Financial Summary

December (Rp bn) 2012 2013 2014P 2015P 2016P

Pre-provision profit 1293 1706 2058.563 2483.986 2997.328
Net profit 725 824 948 1090 1254
Loan growth 15% 19% 25.51% 18.10% 17.10%
EPS (Rp) 56.01 55.26 63.2 73.06 84.06
Dividend Yield (%) 8.9 10.6 8.6 10.6 11.1
ROAE (%) 16.60% 14.70% 16.10% 17% 18.40%
CAR (%) 26.60% 23.72% 20.29% 21.80% 22.70%
 Consumer Commercial SME
3m12 10654 2863 3044
1h12 11185 3580 3320
9m12 11252 3798 3490
Fy12 11886 3239 3432
Aprl14 12647 3342 3384
1h13 13120 3869 3442
9m13 13568 4358 3601
Fy13 14026 4228 3831
Aprl14 15020 5288 3098

10654 111

3044 358
332
2863

0 1 2

Current Account Saving Account Time Deposit

Current Accou
3m12 12158 6280 5956
1h12 10733 8080 6475
9m12 11628 8281 6472
Fy12 9662 4374 8174 12158
11628
Aprl14 12725 7846 7257 10733
1h13 12083 8269 7064
9m13 12643 8403 7622 8080 8281
Fy13 9969 6048 9970 6280 6475 6472
5956
Aprl14 13415 9234 8642

3m12 1h12 9m12 Fy

2002 9.23
2003 11.28
2004 9.1
NIM
12
11.28
10
 2005 9.39 NIM
2006 9.34
12
2007 7.28
11.28
2008 8.35 10
2009 7.66 9.23 9.1 9.39 9.34 9.
2010 9.17 8 8.35
2011 7.95 7.66
7.28
6
2012 6.48
2013 7.14
4
3m14 7.72
7.54 2

0
2002 2003 2004 2005 2006 2007 2008 2009 20

2002 13.44
2003 17 CAR
2004 15.29 45
2005 18.17
40
2006 38.45 38.45
35
2007 33.39 33.39
30
2008 25.36
25
2009 21.32 25.36
20 21.32
2010 19.19 19.19
15 17 18.17
2011 16.53 15.29 16.5
10 13.44
2012 26.56
5
2013 23.72
0
3m14 22.54
02 03 04 05 06 07 08 09 10 11
26 20 20 20 20 20 20 20 20 20 20
 Chart Title
Consumer Commercial SME

15020
13568 14026
12647 13120
11886
11185 11252
10654

5288
3798 3869 4358 4228
3831
3044 3580
3320 3490 3432
3239 3384
3342 3442 3601 3098
2863

0 1 2 3 4 5 6 7 8 9 10

Current Account Saving Account Time Deposit

13415
12725 12643
12158 12083
11628
10733
9662 9969
9970
9234
8281 8269 8403 8642
8080 8174 7846
7257 7622
7064
6280 6475 6472 6048
5956
4374

m12 1h12 9m12 Fy12 Aprl14 1h13 9m13 Fy13 Aprl14

NIM
 NIM

9 9.34 9.17
8.35
7.66 7.95 7.72 7.54 %
7.28 7.14
6.48

05 2006 2007 2008 2009 2010 2011 2012 2013 3m14

CAR

8.45
33.39

25.36 26.56 26 %
23.7222.54
21.32
19.19
16.53

06 07 08 09 10 11 12 13 14
20 20 20 20 20 20 20 3m
 Income Statement
(Rp bn) 2012 2013 9M14 2014P 2015P
Interest Income 2,811 3,386 2,934 3,803 4,272
0 0 0 0
Interest Expense (852) (913) (817) (1,050) (1,207)
0 0 0 0
Net Interest Income 1,959 2,473 2,117 2,753 3,064
Non Interest Operational Income 358 367 328 381 396
0 0 0 0
Total Operating Income 2,317 2,840 2,445 3,135 3,461

Non Interest Operational Expenses 1,024 1,127 1,416 1,487 1,644

0 0 0 0
Operating Profit 1,293 1,713 1,029 1,648 1,816
Provisions (307) (596) (438) (447)

Operating Income 986 1,117 1,029 1,210 1,369

Non-Operating Income 16 38 17 44 50

Pretax Profit 1,002 1,155 1,046 1,254 1,419

Tax Expenses (277) (329) (303) (335) (341)

