PT BANK PANIN SYARIAH Tbk

Transcription

Kepada Yth. Bapak/Ibu :
•
•
•
Pimpinan/Sales Kantor Cabang PT. Phillip Securities Indonesia
Sales PT. Phillip Securities Indonesia
Nasabah PT. Phillip Securities Indonesia
di- Tempat
===============================================
============================================
Dengan hormat kami informasikan bahwa Pena wa ran Umum Perda na (Initia l
Public Offering / IPO) Saham PT. Ba nk Panin Sya riah Tbk., aka n dila ksana kan
pada ta ngga l 2 - 8 Ja nua ri 2014.
Sehubungan de ngan ha l tersebut, te rlampir kami sampaika n :
•
•
•
Formulir Aplikasi IPO Saham
Materi Presentasi Pada Acara Due Diligence Meeting & Public Expose (DDM
& PE)
IPO Re port (Buku Riset) da ri PT. Ba nk Panin Sya ria h Tbk dima ksud.
Selanjutnya, perkena nkan kami menyampa ikan ha l-hal sbb. :
•
•
•
•
Pena wa ran Umum Perda na (IPO) Sa ham te rsebut di Phillip Sec urities
Indonesia sudah dapat dimula i seja k tanggal 20 Desember 2013, tetapi
dibatasi ha nya sampa i de ngan ta nggal 3 Januari 2014 pukul 12.00
WIB.
Harga Pe na wara n Umum a dalah Rp. 100,- setiap saham
Ta ngga l Listing di Bursa Efe k Indonesia (BEI) : 15 Ja nua ri 2014.
Bapak/Ibu Nasabah yang be rminat memesan sa ham te rsebut, silahka n
mengisi Formulir Aplikasi IPO Saham terlampir denga n membaca secara
seksama, memahami dan mela ksa naka n semua kete ntua n da n tata-cara
yang te rcantum di dalam Formulir te rsebut.
Catatan : Formulir Aplikasi IPO Saham ini , juga dapat diunduh dari www.poems.co.id
Demikia n informasi ini kami sampa ikan, atas pengertian da n ke rja-sama yang baik
dari Bapa k/Ibu, kami ucapka n te rima kasih.
Best Rega rds,
M. N a b a b a n
Corporate Finance Division
PT. Phillip Securities Indonesia
Telp. : (021) 57900800 Ext. 148
Fax : (021) 57900809
Mobile : 0811810732
Email : [email protected]
Materi Presentasi
DUE DILIGENCE MEETING & PUBLIC EXPOSE
PENAWARAN UMUM PERDANA SAHAM TAHUN 2013
PT BANK PANIN SYARIAH Tbk
Assembly Hall – Plaza Bapindo Lt.9
Penjamin Pelaksana Emisi Efek
Jakarta, 2 Desember 2013
PT Evergreen Capital
Daftar Isi
Selayang Pandang
3
Operasional Perbankan
14
Kinerja Keuangan
22
Struktur Penawaran
26
Pertimbangan Investasi
30
Lampiran
32
22
Selayang Pandang
2013
Berubah Status
Menjadi Bank
Umum Syariah
Titik
Historis
2009
2008
PT Bank Panin Tbk.
Mengakuisisi PT Bank Harfa
PT Bank Harfa diubah bentuk
usahanya menjadi Bank Syariah
diikuti dengan perubahan nama
menjadi PT Bank Panin Syariah
Jumlah aset mencapai
Rp 3,2 Trilyun per Sep’13
didukung oleh 10
jaringan kantor cabang
(KCU & KCP)
Akuisisi yang dilakukan oleh PT Bank Panin Tbk. terhadap PT Bank
Harfa pada tahun 2008 merupakan langkah awal mengembangkan
usaha jasa keuangan yang berfokus pada kegiatan usaha dengan
Prinsip Syariah.
Hal ini terealisasi setahun kemudian yang ditandai dengan
perubahan nama menjadi PT Bank Panin Syariah.
44
Visi – Misi
“Menjadi Bank Ritel yang Amanah,
Bertanggungjawab dan Membawa Berkah bagi
Masyarakat”
Mewujudkan layanan keuangan Syariah secara profesional, amanah dan
bertanggung jawab
Memberikan produk dan layanan dengan standar terbaik sesuai
kebutuhan nasabah
Menjalin hubungan muamalah yang saling menguntungkan dan
profesional dengan seluruh Stakeholder
Menumbuhkan dan menjaga pertumbuhan usaha Bank yang sehat.
55
Dewan Komisaris
Aries Muftie
Komisaris Utama
Independen
Berpengalaman selama
hampir 30 tahun dalam
dunia perbankan. Pernah
menjabat sebagai Direktur
pada Bank Muamalat dan
PNM
Jasman Ginting Munthe
Komisaris
hampir 23 tahun di
perbankan. Saat ini juga
menjabat sebagai Corporate
Secretary PT Bank Panin
Yumirati Kartina
Komisaris Independen
Memiliki pengalaman
selama hampir 25 tahun di
perbankan. Pernah
menjabat sebagai Asisten
Direktur Bank Muamalat
Dewan
Komisaris
&
Dewan
Pengawas
Syariah
Dewan Pengawas Syariah
DR. KH. Ahmad Munif Suratmaputra, MA.
Drs. H. Aminudin Yakub, MA.
Memulai karir dalam dunia pendidikan Islam
pada tahun 1982 dengan posisi terakhir
sebagai Sekretaris Rektor IIQ. Saat ini juga
menjabat sebagai Anggota Komisi Fatwa
MUI dan Dewan Pengawas Syariah untuk
Trust Finance, BPRS Wakalumi dan Asuransi
Bintang (Unit Syariah)
Memulai karir dalam dunia pendidikan
Islam pada tahun 1997. Saat ini juga
menjabat sebagai Dewan Pengawas
Syariah untuk Citibank Custodian dan FIF.
