• Bank Rakyat Indonesia is studying the possibility of acquiring 51.0% majority stake in Bukopin (BBKP,Rp640). Such acquisition is believed to synergize BRI’s micro financing business. If realized, Bukopin will be merged with Bank Agro, to comply with Bank Indonesia’s single present policy.
• BRI CEO, Mr. Sofyan Basir, stated that the bank has enough funds for acquisition, as there is still around Rp2.00tn free cash from the company’s sub debt issuance.
• Mr. Basir also adds that the bank is studying the possibility for a stock split this year, with a ratio of 1:2 or 1:4. The stock split plan will be proposed to the upcoming EGM and expected to be conducted in the last quarter of the year.
• BBRI is trading at 2011F consensus PER of 10.8x and PBV of 2.9x.
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