arrangers and bookrunners. 21 other banks, including PT Bank Rakyat Indonesia Tbk ($BBRI), are also involved. The loan bears an interest rate of 3.5% + 3 month LIBOR per annum and was used for MNCN’s capital expenditure and working capital.

Comment: This action would certainly not only improve MNCN’s gearing ratio but also reduce the Company’s exposure to forex volatility (In 2015, MNCN recorded a forex loss of Rp314.8 bn). We are maintaining our Buy recommendation for MNCN with a TP of Rp2,477/share.

Nov 18,2016 09:49:52

Bank BRI Agroniaga ($AGRO): Company expects net profit to grow 47-53% in 2017-18

Banking: Indonesia

§ Company seeks higher growth rate from diversification: BRI Agroniaga ($AGRO), a subsidiary of Bank Rakyat Indonesia ($BBRI) that is focused on agro business funding, has diversified its lending and funding into a wider range of portfolios, hoping for higher asset growth and profitability. For now, agro-business related loans amounting to IDR4,034bn in 9M16 remain the highest contributor at 53% of total credit (exhibit 7). Given the positive CPO price outlook due to the production disruption and low global inventory level, AGRO expects the credit quality of agro-business related loans to continue to be stable.

§ BBRI’s infrastructure synergies: As BBRI has the largest infrastructure within the banking industry, AGRO expects vertical synergies with the parent company to benefit its network expansion and offer a competitive advantage relative to other small banks. For example, AGRO’s customers’ widely dispersed business sites across Indonesia could be better monitored through the use of BRIsat, BBRI’s satellite. AGRO could also benefit from BBRI’s transactional banking features such as ATM and EDC which could improve its franchise coverage as it is already providing loans to debtors that support BBRI’s customers.

§ Start of NPL recovery: In line with the banking industry’s lower NPLs and provisioning charges in 3Q16, AGRO’s NPL ratio also improved, from 3.24% in 2Q15 to 2.85% in 3Q16. Going forward, management expects the NPL ratio to improve further to 2.5% by end-2016, 2.4% in 2017 and 2.0% in 2018. AGRO booked 3Q16 provisioning charges of IDR60bn, up 7% y-y from IDR56bn in 3Q15.
§ Improvements in non-interest income and net-interest income in 9M16: AGRO posted a 9M16 operating profit of IDR101bn, up 40% y-y from IDR72bn in 9M15, backed by improvements in non-interest income (+53% y-y to IDR67.2bn) and net-interest income (+13% y-y to IDR295bn, partly on a lower blended cost of funds. Overall, AGRO booked 9M16 earnings of IDR82bn, up 55% y-y from IDR53bn in 9M15.

Outlook: AGRO targets 25-28% loan growth in 2017-18  
At this stage, management expects loans to reach IDR8.0tn (+32.6% y-y) in 2016, before continuing to increase to IDR10tn (+25.2% y-y) in 2017 and IDR12.8tn (+28.4% y-y) in 2018. Furthermore, management expects the loan growth to lead to total asset improvement of 32% y-y in 2016, 38.1% y-y in 2017 and 34.7% y-y in 2018F. As for net profit, management expects it to reach IDR104tn (+28.8% y-y) in 2016, before continuing to improve to IDR159tn in 2017 (+53.4% y-y) and IDR233tn in 2018 (+46.8% y-y). AGRO’s share price has increased by more than 400% in the year to date (exhibit 4). On the NIM, management expects it to reach 4.2% in 2016, down 60bps y-y, and remain at 4.2% in 2017, before increasing by 20bps to 4.4% in 2018.

Nov 16,2016 12:35:34

Bank Rakyat Indonesia ($BBRI) maintains loan growth target of 15-17% for 2017

Even though no final decision has been made, BBRI targets loan growth of 15-17% in 2017, similar to 2016’s target. President
Director of BBRI Asmawi Syam states that they are still processing the bank’s business plan. Going forward, BBRI will still focus
on distributing loans to MSMEs and will participate in infrastructure projects, including ports, airports, telecommunications,
and toll roads. Asmawi states that MSME loan growth would likely be >20%yoy in 2017, in line with 2016’s achievement,
however the bank will be more selective in distributing corporate loans as their main focus will be on their micro segment. In
the corporate segment, Asmawi states that BBRI will distribute loans to Krakatau Steel and a number of SOE companies next
year. (Bisnis Indonesia)

Nov 16,2016 12:21:45

Indonesian banking: Sept-16 data - improvement in asset quality

- Here is some details on the banking data:

- Loan growth:
1) +6.5% y-y (+3.8% ytd; +1.6% m-m) in September compared to +6.8% y-y (+2.2% ytd; +0.4% m-m) in August.
2) Adjusted for rupiah appreciation, total loan growth was +8.4% y-y, compared to +7.7% y-y in August. Rupiah loans were +10.5% y-y (+10.7% y-y in August) while FX loans in USD term is at -1.7% y-y vs. -6.9% y-y in August.
3) Based on bank classification, strongest loan growth came from BUKU IV banks at +13.5% y-y, followed by BUKU II banks at +3.9% y-y and BUKU III banks at +2.9%y-y. Meanwhile, BUKU I banks recorded a decline in loan growth at -45.1% y-y as a number of banks have been upgraded from BUKU I to BUKU II.
4) In terms of usage, investment loans still has the highest growth rate of 9.1% y-y, down from 9.4% y-y in August, followed by consumption at 8.0% y-y from 8.2%y-y in August and working capital loans at 4.2% y-y vs. 4.7% y-y in August.
5) Of the large sectors with >5% loan exposure: agriculture (6.5% exposure) +14.7% y-y vs. +15.7% y-y in August, manufacturing (17.7% exposure) at -0.1% y-y vs. +2.9% y-y, wholesale and trade (19.7%) at +7.1% y-y vs. +6.1% y-y, and home ownership (8.1% exposure) at +7.2% y-y, up from 6.8% in August.
6) Regionally, all areas showed declining y-y loan growth except Sumatera at +6.1% y-y in September from +5.5%y-y in August.

- Deposit growth:
1) +3.1% y-y (+4.3% ytd; -0.1% m-m).
2) Adjusted for the currency movement, deposit grew +5.2% y-y in September vs. +6.4%y-y in August. Rupiah deposits grew +7.1% y-y vs. +9.9% in August and foreign currency deposits contracted by 14.5% y-y. In USD terms, FX deposits contracted by 3.6% y-y.
3) Based on bank classification deposits in BUKU IV banks +8.0% y-y, BUKU III +3.8% y-y while in BUKU II -5.6%y-y and BUKU I -48.4%y-y.
4) Based on type, CASA deposits was +5.0% y-y vs. +8.8% y-y in August (CA at -2.7% y-y and savings at +11.5% y-y) while time deposits growth remains weak at +1.1% y-y. - Liquidity: the weak deposit growth increased the industry LDR to 91.5% in September from 89.9% in August. Increase in LDR was seen across all bank classifications, with the highest increase coming from BUKU II banks to 92.5% in September (from 89.0% in August) and BUKU III banks to 97.6% in September (from 94.3% in August).

- Asset quality:
1) NPL declined to 3.10% in September from 3.22% in August while special mention loans (category 2) also declined to
5.44% in September from 5.52% in August. In terms of absolute amount, total NPL increased 21.9% y-y (+29.5% ytd; -2.1% m-m).
2) Improvement in NPL was seen across all banks, with exception of BUKU I banks in which NPL increased to 2.02% in September from 1.98% in August.
3) In terms of segment, NPL in investment loans improved to 3.46% from 3.53% in August, in consumer loans to 1.71% from 1.79% and in working capital to 3.73% from 3.91%.
4) Industry with >4% NPL level: mining at 6.38% (7.22% in August), construction at 4.26% (4.92% in August), wholesale & retail at 4.42%( 4.33%), and transportation at 4.77% (5.61%). Meanwhile, NPL in manufacturing sector declined to 3.88% from 3.92% in August, in household to 1.80% from 1.88%, in apartment 2.32% from 2.44% and in shop houses to 4.16% from 4.18%.
5) Location wise, all areas saw improvement in loan quality with the highest improvement was seen in Sumatera to 3.18% from 3.38% in August and Kalimantan to 4.92% from 5.07%.

- Profitability:
1) Industry NIM improved to 5.65% from 5.59% in August thanks to continuing reduction in time deposits rates.
2) NIM in state banks increased to 6.40% from 6.24% while NIM of forex commercial banks remains stable at 5.31%.
3) NIM in BUKU IV banks increased to 6.59% (from 6.46% in August) while BUKU III NIM remained relatively stable.

- Capital: average CAR declined to 22.6% in September from 23.3% in August. Decline in CAR was seen across all bank classifications with the highest decline coming from BUKU IV banks to 20.7% (from 21.8% in August).


Nov 08,2016 18:32:53

Banking: 9M16 Results - On the Road to Recovery?

