Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 4 report (number in '000):-
- PT Bank Internasional Indonesia ("BII") continues to grow organically with significant expansion of loans growth at 24.9% and the increase in the number of branches from 276 as at 30 June 2010 to 344 as at 30 June 2011. Singapore had a strong expansion in loan book of 25.8%
- Lower net interest income largely due to the narrowing in net interest margin as a result of competition for assets and deposits in all key markets, as well as the implementation of Financial Reporting Standards 139
- Higher net income from insurance business due to higher transfer of actuarial surplus from insurance and takaful revenue account, and also the significant improvement in the takaful businesses
- Higher non-interest income due to higher foreign exchange profits and the consolidation of Kim Eng’s income of RM152.6 million, but mitigated by the unrealized loss on revaluation of securities held-for trading and derivatives
- Lower allowance for losses on loans, advances and financing mainly due to higher recoveries and lower allowances in the Malaysian banking operations as a result of lower individual allowance and improvement in the collective allowance. Impairment losses on securities increased by RM118.3 million due to deterioration in value for certain securities
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1554*4*0.95 = 0.5905, estimate PE on current price 8.69 = 13.49(DPS 0.72)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1552*4 = 0.6208, estimate highest/lowest PE = 13.34/12.05 (DPS 0.72)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1563*4*1.05 = 0.6565, estimate highest/lowest PE = 13.01/11.87 (DPS 0.72)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1447*4*1.05 = 0.6077, estimate highest/lowest PE = 14.3/12.87 (DPS 0.55)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.5394*1.1 = 0.5933, estimate highest/lowest PE = 14.88/12.73 (DPS 0.55)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1456*4 = 0.5824, estimate highest/lowest PE = 13.68/11.59 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1404*4 = 0.5616, estimate highest/lowest PE = 13.48/11.75 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1246*4 = 0.4984, estimate highest/lowest PE = 14.04/13.1 (DPS 0.08)
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| Market Capital (Capital Size) | 64,985,692,408 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (8.69-0.72)/0.5908 = 13.49 (Moderate) |
| Target Price | 8.27+0.72 = 8.99 (PE 14.0, EPS 0.5908, DPS 0.72) |
| Decision | Not interested unless stock price can sustain above 8.8 |
| Comment | Revenue increased 11.6% and also higher than preceding year corresponding quarter 20.8%, eps increased 0.1% and also higher than preceding year corresponding quarter 20.6%, cash generated from operating and financing is more than enough to cover all investing expenses, benefit from low allowances for losses on loans, advance & financing, rising inflationary pressure, insurance business income normally not consistent every quarter hence may affect next quarter profit, profit from segments community financial services and global market slow down |
| First Support Price | 8.65 |
| Second Support Price | 8.2 |
| Risk Rating | MODERATE |
Research House
| UOB Target Price | 10.3 (2011-05-10) |
| Kenanga Target Price | 10.6 (2011-05-13) |
| TA Target Price | 10.9 (2011-05-13) |
| MIDF Target Price | 10.5 (2011-07-08) |
| AMMB Target Price | 10.3 (2011-08-23) |
| CIMB Target Price | 11.2 (2011-08-23) |
| ECM Target Price | 10 (2011-08-23) |
| HLG Target Price | 10.46 (2011-08-23) |
| RHB Target Price | 9.7 (2011-08-23) |
| HwangDBS Target Price | 10.6 (2011-09-08) |
| OSK Target Price | 9.6 (2011-09-08) |
Accounting Ratio
| Return on Equity | 13.71% |
| Dividend Yield | 6.90% |
| Profit Margin | 30.21% |
| Tax Rate | 27.50% |
| Asset Turnover | 0.0511 |
| Net Asset Value Per Share | 4.34 |
| Net Tangible Asset per share | 3.44 |
| Price/Net Tangible Asset Per Share | 2.51 |
| Cash Per Share | 7.65 |
| Liquidity Current Ratio | 1.1082 |
| Liquidity Quick Ratio | 0.9303 |
| Liquidity Cash Ratio | 0.1655 |
| Gearing Debt to Equity Ratio | 12.062 |
| Gearing Debt to Asset Ratio | 0.9212 |
| Working capital per thousand Ringgit sale | 176.4% |
| Days to sell the inventory | 3249 |
| Days to collect the receivables | 4406 |
| Days to pay the payables | 17283 |
My notes based on 2011 quarter 4 report (number in '000):-
- PT Bank Internasional Indonesia ("BII") continues to grow organically with significant expansion of loans growth at 24.9% and the increase in the number of branches from 276 as at 30 June 2010 to 344 as at 30 June 2011. Singapore had a strong expansion in loan book of 25.8%
- Lower net interest income largely due to the narrowing in net interest margin as a result of competition for assets and deposits in all key markets, as well as the implementation of Financial Reporting Standards 139
- Higher net income from insurance business due to higher transfer of actuarial surplus from insurance and takaful revenue account, and also the significant improvement in the takaful businesses
- Higher non-interest income due to higher foreign exchange profits and the consolidation of Kim Eng’s income of RM152.6 million, but mitigated by the unrealized loss on revaluation of securities held-for trading and derivatives
- Lower allowance for losses on loans, advances and financing mainly due to higher recoveries and lower allowances in the Malaysian banking operations as a result of lower individual allowance and improvement in the collective allowance. Impairment losses on securities increased by RM118.3 million due to deterioration in value for certain securities
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1554*4*0.95 = 0.5905, estimate PE on current price 8.69 = 13.49(DPS 0.72)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1552*4 = 0.6208, estimate highest/lowest PE = 13.34/12.05 (DPS 0.72)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1563*4*1.05 = 0.6565, estimate highest/lowest PE = 13.01/11.87 (DPS 0.72)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1447*4*1.05 = 0.6077, estimate highest/lowest PE = 14.3/12.87 (DPS 0.55)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.5394*1.1 = 0.5933, estimate highest/lowest PE = 14.88/12.73 (DPS 0.55)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1456*4 = 0.5824, estimate highest/lowest PE = 13.68/11.59 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1404*4 = 0.5616, estimate highest/lowest PE = 13.48/11.75 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1246*4 = 0.4984, estimate highest/lowest PE = 14.04/13.1 (DPS 0.08)
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