(0) 0 0 0
Net Profit 725 826 743 919 1,079

Earnings per Share 56.01 55.26

Balance Sheet
(Rp bn) 2012 2013 9M14 2014P 2015P
Assets
Cash 1961 2320 2567.71574 2841.88109
3% 18% 11% 11%
Placement with BI and other banks 7145 5433 11606 5052.69 5871.957
16.21%
Government Bonds 0 0 0 0

Other interest bearing assets 1250 3433 6873 4147.12 4096.47

Loans 18556 22085 26086 27718.8835 33817.0379

yoy % growth

Allowance for Loan Losses -256 -526 -384 -789 -881.46

36129.6935 42904.167
Net Earnings Assets 26695 30425 44181 36129.688 42904.004
19% 36130.74
Fixed Assets 204 261 522 1740.54

Other Assets 251 41 92.25 161.4375

39311.6532 46766.4025
Total Assets 29,111 33,047 42,694 46,963 55,868

Liabilities and Equity

Total Liabilities
3rd Party Deposits 22,210 25,988 31,988 38,915
Borrowings and sub-debts 319 316 317 317
Deposits from other banks 392 314 292 298
Other liabilities 704 710 501 593
Total liabilities 23,625 27,328 37,090 40,799 49,224
Minority Interest - - - -
Total Equity 5,487 5,719 5,874 6,215 6,643
Total liabilities and equity 29112 33047 42964 46963.4 55867.661
Common Ratios (%)
(%) 2012 2013 9M14 2014P 2015P
ROA 3.34 3.82 3.65 3.85 4.07
ROE 16.60 14.70 20.13 17.30 18.30
NIM 6.48 7.14 7.07 7.00 7.00
Gross NPL 2.95 3.44 3.34 3.40 3.00
Coverage ratio 46.61 69.18 75.00 7.00
CAR 26.60 23.72 20.29 20.29 21.80
LDR 83.55 83.90 73.06 75.55 82.55
EPS 56.01 55.26 72.84 73.06 84.06
Dividend Yield 8.90 10.60 10.30 10.60 11.10
 2016P
4,798
0
(1,389)
0
3,410
412
0
3,821

1,818
0
2,003
(471)

1,532
58

1,590

(346)
0
1,244

2016P

3145.32018
11%
6282.99399

4730.91

41256.7862
 -1322.19
50948.5002
50948.505

2579.255
0.48
282.515625
55633.4054
66,460

46,968
309
304
801
59,209
-
7,251
66460.169

2016P
4.14
19.40
6.80
3.20

22.70
84.11
85.27
10.80
 Q3 2014 BBCA BBRI BMRI
Average Price 11,031.41 9,968.97 9,777.18
Outstanding shares 24,408,459,120 24,422,470,380 23,099,999,999
Market value equity 269,259,726,279,538 243,466,981,001,031 225,852,846,144,069
Sales 38,704,904,000,000 61,148,394,000,000 63,235,847,000,000
Price/Sales 6.96 3.98 3.57
EPS 659.51 975 825.92
Book Value 3,023.84 3,700.43 4,159.08
PER 16.73 10.22 11.84
PBV 3.65 2.69 2.35

Variabel Standar :
Net income 18,124,000,000,000 362,570,000,000
DER 6.72 2.38
ROA 3.43 10.88
ROE 26.52 37.04