- Banks' average profit growth improved to 4% y-y in 9M16 from +1% y-y in 6M16, but loan and deposit growth remained weak at +9% y-y and +6% y-y respectively. NIM improved to 6.7% while NPL reached 3.0% with signs of peak. Trading at 1.6x P/BV 2017, we keep our Neutral sector call with $BBRI, $BBTN and $BNGA as top picks.

- Average net profit growth of 4% y-y in 9M16. The 12 banks under our result universe show improving profit growth from the previous quarter given the high losses incurred by $BNLI in 1Q and 2Q16. The results were in line with expectations, accounting 73% of the consensus’ full year targets. $BMRI, $BBTN, and $BJBR posted below expectations, while $PNBN, $BJTM and $BNGA above. $BNLI continued to record losses in 9M16 on its rising NPL level. At the PPOP level, average growth was a decent 18% y-y as banks had a better management on operating costs.

- Loan growth slowed down to 9% y-y. The industry indicates +6.4% y-y loan growth in September while some of the banks in our universe managed to record much higher loan growth; BBNI (+21% y-y) is on corporate/infrastructure loans, BBRI (+16% y-y) on corporate and micro loans, while $BBTN (+17% y-y) on housing loans. Over the past one year, more loans have been channeled into corporate (especially state companies) and micro segments, at the expense of SME commercial and consumer loan segments. Of the 12 banks, three ($BDMN, $BNGA and $BNLI) still posted negative y-y growth.

- Deposit growth also weakened to 6% y-y. Total deposit still grew at +8% y-y in June, while the 5% economic growth is not enough to generate better deposit growth. Five banks ($BDMN, $BJBR, $BJTM, $BNGA and $BNLI) still recorded negative y-y deposit growth with two of them ($BDMN and $BNLI) continued to see negative ytd growth. CASA deposits continued to gain more than time deposits, which see declining rates.

- NIM still improved to 6.7% in 9M16. In contrast to our earlier expectation, banks recorded better margin in 3Q16 as they had not lower the lending rates as much as deposits rates. While this is true in the declining rate environment, banks are also pending further reduction in view of rising need for provisioning. Average NIM reached 6.9% in 3Q16 from 6.7% in 2Q16, but this level is expected to decline in the coming quarter on pressure to reach single digit lending rates.

- NPL reaching the new peak of 3.0%. Additional problem loans are growing at a slower pace, with some banks claiming to have seen peak NPL in August. Banks like $BMRI and $BBCA still expect peak NPL in 4Q16 and continued charging high provisioning.

- Classified loans at 11.3%. Average classified loans (NPL, SML, and performing restructured loans) were at 11.2% in June and 10.9% in March 2016. This shows less pressure on asset quality while coverage/classified loans ratio improved to average 32% from 28% a year ago.

- Operating costs were well managed. The average cost/income ratio went down to 45% in 3Q16 from 48% in 2016 and 47% in 3Q15. Of the banks, $PNBN, $BNGA, and $BDMN showed the best cost/income ratio improvement.

- Maintain Neutral. We will wait for stronger support for improving NPL and hence keep our Neutral call for the stock, which trades at 1.6x P/BV 2017. Our top picks are $BBRI, $BBTN and $BNGA.

Oct 26,2016 15:19:42

Bank Rakyat Indonesia ($BBRI), Micro Lending To Support Further Growth Ahead

We expect decent earnings growth for BBRI, supported by higher loans growth and manageable credit costs. Loans growth should be underpinned by the Government’s target on its KUR programme, which should boost BBRI’s commercial micro lending going forward –where borrowers need to obtain loans of more than IDR25m. The additional micro borrowers would also support BBRI’s fee-income base. We are already projecting lower loan yields due to higher KUR portion in its micro lending book. Maintain BUY with unchanged GGM-based TP of IDR14,500 (19% upside).

¨       Earnings growth outlook. We are projecting earnings growth of 7.8% in 2017 for Bank Rakyat Indonesia (BBRI),with relatively stable credit cost of 228bps, which would maintain its loan loss coverage (LLC) ratio at the minimum level of 150%. Moreover, BBRI is expected to continue optimising its loan-to-funding ratio (LFR) in order to manage its superior net interest margin (NIM) at 8%.BBRI’s 9M16 results were inline with our expectations.

¨       Maintain focus on micro lending. BBRI’s loan book would still be dominated by micro lending, particularly with the Government’s Kredit Usaha Rakyat (KUR) micro lending program. Under KUR’s current scheme, the Government provides a 10% subsidy while borrowers incura lending rate of only 9%. For next year, the Government has already proposed lower lending rates of 7% to be paid by KUR borrowers, and are still in discussions with participating banks on the subsidy. We have already assumed lower loan yields of 13.2% in FY17 due to the expected higher portion of KUR (27%)in micro lending (Sep: 22.6%).

¨       3Q16 earnings – inline
¨       Maintain BUY. We maintain our BUY call on BBRI, supported by its strong loans growth from micro lending, superior NIMs, and potentially higher fee-income from c.50m customer accounts. Our GGM-based TP of IDR14,500 implies FY17F P/BV of 2.15x (-0.75SD of its historical mean), and P/E of 13x.

Sep 13,2016 08:14:41

Bank Rakyat Indonesia ($BBRI), Bank Mandiri ($BMRI), Bank Negara Indonesia ($BBNI) to take on loans from China Rp130tn BBRI, BMRI, and BBNI potentially receive loans from China Development Bank (CDB) to finance government projects totaling to USD10bn or equivalent to Rp130tn next year. Deputy Ministry of SOE of Financial Services, Construction Services, and Other Services, states that they have not decided the nominal amount to be drawn down from CDB, this will depend on the projects to be financed. (Bisnis Indonesia)

Aug 29,2016 22:08:56
Indonesia Equities: Pricing In Near Term Positives

Key Points

- +9% gains in MSCI Indonesia since our country upgrade in July - Since our upgrade of Indonesian equities to overweight two months ago in the MIG publication after clarity on its tax amnesty programme emerged, sentiment has further improved following the appointment of well respected Finance Minister Sri Mulyani Indrawati. The Indonesian equity market has seen strong equity inflows in 3Q16 lifting the index up ~9% (local currency terms, +8.2% in USD), which has outpaced world equities’ gains (+5.2%) for the same period and supported our call.

- Year to date’s gains of +18.6% has also more than recouped 2015’s losses of -12%, which has supported the turnaround highlighted in our January 2016’s South East Asia Equity Strategy report. The equity market rally year to date has been supported by a benign environment of lower interest rates, stable IDR currency vs the USD, under-owned positions in global portfolios and improving confidence in Indonesia’s recovery story. Estimated equity inflows into Indonesia so far for 3Q has exceeded the total inflows for 1H16, driving the market to new highs. Since mid May this year, it is estimated that net equity inflows reached $1.7bln, vs $1.6bln net outflows over the whole of 2015 (source: JPM estimates).

- Near term positives post amnesty and cabinet reshuffle look priced in, valuations are now close to 10 year high – At 16x PER, Indonesian equities is now trading close to +2 standard deviations to its 10 year historical average multiple and at its highest valuation level since 2007, which we believe has priced in much of the near term positives. Although near term liquidity is likely to remain supportive given benign expectations on interest rates, we caution that valuations have caught up and believe it is prudent to start taking some money off the table. On domestic updates, while the recently released 2017 budget is credible, it is unlikely to lead to further corporate earnings upgrades given a moderate government spending target of 6% (planned fiscal deficit for 2017 is 2.4% of GDP, flat/lower than 2016E). Towards the end of September and December which marks the first and second phases of the tax amnesty programme’s staggered tax rates for declared wealth, investor sentiment may also be influenced by expectations over the tax collections.

- Muted start to the 9-month tax amnesty programme, although still early days - As of 23rd August 2016, the asset declaration in the Tax Amnesty Program has reached Rp51.7tn, consisting of 85% onshore/15% offshore assets (12% overseas assets declared, 3% overseas net assets repatriated), while asset repatriation has reached Rp1.6 tn. Momentum of onshore assets declared in first half of August has picked up, with the tax office reporting about Rp11.5tn worth of onshore assets declared (>4x July’s). About three-quarters of the assets declared were from private individuals, and the balance private entities, which we view as supportive of property sector’s recovery given interest rates are expected to remain low while the Ministry of Finance has allowed repatriated funds to be invested in real assets (such as property and gold).

- Looking ahead, earnings upgrades need to pick up momentum for the rally to have more legs - Earnings wise, the recent 2Q results season was mixed with single digit corporate top line growth from a year ago. Concerns on banks remain dragged by asset quality issues while commodity related earnings have been moderate. Following the latest 2Q earnings season (where consensus earnings were trimmed -2% lower for FY16E and FY17E), FY16E and FY17E earnings are now forecast to grow +7% and +14% respectively (higher than Asia ex Japan equities’ 2.2% FY16E and 11% for FY17E respectively) which we believe is priced in current valuations.

