*Dari IPOT:
Good Morning Everyone,
*
*“It's far better to buy a wonderful company at a fair price than a fair
company at a wonderful price.”*
*
Quoted by Warren
Buffet*
*BBCA with its unbeatable franchise value, its conservative management and
its growth opportunity triggered us to place the bank as one of our favorite
stock. Although in term of Price to Book (PBV) ratio it is one of the most
expensive bank, we view that the market should give a premium to the bank
which is proven in the turbulence condition. We also see that the
management decision to choose consumer credit as a growth driver this year
is the best choice given higher risk for corporate credit environment. We
also see positive progress from UIB bank acquisition and two defaulters
restructuring which will give it a bright future outlook. Finally, we
increase BBCA’s target price to 4700, implying 2.8X PBV FY10 and 12.47 X PER
FY10. *