NPM 29.69 14.14

Date BBCA BBRI BMRI

30-Sep-14 13,075 10,425 10,075
29-Sep-14 13,075 10,375 10,075
26-Sep-14 12,800 10,350 10,050
25-Sep-14 12,875 10,775 10,525
24-Sep-14 12,475 10,600 10,550
23-Sep-14 12,650 10,650 10,700
22-Sep-14 12,800 10,800 10,650
19-Sep-14 12,600 10,800 10,525
18-Sep-14 12,550 10,500 10,425
17-Sep-14 12,250 10,400 10,275
16-Sep-14 11,950 10,325 10,150
15-Sep-14 12,025 10,425 10,225
12-Sep-14 12,050 10,575 10,200
11-Sep-14 12,200 10,725 10,400
10-Sep-14 12,350 10,750 10,450
9-Sep-14 12,525 10,825 10,475
8-Sep-14 12,275 10,950 10,550
5-Sep-14 12,100 10,950 10,475
4-Sep-14 11,800 11,050 10,550
3-Sep-14 11,700 11,125 10,550
2-Sep-14 11,700 11,100 10,500
1-Sep-14 11,700 11,050 10,500
29-Aug-14 11,200 11,050 10,375
28-Aug-14 11,850 11,100 10,525
27-Aug-14 11,850 11,125 10,550
26-Aug-14 11,800 11,075 10,475
25-Aug-14 11,775 11,300 10,575
22-Aug-14 11,800 11,275 10,525
21-Aug-14 11,800 11,200 10,550
20-Aug-14 11,775 11,025 10,550
19-Aug-14 11,675 10,850 10,525
18-Aug-14 11,775 10,800 10,475
15-Aug-14 11,800 10,750 10,450
14-Aug-14 11,750 10,825 10,475
13-Aug-14 11,750 10,925 10,500
12-Aug-14 11,700 10,900 10,500
11-Aug-14 11,700 10,925 10,475
8-Aug-14 11,625 10,750 10,200
7-Aug-14 11,600 10,800 10,200
6-Aug-14 11,750 10,625 10,275
5-Aug-14 11,750 10,825 10,400
4-Aug-14 11,725 10,975 10,275
1-Aug-14 11,600 11,200 10,250
31-Jul-14 11,600 11,200 10,250
30-Jul-14 11,600 11,200 10,250
29-Jul-14 11,600 11,200 10,250
28-Jul-14 11,600 11,200 10,250
25-Jul-14 11,600 11,200 10,250
24-Jul-14 11,650 11,375 10,450
23-Jul-14 11,625 11,400 10,500
22-Jul-14 11,675 11,425 10,475
21-Jul-14 11,650 11,700 10,650
18-Jul-14 11,650 11,575 10,625
17-Jul-14 11,650 11,425 10,625
16-Jul-14 11,650 11,400 10,600
15-Jul-14 11,400 11,600 10,550
14-Jul-14 11,300 11,375 10,500
11-Jul-14 11,300 11,500 10,500
10-Jul-14 11,475 11,675 10,475
9-Jul-14 11,300 11,175 10,150
8-Jul-14 11,300 11,175 10,150
7-Jul-14 11,275 10,550 9,925
4-Jul-14 11,100 10,200 9,675
3-Jul-14 10,975 10,175 9,650
2-Jul-14 11,075 10,300 9,850
1-Jul-14 11,000 10,375 9,825
30-Jun-14 11,000 10,325 9,725
27-Jun-14 10,825 10,100 9,650
26-Jun-14 11,000 10,050 9,850
25-Jun-14 10,700 10,075 9,750
24-Jun-14 10,950 10,000 9,775
23-Jun-14 11,000 9,925 9,750
20-Jun-14 10,900 10,000 9,800
19-Jun-14 11,050 10,050 9,800
18-Jun-14 11,025 10,100 9,875
17-Jun-14 11,075 10,175 9,900
16-Jun-14 11,025 10,150 9,850
13-Jun-14 11,075 10,175 9,925
12-Jun-14 11,200 10,150 9,925
11-Jun-14 11,250 10,275 9,950
10-Jun-14 11,250 10,225 9,975
9-Jun-14 11,075 9,875 9,800
6-Jun-14 11,050 10,075 10,075
5-Jun-14 11,050 10,150 10,200
4-Jun-14 11,050 10,275 10,150
3-Jun-14 11,250 10,350 10,200
2-Jun-14 11,150 10,300 10,200
30-May-14 10,775 10,200 10,175
29-May-14 11,275 10,700 10,375
28-May-14 11,275 10,700 10,375
27-May-14 11,300 10,675 10,325
26-May-14 11,300 10,675 10,325
23-May-14 11,375 10,825 10,375
22-May-14 11,425 10,800 10,375
21-May-14 11,175 10,475 10,150
20-May-14 11,150 10,550 10,100
19-May-14 11,350 10,975 10,625
16-May-14 11,350 10,775 10,600
15-May-14 11,350 10,575 10,325
14-May-14 11,350 10,575 10,325
13-May-14 11,200 10,050 10,075