Time to lock in some profits – Switch out of names which have rallied and offer no upside to target prices
- Sectors we are cautious on are: Commodity related plays which have rallied and priced in recovery expectations (coal – Bukit Asam, ITMG, palm oil – Astra Agro, London Sumatra), Banks (loans growth will be moderate while we expect asset quality concerns to remain a near term overhang) and Utilities (in particular, Perusahaan Gas – where we think profitability will remain pressured by regulatory efforts to lower gas prices).

Preferred Picks/Switch Ideas

- Preferred Sectors we would accumulate new positions are: Property (Bumi Serpong – Western Jakarta play, large landbank catering to middle income buyers), Telecommunications (Telekomunikasi Indonesia – improving smartphone penetration and data usage supported by a young population), Consumer (Indofood and Media Nusantara, which benefit from an improving domestic economy in 2H16) and Infrastructure (Jasa Marga – No. 1 toll road operator, long term beneficiary of infrastructure development in Indonesia).

- Risks to the current rally include weaker than expected global economy, faster than expected Federal Reserve interest rate hikes which may result in global liquidity volatility and disappointments in the domestic recovery and infrastructure spending pace (continues to be a focus in the 2017 budget, with 9% yoy expected growth).


Jul 27,2016 08:50:25
EARNINGS CALENDAR (Half Year 2016 - Estimated)

JULY 2016

Jul 25, 2016 :
$BBTN (Bank Tabungan Negara (Persero) Tbk PT)

Jul 26, 2016
$BDMN (Bank Danamon Indonesia Tbk PT)
$BMRI (Persero) Tbk PT Earnings Release - 4:00PM GMT+7

Jul 27, 2016
$AALI (Astra Agro Lestari Tbk PT)
$HMSP (Hanjaya Mandala Sampoerna Tbk PT)
$LPPF (Matahari Department Store Tbk PT)
$MPPA (Matahari Putra Prima Tbk PT)
$PTBA (Bukit Asam (Persero) Tbk PT)

Jul 28, 2016
$ASII (Astra International Tbk PT)
$BEST (Bekasi Fajar Industrial Estate Tbk PT)
$BJBR (PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk)
$DOID (Bloomberg)
$NCO (Vale Indonesia Tbk PT)
$JPFA (Bloomberg)
$PSAB (Bloomberg)
$SSMS (Bloomberg)
$SMGR (Semen Indonesia (Persero) Tbk PT)
$UNTR (United Tractors Tbk PT)
$UNVR (Unilever Indonesia Tbk PT)

Jul 29, 2016
$ASRI (Alam Sutera Realty Tbk PT)
$ADHI (Bloomberg)
$BSDE (Bumi Serpong Damai Tbk PT)
$BNGA (Bloomberg)
$BNLI (Bloomberg)
$BNII (Bloomberg)
$BKSL (Bloomberg)
$BHIT (Bloomberg)
$BISI (Bloomberg)
$CPIN (Bloomberg)
$CTRA (Ciputra Development Tbk PT)
$CTRP (Bloomberg)
$ELSA (Bloomberg)
$GIAA (Bloomberg)
$GJTL (Bloomberg)
$GGRM (Gudang Garam Tbk PT)
$NKP (Bloomberg)
$INTP (Indocement Tunggal Prakarsa Tbk PT)
$INDF (Indofood Sukses Makmur Tbk PT)
$ICBP (Indofood CBP Sukses Makmur Tbk PT)
$INDY (Bloomberg)
$KARW (Bloomberg)
$KAEF (Bloomberg)
$KIJA (Bloomberg)
$KLBF (Kalbe Farma Tbk PT)
$KRAS (Bloomberg)
$LPKR (Lippo Karawaci Tbk PT)
$LSIP (Perusahaan Perkebunan London Sumatra Indonesia Tbk PT)
$MAPI (Bloomberg)
$PWON (Bloomberg)
$PNBN, $PNLF, $PNIN (Bloomberg)
$PTPP (Bloomberg)
$RALS (Bloomberg)
$SMRA (Bloomberg)
$TBLA (Bloomberg)
$TLKM (Telekomunikasi Indonesia (Persero) Tbk PT)
$TOTL (Bloomberg)
$WSKT (Bloomberg)

Aug 1, 2016
$HRUM (Harum Energy Tbk PT)
$SSIA (Surya Semesta Internusa Tbk PT)

Aug 10, 2016
$ITMG (Indo Tambangraya Megah Tbk PT)

Aug 12, 2016
$EXCL (XL Axiata Tbk PT)

Aug 29, 2016
$ADRO (Adaro Energy Tbk PT)
$ANTM (Aneka Tambang (Persero) Tbk PT)
$BBRI (Bank Rakyat Indonesia (Persero) Tbk PT)
$ISAT (Indosat Tbk PT)
$PGAS (Perusahaan Gas Negara (Persero) Tbk PT)


Sep 13, 2016
$SMCB (Holcim Indonesia)

Jun 17,2016 08:55:39



Cum Dividend CTRA
•Dividend Tunai Rp 6 (22 Juni 2016)
•Dividend Saham 161 os : 1 ns (12 Juli 2016)

Cum Dividend CTRP
•Dividend Tunai Rp 4  (22 Juni 2016)
•Dividend Saham 101 os : 1 ns (12 Juli 2016)

Cum Dividend CTRS
•Dividend Tunai Rp 22 (22 Juni 2016)
•Dividend Saham 69 os : 1 ns (12 Juli 2016)

(Sumber : IDX, Perusahaan)

- BBRI : Setelah sempat tertunda dua kali, peluncuran BRIsat, satelit milik PT Bank Rakyat Indonesia (persero), kini memasuki tahap akhir atau roll out. Roket Ariane 5 yang membawa BRIsat dan Echostar XVIII milik perusahaan asal Amerika Serikat mulai dipasang di landasan peluncuran milik Arianespace di Kourou, Guyana Prancis, Kamis 16 Juni 2016. Manajemen BRI mengklaim BRIsat bisa menghemat beban operasi hingga 40 persen atau sekitar Rp 200 miliar. Selama ini, BRI menyewa satelit berkapasitas 23 transponder dari pihak lain dengan biaya Rp 500 miliar per tahun. (TEMPO)

- Bank Indonesia kembali melonggarkan kebijakan moneter dan makroprudensial untuk mendorong pertumbuhan ekonomi. Langkah ini diharapkan menggerakkan sektor perbankan, mendorong konsumsi masyarakat, dan meningkatkan pertumbuhan kredit. (KOMPAS)

- PT Bank Pundi Indonesia Tbk. melakukan penawaran umum terbatas (PUT) IV dengan menerbitka sebanyak-banyaknya 35,42 miliar lembar saham seri B dengan mekanisme hak memesan efek terlebih dahulu atau HMETD. Dalam PUT IV ini, pemegang saham utama, yakni PT Recapital Securities --pemilik 67,5% saham Bank Pundi--tidak akan mengambil seluruhnya haknya. Pasalnya, Recapital Securities telah menekan kesepakatan jual beli HMETD dengan PT Banten Global Development (BGD) pada 10 Juni 2016 lalu. (BISNIS INDONESIA)

Berita Lainnya
- SRTG : PT Saratoga Investama Sedaya Tbk dikabarkan akan menyuntikkan sejumlah dana segar ke perusahaan rintisan (startup) yang bermain di eCommerce. Tak tanggung-tanggung, kabarnya dana yang disiapkan sekitar Rp 1 triliun untuk investasi tahun ini. (INDO TELKO)


(OCBC, Disclaimer On)

Jun 07,2016 12:26:34

•PERTUMBUHAN EKONOMI : Pemerintah memberi sinyal penurunan asumsi laju produk domestik bruto dari usulan RAPBNP 2016 sebesar 5,3% menjadi 5,1%-5,2%. (BISNIS INDONESIA)

•REGULASI IMPOR PONSEL & KOMPUTER : Per 1 Juli, Importir Produsen Wajib Investasi
Mulai 1 Juli 2016, impor telepon seluler, komputer genggam (handheld), dan komputer tablet khususnya untuk perangkat yang berada dalam jaringan 4G LTE oleh importir produsen wajib menyertakan bukti investasi di dalam negeri. (BISNIS INDONESIA)

•INDUSTRI PAKAN TERNAK : Jagung Ditekan, Impor Gandum Melonjak, Pengetatan impor jagung berimbas pada meningkatnya impor gandum untuk pakan ternak. Penurunan impor jagung juga telah menyebabkan penyerapan komoditas itu dari petani lokal naik cukup signifikan. (BISNIS INDONESIA) Comment : good for BISI

•TAMBAHAN MODAL BUMN : PMN Cair, Rencana penerbitan saham baru oleh BUMN kembali mencuat setelah pemerintah mengusulkan Penyertaan Modal Negara (PMN) dalam Rancangan APBN Perubahan 2016 kepada DPR. (BISNIS INDONESIA)

