Riset Saham, Senin 13 Mei 2013

¤ BLOOMBERG (BN) Citi Downgrades Four Indonesia Banks on YTD Run-Up, NIM. Squeeze Cuts Bank Rakyat, Bank Negara Indonesia to neutral from
buy, cuts Bank Pembangunan, Bankukopin to sell from buy,Risk to earnings due to NIM squeeze from a deposit-rate war and the possibility of a tighter monetary policy.

¤ CLSA(KZ), Bank Tabungan (BTPN IJ) Private equity shareholder sells 24% stake to Sumitomo Mitsui. Stock: Bank Tabungan Pensiunan Nasional (BTPN IJ) Market cap, t/o: us$3.3b, us$1m. Event: Private Equity shareholder sells 24.26% to Japanese financial investor, Sumitomo Mitsui financial group The valuation paid is aggressive given its non-controlling. BTPN has a weak funding franchise and a cost of funds in excess of 7% meaning it is not well positioned for a rising rates cycle. banks under coverage are trading at 2.8x 13cl p/b. We expect the shares to trade up at least to the sale price of rp6,500/sh.

¤ CLSA(KZ),Still in the subject of property market, our property duo Edward and Sarina have initiated on Intiland (DILD IJ) today with a BUY call and TP of Rp780. .Intiland recorded 81% cagr marketing sales between ’09-‘12. With wide range of projects under its portfolio, Intiland is capturing demand from office, residential and industrial estate. We initiate Intiland with a BUY, with TP: Rp780/sh; a 34% upside and based on 25% disc. to our NAV estimate is Rp1,047/sh.
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