12-May-14 11,200 10,075 9,975
9-May-14 11,200 10,125 10,075
8-May-14 11,050 10,075 10,025
7-May-14 11,000 10,175 9,975
6-May-14 11,000 10,025 9,875
5-May-14 10,975 10,075 9,850
2-May-14 10,975 10,050 9,875
1-May-14 11,000 9,900 9,825
30-Apr-14 11,000 9,900 9,825
29-Apr-14 11,000 9,775 9,800
28-Apr-14 10,600 9,825 9,750
25-Apr-14 11,000 10,000 9,900
24-Apr-14 11,000 10,050 9,875
23-Apr-14 11,050 10,025 9,900
22-Apr-14 11,050 10,200 9,850
21-Apr-14 11,175 10,050 9,825
18-Apr-14 11,200 10,000 9,850
17-Apr-14 11,200 10,000 9,850
16-Apr-14 11,050 9,950 9,975
15-Apr-14 11,100 9,850 9,750
14-Apr-14 11,250 9,775 9,750
11-Apr-14 11,100 9,550 9,700
10-Apr-14 10,900 9,425 9,650
9-Apr-14 10,950 10,175 10,250
8-Apr-14 10,950 10,175 10,250
7-Apr-14 10,900 10,025 10,250
4-Apr-14 10,850 9,950 10,125
3-Apr-14 10,950 10,100 10,300
2-Apr-14 10,900 10,000 10,150
1-Apr-14 10,950 10,000 9,950
31-Mar-14 10,600 9,575 9,450
28-Mar-14 10,600 9,575 9,450
27-Mar-14 10,350 9,450 9,400
26-Mar-14 10,375 9,450 9,575
25-Mar-14 10,300 9,525 9,525
24-Mar-14 10,275 9,425 9,500
21-Mar-14 10,325 9,300 9,375
20-Mar-14 10,425 9,550 9,350
19-Mar-14 10,700 9,825 9,775
18-Mar-14 10,800 9,700 9,725
17-Mar-14 10,950 10,000 9,975
14-Mar-14 11,075 10,300 10,150
13-Mar-14 10,375 9,325 9,300
12-Mar-14 10,350 9,150 9,225
11-Mar-14 10,400 9,225 9,375
10-Mar-14 10,500 9,075 9,200
7-Mar-14 10,600 9,250 9,250
6-Mar-14 10,575 9,525 9,400
5-Mar-14 10,550 9,275 9,400
4-Mar-14 10,475 9,150 9,125
3-Mar-14 10,275 9,250 9,100
28-Feb-14 10,225 9,275 9,100
27-Feb-14 10,300 9,200 9,000
26-Feb-14 10,275 9,425 8,950
25-Feb-14 10,375 9,425 9,050
24-Feb-14 10,400 9,650 9,400
21-Feb-14 10,450 9,650 9,425
20-Feb-14 10,400 9,550 9,225
19-Feb-14 10,250 9,375 9,125
18-Feb-14 10,400 9,000 9,125
17-Feb-14 10,475 8,950 9,150
14-Feb-14 10,375 8,725 9,025
13-Feb-14 10,250 8,700 9,000
12-Feb-14 10,300 8,675 8,975
11-Feb-14 10,150 8,800 8,950
10-Feb-14 10,050 8,700 8,750
7-Feb-14 10,250 8,725 8,775
6-Feb-14 10,150 8,400 8,625
5-Feb-14 9,950 8,325 8,600
4-Feb-14 9,850 8,275 8,525
3-Feb-14 9,825 8,300 8,700
31-Jan-14 9,925 8,325 8,700
30-Jan-14 9,925 8,325 8,700
29-Jan-14 10,000 8,300 8,700
28-Jan-14 10,000 8,175 8,275
27-Jan-14 9,800 8,250 8,300
24-Jan-14 10,175 8,400 8,675
23-Jan-14 10,200 8,700 8,875
22-Jan-14 9,900 8,400 8,950
21-Jan-14 9,850 8,325 8,775
20-Jan-14 9,825 8,200 8,750
17-Jan-14 9,900 8,325 8,750
16-Jan-14 10,000 8,100 8,625
15-Jan-14 9,950 8,475 8,800
14-Jan-14 9,800 8,375 8,800
13-Jan-14 9,800 8,375 8,800
10-Jan-14 9,400 7,600 8,250
9-Jan-14 9,400 7,325 7,800
8-Jan-14 9,325 7,175 7,825
7-Jan-14 9,375 7,075 7,625
6-Jan-14 9,350 7,025 7,650
3-Jan-14 9,500 7,250 7,800
2-Jan-14 9,800 7,300 8,100
1-Jan-14 9,600 7,250 7,850
 BBNI BDMN BTPN NISP
4,891.87 4,162.92 4,287.21 1,325.62
18,462,169,893 9,488,796,931 5,781,884,384 11,354,041,000
90,314,568,171,698 39,501,131,716,297 24,788,124,381,774 15,051,163,832,358
31,703,910,000,000 21,441,957,000,000 9,733,463,000,000 3,137,031,000,000
2.85 1.84 2.55 4.80
544.2 292.92 323.39 109.51
2,998.40 3,349.18 1,946.56 1,261.52
8.99 14.21 13.26 12.11
1.63 1.24 2.20 1.05