Ketua Dewan Pengawas Syariah
Anggota Dewan Pengawas Syariah
6
6
Dewan Direksi
Deny Hendrawati
Direktur Utama
Berpengalaman
selama 23 tahun di
industri perbankan.
Bergabung pada
tahun 2010 sebagai
Direktur Bisnis
Hadi Purnomo
Direktur
Tim
Manajemen
Kunci
Berpengalaman selama 22
tahun di industri
perbankan Pernah
menjabat sebagai
Corporate & Investment
Banking Head di Bank
Syariah Mandiri.
Bergabung pada bulan
Februari 2013 sebagai GM
Bisnis
Tri Bhakti Irianto
Direktur
Budi Prakoso
Direktur
27 tahun di dunia
perbankan. Pernah
menjabat sebagai
Operation Head di Bank
Mega Syariah.
Bergabung pada bulan
Maret 2013 sebagai GM
Operation
Berpengalaman selama 26
tahun di dunia perbankan.
Pernah menjabat beberapa
posisi seperti Audit,
Financing Operation dan
Risk Management Head di
Bank Mega Syariah.
Bergabung pada tahun
2011 sebagai Direktur
Kepatuhan
77
Dukungan
Kuat dari
Grup Panin
April 2011
• 178 milyar
Jan 2010
•149 milyar
Juni 2013
• 500 milyar
Juni 2011
• 449 milyar
•
Merupakan bagian dari Grup Usaha Panin yang bergerak dibidang penyedia jasa
layanan keuangan terkemuka di Indonesia dan memiliki keunggulan untuk
bersinergi dengan entitas lain dalam Grup Usaha Panin.
•
Dukungan dari pemegang saham yang terus mengalir dalam bentuk peningkatan
modal sesuai dengan kebutuhan perluasan usaha Bank.
8
8
(y-o-y %)
Pertumbuhan Aset BUS vs
Bank Umum Konvensional
% Aset BUS dibandingkan dengan
Aset Bank Umum Konvensional
Gambaran
Umum Titl
Title:
Source:
6
Perbankan Sou
5 in�your�report
Please�fill�in�the�values�above�to�have�them�entered�
Syariah Ple
4
Nasional
(IDRtrn)
60
250
50
200
40
150
(%)
3
30
100
20
10
0
2
50
0
2006
2007
2008
2009
2010
2011
2012
Aug-13
1
2005
Islamic banking asset growth
60
2007
2008
2009
2010
2011
2012 Aug-13
Islamic asset as % of conventional bank assets (RHS)
�
Pertumbuhan DPK BUS vs
% DPK BUS dibandingkan dengan
DPKTitle:
(IDRtrn)
180
Source:
160
50
�
(%)
6
5in�your�report
140
40
120
3
80
60
20
2
40
10
1
20
0
2006
2007
2008
2009
Islamic bank deposit growth
2010
2011
2012
Aug-13
Commercial bank deposit growth
2005
2006
2007
2008
2009
2010
2011
2012 Aug-13
0
Islamic bank deposit (LHS)
�
Islamic bank deposit as % of conventional bank deposit (RHS)
�
Titl
Sou
Ple
4
100
30
0
0
Islamic banking assets (LHS)
Commercial banking asset growth
(y-o-y %)
2006
UU No. 21
Tahun 2008
memberikan
dorongan
positif bagi
pertumbuhan
Bank Umum
Syariah
Source: BI, RHB research
99
(y-o-y %)
Pertumbuhan Pembiayaan BUS vs
% Pembiayaan BUS dibandingkan dengan
Pembiayaan Bank Umum Konvensional
Gambaran
Umum
Title:
(%)
Source:
PerbankanTitle:
6
Sourc
Syariah
5in�your�report
Pleas
Nasional
4
(IDRtrn)
200
60
180
50
160
140
40
120
30
100
3
80
20
40
10
0
2
60
1
20
0
2006
2007
2008
2009
Islamic bank financing growth
2010
2011
2012
Aug-13
Commercial bank loans growth
• Perbankan Syariah Nasional masih berfokus
pada upaya-upaya pertumbuhan skala usaha
yang sebagian besar ditopang oleh
pertumbuhan pembiayaan dengan skema
jual-beli (Murabahah).
2005
2006
2007
2008
2009
2010
2011
2012 Aug-13
0
Islamic bank financing (LHS)
�
Islamic bank financing as % of conventional bank loans (RHS)
�
(IDRtrn)
Title
Sou
200
180
Plea
160
140
120
100
80
60
40
20
0
2005
2006
Mudharabah
2007
2008
Musyarakah
2009
Murabahah
2010
Isthisna
2011
Ijara
2012
Aug-13
Qardh
�Source: BI, RHB research
10
10
58.4
Lanskap
Bank
Umum
Syariah di
Indonesia
Perbandingan Aset Bank Umum Syariah (Rp triliun, Juni 2013)
47,9
16,4
Nov ’99
Nov ’92
2009
UUS sejak
17 Nov ‟08
Spin Off
1 Jan „09
Mulai beroperasi 2 Des 2009,
dengan portofolio
Pembiayaan dan DPK nihil.