•WTON : Perusahaan beton pracetak PT Wijaya Karya Beton Tbk. sudah mengantongi proyek infrastruktur HSR Jakarta-Bandung dan menggenggam total nilai kontrak baru hingga Rp1,3 triliun. (BISNIS INDONESIA)

•RI MASUK LIMA BESAR DUNIA - Ledakan Besar di Ritel : Lompatan peringkat Indonesia, dari 12 menjadi 5, dalam Global Retail Development Index (GRDI) 2016 kian mengonfirmasi terjadinya booming sektor ritel di Tanah Air. (BISNIS INDONESIA) Comment : Good For ACES, RANC

•STOK CPO MENURUN : Ramadan Kerek Harga CPO, Persediaan minyak kelapa sawit di Malaysia, sebagai produsen kedua terbesar di dunia, diprediksi menyusut ke level terendah dalam dua tahun terakhir. Harga pun berpeluang mencapai level 2.900 ringgit per ton pada bulan ini. (BISNIS INDONESIA) Good For LSIP, AALI

•TLKM : PT Telekomunikasi Indonesia Tbk mengaku sudah meraih pendapatan sekitar Rp 15 triliun dari segmen High End Market yang dikelola Enterprise Customer Facing Unit (CFU). (INDO TELKO)

•BBRI- BMRI : Bank BRI (Persero) Tbk dan Bank Mandiri (Persero) Tbk berkomitmen membiayai permodalan bagi distributor minyak pelumas buatan PT Pertamina Lubricants. (KOMPAS)

•BMRI : Bank Mandiri’s e-money solution provider PT Digital Artha Media (DAM) will sign partnership agreements with 13 e-commerce companies while Indonesian Agency for Creative Economy (BEKRAF) has joined hands with several venture capital firms to fund the 16 sub-sectors in the creative industry. (DEAL STREET ASIA)

•Harga Nickel Dan Timah
Tin 3M : 16945  +350  +2.11%
Nickel 3M : 8665  +165  +1.94%



Jun 04,2016 18:47:47
Bank Negara Indonesia : Key Takeaways From Bojonegoro Site Visit
Last weekend, BBNI took us with several foreign and local investors on a site visit to Bojonegoro, which had the highest GDP growth of 13.3% in the country last year. By leveraging its close connection with the local government, BBNI is able to tap into the medium-size enterprise and corporate loan segments in the region. We maintain our BUY call and GGM-derived TP of IDR6,200 (34% upside). The stock is currently trading at 1.0x 2016F P/BV (-1SD of its historical mean).

¨ Support from local government. Bojonegoro recorded 13.3% GDP growth in 2015, thanks to its abundant oil & gas reserves. Amid lower commodity prices, the local government has set the minimum wages for villages at only IDR1m (below the minimum wages of IDR1.3m for its city) to stimulate growth in surrounding villages and to attract more local and foreign investors in the non-commodity sector. The local government has also simplified the permit application process for investors under one roof in an effort to achieve more sustainable GDP growth going forward.

¨ More players in local banking landscape. Given its high GDP growth, more banks have opened branches in Bojonegoro. Apart from state-owned enterprise (SoE) banks and regional bank (Bank Jatim), these include private banks eg Bank Tabungan Pensiunan Nasional (BTPN), Panin (PNBN) and Bank Central Asia (BBCA)). This has led to increased competition in the area. Specifically, we think that Bank Negara Indonesia (BBNI) is well-positioned due to its strong relationship with the local Government and business owners.

¨ Leveraging its relationship. During our site visit, we met up with one of BBNI’s corporate borrowers – the biggest Wallet bird nest producer in the area. The company started out managing bird nests but has now expanded to the downstream business by producing bird nest bottled beverage using recycled water and by-products of its upstream bird nests. However, we think its downstream business is still at an early stage and would only be profitable in three years’ time at the earliest due to the small market for specialised (bird nest) bottled beverage. Moreover, with the estimated ASP of IDR35,000, its product is relatively expensive in the bottled beverage market given that most Indonesians prefer tea bottled beverage. The second BBNI borrower we visited was a local batik producer, who emphasised that her business is a side job to supplement her full-time employment as a junior high school teacher. This falls under BBNI’s small business segment due its <IDR5bn loan size. On the other hand, Bank Rakyat Indonesia (BBRI) caters more towards loan sizes of <IDR100m, while Bank Mandiri (BMRI) taps more into the national-scale corporate segment.

¨ Maintain BUY and GGM-derived TP of IDR6,200, which implies 1.3x 2016F P/BV. The stock is currently trading at 1x 2016F P/BV (-1SD of its historical mean). Key risks to our call are:
i. Government intervention risk;
ii. Lower-than-expected GDP growth that may worsen its assets quality. (Eka Savitri)


May 30,2016 13:41:00
Bank Rakyat Indonesia ($BBRI): Provisi yang meningkat di 4M16.

• Bank BRI ($BBRI) melaporkan beban provisi yang meningkat mencapai IDR5.6t, atau naik 49.7% dibandingkan kawartal I 2016 yang mencapai IDR3,65t.

• Beban provisi tersebut juga lebih cepat dibandingkan ekspektasi Rahmi Marina, analyst perbankan Maybank-KE, yang mencapai IDR9.7t di FY16. (sekitar 58% dari FY16 estimasi Maybank-KE).

• Rahmi memperkirakan NPL di segment Corporasi, Medium, dan SME, akan terus naik hingga kwartal III tahun ini, dan membawa NPL rasio mencapai 2.5% di kwartal III, dan akan kembali turun menjadi 2.3% di akhir tahun, melalui skema restrukturisasi dan Write-off.
May 25,2016 09:12:24
LTV properti dilonggarkan, Bank yang memiliki KPR besar:

Bank Indonesia mengkaji penghapusan larangan inden KPR rumah kedua. Selain itu, BI juga tengah mengkaji untuk melonggarkan ketentuan LTV bagi KPR. Pelonggaran ini akan berlaku bagi bank yang memiliki NPL dibawah 5%.

Berikut komposisi KPR terhadap total KPR:

BBTN   90%
BBCA   15%
BBNI   11%
BBRI   3%
BMRI   0,7%

Kebijakan pelonggaran LTV akan sangat dirasakan dampak positifnya bagi BBTN.
BBCA dan BBNI juga memiliki portfolio sekitar 11-15%, meski tidak besar, namun cukup mendorong pertumbuhan kreditnya.
Sementara BBRI dan BMRI tidak fokus pada bisnis KPR.


May 24,2016 22:02:40
Lending rates remain under scrutiny by government
Since the new government took office in November 2014, there has been increased focus on lowering lending rates to help boost  economic growth and improve Indonesia’s competitiveness vs. its neighbors. So far the Financial Services Authority (OJK) and Bank Indonesia have taken steps to ease borrowing conditions (see Exhibit 5). While average lending rates have begun to decline, overall lending rates/NIMs/ROAs remain higher than that of ASEAN peers.

Could it intervene further?
OJK has ruled out a formal cap on lending rates, but it has asked banks to propose how “single digit” lending rates could be achieved in 2016. So far, lower lending rates are already being targeted in three ways: (1) reducing deposit costs for lenders; (2) providing a lower-cost substitute, e.g. government subsidized lending; or (3) providing incentives for greater competition. Government officials have also discussed the potential for a further cut in the subsidized micro finance lending rate and a capping of SOE deposit rates to reduce system interest rates further.

Broader systemic risks a concern given structurally high rates
A broad-based reduction of industry lending rates could result in credit rationing as banks avoid riskier segments with higher credit risks, reduce lending in remote areas, and further shrink loan books of smaller banks with higher funding/operational costs.  Additionally, system liquidity risks are a concern given the already high LDR and slow deposit growth. Tax amnesty could boost to system liquidity, but falling deposit rates and policy uncertainty could dis-incentivize repatriation of offshore funds.

BDMN and BBRI most impacted; BBNI (CL-Buy) still attractive
We cut EPS for our coverage by up to 24% and adjust our target prices to reflect further cannibalization of high-margin lending into our forecasts and a slower recovery in credit costs. We downgrade BDMN to Sell given these headwinds and its larger earnings risk from single-digit lending rate pressures. Upside risk: Faster growth in SME lending; better funding costs. While BBNI could see downside 2017/2018 ROA of 1.8%-1.9 (vs. GSe of 2.0-2.1%) under single-digit lending rates, its valuation would still be attractive with a 2016E P/BV of 1.0X. At CL-Buy, BBNI remains our top pick.


May 11,2016 18:34:22
BRI dan Bank Mandiri Cari Dana Segar dari Pasar Modal

Harian Kontan memberitakan Dua bank pelat merah, yakni Bank Mandiri dan Bank Rakyat Indonesia (BRI) mematangkan penerbitan obligasi tahun ini. Bank Mandiri sudah menunjuk empat underwriter. Sementara BRI telah mengumumkan secara detail penerbitan obligasi berkelanjutan berkelanjutan tahap III tahun 2016.

