Based on its press release April 14, 2010, BMRI has just signed a strategic cooperation agreement with PT Pos Indonesia on the aim to improve its banking services to the remote area in Indonesia. The agreement involves instant postal money order services, savings, micro banking services through post office, and post office opening outlets across BMRI regional offices. PT Pos is well-known with its vast branch network to the remote area, that serviced through currently 3,779 post offices, 1,811 post mobile, and 3,396 post agencies.
BBTN as the current sole conventional bank to serve saving account products in conjunction with PT Pos inevitably has to align with the newly above agreement. BBTN savings contributed from PT Pos as per Mar10 accounted to around Rp1.1 tn, or equivalent to 13.6% of the total savings. The arrival of BMRI in the market, will likely to give impact of the cost of fund offered to customers having transaction through PT Pos, which on average offered at 4% compared to 5% rate that the transaction made through its own branch. However, the strategic cooperation agreement between BMRI and PT Pos still subject to approval from the central bank of Indonesia, which most likely BBTN may follow up for further negotiation. BBTN currently presents at 2,015 of the PT Pos branches.
At present, BBTN is trading at P/BV10 2.4x and P/E10 17.4x. We are reviewing our forecast on the bank. For the time being, we maintained our buy recommendation on the counter.
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