BBNI BDMN BTPN NISP

5,525 3,905 4,600 1355
5,600 3,935 4,600 1355
5,500 3,940 4,600 1355
5,775 3,905 4,640 1355
5,850 3,990 4,600 1355
5,800 3,990 4,600 1355
5,775 4,110 4,555 1355
5,825 3,885 4,555 1380
5,825 3,800 4,525 1380
5,625 3,745 4,525 1410
5,575 3,700 4,480 1410
5,650 3,720 4,500 1410
5,650 3,845 4,545 1410
5,800 3,705 4,395 1410
5,650 3,755 4,395 1410
5,675 3,810 4,360 1385
5,725 3,895 4,360 1385
5,725 3,865 4,340 1390
5,625 3,900 4,340 1390
5,650 3,900 4,330 1390
5,525 3,890 4,300 1390
5,375 3,740 4,240 1395
5,350 3,750 4,260 1300
5,450 3,805 4,270 1300
5,350 3,760 4,260 1300
5,325 3,740 4,250 1395
5,425 3,790 4,250 1395
5,350 3,855 4,225 1395
5,400 3,870 4,215 1350
5,300 3,900 4,200 1310
5,300 3,855 4,200 1310
5,250 3,875 4,195 1310
5,175 3,870 4,130 1310
5,175 3,895 4,160 1310
5,150 3,910 4,200 1300
5,125 3,865 4,205 1395
5,100 3,850 4,125 1395
5,075 3,785 4,125 1400
5,075 3,800 4,130 1400
4,995 3,815 4,110 1400
5,150 3,890 4,090 1400
5,125 3,925 4,100 1400
5,100 3,855 4,150 1400
5,100 3,855 4,150 1400
5,100 3,855 4,150 1400
5,100 3,855 4,150 1400
5,100 3,855 4,150 1400
5,100 3,855 4,150 1400
5,000 3,915 4,160 1400
4,975 3,935 4,160 1400
4,985 3,930 4,160 1325
5,150 3,895 4,160 1325
5,125 4,025 4,160 1325
5,075 4,165 4,125 1350
5,150 4,290 4,130 1350
5,075 4,305 4,050 1350
5,025 4,305 4,060 1200
5,050 4,310 4,040 1300
5,175 4,310 4,050 1300
4,980 4,330 4,195 1325
4,980 4,330 4,195 1325
4,845 4,290 4,270 1325
4,750 4,190 4,300 1325
4,745 4,165 4,250 1400
4,800 4,230 4,240 1400
4,785 4,150 4,250 1400
4,765 4,145 4,250 1400
4,770 4,145 4,245 1400
4,790 4,195 4,245 1400
4,785 4,155 4,245 1400
4,780 4,220 4,235 1400
4,780 4,230 4,235 1400
4,820 4,240 4,225 1400
4,835 4,190 4,220 1305
4,900 4,200 4,225 1305
4,900 4,325 4,225 1305
4,825 4,275 4,225 1305
4,830 4,320 4,230 1305
4,810 4,300 4,230 1395
4,880 4,325 4,200 1280
4,865 4,250 4,225 1280
4,750 4,215 4,200 1280
4,830 4,310 4,200 1375
4,870 4,400 4,200 1375
4,900 4,305 4,200 1375
4,905 4,310 4,215 1390
4,780 4,190 4,225 1390
4,775 4,160 4,090 1390
4,950 4,330 4,085 1395
4,950 4,330 4,085 1395
4,885 4,275 4,055 1395
4,885 4,275 4,055 1400
4,895 4,235 4,050 1400
4,860 4,235 4,030 1400
4,810 4,230 4,040 1310
4,805 4,315 4,030 1310
4,950 4,315 4,025 1290
5,025 4,300 4,145 1290
4,960 4,300 4,140 1380
4,960 4,300 4,140 1380
4,870 4,330 4,140 1380
4,855 4,265 4,140 1385
4,865 4,175 4,140 1380
4,860 4,155 4,100 1385
4,820 4,155 4,150 1370
4,780 4,160 4,155 1360
4,775 4,150 4,170 1400
4,825 4,220 4,160 1400
4,815 4,090 4,075 1400
4,815 4,090 4,075 1400
4,835 4,300 4,060 1400
4,970 4,270 4,055 1400
5,050 4,305 4,125 1400
5,000 4,355 4,070 1400
5,075 4,315 4,060 1400
5,075 4,360 4,160 1400
5,075 4,450 4,035 1400
