We visited Bank BNI’s small business center (SKC) at Bekasi, Eastern Jakarta yesterday. This center focuses on extending loans below Rp10bn and has total loan exposure of Rp470bn at end Dec08 offered at around 15-16% p.a.
BNI targets loans growth this year to be derived mostly from small sized loans as this type of loans are believed to be resilient during economic crisis. Our visit supported the argument. Even though the NPL at this center is relatively high at 5.2%, the outlook is encouraging as the debtors are mostly cooperatives. Moreover, selling the loan collateral is easy as its loan collateral value is relatively small.
The center’s NPL is mainly derived from developer of low cost housing, trader of scrap steel, plastic and textile. This year, the center is targeted to book additional Rp200bn of new loans, 50% of which should be extended to loans below Rp1bn. In Jan09 only, the center managed to book additional loans of over Rp20bn.
We like BNI’s transparency and believe that its strategy to focus on small sized loans to be appropriate given prolong economic crisis. Currently, Bank BNI is trading at 2009F P/BV of 0.6x and PER09F of 4.8x. We maintained our buy recommendation on the counter.
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