10 December 2007 Bank Rakyat Indonesia (BBRI IJ / BBRI.JK, OUTPERFORM - Maintained, RP7800 - Target: Rp9709) Company update - Into the non-bankable, but feasible tier by Mulya CHANDRA
We believe Bank Rakyat would be the prime beneficiary of the government crash program which is launched by the President recently. Under the scheme of insurance gurantee funded from the state budget, the program can theoritically guarantee new loans of up to Rp 97trn, to be chanelled by six banks. As such, we upgrade our 08-09 loan growth assumptions. BBRI should also see higher-than-peers recovery rate if the MSME loan haircut program executed, we believe. Despite its rich P/B ratio, BBRI is actually trading at lower-than-market P/E. We raised our target price to Rp9709 (from Rp7800 previously). BBRI is one of our top picks in the sector. Full Report [ Click here ] or the URL below http://www.gohdirect.com/NASApp/spaf/econtent/ind/BankRakyat-IND-101207.pdf To view these reports, you need to have Adobe's Acrobat Reader. To download a free reader, click here. PS: if you wish to Opt-Out or Change your Mailing Details, please send an email message to [EMAIL PROTECTED] Otherwise call your respective Salesperson. [ The contents of this e-mail may be confidential. Do not disclose, copy or distribute it if you are not the intended recipient. It may also be unlawful to do so. This e-mail is sent without any implied warranty or representation as to the accuracy or completeness of its contents, or as to the authority of the sender to send it. Do not rely on its contents without written confirmation from a duly authorised employee of CIMB. Please notify [EMAIL PROTECTED] if you have received this message in error. ] Disclaimer: This email may contain privileged and/or confidential information intended only for the use of the addressee. If you are not the addressee, or the person responsible for delivering it to the addressee, you may not use, copy or deliver this to anyone else. If you receive this email by mistake, please immediately notify us. Opinions contained herein may be the personal opinion of the sender and do not necessarily represent the views of the Company. If you are in any doubt as to whether the opinions are officially endorsed by the Company, please contact our Compliance Dept at (+65) 6225 1228 for clarification. --------------------------------- Be a better friend, newshound, and know-it-all with Yahoo! Mobile. Try it now.