5,050 4,470 4,030 1400
5,050 4,470 4,030 1300
5,025 4,530 4,020 1300
4,995 4,550 4,020 1300
4,950 4,550 4,100 1300
4,920 4,590 4,100 1300
4,910 4,600 4,050 1300
5,200 4,640 4,200 1300
5,200 4,640 4,200 1385
5,150 4,640 4,200 1340
5,125 4,485 4,320 1340
5,225 4,545 4,425 1340
5,150 4,525 4,425 1340
5,150 4,500 4,400 1340
4,960 4,350 4,290 1340
4,960 4,350 4,290 1340
4,900 4,240 4,250 1340
4,850 4,400 4,280 1340
4,800 4,425 4,335 1340
4,810 4,400 4,400 1350
4,800 4,220 4,420 1350
4,765 4,180 4,500 1300
4,980 4,390 4,700 1400
5,050 4,400 4,885 1300
5,150 4,390 4,930 1300
5,175 4,300 4,850 1300
4,855 4,240 4,490 1300
4,850 4,140 4,425 1300
4,850 4,195 4,500 1300
4,840 4,175 4,310 1300
4,825 4,345 4,285 1300
4,810 4,350 4,295 1300
4,620 4,235 4,285 1300
4,505 4,165 4,295 1300
4,450 4,100 4,230 1260
4,550 4,080 4,225 1260
4,505 4,190 4,220 1250
4,415 4,000 4,135 1250
4,545 4,160 4,350 1245
4,655 4,300 4,295 1245
4,725 4,355 4,265 1170
4,500 4,360 4,270 1170
4,470 4,400 4,370 1210
4,450 4,495 4,460 1210
4,470 4,550 4,500 1210
4,380 4,595 4,520 1170
4,315 4,600 4,540 1150
4,310 4,625 4,500 1140
4,280 4,600 4,500 1150
4,280 4,470 4,500 1080
4,250 4,380 4,510 1250
4,230 4,345 4,500 1250
4,180 4,350 4,500 1250
4,220 4,345 4,500 1250
4,270 4,310 4,500 1250
4,360 4,340 4,525 1250
4,360 4,340 4,525 1250
4,370 4,375 4,600 1250
4,330 4,300 4,560 1250
4,220 4,245 4,500 1190
4,300 4,220 4,525 1130
4,275 4,490 4,500 1190
4,230 4,485 4,520 1190
4,265 4,550 4,520 1190
4,235 4,250 4,500 1190
4,275 4,125 4,500 1190
4,305 4,065 4,450 1190
4,375 4,100 4,450 1190
4,225 4,000 4,450 1245
4,225 4,000 4,450 1245
3,930 3,720 4,425 1245
3,820 3,600 4,400 1245
3,725 3,625 4,400 1230
3,675 3,715 4,400 1230
3,680 3,715 4,400 1230
3,850 3,750 4,400 1230
3,950 3,825 4,300
3,950 3,775 4,300
 MEGA Average
2,005.64 5,931.35
6,894,138,227
13,827,166,464,511 Bank Rakyat Indonesia
3,099,282,000,000 Perhitungan PER
4.46 3.84 industry average PER
112.57 asumsi growth EPS 2014
967.25 2,675.78 EPS BBRI 2014
17.82 13.15 Target Price BBRI 2014
2.07 1.89 Perhitungan PBV
Oustanding Shares
Industry average PBV
9,243,285,000,000 Asumsi growth BV 2014
4.55 Expected BV BBRI 2014
7.16 Average price BBRI 2014
31.78 Target Price BBRI 2014
Perhitungan Price/Sales
21.92 Industry average P/S
Growth Sales Asumption 2014
MEGA Expected sales BBRI 2014
1,980 Average price BBRI 2014
2,000 Target Price BBRI 2014
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
1,980
2,000
1,995
1,995
2,000
2,000
2,000
2,000
1,985
2,000
2,000
1,975
1,995
2,000
2,000
2,000
2,000
1,995
2,000
2,000
1,975
1,980
1,995
2,000
1,995
2,000
2,000
2,000
1,970
2,000
2,000
2,000
2,000
2,000
2,000
1,970
2,000
2,010
2,000
1,975
2,000
2,000
2,000
2,000
2,000
2,000
