Sabtu, 31 Juli 2010

Mandiri Sekuritas Panin Bank: 1H10 results above our expectations and consensus estimates (PNBN, Rp1,010, Sell, TP: Rp780)

􀂄 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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