13,0
2010
8,6
Aug ‘04
UUS sejak
9 Apr „00
Spin Off
19 Jun‟10
4,6
3,9
2010
2009
2,6
Des’09
2,1
Okt ‘10
1,6
Apr ‘10
Perbandingan
Aset BUS
yang
berkorelasi
dengan masa
operasional
0,9
Apr ‘10
UUS sejak
15 Apr „00
Spin Off
20 Mei‟10
UUS sejak
27 Okt ‟08
Spin Off
10 Jul ‟09
Sumber : Laporan Publikasi Bank BI
11
Lanskap
Bank
Umum
Syariah di
Indonesia
Perbandingan
Pembiayaan
dan DPK BUS
yang
berkorelasi
dengan masa
operasional
12
Penghargaan
Sangat Bagus
Kinerja Keuangan 2011
Infobank Rating 120 Bank Juli 2012
Sangat Bagus
Infobank Sharia Award Oktober 2012
2012
Sangat Bagus
Infobank Rating 120 Bank
Juli 2013
Best Performance Banking 2012
Kinerja Keuangan 2011, Kategori Aset s/d 5 T
Tempo Perbanas Award, Agustus 2012
2013
Sangat Bagus
Infobank Sharia Award
November 2013
Best Performance Banking 2013
Kinerja Keuangan 2012,
Kategori Bank Syariah Buku 1
Tempo Perbanas Award, Oktober 2013
Best Syariah 2013
Kinerja Keuangan 2012,
Kategori Bank Syariah Aset < 10 T
Majalah Investor Juli 2013
1313
Operasional Perbankan
2013
2014
2015
2016
Roadmap
Percepatan Pertumbuhan Bisnis
Meletakkan fondasi bisnis ritel dan
komersial guna peningkatan daya saing di
Pengembangan Produk Inovatif dan
pasar
Brand Image
1.
2.
F
O
K
U
S
3.
4.
5.
6.
7.
8.
Mengoptimalkan low cost funding.
Membangun bisnis ritel melalui B2B
dan B2C.
Meningkatkan pembiayaan komersial
sesuai potensi daerah.
Mengembangkan jaringan kantor di
beberapa Propinsi.
Meningkatkan sinergi dengan
perusahaan induk (PaninBank).
Membangun sistem direct
sales/telemarketing.
Memperkuat fungsi pengelolaan risiko.
Mengembangkan infrastruktur:
operations & IT.
1.
2.
3.
4.
5.
Meningkatkan kerjasama B2B dan mengembangkan
B2C.
Meningkatkan ekspansi jaringan kantor.
Menjalankan innovative bundled solutions product
kepada segmen usaha ritel dan komersial.
Refresh brand image.
Mengembangkan pengelolaan risiko secara
terintegrasi.
Fokus &
Strategi
Usaha
Perbankan
15
15
Pendanaan
Tabungan PaS iB
Tabungan Fleksibel iB
Tabungan Bisnis iB
Tabungan Haji PaS iB
Tabungan Umrah PaS iB
Tabungan Rencana PaS iB
Simpanan Fleximax iB
Giro PaS iB
Deposito PaS iB
Produk dan
Jasa
Layanan
yang
Beragam
Pembiayaan
Pemilikan Rumah (PPR) PaS iB
Pemilikan Mobil PaS iB
Investasi (PI) PaS iB
Modal Kerja (PMK) PaS iB
Multi Jasa (PMJ) PaS iB
Jasa Layanan Perbankan Lainnya
Save Deposit Box PaS iB
16
16
Jaringan
Kantor
yang
Bertumbuh
KC Medan
KC Banjarmasin
KC Makasar
KC Pekan Baru
KC Palembang
KC Lampung
KC Jkt-Slipi
KCP Jkt-Sangaji
KCP Jkt-Kemang
KCP Tangerang
KCP Bekasi
KCP Jkt-Pemuda
KCP Jkt-Kuningan
KCP Jkt-Enggano
KCP Jkt-Pndk Indah
KK Depok
KC Denpasar Bali
KC Mataram - Lombok
KC Semarang*
KC Bandung
KC Bogor
KC Cirebon
KC Yogya
KC Solo
KC Tegal
KC Pekalongan
KC Sby-HRM
KC Sby-Ngagel
KC Malang
KCP Sidoarjo
KCP Pasuruan
Beroperasi 2013 = 11 Cabang
Beroperasi 2014 = 20 Cabang
*) KC Semarang akan beroperasi di Desember 2013
1717
Pertumbuhan Pembiayaan Bersih (Rp miliar)
Pertumbuhan Aset (Rp miliar)
2556
3.209
2168
2.607
2.140
1517
1.019
702
459
2010
223
2011
2012
30-Jun-13
Pertumbuhan DPK (Rp miliar)
30-Sep-13
2600
2065
2010
2011
2012
30-Jun-13
30-Sep-13
Komposisi DPK, posisi 30 September 2013 (%)
1627
CASA;
25%
2012
Deposito
Individu,
37%
Aset yang
Bertumbuh
dan
Berimbang
Penyaluran
pembiayaan
didukung
dengan
efisiensi
pendanaan
dari pihak
ketiga
Deposito
Institusi,
38%
556
310
2010
2011
30-Jun-13
30-Sep-13
18
18
(IDRbn)
Komposisi Pembiayaan Bersih (Rp miliar)
(IDRbn)
2,500
2,500
Title:
Source:
2,000
2,000
Please fill in the values above to have them entered in your report
Pembiayaan
yangTitle:
Source
AgresifPlease
1,500
1,500
1,000
1,000
500
500
0
Alokasi Pembiayaan (Rp miliar)
0
2010
Murabahah
Pembiayaan
Murabahah
Mudharabah
Musyarakah
Jumlah
2011
2012
Mudharabah
Musyarakah
2Q13
�
2010
2011 2012 2Q2013
41
383
770
1240
101
270
517
575
81
49
230
353
223
702 1.517
2.168
2010
Investment
Alokasi
Investasi
Konsumsi
Modal kerja
Jumlah
2011
Consumer
2012
Working capital
2Q13
�
2010
2011
2012 2Q2013
181
493
819
16
81
164
485
597
357
539
751
126
223
702 1.517 2.168
• Fokus pembiayaan yang dilakukan oleh Bank, secara strategis disalurkan melalui kontrak Murabahah,
Mudharabah dan Musyarakah; dimana kontrak Murabahah merupakan komponen terbesar.
• Namun demikian, Bank senantiasa dinamis dan tanggap terhadap permintaan nasabah untuk
penyaluran pendanaan dalam bentuk Ijarah, Isthisna maupun Qardh sejalan dengan perkembangan
usaha perbankan.
