Index of /enm/images/dokumen
Deutsche Bank
Indonesian Banking Sector
Update on Indonesian Banking Sector – Oct 2008
All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters,
Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche Bank does and seeks to do business with companies
covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision. Independent, third-party research (IR) on certain companies
covered by DBSI's research is available to customers of DBSI in the United States at no cost. Customers can access IR at http://gm.db.com or by calling 1-877208-6300. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1
Raymond Kosasih +6221 3189 525 raymond.kosasih@db.com
Deutsche Bank
Relatively sound macro
Indonesia real economy is still largely unaffected and banking system remains
sound
Indonesia is more sheltered against global recession
– Domestically centric economy
– Other cushions include lower personal and corporate tax (+8-10% take-home)
– Easing food inflation and possibly fuel price cut ahead of election
So far, policy makers have been able to contain macro risk
It wont immune from global slow down
– Slowdown in exports
– Near term risks : Rupiah weakness
– Risks on confidence and fundamentals
– Near-term US$ debt and asset held by foreigners ~US$67bn vs. reserves
US$57bn
– Current account US$1.5bn deficit in 2Q and BOP very dependent on portfolio flow
– Impact: wide ranging implication, higher imported inflation, cost push and margin
squezze, forex losses, higher rates, etc. but don‘t foresee capital flight
Raymond.kosasih@db.com 28Oct2008 · · page 2
Deutsche Bank
Maintaining confidence is key for Rupiah
Flow in SBI affects the Rp/US$ significantly
Foreign position in govt bonds and SBI– US$mn
20 .0
40%
18 .0
35%
16 .0
10,000
25
20
9,800
15
30%
12 .0
25%
9,600
10 .0
20%
9,400
8 .0
15%
SU N + SB I U S$ b n (LH S)
(5)
(10)
9,000
(15)
Source: Deutsche Bank and CEIC
1,100
1,067
Oct-08
Sep-08
Jul-08
Aug-08
Jun-08
Apr-08
M ay-08
M ar-08
Jan-08
Feb-08
Dec-07
Oct-07
Nov-07
Sep-07
Jul-07
Indonesia
Philippines
Korea
Thailand
Indonesia CDS bps
900
China
800
440
IDR/USD
Source: Deutsche Bank and CEIC
540
1,000
Aug-07
SBI m thly changes - Rp trn (RHS)
% in SB I
CDS sovereign bonds in the region
490
Jun-07
Apr-07
Jan-07
(20)
M ay-07
8,800
Oct-08
Sep-08
Jul-08
Aug-08
Apr-08
Jan-08
Dec-07
Oct-07
Nov-07
Sep-07
Jul-07
Aug-07
Jun-07
Apr-07
M ay-07
M ar-07
Jan-07
Feb-07
Figure 5: CDS Sovereign bonds spiked
Jun-08
0%
M ay-08
-
M ar-08
5%
Feb-08
2 .0
-
9,200
10%
4 .0
5
M ar-07
6 .0
10
Feb-07
14 .0
700
390
600
340
400
500
300
200
290
25Jul
240
1-
8-
Aug Aug
15Aug
22-
29-
Aug Aug
5-
12-
19-
26-
3-
10-
17-
Sep
Sep
Sep
Sep
Oct
Oct
Oct
190
140
90
25Jul
30Jul
4Aug
9Aug
14Aug
19Aug
Base period 7/25/2008
Source: Deutsche Bank and Bloomberg
Raymond.kosasih@db.com 28Oct2008 · · page 3
24Aug
29Aug
3Sep
8Sep
13Sep
18Sep
23Sep
28Sep
3Oct
8Oct
13Oct
18Oct
Deutsche Bank
Exports slowdown
Exports ~ 1/3 of GDP and Exports to US and EU ~ ¼ of exports
Impact: Negative impact is inevitable but shouldn‘t be too severe
– Export growth has been important economic driver.
– Government has lowered FY09 growth of 5.5% (from 6.3%), but could
undershoot. DB estimates at 5% growth.
– Traders holding back purchases and lack of working capital.
– Outer islands will see slower growth, but won‘t be too damaging as it has evolved
into larger and broder economies in the past years
Exports – Top 10 by product
Exports by country
Exports Contri.
