Maintain OVERWEIGHT on Indonesian banks. The central bank recently pitched the idea of uniting banks’ current ATM networks, which are controlled by three main operators, into one, under a project called the ‘National Payment Gateway’. The main idea is to simplify currently overlapping networks, to improve efficiency. While this could possibly boost inter-bank transactions among depositors of different banks, the open system could adversely affect BCA, as it relies heavily on its strong, yet-closed transaction and payment system. Among the major banks which have been rated OUTPERFORM by us, BCA is the only one rated NEUTRAL. The project could start next year, with grand completion expected by 2013. On-schedule implementation of this ATM integration could become a negative catalyst for BCA’s stock, in our view.
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