Direktur Utama Bank Mandiri Kartika Wirjoatmodjo mengatakan, rencana total penerbitan obligasi bank berkode BMRI ini mencapai Rp 13 triliun hingga Rp 14 triliun. Pada tahun ini Bank Mandiri akan merilis obligasi senilai Rp 5 triliun–Rp 10 triliun. “Ini untuk kebutuhan alternatif pendanaan,”

Direktur Keuangan Bank Mandiri Pahala Mansury menambahkan, nantinya tenor penerbitan obligasi tersebut berkisar antara 5 tahun–10 tahun. Obligasi ini bakal terbit antara akhir semester I dan awal semester II.
Selanjutnya obligasi tersebut akan digunakan untuk kebutuhan likuiditas bank. Sebab, Bank Mandiri tengah memperlambat penghimpunan dana mahal dari deposito, demi menekan biaya dana atawa cost of fund.

Tiko menegaskan, selain penerbitan obligasi, pihaknya juga sedang menjajaki penerbitan beberapa instrumen lain sebagai alternatif yang berfungsi untuk lebih melaksanakan pendalaman pasar ke pasar uang. “Harapannya akan ada tambahan alternatif lain selain deposito,” ujar Tiko.
Tiko menjelaskan, beberapa alternatif instrumen kedepan yang akan dikaji beberapa diantaranya adalah MTN, NCD dan promosiory notes. Namun untuk instrumen terakhir yaitu promisory notes, kata Tiko, harus ada kejelasan aturan main dari regulator agar banyak bank yang bisa memanfaatkan alternatif pendanaan tersebut.

Sementara BRI berencana menerbitkan obligasi berkelanjutan tahap III 2016. Bank bersandi saham BBRI tersebut sudah mengumumkan secara resmi ke regulator.
Berdasarkan prospektus yang diterbitkan BRI, lewat obligasi berkelanjutan tahap III ini BRI akan menerbitkan obligasi sebanyak Rp 4,35 triliun. BRI sudah menunjuk empat sekuritas sebagai penjamin emisi yaitu Bahana Securities, Danareksa Sekuritas, Indo Premier Securities dan Standard Chartered Securities Indonesia.
Sebagai gambaran, penerbitan obligasi BRI seri III tahun 2016 ini merupakan bagian dari serangkaian penerbitan surat utang BRI, yang ditargetkan dirilis sebanyak-banyaknya Rp 12 triliun.


May 02,2016 15:43:03
Bank Rakyat Indonesia targets 3% growth in net profit

Bank Rakyat Indonesia (BBRI) targets its net profit to grow by 3% YoY for FY16. The bank stated that there are 3 main components that will affect its net profit this year, including overhead cost, cost of fund, and risk premium. The bank will focus on raising its funds from public and funding alternative aside from third-party funds. (Kompas)
Comment: Such management’s guidance is mainly inline with our forecast (+5.0% YoY net profit growth in our model) as we expect blended cost of funds would decline by 39bps to 3.48% this year on the back of lower time deposit (TD) rate with maximum TD rate of 75bps above policy rate (max 7.5%) guided by OJK for banks with core capital above IDR30trn. We also already anticipate lower asset yield to 11.22% with relatively stable micro lending proportion of c.33% of total loans portfolio by end-2016.

Apr 29,2016 09:49:34
Bank Rakyat Indonesia ($BBRI) – Inline result

Key highlights on 1Q16’s result:
¨ Net interest income were 24.5%/25.0% of our/consensus forecast as interest expenses down by 6.1% YoY.

¨ Net interest margin expanded by 51bps on YoY basis mostly supported by lower blended cost of 3.88% in 1Q16 (down by 62bps on YoY basis) as CASA proportion rose to 55.2% of customer deposits at March 2016 (March 2015: 51.4%).

¨ Gross NPL ratio thick up to 2.22% (March 2015: 2.17%) with lower proportion on special mention loans (SML) at 6.4% (March 2015: 7.13%) with higher credit cost of 250bps.

¨ Net income were 23.4%/23.5% of our/consensus forecast.
Apr 26,2016 13:52:39
Banking; Limited Impact from Change in BI Reference Rate

- BI will change the benchmark rate into 7-day reverse repo rate, effective 19 August 2016. While OJK has yet to decide their maximum rate, we believe there will not be any major change in rates and hence impact is neutral on banks. We maintain our Neutral rating on the sector on rising NPL and lower margin.

- New central bank benchmark rate. Bank Indonesia has just announced that they will change the reference rate from BI rate into 7-day reverse repo rate (RRR), effective 19 August 2016. This will bring down the benchmark rate closer to the overnight interbank rate of 4.8%, in line with the practice conducted by many other central banks. The 7-day RRR is currently at 5.50%, while the BI rate is at 6.75%, similar to the 12-month interbank rate.

- OJK needs to change their ceiling rates. All of the banks under BUKU 4 (main capital >Rp30tr) and BUKU 3 (main capital of Rp5-30tr) are required to set maximum rupiah time deposit rates of BI rate +75-100bps, or 7.50-7.75% pa. With the BI rate no longer available in the future, OJK needs to use the new benchmark, either the 7-day reverse repo or other rate. What we have to confirm is whether OJK will keep the same premium to set the maximum rates or change it (reduce or expand it). If they use the new reference rate and keep the same premium, banks will see their cost of funds decline substantially by 125bps. However, the central bank has been quoted saying that OJK will use the 12 month SBI (currently at 6.75%), similar to the current BI rate, as the base for the deposit rate cap, in which case there will be no change in rates.

- Implication to the banking industry. We believe the impact will be neutral to banks. While there is a chance that deposit rates will be lowered following the change of the reference rate, BI’s statement that OJK might still use the 12- month SBI rate should keep the rates in line with the movement of the benchmark rate. The LPS guaranteed deposit rate (for deposits <Rp2bn in a bank) for commercial banks is at 7.25%, while the maximum special rate set by OJK for large deposits is at 7.75%.

- Concerns over deposits shifting to bonds overstated. There has been a concern that some large deposits will be shifted into the bond market, in particular the government bonds, which provide 7.4% yield for 10-year tenor, as well as the corporate bonds with higher yield. However, the market size of the government bonds of Rp1,473tr is 82% of total rupiah time deposits and the size of the total bond market of Rp1,727tr is 96% to total rupiah time deposits. This makes little room for rupiah time deposits to switch into bonds given their similar size. What will happen in our opinion is the rising demand for bonds, increasing their value and lowering the yield towards the deposit rates. The government will still keep issuing new bonds, but this will not be enough to satisfy demand, hence depending on the OJK’s new rate cap on large deposits, we do not see significant shift in time deposits and concerns over liquidity problem is not warranted.

- Deposit structure – Based on LPS data, total banks’ third party funds were Rp4,402tr in Dec 15, of which 84% of them were rupiah deposits or Rp3,723tr. Of this amount, 49% (Rp1,812tr) were rupiah deposits with outstanding amount of >Rp2bn (11% or Rp411tr with deposits between Rp2-5bn and 38% or Rp1,402tr with deposits >Rp5bn). Hence the size of the large deposits of >Rp5bn is close to the government bond market as well.

- Expect rates to decline. We have factored in declining interest rates on both deposits and lending rates of around 75- 100bps pa in 2016-2017. Aside from the government’s pressure for banks to lower the rates, the lower inflation expectations should also support lower rates. Under the declining interest rate scenario, usually banks will see a temporary margin expansion as they lower the cost of funds a few months before lending rate adjustment. However, we expect a 20bps average margin reduction in the industry in 2016 and another 30bps in 2017, taking into account steeper reduction in lending rates, as anticipated by the authorities.

- Maintain Neutral on banking. At this juncture, we maintain our Neutral stance on the banking industry as we see risk of rising problem loans in the coming months plus lower margin. This should limit the industry's earnings growth, which we expect at 7% this year. We keep BBNI (TP Rp6,000) and BBTN (TP Rp2,100) as our sector top picks. The recent price weakness on BBRI (TP Rp12,000) makes its valuation attractive at this level however, we keep our Neutral call for now.

Apr 23,2016 00:30:03
Indonesia Bank NPL estimated to stand at 2.8%

Bank Indonesia estimated that the non performing loan (NPL) ratio for Indonesian banks stand at 2.7-2.8% in 1Q16. The central bank stated that the banking industry is still cautious in its credit disbursement amid the high credit risk this year. The central bank further stated that the credit demand is not as high and is still waiting for the lower benchmark rate to support its growth. Moreover, the NPL for mortgage (KPR) stood at 2.6% in 2M16 or 0.3% higher compared to 12M15. While mining sector NPL reached 4.67% or 0.55% higher than 12M15.

Apr 20,2016 09:38:58
Banks - Bumpy But Still Promising
We re-initiate coverage on Indonesia banks with an OVERWEIGHT. Higher government spending should translate into a 5.1% GDP growth pick-up and stronger loan growth of 14.3%. We forecast for earnings to grow a stronger 8.7% as credit costs stabilise at 161bps. Our Top Picks are BBCA (strong asset quality and least vulnerable to regulatory risks) and BBTN, as it would benefit most from the Government’s subsidised mortgage scheme.

