Analyst Joshua Tanja believes BBCA’s are solid, but that there are more attractively valued bank stocks.
Although we think net income will grow 32% this year, it is mostly driven by falling provisioning charges as it had provided 5x its NPL as at 2009. On preprovision profit basis, we expect only 7% due to falling margins and rising cost/income despite 18% loan growth.
Sales comment: One the hand, BBCA is probably the best bank in possibly the best country in the world. On the other hand, Joshua sees some problems in the detail with regard to valuation, quality of earnings and margins. Do you go with the big or the small picture?
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