· Bisnis Indonesia today: Bank Panin will divest 14% stake in ANZ Panin Bank to ANZ (currently own 85) for circa US$44m. We believe the proceed should be positive as one-off gain to eps and bvps.
· Teddy Oetomo (previous daily attached): We recently increased our target price for PNBN from Rp900 to Rp1,100 on lower risk free rate assumptions (from 10% to 9%). Our target price for PNBN implies 2.2x 2010E P/B and 19.9x 2010E P/E. Despite stronger outlook, we maintain our NEUTRAL rating on PNBN, as we believe that valuations have caught up. However, we also believe that PNBN is the only sizeable bank in the Indonesian banking sector that may be an acquisition target.
This is paving the potential divestment of PNBN to ANZ. Currently ANZ owns 40% of PNBN and the Panin Group owns at least 51% (42% through PNLF and at least 9% under the family). @Rp1,170- PNBN is trading on premium 21.2x-14.4x 2010F-2011F PER and 2.4x-2.0x 2010F-2011F PBR and slight premium to our Target Price Rp1,100. I think if PNBN divestment is done at 3x 2011F PBR that will imply 50% speculative Upside.
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