CIMB BNII

Bank Internasional Indonesia
Quick takes - Ceasing coverage -
(BNII IJ / BNII.JK, Ceased coverage, Rp325, Financial Services)

We are ceasing coverage of BII, given its small remaining free float after Maybank's tender offer. The bank has also announced its FY08 results, which were below our and consensus forecasts, on higher-than-expected provisioning expenses. BII also restated its FY07 results to reflect changes in WOM Finance's revenue accrual method, correcting its net profit to Rp353bn from Rp405bn.

We formerly had an Underperform rating on the bank, with a Gordon Growth-derived target price of Rp139.