¨ Reasonable valuations on higher GDP growth. According to our economists, 2016 would be a better year, supported by higher government spending in 2M16 to IDR5.4trn (+306% YoY) and a GDP growth pick-up to 5.1%. Yet with such potential, Indonesian banks under our coverage are trading at current P/BV multiple of 2.2x 2016F P/BV vs a historical mean of 2.9x and -2SD of 2.1x. We believe the multiple de-rating reflects the slide in ROAE to 17.6% for 2016F from c.25% in 2010 as loan growth slowed and credit costs spiked.

¨ Two sides of the knife. The Financial Services Authority (OJK) has introduced changes/revised guidelines to spur banks to lend more, but its renewed lower lending rates push has unnerved investors. We believe an immediate lending rate cuts to single digits directive is unlikely, as this has a detrimental impact on earnings. We expect it to take indirect measures that provide banks room to lower lending rates. March’s 125bps cut in maximum time deposit rates was the first move in this direction. We believe state-owned enterprise (SOE) banks would be most impacted, as the OJK would expect them to take the lead.

¨ Lower margins outlook. Lower caps for time deposit (TD) rates would mitigate the policy rate cuts (75bps YTD and another 25bps expected by end-2016), resulting in a moderate 7-12bps decline in net interest margins (NIMs). We expect Bank Negara Indonesia (BBNI) and Bank Tabungan Pensiunan Nasional (BTPN) to be most affected, while Bank Rakyat Indonesia (BBRI) and Bank Tabungan Negara (BBTN) are expected to see some uptick in NIMs.

¨ Smoother assets quality ride. Stronger economic growth and lower interest rates, we believe, would ease pressure on asset quality in 2016. We expect non-performing loans (NPLs) to trend higher in 1H16 and peak in 2Q16. Among banks under our coverage, we believe Bank Mandiri (given its loan portfolio size) would need a longer time to improve asset quality. We expect sector gross NPL ratio to edge down to 2% by Dec 2016 (Dec 2015: 2.1%) with stable 161bps credit costs and improvements in loan loss coverage to 155.2% by end-2016.

¨ Wholesale funding as additional liquidity source. As the system loan-to-deposit ratio (LDR) touched 90.9% in January, banks are likely to tap the wholesale market for funding, given more affordable benchmark rates and longer maturity profiles. Negotiable certificates of deposits, bonds and medium-term notes are the preferred wholesale instruments of the three big SOE banks.

¨ Bank Central Asia (BBCA) and BBTN are our Top Picks. Given regulatory risks and asset quality concerns, BBCA is our Top Pick for big-cap banks. Its premium valuation (3.0x 2016F P/BV vs peers’ 1.8x average) is justified as its NIMs are least vulnerable to government intervention risks while assets quality is superior vis-à-vis peers. BBTN is our small-cap Top Pick as we anticipate ROAE expansion and asset quality improvements in the next two years.

Apr 18,2016 12:18:33
Bunga Acuan Berubah, Saham Bank Layak Diburu

Koran Tempo memberitakan Harga saham perbankan turun tajam akibat kebijakan Bank Indonesia, yang mengubah suku bunga acuan (BI Rate) menjadi 7-Day (Reverse) Repo Rate (suku bunga acuan repo tujuh harian). Pengamat dari PT NH Korindo Securities Indonesia, Reza Priyambada, mengatakan penurunan tersebut justru menjadi momentum bagi investor untuk memborong saham bank. "Saat ini justru kesempatan buat beli saham bank mumpung lagi diskon besar,"

Menurut Reza, penurunan harga saham bank sepanjang pekan lalu terjadi akibat salah persepsi soal kebijakan BI tersebut. BI sedianya ingin memperkuat kerangka kebijakan moneter serta membuat spread (selisih) antara BI Rate dan suku bunga acuan negara lain tidak terlalu jauh. Sebagian investor dan analis melihat kebijakan ini bisa menurunkan potensi pendapatan bunga bank

Akhir pekan lalu, BI mengumumkan perubahan acuan BI Rate menjadi 7-Day Repo Rate. BI memindahkan titik acuan kebijakan dari BI Rate, yang berjangka tenor 12 bulan, ke tenor lebih pendek, yakni tujuh hari. Saat ini, BI Rate sebesar 6,75 persen, sedangkan BI 7-day Repo Rate sebesar 5,5 persen (setara dengan suku bunga operasi moneter tujuh hari).

Sebelum kebijakan ini diumumkan, sepanjang pekan lalu, harga saham bank-bank besar anjlok. Saham PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), misalnya, dalam penutupan pada pekan lalu, anjlok menjadi Rp 10.050 per saham, atau tersungkur 7 persen dibanding pada pekan sebelumnya (Rp 10.800 per saham). Adapun harga saham PT Bank Mandiri (Persero) Tbk (BMRI) anjlok 6 persen menjadi Rp 9.250 per saham. Sementara itu, harga saham PT Bank Negara Indonesia (Persero) Tbk (BBNI) jeblok 7 persen menjadi Rp 4.840 per saham.

Namun harga saham PT Bank Central Asia Tbk (BBCA) sedikit menguat menjadi Rp 13.100 per saham ketimbang saat penutupan pekan sebelumnya (Rp 13.075 per saham). Menurut Reza, anjloknya harga saham ini juga terjadi lantaran beberapa analis dan lembaga riset menurunkan peringkat bank itu di antara saham beberapa bank besar di Indonesia.
Ekonom dari Universitas Indonesia, Lana Soelistianingsih menilai kebijakan BI yang mengubah acuan dari BI Rate menjadi 7-day Repo Rate merupakan langkah yang tepat saat ini. Kebijakan ini akan berdampak pada penurunan biaya operasi perbankan. Dengan begitu, bank bisa menurunkan bunga kreditnya. Dari sisi momentum sangat pas karena menjelang Lebaran dan tahun ajaran baru sekolah, ujarnya.

Apr 05,2016 15:30:37
Banking: 2M16 Results Wrap – Continuing Provisioning

- Banks have not shown significant earnings improvement in 2M16, with average net profit growth of 6% y-y, accounting for 14% of consensus expectations. Meanwhile, average NIM remained stable at 6.6% with loan growth of 11% y-y (vs. industry loans of 8%) and provisioning increased 60% y-y. Maintain Neutral.

- 6% y-y average earnings growth - banks have not shown any significant earnings improvement in the first two months of the year with average net earnings growth of 6% y-y. The results were still within expectations, accounting for 14% of average consensus’ full year forecast. Despite 16% y-y growth in operating income (net interest income plus non-interest income), banks have been increasing provisioning charges, which rose 60% y-y, as an anticipation for higher problem loans ahead. This, in addition to growing operating expenses, limited earnings growth. Among the larger banks, BBCA posted the highest earnings growth of 18% y-y, while among the smaller banks, BBTN, BJBR, and BJTM excelled with 19% y-y growth rate. Meanwhile BTPN and BDMN suffered 20% and 17% y-y earnings decline respectively due to competition in the micro lending.

- Loan and deposit growth. Due to cyclicality, most banks recorded negative or slow loan m-m growth in February, with average growth rate of 11% y-y, higher than the indicated industry loan growth of 8% y-y. Some banks reported high loan growth, such as BBNI due to government projects and BBTN on subsidized housing loans. Deposit growth was also weak, averaging 7% y-y, similar to the industry level, with CASA deposit growth overtaking time deposit growth at 12% vs. 1% yy. This is partly due to increasing government funds transferred as well as the crowding out effect on the government’s bond issuance and the regulation that requires pension funds to place some portion of their funds in government papers.

- Stable net interest margin for now – average NIM remained high at 6.6% in 2M16, up from 6.2% in 2M15 thanks to steeper reduction in cost of funds than in asset yield (60bps vs. 10bps). Banks have been cutting their time deposit rates on the back of weaker loan demand and are still taking the advantage before they start lowering the lending rates.

- Rising provisioning charges – the industry data shows the NPL level increased to 2.7% in January from 2.5% in December 2015 and we believe banks are experiencing the same pattern in February. This prompted banks to increase their provisioning charges, which rose 60% y-y. NPL is still expected to rise in the coming months, in particular from the retail commercial segment, and in terms of industry NPL comes mainly from mining related businesses. BBCA recorded the highest increase in provisioning charges at 429% y-y amid from the low base. PNBN came second with +262% y-y, while BJBR and BJTM bucked the trend with -62% and -39% y-y, as they have seen asset improvement. Provisioning level is now at 3.3% of total loans.

- Industry outlook and recommendation - We are still expecting rising problem loans in the coming months as a delayed effect from weak economic growth last year. Hence banks are still forecast to beef up their provisioning. We still rate Neutral on the sector, which is trading at 1.9x P/BV for 2016, with top picks on BBNI (TP Rp6,000) and BBTN (TP Rp2,100).