Japan
USA
Singapore
China
South Korea
Malaysia
India
Australia
Thailand
Netherlands
Others
US$114.1bn
21%
10%
9%
8%
7%
4%
4%
3%
3%
2%
28%
Source: Deutsche Bank and BPS
+31% yoy%
19%
17%
34%
37%
56%
61%
56%
19%
35%
66%
26%
CPO
Coal
Rubber
Electronic
Machinery
Iron Ore
Pulp and Paper
Clothings
Logs and Timber
Textile
Top-10
Others non Oil&Gas
Oil & Gas
Total Exports
Source: Deutsche Bank and BPS
raymond.kosasih@db.com · date · page 4
% Contri
11%
7%
6%
5%
3%
3%
3%
2%
2%
2%
45%
32%
23%
100%
yoy%
98%
44%
33%
7%
8%
-25%
21%
2%
-6%
12%
26%
17%
63%
30%
Deutsche Bank
Macro risk assessment
Lower oil price eases oil subsidy pressure on budget
– Budget deficit reduced to 1.0% of GDP in FY09 from 1.7% in FY08.
– Bond issuance halved to Rp54.7tr given difficult environment
BI’s tight interest rate policy
– To maintain Rupiah stability, less so in keeping inflation
– Rates may rise to 10% or more
– Comparatively higher real interest rates
– Inflation at 12.1% is peaking out. Easing food prices from 20% yoy helps as low-end
income spends >60% on food.
– BI expects inflation of 6.5-7.5%
Current account deficit – near term weak currency
– Reflects economic resilience given strong imports, incl. capital goods
– But, this is mostly funded by portfolio inflow, so BOP is at the whimp of sentiment
– Weaker oil price also lower forex reserves accumulation Rupiah weak currency
Raymond.kosasih@db.com 28Oct2008 · · page 5
Deutsche Bank
Macro risk assessment
BI rate – real and nominal %
Food price rising at fastest pace since 98 crisis
13.0%
6.0%
18%
12.0%
4.0%
16%
11.0%
20%
2.0%
14%
0.0%
10.0%
12%
10%
8%
-2.0%
9.0%
9.5% -4.0%
8.0%
-6.0%
7.0%
-8.0%
CPI yoy%
SBI 1mth (real) - RHS
Food yoy%
Jul-08
Jan-08
Jul-07
Jan-07
Jul-06
Jan-06
Jan-05
Sep-08
Jul-08
M ay-08
M ar-08
Jan-08
Nov-07
Sep-07
Jul-07
M ay-07
M ar-07
Jan-07
4%
Jul-05
6%
SBI 1mth
Source: Deutsche Bank and CEIC
Source: Deutsche Bank and CEIC
Current account deficit – structural
Current account a function of investment
11
8
5
6%
31%
4%
29%
2%
6.0%
4.0%
27%
25%
2.0%
0%
23%
0.0%
(4)
-2%
21%
(7)
-4%
Current Account US$ bn (LHS)
Current Account % GDP
Source: Deutsche Bank and CEIC
Raymond.kosasih@db.com 28Oct2008 · · page 6
-2.0%
19%
Current A/C (RHS)
Source: Deutsche Bank and CEIC
2Q08
FY07
FY05
FY03
FY01
FY99
-4.0%
FY97
17%
FY95
2Q08
FY07
FY05
FY03
FY01
FY99
FY97
FY95
FY93
(1)
FY93
2
Investment to GDP %
Deutsche Bank
Banking system remains healthy
The blessing in disguise from the Asian financial crisis
BI a lot more effective and conservative on banking regulations
– No exposure to CDOs and the likes
– Arresting liquidity issues
Prudent lending : Psychological mark steered bankers from careless lending
–
–
–
–
New owners promoting corporate governance
Building credit culture
Mortgage is still plain vanilla and accounts for 2-3% of GDP.
