PT Bank Danamon Indonesia Tbk (BDMN) melakukan penawaran umum terbatas (PUT) V melalui
penerbitan hak memesan efek terlebih dahulu (HMETD) alias right issue dengan kisaran harga
Rp4.100-Rp4.800 per saham.
Dalam keterangan tertulisnya di Jakarta, Senin (25/7/2011), Bank Danamon bakal melepas
sebanyak 12,6 persen atau 1,21 miliar lembar saham seri B atas nama dengan nilai
nominal Rp500 per saham.Tiap pemegang seribu saham BDMN, akan mendapatkan 144 HMETD.
Di mana satu HMETD berhak atas satu saham BDMN tersebut
Bank Danamon: Hold (prev Fully Valued); Rp5,350;
TP5,700 Rp; BDMN IJ
Negatives partially priced in
• Rights price ranges between Rp4,100-Rp4,800 (13-25%
discount); ex-date on 8 Sep 2011
• Estimated FY12 EPS dilution of 13% while Total CAR would
increase to 18-19% (2Q11: 14%)
• Upgrade to Hold on valuations; TP lifted to Rp5,700 as we
roll over our valuation base to 2012.
Rights issue details and pro-forma impact (13% EPS dilution;
4ppts capital ratio improvement). In the abridged prospectus,
BDMN’s rights price ranges between Rp4,100-Rp4,800,
equivalent to a 13-25% discount to the last closing price. This
compares to a 19.5% discount for BBNI’s rights in Dec-10 and
11.5% discount for BMRI’s rights in Feb-11(market conditions
were soft in Feb-11). We estimate EPS dilution of 13% in
FY12. Post rights, Tier-1 CAR would improve to 17%-18%
(2Q11: 13.7%), while Total CAR would increase to 18%-19%
(2Q11: 14.2%).
The difference with the previous rights issue. BDMN’s rights
proceeds would be used to improve funding and to boost
growth particularly in micro, SME as well as auto financing.
BDMN saw a significant improvement in its earnings and ROE
in 2010, the year after the previous rights issue. The
difference now is the shift in asset mix (towards SME loans
which are lower yielding) with the hope to improve its deposit
franchise over time. BDMN excels in asset growth, especially in
the mass market segment, but it still lags its peers in deposits.
Management has initiated plans to improve its deposit
franchise but it would be a 2 to 3 year journey at least.
Meanwhile, NIM may continue to slide and incremental ROE
would not be great.
Upgrade to Hold on valuations; TP lifted to Rp5,700. Share
price has weakened over the past week since the
announcement of its rights issue. At current valuations of 1.9x
FY12 BV, we upgrade BDMN to HOLD. We note that 1H11
earnings were weak but we do expect a stronger 2H11. As we
roll over our valuation base to 2012, our revised Rp5,700 TP is
equivalent to 2.1x FY12 BV based on a lower sustainable ROE
of 20% (pre-rights), 10% growth and 15% cost of equity.