Apr 02,2016 11:47:04
Indonesia Banks: 4Q15 Results Round-Up

Earnings growth: our 10 banks +8.1% y-y; industry: -1.5% y-y
All 10 banks under our coverage have reported 4Q15 net earnings, booking 8.1% y-y growth, vis-à-vis the industry average of a 1.5% y-y decline. On a quarterly basis, the 10 banks reported 3.3% q-q growth while the industry average contracted by 3.3% q-q, mainly due to the limited advantages of a lower blended cost of funding. The industry NIM reached 5.4% (+10bps q-q) in 4Q15 compared to 30bps higher q-q for our 10 listed banks. Only 4 of the 10 banks displayed lower NIMs: $BBRI (-20bps q-q), $BBNI (-20bps), $BJTM (-60bps) and $BBKP (-30bps). The better-than-expected 4Q15 earnings were supported by lower provisioning (-9.4% q-q) on improved loan quality, as most banks restructured their debt, benefiting from the OJK relaxation policy in pursuing NPLs based on debtor abilities to serve their loans while ignoring financial stability and the industry outlook.

Loan growth: 10.4% y-y vs 11.4% y-y on lower GDP
Sector 4Q15 loan growth was 2.5% q-q, bringing full-year 2015 loan growth to 10.4%, vis-à-vis 11.4% y-y growth in 2014, in line with the deceleration in GDP growth to 4.8% in 2015 from 5.0% in 2014. Our 10 listed banks’ loan growth of 12.6% was above the industry average, except for $BDMN and $BJTM. $BBTN posted the highest growth, at nearly 20% y-y, benefiting from continued strong demand from the low-end market segment, including government subsidized mortgages. Corporate loans were the main contributor, while consumer loans (9.1% y-y) moved at a slower pace due to slow mortgage demand. This brought the proportion of consumer loans to total loans to 27.1% (-30bps y-y). However, deposits contracted 1.1% q-q, bringing full-year 2015 growth to only 7.3% y-y. As a result, LDR increased to 92.5% from 89.9% a year earlier.

Seeking normalization under new low-lending rate regime
In 2016, we assume loan growth of 12.7% y-y on increased investment in infra-related projects, with the government having recently encouraged banks to set lending rates at single-digit levels. This, however, may create challenges given Indonesia’s geography, high inflation, limited fee-based income and low employee productivity. On monetary policy, lower lending rates may only be achieved once the benchmark rate reaches 6.25% (currently: 6.75%, or -125bps y-y), setting the ceiling on SOE deposit rates and eliminating current deposit rate spreads from 200bps and 225bps for bank categories IV and III, respectively, to 75bps and 100bps. On macroprudential policy, OJK should lower both the minimum primary (currently: 6.50% from 8.00% previously) and secondary (currently: 4.00%) reserve requirements, increasing LFR and lowering RWA. We believe this move may lower bank NIMs by 40-50bps (vs our previous estimate of 30-40bps) for the 10 banks we cover, but the overall industry may be worst off (exhibit 31). Based on this, combined with continued high provisioning, we forecast overall 2016 net earnings growth of around 6.3% y-y, helped by improved operating efficiencies and increased fee-based income.
Feb 24,2016 11:01:14
Sell Signal Yesterday $BBRI

Feb 22,2016 15:43:47
Indonesian Banks

Rate cut and its repercussions
• Rate cuts announced; accommodative monetary policy aimed at boosting loan growth
• Short-term positive but repercussions of further regulatory action may be negative to banks
• Keeping our cautious stance; $BBCA and $BDMN remain our picks

What’s New
Rate cut announced. BI announced a reference rate (BI rate) cut of 25bps to 7.0%. In addition, BI also lowered the Rupiah reserve requirement by 100bps to 6.5% (effective March 2016). In line with this, deposit and lending facility rates were cut by 25bps to 5% and 7.5% respectively.

Impact and view:
Short-term positive… While this is positive in the short term for the banks, as banks tend to be able to reprice deposits faster than loans, there would be some ups deposits faster than loans ide potential to NIM, particularly for banks with a deposit mix skewed towards a higher time deposit composition (eg. $BDMN, $BBTN, $BTPN). The lower rates would also be positive to multi-finance companies from a funding cost perspective.

…but we are still keeping our cautious stance on the Indonesian banks because:

1) Concerns on asset quality Concerns on asset quality Concerns on asset quality are not over yet although our base case assumes stability in 2H16

2) OJK and BI have formed an ad hoc team to push down lending rates to below 10% below 10% and the team is expected to meet this task by end 2016. Among the possible approaches to this is a new OJK regulation to cap NIM at 4% with the aim to improve efficiency and competitiveness.

Should the NIM cap regulation be implemented this will be negative to banks as this would limit to a large extent, topline growth. Even if loan growth were to be boosted to 14% as intended by BI/OJK, it would be insufficient to maintain growth momentum for the net interest income line.

There have been noises in the past to lower lending rates for loans and also to impose a cap on NIM but none of these have so far materialised.

There were however two instances which the goverment had intervened to force down loan yields:
1) the KUR loan yield cap to 19% (2016: 9% chargeable rate to borrowers + government interest subsidy of 10%) - this affected $BBRI
2) lower loan yield for subsidised mortgage to 5% (from 7.5% previously) despite being partially subsidised by the Subsidized Mortgage Liquidity Facility Scheme/Fasilitas Likuiditas Pembiayaan Perumahan (FLPP) scheme - this affected $BBTN

Stock picks:
As we retain our cautious stance on the sector, our top picks remain $BBCA and $BDMN. Our pick on $BBCA lies on its defensiveness and strong financial indicators especially with respect to asset quality. $BDMN remains our pick for a turnaround story. Key risk to $BDMN however would be its inability to retain its high NIM (>8%) should the NIM cap be strictly implemented. This would mean $BDMN would have to significantly ramp up its strategy to lower funding costs quicker than planned.

Should the NIM cap be implemented, it would be negative to the SOE banks SOE banks SOE banks namely, $BMRI, $BBNI and $BBRI, as we are of the view that the government may impose these punitive recommendations on them before rolling it out to the entire sector.
Feb 10,2016 11:00:55
Strong Resistance (11,875)

Feb 05,2016 09:05:30
BBRI : Kinerja di atas Ekspektasi
BELI, Target Harga: Rp13.000

BBRI membukukan laba bersih Rp25,4 tn di 2015, lebih tinggi dibanding estimasi konsensus Bloomberg sebesar Rp24,4 triliun. Kredit tumbuh 14%, lebih tinggi dibanding industri sebesar 10% per November 2015. Rasio kredit macet atau NPL membaik menjadi 2,02% dari sebelumnya 2,24% di September 2015.

Kami mengekspektasikan tahun 2016 akan lebih baik seiring kredit mikro yang tetap akan menjadi sumber pertumbuhan utama, hal ini didukung dari ekspektasi membaiknya daya beli masyarakat, suku bunga yang sudah mulai menurun, serta program pemerintah untuk Kredit Usaha Rakyat atau KUR dengan bunga 9%.

Oleh karena itu, kami mempertahankan rekomendasi BELI dengan target harga Rp13.000, mengimplikasikan target PBV 2016 sebesar 2,3x.

Feb 05,2016 08:50:11
BBRI: Micro Help for Earnings

EPS growth from micro segment
FY15 net profit of IDR25.4t (+5% YoY) is in line with our FY15F. Corporate
NPLs increased and are likely to remain a main risk in 2016. But as with
last year, we believe this could be compensated by strong micro-loan
growth, providing stock catalysts. BBRI remains our top banking BUY with
GGM TP still at IDR13,000

FY15 in line
BBRI managed to keep its NIM above 8% on the back of: 1) a 17% YoY loan
increase in micro-loans; 2) a 5ppt increase in its CASA portion to 59%;
and 3) a 60bp cut in term-deposit rates since 1Q15 to 8.5%. NPLs fell
further from their 2Q15 peak of 2.3% to 2%, accompanied by a 221bp
drop in SML to 4.8%. This was made possible by the restructuring of
IDR20t loans in FY15, which minimised provisioning in 4Q15 and kept NPL
coverage at 150%. The result was a IDR25.4t (+5% YoY) net profit for FY15
or IDR24.7t if we strip out IDR700b of other operating income arising
from accounting adjustments. This is still in line with our IDR24.7t

Corporate NPLs the main risk, but BBRI has buffer
Corporate NPLs - excluding SOEs - spiked 3ppts to 4.8% by end-2015,
mostly from property and commodity businesses. We see this as the main
threat, not just to BBRI but also other banks serving corporates. While
we think corporate asset quality could deteriorate further, such loans
only make up 13% of BBRI’s portfolio. As such, its total NPLs might only
inch up to 2.2% by end-2016 from 2%, in our estimation.