Confidence took time to recover, avoided the build-up of overly unjustified confidence
Sound system:
– Debt to GDP at less than 30%,
– NPL trending down to abt 3% with high coverage ratio
Low FX loans exposures (abt 18% now vs over 50% in 1997/8)
Manageable risks of default in consumer loans
– CAR stands at a healthy 17%
But prolonged credit crunch could affect sub-debt issuance
Implementation of Basel II could cut CAR by 200-300bps
Longer term, normalising profitability
Raymond.kosasih@db.com 28Oct2008 · · page 7
Deutsche Bank
Banks remain well capitalized - CAR
LDR drivers
80%
120%
60%
100%
40%
25.0
20.0
80%
15.0
20%
60%
0%
40%
-20%
LDR (RHS)
Deposit %
Aug-08
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
0%
1994
-60%
1993
20%
1992
-40%
10.0
5.0
0.0
2001
2002
2003
2004
2005
2006
2007F
2008F
Loan %
Source: Deutsche Bank and CEIC
Source: Deutsche Bank and CEIC
Still lowly leveraged economy and NPL remains in check
Money market increase by predominantly deposit funding
27%
12%
25%
10%
88%
8%
86%
6%
21%
4%
18%
17%
0%
2001
2002
2003
2004
NPL (LHS)
2005
2006
2007
Loan to GDP %
Source: Deutsche Bank and CEIC
Raymond.kosasih@db.com 28Oct2008 · · page 8
80%
2%
78%
0%
76%
Aug-08
Debt
M oney M arket
Source: Deutsche Bank and CEIC
Aug-08
19%
2%
82%
2007
20%
84%
2006
4%
22%
2005
6%
2004
23%
2003
8%
2002
24%
90%
2001
10%
92%
26%
2000
12%
3rd party (RHS)
Deutsche Bank
Arresting liquidity issues
LDR and Adjusted LDR
Input cost increases fueling working capital loans
100
40%
90
35%
80
30%
70
25%
60
20%
W PI
W C loan
15%
50
Adj LDR
40
10%
Reported LDR
5%
30
May-08
Jan-08
Sep-07
May-07
Jan-07
Sep-06
May-06
Jan-06
Sep-05
Jan-05
May-08
Jan-08
Sep-07
May-07
Jan-07
Sep-06
May-06
Jan-06
Sep-05
Jan-05
May-05
Sep-04
Jan-04
May-04
Sep-03
May-03
Jan-03
Sep-02
May-02
Jan-02
Source: Deutsche Bank and company data
May-05
0%
20
Source: Deutsche Bank and CEIC
Low real WC growth
BI regulations help easing constraints
20%
16
15%
14
10%
12
5%
10
0%
8
6
-5%
4
May-08
Jan-08
Sep-07
May-07
Jan-07
Sep-06
May-06
Jan-06
Sep-05
May-05
Jan-05
-10%
2
BBCA
BMRI
Rp reserve ratio %
Source: Deutsche Bank
Raymond.kosasih@db.com 28Oct2008 · · page 9
BBNI
BBRI
BDMN
BNII
Release of cash reserve (Rptr)
Source: Deutsche Bank and company data
BNGA
PNBN
As % of loans
Deutsche Bank
Liquidity imbalances
Cheap funding is key to weather liquidity risks
DB’s estimate of liquidity as % of loans
30
160,000
100
90
80
70
60
50
40
30
20
10
-
140,000
FY07
1H08
25.2
24.0
25
120,000
18.5
20
100,000
13.8
15
80,000
60,000
10
3.7
3.3
3.1
2.8
2.6
20,000
Cheap fundings (Rpbn)
1.3
-
NISP
Panin
5
Share of cheap fundings (%) RHS
Source: Deutsche Bank and company data
Source: Deutsche Bank and company data
Deposit franchise is key (ratios of CASA to total deposits)
Funding costs comparison
80
Niaga
BII
Danamon
Lippo
BNI
BRI
BCA
Mandiri
BNGA
BNII
BMRI
BDMN
Average
BBNI
BCA
BRI
-
1.7
Buana
40,000
8.0
07
70
08F
09F
6.0
60
50
4.0
40
30
2.0
20
Source: Deutsche Bank and company data
Raymond.kosasih@db.com 28Oct2008 · · page 10
BNGA
BDMN
Source: Deutsche Bank and company data
PNBN
NISP
BDMN
PNBN
BNII
BNII
BNGA
BBNI
BBIA
LPBN
LPBN
BBRI
BBRI
BMRI
BBNI
BCA
BMRI
-
BBCA
-
10
ERROR: undefined
OFFENDING COMMAND: f‘~
STACK:
Indonesian Banking Sector
Update on Indonesian Banking Sector – Oct 2008
All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters,
Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche Bank does and seeks to do business with companies
covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision. Independent, third-party research (IR) on certain companies
covered by DBSI's research is available to customers of DBSI in the United States at no cost. Customers can access IR at http://gm.db.com or by calling 1-877208-6300. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1
Raymond Kosasih +6221 3189 525 raymond.kosasih@db.com
Deutsche Bank
Relatively sound macro
Indonesia real economy is still largely unaffected and banking system remains
sound
Indonesia is more sheltered against global recession
– Domestically centric economy
– Other cushions include lower personal and corporate tax (+8-10% take-home)
– Easing food inflation and possibly fuel price cut ahead of election
So far, policy makers have been able to contain macro risk
It wont immune from global slow down
– Slowdown in exports
– Near term risks : Rupiah weakness
– Risks on confidence and fundamentals
– Near-term US$ debt and asset held by foreigners ~US$67bn vs. reserves
US$57bn
– Current account US$1.5bn deficit in 2Q and BOP very dependent on portfolio flow
– Impact: wide ranging implication, higher imported inflation, cost push and margin
squezze, forex losses, higher rates, etc. but don‘t foresee capital flight
Raymond.kosasih@db.com 28Oct2008 · · page 2
Deutsche Bank
Maintaining confidence is key for Rupiah
Flow in SBI affects the Rp/US$ significantly
Foreign position in govt bonds and SBI– US$mn
20 .0
40%
18 .0
35%
16 .0
10,000
25
20
9,800
15
30%
12 .0
25%
9,600
10 .0
20%
9,400
8 .0
15%
SU N + SB I U S$ b n (LH S)
(5)
(10)
9,000
(15)
Source: Deutsche Bank and CEIC
1,100
1,067
Oct-08
Sep-08
Jul-08
Aug-08
Jun-08
Apr-08
M ay-08
M ar-08
Jan-08
Feb-08
Dec-07
Oct-07
Nov-07
Sep-07
Jul-07
Indonesia
Philippines
Korea
Thailand
Indonesia CDS bps
900
China
800
440
IDR/USD
Source: Deutsche Bank and CEIC
540
1,000
Aug-07
SBI m thly changes - Rp trn (RHS)
% in SB I
CDS sovereign bonds in the region
490
Jun-07
Apr-07
Jan-07
(20)
M ay-07
8,800
Oct-08
Sep-08
Jul-08
Aug-08
Apr-08
Jan-08
Dec-07
Oct-07
Nov-07
Sep-07
Jul-07
Aug-07
Jun-07
Apr-07
M ay-07
M ar-07
Jan-07
Feb-07
Figure 5: CDS Sovereign bonds spiked
Jun-08
0%
M ay-08
-
M ar-08
5%
Feb-08
2 .0
-
9,200
10%
4 .0
5
M ar-07
6 .0
10
Feb-07
14 .0
700
390
600
340
400
500
300
200
290
25Jul
240
1-
8-
Aug Aug
15Aug
22-
29-
Aug Aug
5-
12-
19-
26-
3-
10-
17-
Sep
Sep
Sep
Sep
Oct
Oct
Oct
190
140
90
25Jul
30Jul
4Aug
9Aug
14Aug
19Aug
Base period 7/25/2008
Source: Deutsche Bank and Bloomberg
Raymond.kosasih@db.com 28Oct2008 · · page 3
24Aug
29Aug
3Sep
8Sep
13Sep
18Sep
23Sep
28Sep
3Oct
8Oct
13Oct
18Oct
Deutsche Bank
Exports slowdown
Exports ~ 1/3 of GDP and Exports to US and EU ~ ¼ of exports
Impact: Negative impact is inevitable but shouldn‘t be too severe
– Export growth has been important economic driver.
– Government has lowered FY09 growth of 5.5% (from 6.3%), but could
undershoot. DB estimates at 5% growth.
– Traders holding back purchases and lack of working capital.
– Outer islands will see slower growth, but won‘t be too damaging as it has evolved
into larger and broder economies in the past years
Exports – Top 10 by product
Exports by country
Exports Contri.
