According to the Ministry of State Owned Enterprises,BNI targets to raise Rp5.-6 tn of fresh funds from the rights issue in 2H10.At the same time,the bank will also sell its 4.14%green shoe option.
In addition,BNI is also reported to have intention to issue subdebt amounted to Rp1-2 tn.
Based on previous rights issue,it takes quite sometimes (around 6-12 months)for BNI to get approval on its rights issue plan from the House of Representative.So,we think that the rights issue will likely occur in 4Q10 the soonest.
At the current price,the stock is trading at 2010F P/BV of 1.4x and PER of 8.6x.We maintained our buy recommendation on the counter.
Tidak ada komentar:
Posting Komentar