1919
Tren dari Non Performing Financing
Kualitas
Aset
yang
Source:
• Rasio NPF berada dalam indeks 0,0%, 0,9%,
Sangat
Please fill in the values
to have
them entered
dan 0,2% masing-masing
di above
tahun
2010,
2011in your report
Baik
• Pertumbuhan yang signifikan disertai dengan
pengelolaan NPF
Title: yang baik.
(%)
(IDRbn)
14
1.0
0.86
12
0.9
0.8
10
dan 2012 dan pada posisi Juni 2013 rasio
NPF menjadi 0,6%.
0.7
0.56
8
0.6
• Indeks ini masih lebih baik dibandingkan
dengan rata-rata industri yang berada pada
kisaran 3,0%, 2,5%, 2,2% dan 2,6%.
0.5
6
0.4
4
0.3
0.19
0.2
2
0.1
0
2011
2012
NPF (LHS)
0.0
2Q13
NPF (RHS)
�
Perbandingan NPF atas beberapa Bank yang tercatat di BEI
(%)
5
4
3
2
1
0
BBCA
PBS
BNII
BBRI
BMRI
Comm
banks
BDMN
BNGA
BBNI
BJBR
BBKP
Syariah
banks
BBTN
20
20
Komitmen
Sosial
Yatim dan
Dhuafa
Acara
Keagamaan
Pendidikan
21
21
Kinerja Keuangan
Murabahah merupakan komponen aset terbesar
Pertumbuhan Neraca Bank (Rp miliar)
1% 1%
3.209
2.140
5%
2.676
2.607
10%
Placements in BI
13%
Murabahah receivables
2.086
Mudharabah financing
1.649
Musyarakah financing
1.019
162
11
151
2009
22%
564455
459
315
144
Kinerja
Keuangan
yang Sehat
522
491
48%
532
Sukuk investments
Fixed assets
Other asset
2010
2011
Assets
2012
Liability
30-Jun-13
30-Sep-13
Equity
Komposisi Pendapatan Bank
Pendapatan dan Laba Bersih (Rp miliar)
146,35
9%
113,47
11%
70,32
21,37
2010
(6,91)
55,33
37,10
14,74
10,90
2011
2012
Pendapatan
30-Jun-12
53%
31,73
27%
30-Jun-13
Murabahah
Mudharabah
Musyarakah
Others
Laba bersih
2323
55%
Rasio
Keuangan
Bank
NIM
CAR
62%
7,0%
6,7%
6,2%
5,3%
32%
23%
2010
2011
2012
Juni 2013
2010
2011
ROE
2012
Juni 2013
ROA
8,2%
3,5%
7,4%
2,1%
1,9%
3,3%
2010
2010
-4,5%
2011
2012
2011
2012
Juni 2013
Juni 2013
-3,6%
24
24
Rasio
Keuangan
Bank
NPF
BOPO
178%
69%
69%
48%
0,00%
0,69%
0,19%
0,47%
2010
2011
2012
Juni 2013
182.31%
2010
2012
Juni 2013
COST TO REVENUE
74.30%
50.76%
2010
2011
2011
2012
64.34%
Jun-13
25
25
Struktur Penawaran
Penawaran Umum Saham Perdana
Emiten
PT Bank Panin Syariah Tbk.
Jumlah Penawaran Saham
Sebanyak-banyaknya sejumlah 5.000.000.000 saham baru atau 50%
dari jumlah modal ditempatkan dan disetor Bank setelah Penawaran
Umum, dengan nilai nominal Rp 100 per lembar saham
Penawaran Waran
Sebanyak-banyaknya sejumlah 1.000.000.000 Waran Seri I
Jenis Penawaran
Penawaran Domestik sesuai dengan Peraturan Otoritas Jasa Keuangan
(OJK) regulation
Penggunaan Dana
Dana yang diperoleh dari hasil Penawaran Umum ini, setelah dikurangi
biaya-biaya emisi efek, sekitar 80% (delapan puluh persen) akan
digunakan sebagai modal kerja Perseroan guna memperkuat struktur
pendanaan jangka panjang dalam rangka mendukung ekspansi
pembiayaan, serta sekitar 20% (dua puluh persen) untuk
pengembangan jaringan termasuk didalamnya infrastruktur Perseroan.
Fitur Penawaran Tambahan
Program Alokasi Saham kepada Karyawan (Employee Stock Allocation,
ESA) sebanyak-banyaknya 10% dari jumlah saham yang ditawarkan
Bursa Efek Pencatatan
Bursa Efek Indonesia
Kebijakan Dividen
Pembagian dividen sebanyak-banyaknya sebesar:
• 10% apabila NPAT mulai dari Rp150 milyar - Rp 200 milyar
• 15% apabila NPAT lebih dari Rp 200 milyar
Struktur
Penawaran
27
27
Lembaga & Profesi Penunjang Pasar Modal
Penjamin Pelaksana Emisi
Akuntan Publik
Osman Bing Satrio & Eny
(Member of Deloitte Touche Tohmatsu Limited)
Konsultan Hukum
Lasutlay & Pane
Notaris
Fathiah Helmi SH.
