● BBCA continues to deliver robust performance, reaffirming its solid fundamentals. FY09 results were in line with our and consensus’ estimates, with earnings up 18% YoY and PPOP up 15% YoY.
● BBCA’s NPL ratio currently stands at 0.7%, well below the regional average of 3.3% and the average NPL of the Indonesian banks under our coverage of 3.5%. BBCA is also very well provisioned, with 481% FY09 provision coverage. We tweak our FY10-12E earnings for BBCA in light of its FY09 performance.
● We remain positive on the fundamental outlook of BBCA and believe the counter is attractive for investors looking for multi-year exposure to the Indonesian banking system.
● We maintain our NEUTRAL rating on BBCA, as it is trading at a premium to its local and regional peers. We maintain our target price of Rp5,300, implying 4.0x 2010E P/B and 15.5x 2010E P/E.
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