Still in shape PNBN IJ / PNBN.JK | OUTPERFORM - Maintained | Share Price Rp730.00 - Tgt. Rp1,200.00 Banks | - by Mulya CHANDRA, CFA Panin managed to sustain its loan growth at 33% yoy, outstripping the sector for two consecutive quarters. While NIM also slightly improved, its fast dropping NPL ratio may reverse in 4Q12. Funding can also be another challenge given its high LDR. 9M12 core profit beat our estimate and consensus at 83-85% of FY12, on higher-than-expected non-interest income. We raise our assumptions accordingly, which lifts our EPS by 13-17% and GGM target price, also rolled forward to end-2013. Maintain Outperform with catalysts expected from improving ROEs from earnings acceleration.
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By : Listri Valsa
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