Bank Rakyat Indonesia
targeting loan growth of 20-25%
(Sell; BBRI IJ; Rp4,400; TP under review)
Bank Rakyat Indonesia (BBRI) is targeting loan growth of 20-25% in 2009, while it will maintain its focus on micro and SMEs. BBRI believes that SMEs are more resilient to the economic crisis, as seen n the 1997 economic crisis. In addition, lending to SMEs gives higher margins. At the same time, the bank said that it will raise US$300m subdebts to strengthen its capital base.
As of Sept 08, BBRI had Rp151.5tr loans including its shariah unit, hence 20-25% growth means the bank will have to add Rp30-37.5tr in loans. We view this target as ambitious during this economic turmoil, while at the same time, the resilience of SMEs has yet to be seen. In 1997, SMEs, mainly those engaged in agribusiness sector enjoyed strong US$, but the situation is now different with the correction in commodity prices.
We foresee BBRI’s loans to grow by 12.5% in 2009, while we believe that subdebt issuance will also be difficult for this year. At the end, subdebt may not be an urgent requirement as loans may grow below its estimate.
Tidak ada komentar:
Posting Komentar