BCA:
NIM continues to expand in 2M09, upgrade around the corner
Having reported a much stronger-than-expected pre-provision profit in 4Q08 on the back of expanding net interest margin (NIM), MacQ analyst Yofi Lasini called BCA and discovered that NIM had expanded further in the first two months of 2009. NIM came in at 7.8% in 4Q08, vs. 6.9% in 3Q08 and 5.8% in 1Q08.
MacQ is forecasting a NIM of 6.0% for '09 against '08 actual of 6.3%, to arrive at a net income forecast of Rp5.71trn for FY09 (consensus Rp5.79trn). Analyst meeting is scheduled for 18 March and we suspect there could be sizeable EPS upgrade around the corner. For now, the stock trades on 11x FY09 P/E and 2..5x P/B with 24% RoE. Trough P/B multiple since 2009 was around 2.3x. The stock has just started to run after a period of underperformance in the second session yesterday, there should be follow through buying. BUY.
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