Biro Administrasi Efek
PT Blue Chip Mulia
Struktur
Penawaran
Indikasi Jadwal
Masa Penawaran Awal
2 – 13 Desember 2013
Distribusi Saham
13 Januari 2014
Penetapan Harga
13 Desember 2013
Tanggal Pencatatan
14 Januari 2014
Pernyataan Efektif
30 Desember 2013
Masa Perdagangan Waran
14 Januari 2014 – 13 Januari 2017
Masa Penawaran Umum
2 – 8 Januari 2014
Masa Pelaksanaan Waran
14 Januari 2014 – 13 Januari 2017
28
28
RENTANG HARGA
PENAWARAN UMUM SAHAM PERDANA
Rp _______________
sampai dengan
Harga
Penawaran
Rp _______________
per lembar saham
29
Pertimbangan Investasi
1
2
3
4
5
Pertumbuhan potensial atas market perbankan Syariah
Indonesia
Tesis
Investasi
Dukungan dari Pemerintah untuk pengembangan usaha Syariah
Kinerja keuangan yang bertumbuh dan kualitas aset perbankan
yang sehat
Ragam produk dan jasa pelayanan keuangan Syariah yang
beragam, termasuk potensi dari pelayanan Tabungan
Perjalanan Haji
Dukungan dari Grup Usaha Panin berupa penyertaan modal,
ekspertis dan network channeling sebagai salah satu penyedia
jasa keuangan terbesar di Indonesia
31
Lampiran
Assets
Posisi Keuangan (Rp 1,000)
30-Jun-13
31-Des-12
31-Des-11
31-Des-10
3,701,078
253,790,370
192,044
137,927,760
1,239,628,700
575,072,079
353,159,879
4,642,585
24,610,196
1,024,324
1,125,208
12,278,353
2,607,152,576
2,562,029
420,123,793
55,691
24,750,000
138,573,758
770,027,227
517,354,418
229,960,632
2,109,395
24,760,941
773,770
1,255,385
8,175,065
2,140,482,104
2,005,426
94,198,443
178,404
49,500,000
133,723,378
383,523,736
269,582,633
48,662,969
2,304,851
24,446,281
1,297,051
9,257,950
1,018,681,122
1,461,936
79,140,445
161,914
59,400,000
59,213,469
41,088,086
100,792,296
81,044,446
2,170,293
26,423,828
4,807,855
3,297,282
459,001,850
1,091,502
668,512
868,145
142,178
4,066,199
481,323,185
4,972,412
6,408,615
3,921,343
501,783,256
4,328,688
187,498,777
9,671,623
4,838,457
2,236,704
209,242,761
1,783,669
19,924,957
1,058,563
3,584,740
1,064,278
28,284,352
1,178,807
15,335,161
407,013
2,440,197
798,855
20,302,211
250,199,940
220,486,701
127,405
500,000
Bukan Bank
1,283,575,850
1,036,089,660
400,705,179
294,531,746
Sertifikat Investasi Mudharabah Antar Bank
50,000,000
1,583,775,790
183,000,000
1,439,576,361
135,000,000
535,832,584
295,031,746
500,000,000
21,593,530
521,593,530
449,516,750
2,741,419
39,404,813
491,662,982
449,516,750
2,741,419
2,306,017
454,564,186
149,520,000
2,741,419
(8,593,526)
143,667,893
2,607,152,576
2,140,768,865
1,018,681,122
459,001,850
Kas
Penempatan Pada Bank Indonesia
Giro Pada Bank Lain - Bersih
Penempatan pada Bank - Bersih
Investasi pada sukuk - Bersih
Piutang Murabahah - Bersih
Pembiayaan Mudharabah - Bersih
Pembiayaan Musyarakah - Bersih
Biaya Dibayar Dimuka
Aset Tetap - Bersih
Aset Pajak Tangguhan - Bersih
Aset Tak Berwujud
Aset Lain-lain
Total assets
Liabilities
Liabilitas Segera
Bagi Hasil Dana Syirkah Temporer dan Bonus
Wadiah yang Belum Dibagikan
Simpanan
Hutang Pajak
Liabilitas Imbalan Pasca Kerja
Liabilitas Lain-lain
Total Liabilitas
Dana syirkah temporer
Bank
Total Dana syirkah temporer
Equitas
Modal Saham
Tambahan Modal Disetor
Saldo Laba
Total Equitas
Jumlah Liabilitas, Dana Syirkah Temporer dan
Ekuitas
Laporan
Posisi
Keuangan
33
Laba / Rugi (Rp 1,000)
Pendapatan Pengelolaan Dana oleh Bank
sebagai Mudharib
Hak Pihak Ketiga atas Bagi Hasil Dana
Syirkah Temporer
Pendapatan Usaha Lainnya
Beban Kerugian Penurunan Nilai
Beban Usaha Lainnya
Laba (Rugi) Usaha
Pendapatan (beban) non usaha
Manfaat (Beban) Pajak
Laba (Rugi) Bersih
30-Jun-13
(6 bulan)
113,468,009
52,592,081
3,454,884
8,493,321
33,199,989
22,637,502
73,869
(5,780,823)
16,930,548
30-Jun-12
(6 bulan)
55,327,108
31-Des-12
146,346,178
18,143,649
57,585,039
1,909,670
5,759,696
1,292,584
4,700,008
18,102,377
40,381,847
19,698,168
49,438,980
(25,734)
133,001
(4,934,424) (12,473,185)
14,738,010
37,098,796
31-Des-11
70,321,599
31-Des-10
21,372,008
Laporan
Laba /
Rugi
27,026,408
9,299,582
4,005,360
1,545,572
2,124,610
1,903,286
30,654,732
22,352,079
14,521,209 (10,637,367)
111,100
448,784
(3,732,766)
3,282,459
10,899,543 (6,906,124)
34
Arus Kas
Arus Kas dari Aktivitas Operasi
Arus kas bersih (yang digunakan untuk) dari aktivitas operasi
Arus Kas dari Aktivitas Investasi
Arus kas bersih yang digunakan untuk aktivitas investasi
Arus Kas dari Aktivitas Pembiayaan
Penambahan modal disetor
Peningkatan (Penurunan) Arus Kas
30-Jun-13
31-Des-12
31-Des-11
31-Des-10
(201,959)
30,122
248,958
(219,227)
(1,099)
(6,827)
52,401
(75,152)
13,000
(190,058)
23,295
301,359
299,997
5,618
Laporan
Arus Kas
35
35
Komite Audit
DPS
DEWAN
KOMISARIS
DIREKTUR UTAMA
Struktur
Organisasi
Komite Pemantau Risiko
Komite Remunerasi &
Nominasi
DIREKTUR
BISNIS
DIREKTUR
OPERASI
DIREKTUR
KEPATUHAN
GM Bisnis
GM Operasi
Manajemen
Risiko
SKAI
Pembiayaan
Komersil
Operasi
Kepatuhan
Personalia
Pembiayaan
Konsumer &
Usaha Kecil
Keuangan &
Pelaporan
Pendanaan &
Tresuri
Support &
Pembiayaan
Teknologi
Informasi
CABANG
36
Jakarta : KCU Slipi
Gd. Panin Life Center Lt. Dasar
Jl. Letjend. S. Parman Kav. 91, Slipi
Jakarta Barat – 11420
Ph. 021 – 56956100
