Panin Bank reported net profit of Rp786bn in 1H10 (-+131.4% yoy), which was above our expectation and consensus estimates.
The bank reported higher than expected non interest income as the company recorded higher gain from the selling of marketable securities (Rp345.1bn in 1H10 vs Rp103.3Bn in 1H09).
At present, Bank Panin is trading at 2011F P/BV of 2.1x and PER of 23.6x. We are reviewing our forecast for the bank, yet maintained our sell recommendation for the time being.
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