· BRI cited that the bank is underlining its plan to acquire Bank Bukopin as part of its long term strategy and will consolidate it along with Bank Agro (AGRO, Rp185). However, BRI has not given any proposal to Bukopin regarding the price despite that Rp2.00tn in cash has been prepared to acquire this targeted bank.
· BRI added that this acquisition will strengthen the bank’s target to increase its position in MSME loans, which also served by Bukopin.
· BRI aims to conclude the price within two weeks at the most, as it is currently in intensive negotiation with Bukopin.
· BBRI is trading at 2011F consensus PER of 11.5x and PBV of 3.0x, BBKP trading at 2011F consensus PER of 8.4x and PBV of 1.4x.
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