Japan
USA
Singapore
China
South Korea
Malaysia
India
Australia
Thailand
Netherlands
Others
US$114.1bn
21%
10%
9%
8%
7%
4%
4%
3%
3%
2%
28%
Source: Deutsche Bank and BPS
+31% yoy%
19%
17%
34%
37%
56%
61%
56%
19%
35%
66%
26%
CPO
Coal
Rubber
Electronic
Machinery
Iron Ore
Pulp and Paper
Clothings
Logs and Timber
Textile
Top-10
Others non Oil&Gas
Oil & Gas
Total Exports
Source: Deutsche Bank and BPS
raymond.kosasih@db.com · date · page 4
% Contri
11%
7%
6%
5%
3%
3%
3%
2%
2%
2%
45%
32%
23%
100%
yoy%
98%
44%
33%
7%
8%
-25%
21%
2%
-6%
12%
26%
17%
63%
30%
Deutsche Bank
Macro risk assessment
Lower oil price eases oil subsidy pressure on budget
– Budget deficit reduced to 1.0% of GDP in FY09 from 1.7% in FY08.
– Bond issuance halved to Rp54.7tr given difficult environment
BI’s tight interest rate policy
– To maintain Rupiah stability, less so in keeping inflation
– Rates may rise to 10% or more
– Comparatively higher real interest rates
– Inflation at 12.1% is peaking out. Easing food prices from 20% yoy helps as low-end
income spends >60% on food.
– BI expects inflation of 6.5-7.5%
Current account deficit – near term weak currency
– Reflects economic resilience given strong imports, incl. capital goods
– But, this is mostly funded by portfolio inflow, so BOP is at the whimp of sentiment
– Weaker oil price also lower forex reserves accumulation Rupiah weak currency
Raymond.kosasih@db.com 28Oct2008 · · page 5
Deutsche Bank
Macro risk assessment
BI rate – real and nominal %
Food price rising at fastest pace since 98 crisis
13.0%
6.0%
18%
12.0%
4.0%
16%
11.0%
20%
2.0%
14%
0.0%
10.0%
12%
10%
8%
-2.0%
9.0%
9.5% -4.0%
8.0%
-6.0%
7.0%
-8.0%
CPI yoy%
SBI 1mth (real) - RHS
Food yoy%
Jul-08
Jan-08
Jul-07
Jan-07
Jul-06
Jan-06
Jan-05
Sep-08
Jul-08
M ay-08
M ar-08
Jan-08
Nov-07
Sep-07
Jul-07
M ay-07
M ar-07
Jan-07
4%
Jul-05
6%
SBI 1mth
Source: Deutsche Bank and CEIC
Source: Deutsche Bank and CEIC
Current account deficit – structural
Current account a function of investment
11
8
5
6%
31%
4%
29%
2%
6.0%
4.0%
27%
25%
2.0%
0%
23%
0.0%
(4)
-2%
21%
(7)
-4%
Current Account US$ bn (LHS)
Current Account % GDP
Source: Deutsche Bank and CEIC
Raymond.kosasih@db.com 28Oct2008 · · page 6
-2.0%
19%
Current A/C (RHS)
Source: Deutsche Bank and CEIC
2Q08
FY07
FY05
FY03
FY01
FY99
-4.0%
FY97
17%
FY95
2Q08
FY07
FY05
FY03
FY01
FY99
FY97
FY95
FY93
(1)
FY93
2
Investment to GDP %
Deutsche Bank
Banking system remains healthy
The blessing in disguise from the Asian financial crisis
BI a lot more effective and conservative on banking regulations
– No exposure to CDOs and the likes
– Arresting liquidity issues
Prudent lending : Psychological mark steered bankers from careless lending
–
–
–
–
New owners promoting corporate governance
Building credit culture
Mortgage is still plain vanilla and accounts for 2-3% of GDP.
