February 1, 2013 / 4:21 AM / 5 years ago

STOCKS NEWS INDONESIA-Bank Rakyat Indonesia rises on earnings result

Shares in the world’s biggest microlender PT Bank Rakyat Indonesia rose 1.89 percent on Friday, a day after the company announced its full-year 2012 results.

Indonesia’s second-largest lender by assets said net profit was 18.52 trillion rupiah ($1.90 billion), up 22.8 percent from 15.08 trillion rupiah in the previous year. Loan growth was 22.8 percent, up 14.8 percent, and on par with the industry average of above 20 percent.

“BRI’s share price is up strongly during the first month of the year on the back of widely anticipated recovery in 4Q12 loan growth. However given the growth was in lower yielding segments, we see little cause for elation...we see better risk-return in Bank Central Asia or Bank Mandiri which have rising NIMs and stable/rising ROEs,” CLSA analyst Jayden Vantarakis said in a note on Friday.

Bank Rakyat Indonesia’s shares were traded at 8,100 rupiah, while the broader Jakarta Composite Index was up 1.2 percent.

1111 (0411 GMT)

(Reporting by Andjarsari Paramaditha; Editing by Jijo Jacob) **************************************************************** 11:11 RTRS-STOCKS NEWS INDONESIA-CIMB upgrades Media Nusantara to ‘outperform’ CIMB Equity Research upgraded its rating on Indonesian television channel operator PT Media Nusantara Citra Tbk to ‘outperform’ from ‘neutral’, citing a substantial increase in dividend payout, better-than-expected margins and the buyout of the remaining 25 percent stake in MNC TV.

“Our optimistic view is based on three factors: higher competition in consumer products is likely to fuel growth in ad spend, additional revenue from political campaigns which may start as early as June 2013, and low ad spend in the region,” CIMB analyst Irenne Achmad said in a note on Friday.

The research house also raised Media Nusantara’s target price to 3,350 rupiah from 3,300 rupiah, saying the company will continue to ride on the media sector’s strong earnings growth momentum which will limits near-term downside risks for its earnings.

“Sector tailwinds aside, MNCN is forecasting an earnings growth of 20 percent on the back of 18 percent growth in advertising revenue and slight margin expansion,” the note said.

The media firm’s shares were down 1.05 percent at 2,350 rupiah, while the broader index was up 1.21 percent.

1056 (0356 GMT) (Reporting by Andjarsari Paramaditha, Editing by Sunil Nair)

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