State-owned holding for financial services led by Danareksa is estimated to increase the leverage in seeking funds for Bank Mandiri Tbk (BMRI), Bank Rakyat Indonesia Tbk (BBRI), BNI Tbk (BBNI), Bank Tabungan Negara Tbk (BBTN), Pegadaian, and Permodalan Nasional Madani (PNM). The asset consolidation that reached 2.656,79 trillion IDR increases holding’s credibility and competitiveness.
Haru Kusmahargyo, the Director of Bank Rakyat Indonesia Tbk (BBRI), said that holding option for SOE’s financial sector was investment holding. “In investment holding, there will be a pooling function for investment and finance,” said Haru. Holding scheme has a bigger ability to seek loans, issue bonds, or other funding rather than each company seek their own funding. The funds will be distributed holding to its subsidiary as needed.
BBRI declined to comment about Danareksa’s capability as holding. “We will implement the stockholder’s decision and adjust as holding members. There will be no changes of ownership, nor a transition from government to government,” said Haru.
UBS Securities recommended HOLD for BMRI with a target price of 12.750 IDR, BUY for BBRI with a target price 13.900 IDR, and BUY for BBNI with a target price of 6.900 IDR. RHB Securities recommended BUY for BBTN with a target price of 2.420 IDR. (*)
The asset of state-owned holding for financial
SOE Asset
Danareksa IDR 3,72 trillion
Bank Mandiri Tbk IDR 971,44 trillion
Bank Rakyat Indonesia Tbk IDR 907,82 trillion
BNI Tbk IDR 539,14 trillion
Bank Tabungan Negara Tbk IDR 189,51 trillion
Pegadaian IDR 39,16 trillion
PNM IDR 6 trillion
TOTAL IDR 2.656,79 trillion
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