Confidence took time to recover, avoided the build-up of overly unjustified confidence
Sound system:
– Debt to GDP at less than 30%,
– NPL trending down to abt 3% with high coverage ratio
Low FX loans exposures (abt 18% now vs over 50% in 1997/8)
Manageable risks of default in consumer loans
– CAR stands at a healthy 17%
But prolonged credit crunch could affect sub-debt issuance
Implementation of Basel II could cut CAR by 200-300bps
Longer term, normalising profitability
Raymond.kosasih@db.com 28Oct2008 · · page 7
Deutsche Bank
Banks remain well capitalized - CAR
LDR drivers
80%
120%
60%
100%
40%
25.0
20.0
80%
15.0
20%
60%
0%
40%
-20%
LDR (RHS)
Deposit %
Aug-08
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
0%
1994
-60%
1993
20%
1992
-40%
10.0
5.0
0.0
2001
2002
2003
2004
2005
2006
2007F
2008F
Loan %
Source: Deutsche Bank and CEIC
Source: Deutsche Bank and CEIC
Still lowly leveraged economy and NPL remains in check
Money market increase by predominantly deposit funding
27%
12%
25%
10%
88%
8%
86%
6%
21%
4%
18%
17%
0%
2001
2002
2003
2004
NPL (LHS)
2005
2006
2007
Loan to GDP %
Source: Deutsche Bank and CEIC
Raymond.kosasih@db.com 28Oct2008 · · page 8
80%
2%
78%
0%
76%
Aug-08
Debt
M oney M arket
Source: Deutsche Bank and CEIC
Aug-08
19%
2%
82%
2007
20%
84%
2006
4%
22%
2005
6%
2004
23%
2003
8%
2002
24%
90%
2001
10%
92%
26%
2000
12%
3rd party (RHS)
Deutsche Bank
Arresting liquidity issues
LDR and Adjusted LDR
Input cost increases fueling working capital loans
100
40%
90
35%
80
30%
70
25%
60
20%
W PI
W C loan
15%
50
Adj LDR
40
10%
Reported LDR
5%
30
May-08
Jan-08
Sep-07
May-07
Jan-07
Sep-06
May-06
Jan-06
Sep-05
Jan-05
May-08
Jan-08
Sep-07
May-07
Jan-07
Sep-06
May-06
Jan-06
Sep-05
Jan-05
May-05
Sep-04
Jan-04
May-04
Sep-03
May-03
Jan-03
Sep-02
May-02
Jan-02
Source: Deutsche Bank and company data
May-05
0%
20
Source: Deutsche Bank and CEIC
Low real WC growth
BI regulations help easing constraints
20%
16
15%
14
10%
12
5%
10
0%
8
6
-5%
4
May-08
Jan-08
Sep-07
May-07
Jan-07
Sep-06
May-06
Jan-06
Sep-05
May-05
Jan-05
-10%
2
BBCA
BMRI
Rp reserve ratio %
Source: Deutsche Bank
Raymond.kosasih@db.com 28Oct2008 · · page 9
BBNI
BBRI
BDMN
BNII
Release of cash reserve (Rptr)
Source: Deutsche Bank and company data
BNGA
PNBN
As % of loans
Deutsche Bank
Liquidity imbalances
Cheap funding is key to weather liquidity risks
DB’s estimate of liquidity as % of loans
30
160,000
100
90
80
70
60
50
40
30
20
10
-
140,000
FY07
1H08
25.2
24.0
25
120,000
18.5
20
100,000
13.8
15
80,000
60,000
10
3.7
3.3
3.1
2.8
2.6
20,000
Cheap fundings (Rpbn)
1.3
-
NISP
Panin
5
Share of cheap fundings (%) RHS
Source: Deutsche Bank and company data
Source: Deutsche Bank and company data
Deposit franchise is key (ratios of CASA to total deposits)
Funding costs comparison
80
Niaga
BII
Danamon
Lippo
BNI
BRI
BCA
Mandiri
BNGA
BNII
BMRI
BDMN
Average
BBNI
BCA
BRI
-
1.7
Buana
40,000
8.0
07
70
08F
09F
6.0
60
50
4.0
40
30
2.0
20
Source: Deutsche Bank and company data
Raymond.kosasih@db.com 28Oct2008 · · page 10
BNGA
BDMN
Source: Deutsche Bank and company data
PNBN
NISP
BDMN
PNBN
BNII
BNII
BNGA
BBNI
BBIA
LPBN
LPBN
BBRI
BBRI
BMRI
BBNI
BCA
BMRI
-
BBCA
-
10
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