http://bright-info.blogspot.com/2009/02/clsa-banking-update.html
Kamis, 2009 Februari 26
CLSA Banking Update
Mandiri (BMRI IJ) to restructure Rp3tn of problem loans
According to Director, Abdul Rahman, loans that will be restructured
are still performing but experiencing some difficulties due to drop in
issuance of L/C and weak external demand
Sectors affected are mainly export-import related ranging from
textile, pulp and paper, to shoe manufacturers
Restructuring will be mild i.e. in the form of maturity extension,
usually one year, carrying the same interest cost
Nico’s comment: It is unclear at this point whether there will be
downgrades or additional provisioning as these loans could be
classified as non-performing already. In any case, Mandiri appears to
pre-empt this move by moving provisions higher for category 2-5 loans
in recent quarters. Maintain U-PF.
Bank Rakyat (BBRI IJ) - Local governor to propose Rp4tn loans from BRI
to fund Lapindo
Minarak Lapindo Jaya is reported no longer able to compensate the
victims from Lapindo mudflow, while state budget is also no longer
available
Therefore, governor proposes BRI extend loans to Minarak Lapindo Jaya
in the amount of Rp4tn to help muflow victims
Nico’s comment: Commercially, this is impossible to do as Minarak
Lapindo Jaya does not have the capacity or collateral to take out
Rp4tn worth of loans. In addition, Rp4tn is equivalent to 21% of BRI’s
total capital, which has exceeded the legal lending limit. Share price
weakness on this news should be a buying opportunity. Maintain O-PF.
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