8th November 2011
Top Story: Indonesia Banks – Strong lagging metrics as expected but risks remain Neutral
Sector Update ( Indonesia )
Bank Rakyat Indonesia : Fair value IDR6,700 Market Perform
Bank Mandiri: Fair value IDR6,700 Market Perform
Bank Central Asia : Fair value IDR6,300 Underperform
Bank Danamon: Fair value IDR4,700 Market Perform
Corporate Highlights
Hektar REIT: No surprises Outperform
3QFY11 Results
¨ 3Q11 realised net profit (-1.2% yoy; +2.3% qoq) came within our and consensus estimates. Gross revenue grew 5.9% yoy and 3.3% qoq due to the improved rental contribution from its assets arising from the opening of earnings-accretive new retail space as well as the rental increase after asset refurbishment works. However, the higher interest expense incurred during the period has offset the higher revenue, causing the realised net profit margin in 3Q11 to contract slightly. A DPU of 2.5 sen was declared during the period, bringing total 9M11 DPU to 7.5 sen, on track to meet our forecast.
CSC Steel: 9MFY12/11 net profit declines by 49% yoy Underperform
3QFY11 Results
¨ 9MFY11 net profit came in below expectations. We believe the variance vs. our forecast largely came from worse-than-expected margin contraction in 3QFY11 as a result of lower selling prices of its steel products.
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