Bank Central Asia recorded a net profit of Rp6.8tn (+17.9% yoy) in FY09, which was inline with our expectation and consensus estimates.
The bank actually recorded higher than expected operating expenses, however as it booked lower provisioning expenses, the bottom line is about in line with our expectation.
It is worth noting that the bank recorded strong loan growth in 4Q09 of 9.9% qoq, with loans to commercial segment posted the highest growth of 13.1% yoy. Coupled with the decline in absolute amount of NPL in 4Q09 (-36.7% qoq), such strong growth in loans supported the decline in NPL to 0.7% at end Dec09 from 1.3% at end Sep09.
At present, Bank Central Asia is trading at 2010F P/BV of 4.2x and PER of 16.7x. As the bank’s share price has already exceeded our target price, we changed our recommendation to neutral.
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