BDMN: raised PxT to Rp 4,250
Our 2nd favorite name in Indonesia as BDMN is well positioned to benefit from declining interest rate thanks to its hefty time deposits (73% of total) and high LDR (87%). Arief raised PxT by 16% to Rp4,250 to reflect: (1) a 26% increase in our 2009 earnings (we keep 2010 unchanged) and (2) a 1ppt reduction in WACC to 17% as we expect macroeconomic headwinds to decrease. On concern over its remaining F/X forward contract, we believe BDMN has made enough provisions (US$73mn) for the balance. The net notional amount of its F/X contract has declined 84% to US$230mn. Separately, Bloomberg reported BDMN plans to raise ~Rp4tn in rights issue, priced at ~45% discount. We view the pricing as attractive if done based on / below current share price given the stock is now trading at depressed 5.3x '09 P/E and 0.9x '09 P/BV, or 50% disc to our fair P/BV of 1.8x.
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