1,990
1,990
1,995
2,000
1,995
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,010
1,915
1,900
1,910
1,910
1,940
1,950
1,965
1,965
1,990
1,990
1,990
1,990
2,000
2,000
1,985
1,985
1,985
1,985
1,985
1,980
1,940
1,965
2,000
1,940
1,940
1,940
1,935
2,000
1,950
1,950
1,965
1,965
1,965
2,000
2,000
2,000
2,000
1,950
1,950
1,905
1,905
1,915
1,950
1,950
1,950
1,910
1,920
1,920
1,950
2,030
1,990
1,990
2,000
2,000
2,000
2,080
2,100
2,150
2,150
2,120
2,150
2,150
2,020
2,000
2,000
2,010
2,005
2,070
2,020
2,020
2,020
2,085
2,020
2,015
2,155
2,430
2,430
2,000
1,975
2,000
2,000
2,000
1,975
2,000
2,000
2,000
2,000
1,995
2,000
2,000
2,000
2,000
1,960
2,000
2,000
2,000
1,940
1,960
2,100
2,100
2,100
2,100
2,100
2,100
2,100
2,100
2,100
2,100
2,100
2,100
2,100
2,050
2,050
2,000
1,935
2,000
1,950
1,950
2,050
2,050
2,050
ank Rakyat Indonesia Bank Mandiri
Perhitungan PER Perhitungan PER
13.15 industry average PER 13.15
5.00% asumsi growth EPS 2014 10.00%
1023.75 EPS BMRI 2014 908.512
13,458.35 Target Price BMRI 2014 11,943.42
Perhitungan PBV Perhitungan PBV
24,422,470,380 Oustanding Shares 18,462,169,893
1.89 Industry average PBV -
20% Asumsi growth BV 2014 20%
4,440.52 Expected BV BBRI 2014 3,598.08
8,402.78 Average price BBRI 2014 -
8402.78 Target Price BBRI 2014 0.00
erhitungan Price/Sales Perhitungan Price/Sales
3.84 Industry average P/S 3.84
10% Growth Sales Asumption 2014 5%
67,263,233,400,000 Expected sales BBRI 2014 63,235,847,000,000
258,301,973,336,714 Average price BBRI 2014 242,836,141,530,456
10,576.41 Target Price BBRI 2014 80,945,380,510,152.10
 Bank Central Asia Bank Negara Indonesia
Perhitungan PER Perhitungan PER
industry average PER 13.15 industry average PER 13.15
asumsi growth EPS 2014 10.00% asumsi growth EPS 2014 5.00%
EPS BBCA 2014 725.461 EPS BBNI 2014 571.41
Target Price BBCA 2014 9,537.00 Target Price BBNI 2014 7,511.83
Perhitungan PBV Perhitungan PBV
Oustanding Shares #REF! Oustanding Shares #REF!
Industry average PBV - Industry average PBV -
Asumsi growth BV 2014 20% Asumsi growth BV 2014 20%
Expected BV BBRI 2014 #REF! Expected BV BBRI 2014 #REF!
Average price BBRI 2014 #REF! Average price BBRI 2014 #REF!
Target Price BBRI 2014 #REF! Target Price BBRI 2014 #REF!
Perhitungan Price/Sales Perhitungan Price/Sales
Industry average P/S 3.84 Industry average P/S 3.84
Growth Sales Asumption 2014 5% Growth Sales Asumption 20 5%
Expected sales BBRI 2014 40,640,149,200,000 Expected sales BBRI 2014 #REF!
Average price BBRI 2014 534,260,704,169,526 Average price BBRI 2014 #REF!
Target Price BBRI 2014 23,128.17 Target Price BBRI 2014 #REF!
Bank Rakyat Indonesia
Current Stock Price 11450
Dividen 2014 257.32 Dividend Yield 2.32%
Dividen 2015 400.00 Growth of Earnings 14.50%

