Panin Life (PNLF IJ) to consolidate insurance operation under subsidiary. A quick sum-of-the-part calculation shows PNLF’s NAV worth Rp320/share, nearly triple the current share price of Rp110. Although it might need catalyst to unlock the full value, the deep discount to NAV appears to limit the down side potential and is attractive on a risk-reward perspective. Yesterday, Panin Life received shareholders approval to consolidate its insurance operations under 100% owned subsidiary, PT Anugrah Life. Post business restructuring, Panin Life will have a simple structure with 100% ownership in Anugrah Life (not listed) and 44% stakes in Panin Bank (PNBN IJ). This will simplify any effort to unlock value.
Panin Bank (PNBN IJ) to receive Rp1.6tn from warrant conversion. PNBN indicated they are expecting IDR 1.6tr inflow from warrant conversions (expire July 10, strike Rp400/share). That means that PNLF's own warrants need to be exercised too for PNLF to get some easy funds in to finance part of the PNBN/W exercise. PNLF/W also expire July 9, strike Rp125/share, and is currently out of the money. The increased capital will increase PNBN’s equity to Rp10.1tn with CAR of 24.6%.
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