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IPO to Watch: Bank Maspion (2)
PT Bank Maspion Indonesia Tbk, based in Surabaya, East Java, has raised its IPO shares to 770 million shares, representing 19,9% of its total issued and paid-up capital, from initial plan 380 million shares or 10.98% of the company's total shares. Expecting similar gains with Lippo Group's Nationalnobu Bank? ,Last Updated ( Fri, 24 May 2013)
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| DBS-Danamon Acquisition: Final Chapter?
Bank Indonesia's outgoing governor Darmin Nasution said the central bank only allows acquisition of 40% shares in Bank Danamon (BDMN) by DBS Bank Ltd. DBS may acquire 67.7% shares in Danamon if Monetary Authority of Singapore (MAS) gives easier access to state banks (Mandiri, BRI, and BNI) to open branches in the city State. (Wed, 22 May 2013)
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| Bank Nationalnobu: Lippo's Cashier?
Bank Nationalnobu (NOBU) will kick off trading of its shares on Indonesia Stock Exchange (IDX) Monday, May 20. The bank, which had total assets of Rp1.2 trillion as of December 2012, starts the trading with market capitalization of Rp1.54 trillion. This is the first bank in the country valued more than its total assets. Most profitable banks like BRI and BCA are valued way below their total assets. (Sat, 18 May 2013)
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| • Sumitomo Mitsui Finally Enters BTPN | Banking | TPG Nusantara S.a.r.l has informed stock market authorities today that it plans to sell 16.87% shares in Bank Tabungan Pensiunan Nasional (BTPN) to Sumitomo Mitsui Banking Corporation (SMBC). TPG Nusantara, a JV between TPG Capital and Northstar, will hold 41% shares in BTPN after the transaction. | |
| • Bank Muamalat & The Rights Issue | Banking | Islamic bank PT Bank Muamalat Indonesia Tbk announces on prospectus this morning its plan to issue 3.25 billion new shares, representing 30.53% of its issued and paid-up capital, through pre-emptive rights scheme. This is the fifth rights issue for the bank. The exercise price of rights is set at between Rp550 to Rp975 per unit, to raise total funds of between Rp1.78 trillion to Rp3.16 trillion. | |
| • Consumer Financing; Factors to Watch | Banking | Our research on twelve consumer financing and financial lease companies pointed to average revenues growth of 14.1% in the first quarter of 2013, while their combined profit grew 8.3% over the corresponding period of 2012. Two major players in motorcycle financing, Adira Finance and FIF, reported lower net profit in the period. | |
| • BCA vs BRI: Undervalued vs Overvalued? | Banking | Bank Central Asia (BBCA) booked net profit of Rp2.89 trillion in the first quarter of 2013, representing 25.5% growth over the corresponding period of 2012. Bank Rakyat Indonesia (BBRI), meanwhile, reported 20.1% net profit growth to Rp5.08 trillion in the period. BRI, however, is valued substantially lower than BCA or BCA Is overtly valued? | |
| • BTPN: Hefty Profit from 'Productive Poor' & Pensioners? | Banking | Bank Tabungan Pensiunan Nasional (BTPN) was a small bank with low income pensioners as its main target market before a consortium of TPG Capital and Northstar Pacific acquired the bank from Bakrie-led consortium few years back. BTPN is now among the most profitable banks in Indonesia with huge net interest margin (NIM). | |
| • The Future of ANZ & Panin Group | Banking | Panin Bank (PNBN) is the most undervalued major bank in the Indonesia Stock Exchange (IDX). At the current price, Bank Panin has market capitalization of Rp19.99 trillion only or about the same with its equity as of December 31, 2012. The bank is valued substantially smaller than Bank Tabungan Pensiunan Nasional (BTPN), which only had total assets less than half of Bank Panin. | |
| • IPO to Watch: Nobu (Lippo) Bank | Banking | LippoBank's name had disappeared because of the acquisition of Bank Niaga by CIMB and then a merger with LippoBank many years ago. CIMB decided to maintain Niaga in the name of the merged unit (Bank CIMB-Niaga), ending decades of Lippo's association with banking industry. Lippo Group, however, reentered the industry through NationalNobu Bank, which had total assets of Rp1.23 trillion as of January 2013. | |
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