Fax. 021 – 56956105
Jakarta Barat : KCP Sangaji
Jl. AM Sangaji Raya No. 15 – 17A
Jakarta Barat
Ph. 021 – 63867616
Fax. 021 – 63867615
Jakarta Selatan : KCP Kemang
Jl. Kemang Raya No. 112A
Jakarta Selatan
Ph. 021 – 7180360
Fax. 021 – 7180359
Tangerang : KCP Tangerang
Jl. Merdeka No. 140
Tangerang – Banten
Ph. 021 – 5526909
Fax. 021 – 5526989
Bandung : KCU Asia Afrika
Jl. Asia Afrika No 66 - 70
Bandung – Jawa Barat
Ph. 022 – 4267266
Fax. 022 – 4267267
Surabaya : KCU HR Muhammad
Ruko HR Muhammad Square
Blok C.19 – 20 & Blok C.29 – 30,
Surabaya – Jawa Timur
Ph. 031 – 738 6388
Fax. 031 – 732 8299
Bekasi : KCP Bekasi
Ruko Kalimalang Plaza No. 9
Jl. KH. Noer Ali,
Bekasi – Jawa Barat
Ph. 021 – 8896 7366
Fax 021 – 8896 7363
Jaringan
Kantor
Surabaya : KCU Ngagel
Ruko RMI
Jl. Ngagel Jaya Selatan
Surabaya – Jawa Timur
Ph. 031 – 504 8343
Fax. 031 – 504 8341
Malang : KCU Malang
Jl. Mgr. Sugiopranoto No. 7
Malang – Jawa Timur
Ph. 0341 – 361 383
Fax. 0341 – 361 861
Sidoarjo : KCP Sidoarjo
Ruko Graha Mutiara Delta
Jl. Diponegoro A - 6
Sidoarjo – Jawa Timur
Ph. 031 – 896 2828
Fax. 031 – 895 8739
KCU : Kantor Cabang Utama
KCP : Kantor Cabang Pembantu
37
37
Kantor Pusat:
Gedung Panin Life Center, 3rd Floor
Jl. Letjend S. Parman
Kav 91, Slipi
Jakarta Barat 11420
Indonesia
Terima Kasih
www.paninbanksyariah.co.id
The information that follows is a presentation of general background information about PT Bank Panin Syariah Tbk. (the “Bank”)
prepared by the Bank as of 2 December 2013. The information contained in this presentation shall be treated as strictly confidential.
This presentation has been prepared for information purposes only. This presentation does not constitute as prospectus or other offering
memorandum in whole or in part. None of the information appearing in this presentation may be distributed to the press or other media or
reproduced or redistributed in the whole or in part in any form at any time. Any recipient of this presentation and its directors, officers,
employees, agents and affiliates must hold this presentation and any information provided in connection with this presentation in strict
confidence and may not communicate, reproduce, distribute or disclose to any other person, or refer to them publicly, in whole or in part.
Important
Disclaimer
The information contained in this presentation is not intended for potential investors and does not constitute an offer to sell or the
solicitation of an offer to buy any securities in the United States, Indonesia or any other jurisdiction, and neither this presentation nor
anything contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. Certain
statements in this document may constitute “forward-looking statements”, including statements regarding the Company’s expectations
and projections for future operating performance and business prospects. Such forward-looking statements are based on numerous
assumptions regarding the Bank’s present and future business strategies and the environment in which the Bank will operate in the
future. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the Bank expressly disclaims
any obligation to update or revise any forward looking statement contained herein to reflect any change in the Bank’s expectations with
regard to new information, future events or other circumstances. The Bank does not make any representation, warranty or prediction that
the results anticipated by such forward looking statements will be achieved, and such forward looking statements represent, in each
case, only on of many possible scenarios and should not be viewed as the most likely or standard scenario.
Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness,
accuracy, completeness or correctness of the information and opinions in this presentation, nor is it intended to be a complete statement
or summary of the resources markets or developments referred to in this presentation. Accordingly, none of the Bank or any of its agents
or advisers, or any of their respective affiliates, advisers or representatives, undertake to update or revise any information, including
forward-looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability
(in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in
connection with this presentation. It should not be regarded by recipients as a substitute for the exercise of their own judgment.
By accepting delivery of all or part of this presentation, the recipient agrees to maintain absolute confidentiality regarding the information
disclosed in this presentation and to be bound by the statements, restrictions and limitations set forth herein and agrees to keep
confidential the existence and scope of this presentation and of all conversations. Any failure to comply with these restrictions may
constitute a violation of applicable securities law.
39
39
IPO REP
PORT
20 No
ovember 2013
Rocky In
ndrawan
(65) 6232
2 3832
rocky.ind
drawan@sg
g.oskgroup.c
com
Panin Bank
B
S
Syaria
ah
Ple
ease read im
mportant dis
sclosures at the end off this report..