Formula
V= D2015 / (K-g)

Value of stock 2015 13333 520

13333.3333333333

Bank Mandiri
Current Stock Price 10550
Dividen 2014 Dividend Yield
Dividen 2015 Growth of Earnings

Value of stock 2015

Cost of Equity (k) 17.50%
BI rate (risk free rate) 7.75%

Cost of Equity (k)

BI rate (risk free rate)
Banking Current Stock Price Dividen 2014 Dividen 2015
BBRI 11450 257
BMRI
BBCA
BBNI
BJBR
Growth of Earnings Cost of Equity BI Rate Value of Stock 2015
 roa roe nim kredit gross npl car ldr
9Mo'13 3.78 29.8 8.25 413,263 1.77 17.14 90.88
2013 3.85 30.1 8.55 430,618 1.55 16.99 88.54
9Mo'14 3.9 28.8 8.78 464,182 1.89 18.57 85.29
2014P 3.93 29.5 9.08 513,576 1.85 17.55 86.35
2015P 3.95 30.5 9.05 629,284 1.76 18.25 88.65
2016P 3.87 28.7 9.07 771,060 1.68 19.3 90.25

gross npl kredit

1.77 413,263
1.55 430,618
1.89 464,182
1.85 513,576
1.76 629,284
1.68 771,060

3.95
3.93

3.9 30.1

3.87 29.8

3.85

3.78 28.8

9Mo'13 2013 9Mo'14 2014P 2015P 2016P 9Mo'13 2013 9Mo'14

9.08 9.07
9.05
90.88

8.78

88.54

8.55

8.25
85.29

9Mo'13 2013 9Mo'14 2014P 2015P 2016P

9Mo'13 2013 9Mo'14
 8.25
85.29

9Mo'13 2013 9Mo'14 2014P 2015P 2016P

9Mo'13 2013 9Mo'14
 9.08 9
9.05
30.5

30.1
8.78

29.5
8.55

28.8
28.7 8.25

9Mo'13 2013 9Mo'14 2014P 2015P 2

2013 9Mo'14 2014P 2015P 2016P

90.25
18.57

88.65 18.25
88.54

17.55
86.35
17.14
16.99
85.29

2013 9Mo'14 2014P 2015P 2016P 9Mo'13 2013 9Mo'14 2014P 2015P 2
 86.35
17.14
16.99
85.29

2013 9Mo'14 2014P 2015P 2016P 9Mo'13 2013 9Mo'14 2014P 2015P 2
9.08 9.07
9.05

2014P 2015P 2016P

19.3

18.25

17.55

2014P 2015P 2016P

2014P 2015P 2016P
 Jaringan Perseroan
Network 2009 2010 2011 2012 2013 Q3-2013
Head Office 1 1 1 1 1 1
Regional Office 17 18 18 18 18 18
Branches 406 413 431 4,465 453 446
Sub Branches 434 470 502 545 565 555
BRI Units 4,538 4,649 4,849 5,000 5,144 5,060
Cash Offices 728 822 870 914 950 937
Teras BRI 217 617 1,304 1,778 2,206 2,151
Teras Mobile 100 350 465 401
Total 6,341 6,990 8,075 13,071 9,802 9,569
Q4-2014
1
19
457
581
5,228
972
2,454
522 Jaringan Perseroan
10,234 Network 2009 2010 2011 2012 2013
Head
Office 1 1 1 1 1
Branch
Office 39 41 41 41 41

Sub Branch
Office 26 44 67 81 107

Cash Office 151 154 164 164 176

Syaria
Service
Office 37 37 47 47 47
Payment
Point 78 88 115 138 155
Mobile
Cash 45 49 57 57 59

Mobile ATM - 4 4 6 6

CDM 1 1 1 1 1

ATM 87 142 262 368 479

Total
Network 465 561 759 904 1,072
9M14

42

145

161

47

158

60

511

1,132
 KINERJA DAN PROYEKSI KEUANGAN
Balance Sheet
(Rp Bn) 2012 2013 2014P
Total Assets 551,337,725 626,183,777 711,190,446
Total Liabilities 486,455,014 546,855,513 607,109,928
Total Equity 64,881,779 79,327,422 104,080,518
Interest Income 36,483,766 44,106,271 51,840,989
Non Interest Operational Income 8,389,732 8,348,459 9,183,305
Non Interest Operational Expenses (19,491,032) (22,380,778) (26,149,356)
Operating Profit 22,714,027 26,126,268 32,451,746
Non Operating Income 1,177,034 1,782,489 3,010,533
Pretax Profit 23,891,061 27,908,757 35,462,279
Tax Expense (5,172,192) (6,555,736) (8,019,329)
Net Profit 18,718,869 21,353,021 27,442,950

Common Ratios (%)

(%) 2012 2013 2014P
ROA 5.15 5.03 5.27
ROE 38.66 34.11 32.15
NIM 8.42 8.55 8.30
Gross NPL 1.78 1.55 2.00
CAR 16.95 16.99 16.20
LDR 79.85 88.54 90.80
EPS 757.26 865.22 975
Dividend Yield 2.27 2.40 2.70
 2015P 2016P
807,737,073 917,390,246
683,414,515 771,324,818
124,322,558 146,065,428
60,931,063 71,613,820
10,101,635 11,111,799
(30,552,504) (35,697,074)
40,308,695 50,067,905
5,084,637 8,587,694
45,393,333 58,655,600
(10,123,593) (13,326,851)
35,269,740 45,328,749 144,672,722.54

2015P 2016P
5.16 5.07
31.75 30.58
8.00 7.90
2.00 2.00
15.40 15.20
91.50 92.40
1098 1250
2.80 2.90