BNLI Bank Permata Tbk

30 Jul 2020 09:35 (5 bulan 27 hari lalu) - Astra International (ASII IJ)   Gains from the divestment of BNLI saved the day    Astra International (ASII) reported net profits (excluding gains on divestment of BNLI) of IDR5.5tn (-43.9% yoy) in 1H20 as the Covid-19 pandemic resulted in softer earnings in 2Q20 of only IDR687bn (-85.7% qoq, -85.0% yoy). Including gains on the divestment of BNLI, the net profits rose by 16.1% yoy to IDR11.4tn in 1H20. Excluding the gains, the result is below expectations (37%), but including the gains, the result is above expectations (76%). Maintain BUY with a TP of IDR5,600 (based on SOTP valuation).   1H20: Lower profits from automotive, financial se ...

19 Jun 2020 10:20 (7 bulan lalu) - Astra International   On the path to recovery   At recent meetings, Astra International (ASII) indicated a recovery in car sales volume in June 2020 with a gradual improvement expected in 2H20. The loosening of social distancing restrictions (PSBB) in early June 2020 paved the way for resumption in manufacturing activities and the reopening of Toyota and Daihatsu car showrooms. Maintain BUY with a TP of IDR5,600 (based on SOTP valuation) as the stock is still trading at an undemanding valuation at -2SD.   Expect a gradual increase in car sales volume in 2H20.  With the loosening of PSBB in June 2020, both Toyota and Daihatsu have resumed th ...

26 May 2020 09:53 (8 bulan lalu) - FROM EQUITY RESEARCH   Indofood CBP Sukses Makmur: A big step forward (ICBP IJ. IDR 9,600 BUY TP. IDR 11,600) ICBP plans to acquire Pinehill Company Limited (PC) for IDR44.4tn, mostly funded by debt, subject to the approval of the EGMS & compliance with certain conditions following the transaction. We see the positives as being significantly higher sales volume (adding 7.6bn packs to Indonesia’s 14bn packs) and additional NPAT of IDR1.9tn. On the flip side, the negatives are additional debt and a shift towards a net debt position. This affiliated transaction may also create headwinds for the share price performance. To see the full version ...

22 Apr 2020 10:02 (9 bulan lalu) - FROM EQUITY RESEARCH   Bank Mandiri: Still growing (BMRI IJ. IDR 4,350 BUY TP. IDR 6,500) We maintain our BUY call on BMRI with a lower GGM-derived TP of IDR6,500 (implying 1.6x 2020F P/BV) on the back of 2020 lower estimated loans growth of 4.8% yoy from previously 9.2% yoy. The NIM itself is expected to dip to 4.9% this year due to potentially restructured loans arising from the impact of the COVID-19 outbreak. Assuming a 0.8% decline in FY20F’s net profits, ROAE should reach 13.8% this year. To see the full version of this report, pleaseclick here   HM Sampoerna: 1Q20 volume: -7.6% yoy  (HMSP IJ. IDR 1,570 BUY TP. IDR 1,700) HMSP’s 1Q20 ...

10 Feb 2020 22:51 (11 bulan lalu) - Ipotnews- Penelusuran Tim Riset Indo Premier mengindikasikan bahwa nilai buku yang akan digunakan untuk akuisisi PT Bank Permata (BNLI ) akan memperhitungkan tambahan provisi yang disyaratkan dalam Standar Pelaporan Keuangan Internasional ( IFRS 9). "Dampak IFRS 9 indikatif adalah Rp1 triliun, yang dapat menurunkan harga pengambilalihan sebesar Rp64 per lembar saham, meskipun ini bisa diimbangi dengan laba yang dibukukan pada kuartal IV 2019 hingga September 2020 (4Q19-9M20)," ungkap analis Indo Premier, Timothy Henderson, Senin (10/2). Bahkan dalam skenario terburuk (tambahan provisi Rp2 triliun), menurutnya dampaknya akan tetap dapat dikel ...

10 Feb 2020 17:31 (11 bulan lalu) - Company Update / ASII IJ / Click here for full PDF version Author(s): Timothy Handerson - Our channel check suggests the book value that will be used for BNLI 's acquisition will take into account the additional provisions from IFRS 9. - Indicative IFRS 9 impact is Rp1tr, which may lower takeover price by Rp64/sh, though this could be offset by profit booked in 4Q19-9M20. - Even under the worst case scenario (Rp2tr additional provision), we think the impact remains manageable. Maintain Buy. Concerns on impact of IFRS 9 to BNLI 's takeover price... Bank Permata (BNLI ) and Bangkok Bank (BBL) have previously guided an indicative acquisition ...

13 Dec 2019 14:00 (1 tahun 1 bulan lalu) - - ASII announced today that it has entered to a CSPA to sell its 44.6% stake in BNLI to Bangkok Bank at Rp1,498/share. - This implies a valuation of 1.8x 3Q19 P/BV, a lucrative deal vs. peers (BDMN was at 2x P/BV despite higher ROE of 10% vs. BNLI 's 6%). - We raise our FY20-21 EPS forecast by 9% to account for the impact of the divestment. Maintain Buy with a slightly higher TP of Rp8,200/sh. Link to full report . Today's highlights PremierInsight / Click here for full PDF version . BBTN asks for a higher FLPP budget of Rp20tr in 2020 The management indicates that it plans to ask the government to increase the FLPP budget in 2020 from Rp11 ...

13 Dec 2019 13:53 (1 tahun 1 bulan lalu) - - ASII: BNLI 's sale is a boon to earnings; positive for ASII (BUY TP Rp8,200) - TOWR: cum dividend date is today - BBTN asks for higher FLPP to Rp20tn in 2020 . ASII : BNLI 's sale is a boon to earnings Download complete report . The transaction: - ASII entered into a conditional share purchase agreement ( CSPA ) to sell their 44.6% stake in Bank Permata (BNLI) to Bangkok Bank at Rp1,498/share. Standard Chartered will also be selling its 44.6% stake in the transaction. - Total transaction worth Rp37tn for the entire 89.1% stake. - Transaction is expected to be finalized in late 2020 after attaining approval from both countries' ...

13 Dec 2019 10:57 (1 tahun 1 bulan lalu) - FROM EQUITY RESEARCH   November Outlook: Picking Up The LEI for Indonesia’s major partners declined in Septermber to reach 1.5% mom from 0.2% mom in August. At the same time, the manufacturing PMI of several Indonesia’s trading partners (except for the US and China) improved, despite remaining below the level of 50. On the consumer side, the headline inflation is still manageable at 0.14% mom in November’s consumer prices from 0.02% mom in October. Against this backdrop, we expect Indonesia’s exports to reach USD14.8bn in November 2019, with imports reaching USD14.9bn, translating trade deficit to USD46.2mn in November 2019. To see the fu ...

12 Dec 2019 22:41 (1 tahun 1 bulan lalu) - Company Update / ASII IJ / Click here for full PDF version Author: Timothy Handerson - ASII announced today that it has entered to a CSPA to sell its 44.6% stake in BNLI to Bangkok Bank at Rp1,498/share. - This implies a valuation of 1.8x 3Q19 P/BV, a lucrative deal vs. peers (BDMN was at 2x P/BV despite higher ROE of 10% vs. BNLI 's 6%). - We raise our FY20-21 EPS forecast by 9% to account for the impact of the divestment. Maintain Buy with a slightly higher TP of Rp8,200/sh. ASII to sell its stake on BNLI to Bangkok Bank ASII announced today that it has entered into a conditional share purchase agreement ( CSPA ) to sell their 44.6% st ...