BBKP IJ / BBKP.JK | OUTPERFORM - Maintained | Rp880.00 - Tgt. Rp1,300.00 Banks

BBKP IJ / BBKP.JK | OUTPERFORM - Maintained | Rp880.00 - Tgt. Rp1,300.00 Banks 

by Mulya CHANDRA, CFA, Soegiarto HADI 

Asset quality and NIM improved, while loan growth halted for its SME business. FY12 earnings met our forecast and consensus, at 97-100%. Earnings growth eased to 16% yoy from 35% yoy in 9M12, due to a high 4Q base. Nevertheless, 4Q12 earnings still grew by a positive 10% qoq. A slowdown in SME loans should not recur, as it was caused by deviations in Bulog loan plans. We maintain our EPS, Outperform and GGM target price, with normalising loan growth expected to provide one of its catalysts going forward. 

Source : Listri Adistri