Maintain BUY; TP at IDR13,000
We believe strong micro growth will prop up BBRI’s NIM and keep its NPLs
lower than the sector. It remains our top BUY with our GGM TP still at
IDR13,000 (12.4x FY16F P/E, 2.4x P/BV) for an attractive 21% ROE for

Feb 02,2016 23:25:39
A closer look at big banks’ unaudited FY15

Indonesia’s big banks have released their unaudited FY15 financial
results. Net profits are in line with our estimates and we expect no
negative surprises in NPL that might cause coverage ratios to drop
significantly upon the official FY15 announcement. Among the big
players, $BBRI remains our Top BUY for its attractive ROE.

$BBRI: Top BUY, TP at IDR13,000
$BBRI booked a IDR25t net profit (+7% YoY), in line with our IDR24.7t
forecast. Loans grew 13% YoY on strong expansion in the high-NIM micro
business. We expect NIM to remain close to 8% in 2016 on higher KUR
volume. $BBRI’s excellent risk control in the segment should allow the
bank to keep provisioning expense to a minimum while maintaining a
sufficient coverage ratio.

$BBCA: BUY, TP at IDR16,000
Net profit was IDR17.3t (+5% YoY), in line with our IDR18.2t forecast.
Loans grew 12% YoY and the bank had previously indicated that NPL
might tick up to as high as 1% by YE15. But even at this rate, $BBCA’s NPL
remains much below the industry’s average, and its rising provision
should ensure high coverage ratio. We maintain $BBCA as one of our top
BUYs in the sector for its stable earnings and asset quality.

$BMRI: HOLD, TP at IDR8,200
$BMRI’s net profit stood at IDR20t (+1% YoY), in line with our IDR19.8t
forecast. Nonetheless, we remain cautious on its 2016 outlook
considering $BMRI’s bigger exposure to corporate and SME business
compared to its peers and the fact that these segments are more
vulnerable to the recent slowdown in the economy. NPL is likely to
continue on an uptrend despite the bank’s aggressive loan restructuring
strategy in 2015.
Feb 02,2016 13:44:58
$BBRI Unaudited FY15 | Net profit: IDR 25,02 tn (+3,4% YoY) | Loan: IDR 558,29 tn (+12,83% yoy) ********* FITCH AFFIRMS SOECHI LINES AT 'B+'/STABLE Fitch Ratings-Singapore/Jakarta-01 February 2016: Fitch Ratings has affirmed Indonesia-based PT Soechi Lines Tbk's (Soechi) Long-Term Foreign-Currency Issuer Default Rating of 'B+' with a Stable Outlook. SEE MORE
Jan 14,2016 09:39:41
BBRI: Growing micro business

Lower lending rates to attract higher demand
The Indonesian government is keeping its promise of providing affordable
productive loans by cutting interest rates on “Kredit Usaha Rakyat”
(KUR) to 9% in 2016. To a limited extent, we expect the new KUR to
cannibalize banks’ non-subsidized lending products, including the micro
credit offered by BBRI at 16-28% interest rates. However, margin
pressure in BBRI should be offset by its rising KUR volume, which could
also act as a source of low-cost deposits for the bank. Maintain BBRI as
our Top BUY with TP of IDR13,000 (12.4x FY16 P/E, 2.4x P/BV).
Lower KUR rate to help spur demand
Government is ready to unleash IDR10t in interest rates subsidy on KUR
for 2016 as part of its effort to boost Indonesia’s flagging economic
growth. The subsidy is nearly seven times what was spent in 2015. This in
turn will allow for 3ppt cheaper lending rates this year and is expected
to generate higher demand especially from the micro business people.
The total loan disbursement target is IDR100t vs. IDR23t achieved last
Non-subsidized loans might start to weaken
In 2015 we did not see any cannibalization in BBRI’s nonsubsidized micro
lending despite the 7ppt KUR rate cut. But things could be different this
time around as the interest rate gap becomes very wide. The shift,
however, will be limited by the strict requirement in KUR and to the
amount of loans available for disbursement.
Margin to remain strong on higher volume
Being the major player in the micro business, BBRI is set to cover 67% of
the 2016 KUR target. So despite the possibly slowing demand for its
higher yield products, we expect NIM to remain close to 8% vs. sector
average of 5.3%. Furthermore, the bank’s excellent risk control in the
segment should allow BBRI to keep provisioning to a minimum and
translate its superior NIM to an attractive 21% ROE.
Oct 12,2015 00:07:41
wow BBRI pesat memaik.
Jul 24,2015 10:09:05
Jul 23,2015 14:01:23
Jun 16,2015 09:47:23
BBRI BOW. CUT LOSS below 10,000
Jun 09,2015 17:35:01
BBRI BUY dekat angka 10,000 (Support). CUT LOSS di bawah 10,000

Jun 05,2015 00:51:44

New tax issue for banking sector?

A letter from the tax office stating that loan write-offs on customers without tax ID (NPWP) is non-tax-deductible raise a concern on how this might affect banks’ earnings. This and weak 2Q15 earnings expectation has put banks’ shares under selling pressure.

We cross check with several banks on the tax-related issue, and we conclude that the risk to earnings should be limited. This is because small debtors are exempted from this write-off policy, and based on tax office definition these are loans below IDR30m. Banks are already in compliance with BI regulation which requires tax ID for loans of IDR50m and above. So between tax office and BI’s policy, the potential non-tax-deductible issue might only arise for loans size between IDR30-50m. According to our channel check, loans in this category covers less than 10% of total portfolio. Also note that banks can still use government regulation PP No.130/2000 that define small debtors as those with loans below IDR350m.

Right now some banks are facing ongoing dispute with the tax office:
·BBTN: IDR36b tax dispute on written-off loans from 2010. BBTN just won the appeal last week.

·BBRI: IDR1.5t tax dispute on written-off loans from 2010. The amount has been fully paid and BBRI is currently waiting for the decision on their appeal.

·BMRI: IDR 1.3t tax dispute on written-off loans from 2010 and IDR1.1t tax dispute on tax discount based on shareholder composition. The amount has been fully paid.

·BBNI: IDR1.6t tax dispute on written-off loans from 2010 (half paid) and IDR620b tax dispute on tax discount based on shareholders composition (fully paid).

*Note that the 2010 case will not affect banks’ earnings.

Jun 03,2015 15:05:38
BBRI masuk area Support.... Seperti nya ada peluang untuk rebound beberapa hari kedepan. Masukan ke Watch List

May 31,2015 12:41:23
Indonesia Top 10 companies by market cap


May 29,2015 14:24:02
pada turun harga saham
May 21,2015 21:11:27
Our top picks: 5 mass consumption, 3 infrastructure related, 1 bank, and 1 industrial property. Top picks in Indonesia (in alphabetical order) 1 ADHI Adhi Karya 2 BBRI Bank Rakyat Indonesia 3 BEST Bekasi Fajar 4 GGRM Gudang Garam 5 INDF Indofood Sukses 6 JSMR Jasa Marga 7 KLBF Kalbe Farma 8 PTPP Pemb Perumahan 9 TLKM Telkom Indonesia 10 TELE Tiphone Mobile Indo Source: Maybank Kim Eng
May 11,2015 12:38:15
May 04,2015 16:52:06
musiman nih
May 01,2015 11:58:07
Posisi sekarang ada di support kecil. Belum ada posisi kuat untuk BELI BBRI
Apr 13,2015 11:27:34
Apr 11,2015 12:05:46
BESOK liatin itungan sentimen yah.. dulu kayaknya udah bener..tapi sekarang jadi salah yah... $BBRI $ANTM
Apr 10,2015 22:18:21
itungan bull dan BEAR nya salah nih pasti.. karena baru satu bull tapi di sentiment cuman 1%. Harusnya kan 100% $BBRI $ICBP
Apr 10,2015 22:17:52
itungan bull dan BEAR nya salah nih pasti.. karena baru satu bull tapi di sentiment cuman 1%. Harusnya kan 100% $BBRI
Apr 10,2015 21:14:33
Test BEAR hari ini yah :)
Apr 09,2015 19:11:47
Hitungan BULL BEAR Seperti nya ada yang salah lagi.. Kebanyakan BULL tapi kok BEAR lebih besar ya??? untuk BBRI contoh nya
Apr 09,2015 19:10:39
$BBRI bank paling menarik di banding dengan $BBCA, $BMRI, BBNI
Apr 08,2015 22:13:20
BBRI target akhir tahun 17000
Apr 08,2015 11:21:37
jam segini belum naik naik juga BBRI
Apr 08,2015 09:29:20
BBRI turun
Apr 08,2015 09:24:06
saham talk
Apr 08,2015 02:21:12
BBRI akan naik lagi
Apr 07,2015 23:38:09
BBRI target terdekat di 15,000
Apr 07,2015 22:31:38
Kemaren beli BBRI di 12700
Apr 07,2015 15:30:03
BBRI saat ini
Apr 07,2015 15:25:25
BBRI dan bbca naik terus
Quotes delayed, except where indicated otherwise.
15,700.00 100.00 (0.64%)
Bank Rakyat Indonesia (Persero)
Last Update 02:54:10