PANIN BANK
B
SYAR
RIAH
THIS REPOR
RTS MAY NOT
T BE DISTRIBU
UTED, DIRECTL
LY, OR INDIRE
ECTLY, IN THE UNITED
STATES, CA
ANADA, THE PEOPLE’S RE
EPUBLIC OF CHINA (EXCL
LUDING HONG
G KONG
SPECIAL AD
DMINISTRATIV
VE REGION) OR
O JAPAN. IT
T HAS BEEN FURNISHED TO
T YOU
SOLELY FOR
R YOUR INFOR
RMATION AND
D MAY NOT BE REPRODUCED OR REDISTR
RIBUTED
TO ANY OTHER PERSON IN ANY FORM
M. IT MAY NOT BE SENT TO
O THE MEDIA. OTHER
RESTRICTIO
ONS AS SET OUT
O
IN THE IN
NSIDE AND BA
ACK COVER OF
O THE THIS REPORT
APPLY.
Disclaimers
This Report is based on current information that we consider reliable. However, as the information contained in this
Report has not been independently verified, no representation or warranty, express or implied, is made as to the
fairness, accuracy or completeness of the information and opinions contained in this report and it is not the author’s
intention to provide, and the recipient may not rely on this report as providing, a complete or comprehensive analysis
of Panin Bank Syariah’s financial or trading position or prospects. Without limiting the generality of the foregoing,
liability for negligent misstatement in respect of the contents of, or any omission from, this Report is hereby expressly
excluded. The information and opinions in this report are subject to change without notice. Any opinions and
projections contained in this document are entirely those of RHB. Neither Panin Bank Syariah, RHB or any other
person accepts any liability whatsoever for any loss howsoever arising from any use of this Report or its contents or
otherwise arising in connection therewith.
This Report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. It does not constitute and shall not be construed as a proposal to make available,
offer for subscription or purchase or issue an invitation to subscribe for or purchase securities, nor does it refer and
shall not be construed as referring, whether directly or indirectly, to any prospectus in respect of securities of a
corporation, an issue, intended issue, offer, intended offer, invitation or intended invitation in respect of securities, or
to any other notice that refers to a prospectus in relation to an issue, intended issue, offer, intended offer, invitation or
intended invitation in respect of securities.
This Report is furnished solely for your information and no part of this material may be (i) copied, photocopied or
duplicated in any form by any means; or (ii) distributed to the press or other media or redistributed by mail, facsimile,
electronic or computer transmission or by any other means to any other person without the prior written consent of
RHB. By accepting this document you agree to be bound by the foregoing limitations.
MALAYSIA
This document has not been and will not be registered as a prospectus or lodged with the Securities Commission of
Malaysia under the Capital Markets and Services Act, 2007 and may not be circulated or distributed to any person in
Malaysia other than to specific persons specified under Schedules 6 or 7 of the Capital Markets and Services Act,
2007. The person receiving this document represents and warrants that if it receives this document in Malaysia as a
specified person under Schedules 6 or 7 of the Capital Markets and Services Act, 2007. Additionally, the information
contained in this Report should not be disclosed by the recipient to any other person.
SINGAPORE
This document has not been and will not be registered as an offering memorandum or prospectus with the Monetary
Authority of Singapore under the Securities And Futures Act, Chapter 289 of Singapore (the “SFA”) and accordingly,
this document may not be distributed, either directly or indirectly, to the public or any member of the public in
Singapore, other than to institutional investors and/or accredited investors (both as defined in Section 4A of the
SFA). In Singapore, in accordance, with the provisions of the SFA and the regulations made thereunder. The person
receiving this document represents and warrants that if it receives this document in Singapore it is an institutional
investor. Additionally, the information contained in this Report should not be disclosed by the recipient to any other
person.
HONG KONG
The contents of this document have not been reviewed or approved by any regulatory authority in Hong Kong. This
document may not be issued in any manner which is directed at, or the contents of which are likely to be accessed or
read by, the public in Hong Kong, and is for distribution only to “professional investors” within the meaning of the
Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) of Hong Kong and any rules promulgated
thereunder. The person receiving this document represents and warrants that if it receives this document in Hong
Kong it is a “professional investor” as defined above. Additionally, the information contained in this Report should not
be disclosed by the recipient to any other person.
These materials are not an offer for sale of the securities of the Company in the United States. The securities may not be offered orP
o
sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Thew
Company does not intend to register any portion of the offering in the United States or to conduct a public offering of its securities ine
r
the United States.
1
Panin Bank Syariah
20 November 2013
Contents
1.
Executive Summary
3
2.
Valuation Summar
4
3.
Company Profile
5
4.
Industry Overview and Outlook
10
5.
Key Investment Themes
20
6.
Key Risks
21
7.
Financial Analysis and Forecasts
23
8.
Financial Exhibits
32
9.
Appendix
34
NO PART OF THIS RESEARCH REPORT MAY BE REPRODUCED OR TAKEN OR TRANSMITTED OUTSIDE MALAYSIA. THIS DOCUMENT
HAS BEEN FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY
OTHER PERSON.
2
Panin Bank Syariah
20 November 2013
Executive Summary
Panin Bank Syariah (PBS)’s enlarged capital, post IPO, will allow it to: i)
develop new products, ii) generate new businesses, iii) expand its footprint,
and iv) improve profitability. Indonesia’s favourable demographic profile and
supportive regulators provide a solid foundation for the growth of sharia
banks. The pathway for robust growth lies ahead, although it is not without
challenges.
Riding the strong expansion of sharia banks.The growth of sharia banks in the
last several years have outpaced conventional ones, given the: i) rising awareness, ii)
deepening penetration, iii) support from regulators, and iv) various untapped pockets
of business opportunities. The relative asset size of the former remainssmall – at 5%
of the latter – but has been rising steadily. PBS is no exception. Its 3-year CAGR
(2010-2013F) for asset, financing, operating revenue are 91%, 124% and 126%
respectively. Meanwhile, the bank’s net loss in its first full year of operation (2010)
has been turned into profits, with 2013F ROAA and ROAE of 1.6% and 8.1%
respectively.
