(PNBN IJ / PNBN.JK, TRADING BUY - Maintained, Rp640 - Tgt. Rp800, Financial Services)
Recent more intense trading and massive accumulation of Bank Panin's shares led by Panin Sekuritas and some foreign brokers appear to support our view that Panin's shares would be demanded by either its founder or ANZ on a potential competition for a higher stake. With foreign investors' appetite for Indonesian assets and banking valuations recovering, the next scenario of a stake sale to financial investors has become more plausible. Bank Panin's warrants and Panin Life's shares have been similarly surging, as attractive proxies. We maintain our Trading Buy on Panin with an unchanged target price of Rp800, based on a 20% discount to the average 2.6x trailing P/BV in recent banking acquisitions.
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