Laporan Keuangan Aneka Bank, Rabu 17 April 2013

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Bank Tabungan Negara (BTN) will release 1Q13 result on 18 April 2013 (after Danamon). The subdued earnings seen in its January data is likely to be reflected in the 1Q13 result, with NPL still at YE12 position of 4.09%.

Banks that also showed a slow start in YoY earnings formation are Bank Negara Indonesia (BBNI.IJ), Bank Danamon (BDMN.IJ), and Bank BJB (BJBR.IJ).

Ticker : BBCA.IJ
YTD 2013 : 16.48%
Current Price (IDR/share) : 10,600
Issues : topline growth in 2013
Jan'13 profit annualized : 12,097
KE FY13 estimate : 13,360
TP (IDR/share) : 10,000
2013F PER (x) : 18.7
2013F PBV (x) : 4.0



Ticker : BBNI.IJ
YTD 2013 : 34.46%
Current Price (IDR/share) : 4,975
Issues : high impairment in 2013
Jan'13 profit annualized : 5,859
KE FY13 estimate : 8,281
TP (IDR/share) : 4,350
2013F PER (x) : 9.8
2013F PBV (x) : 1.6



Ticker : BBRI.IJ
YTD 2013 : 19.42%
Current Price (IDR/share) : 8,300
Issues : high impairment in 2012
Jan'13 profit annualized : 18,456
KE FY13 estimate : 19,798
TP (IDR/share) : 8,500
2013F PER (x) : 10.3
2013F PBV (x) : 2.5



Ticker : BBTN.IJ
YTD 2013 : 15.86%
Current Price (IDR/share) : 1,680
Issues : net recovery in 2012
Jan'13 profit annualized : 841
KE FY13 estimate : 1,654
TP (IDR/share) : 1,790
2013F PER (x) : 11.9
2013F PBV (x) : 1.5



Ticker : BDMN.IJ
YTD 2013 : 9.73%
Current Price (IDR/share) : 6,200
Issues : high impairment in 2013
Jan'13 profit annualized : 2,721
KE FY13 estimate : 4,650
TP (IDR/share) : 7,000
2013F PER (x) : 14.1
2013F PBV (x) : 2.1




Ticker : BJBR.IJ
YTD 2013 : 20.75%
Current Price (IDR/share) : 1,280
Issues : high recovery in 2012
Jan'13 profit annualized : 642
KE FY13 estimate : 1,312
TP (IDR/share) : 1,370
2013F PER (x) : 8.9
2013F PBV (x) : 1.9




Ticker : BMRI.IJ
YTD 2013 : 25.31%
Current Price (IDR/share) : 10,150
Issues : topline growth in 2013
Jan'13 profit annualized : 16,262
KE FY13 estimate : 18,091
TP (IDR/share) : 11,050
2013F PER (x) : 14.3
2013F PBV (x) : 3.0

(Source: BI-Kim Eng)