Fresh capital to spawn exciting new businesses. Post-IPO, PBS’ core capital will
rise to IDR1trn, which will elevate it to a BUKU II status bank. This opens up an array
of new opportunities, which were previously unavailable for PBS. Among many, the
bank will now be able to tap into the growing hajj/umroh pilgrim market, develop a
bancassurance business and establishan Internet banking platform. The enlarged
capital will also enable PBS to grow its footprint, as it aspires to more than double its
existing branch network in 2014.
Operates in a favourable environment. Indonesia is the world’s largest Muslim
country, with roughly 87% of its ~250m population being adherents of this faith. Yet
Islamic banking/financing makes up a mere 6% of conventional bank loans,while
nationwide loans-to-GDP is only 35%. This indicates a bright growth potential ahead,
as it is in stark contrast to Malaysia where Islamic banks command a 20% market
share and where Islamic banking products are more developed. Surveys have
suggested that awareness of sharia banks in Indonesia is prevalent.However,
understanding and familiarity with their products and principles remain somewhat
poor, which suggeststhat it requires a combination of penetration and education to
increase the market share of sharia banks in Indonesia.
Regulators are supportive too. Via various regulations and initiatives, Bank
Indonesia (BI)– together with the Government – has shown support for sharia banks.
In 2008 the Islamic Banking Act was enacted and BI unveiled the Islamic banks
developmentmaster plan. Over the past six years the central bank has introduced
various regulations to improve prudence in sharia banks, while it encourages their
expansion by assigning lower capital costs for shariabank branches.
Staying on the fast lane. PBS’ growth trajectory will remain robust in the next three
years, supported by new businesses, expanded network and sufficient capital. We
forecast its forward 3-year CAGR (2012-2015F) of financing, asset, operating
revenue and net income at 41%, 38%, 68% and 40% respectively. We also expect
ROAA/ROAE to expand gradually to 2.0%/8.4%by 2015F.
Valuation. PBS’ existing ROE profile (2013F: 7.4%) is below the estimated cost of
equity (ie 14.5%). It is also inferior to both the industry average and the
bank’sconventional peers.Therefore, we see it fair to assign no premium over its
book value. We estimate PBS’ FV to be approximately IDR1.15trn, which is based on
2014F target P/BV multiple of 1x.
OTHER PERSON.
3
Panin Bank Syariah
20 November 2013
Valuation Summary
Benchmarked against conventional banks, given that: i) PBS will be the first
sharia bank listed in Indonesia, and ii) both conventional and sharia banks
operate in an equal environment.A comparison with Indonesia’s conventional
banks will be appropriate, as: i) comparisons with domestic sharia banks is
unavailable – PBSwill be the first publicly-listed Islamic bank in the country, and ii)
despite being a sharia bank, PBS competes with its conventional peers in many ways
and operates within anequal environment. The comparison table below includes the
valuation multiples of eight banks under RHB-OSK’s Indonesian banking coverage
(see Figure 1).
Conventional banks’ valuations are at 1.9x 2014F P/BV, with superior ROAE
profiles.We adopt the P/BV method (ROE – g)/(cost of equity – g),as this is a
common method to value and compare conventional banks, given that:i) banks’
balance sheet items are constantly recorded at market value, and ii) banks can be
considered as stable, asset-intensive companies. Price-to-earnings can also be used
for comparison purposes.
We refrain from using a dividend-discount model – although this method is also
frequently used to value banks, as Indonesian banks’ dividend payout ratios change
on a yearly basis. PBS is also unlikely to pay any dividend in the next two years,
given its policy of only paying out dividendsif net income breaks the IDR200bn mark,
which we do not expect to see occurring within our forecast horizon up to 2015F.
Given PBS’ ROAE, which is below the cost of equity and peers, premiums
above book value may not be justified.We applyseveral assumptions for our P/BV
valuation, namely:i) 8.5% risk-free rate (close to 10-year Government bond yield), ii)
equity beta of 1.2, and iii) market risk premium of 5% to yield a cost of equity of
14.5%. We also assume a 10%growth rate and expect PBS’ sustainable ROE to
catch up with the 14.5%cost of equity. Using these assumptions, the implied P/BV
multiple will be 1x. Therefore, we value PBS at IDR1.1trn, based on 2014F book
value.
Given PBS’ current ROE of 7.4% (2013F) is trailing the estimated cost of equity, we
see it fair not to assign any premium over its book value.Themultiple is also below the
conventional banks’ average of 1.9x (2014F),and this is justified by the
former’sinferior ROAE relative to the average of its conventional peers.
Brief IPO details. In its IPO, PBS proposes to issue 5m new shares, equivalent to
50% of its enlarged capital post issuance. PBS also proposes to issue 1mwarrants,
on a 5-to-1 new shares per warrant ratio. Post listing, the stake of PBS’ major
shareholder,Bank Pan Indonesia (PNBN IJ, NR), or Panin Bank, will be reduced to
49.9%from 99.9% (see Figure 2).
Figure 1: Conventional banks valuation multiples and estimated ROAE, ROAA
Bank
Ticker
Last price
P/E (x)
Market cap
P/BV (x)
ROAE (%)
ROAA (%)
(IDR)
(USDbn)
2014F
2015F
2014F
2015F
2014F
2015F
2014F
Bank Mandiri
BMRI
7,700
15.7
8.9
7.8
1.7
1.5
21.1
20.8
2.7
2.7
Bank Central Asia
BBCA
10,200
21.8
15.3
13.1
3.4
2.8
23.9
23.5
3.0
3.0
Bank Rakyat Indonesia BBRI
7,800
16.4
8.6
7.4
1.9
1.6
24.7
23.6
3.4
3.5
Bank Negara Indonesia BBNI
4,475
7.2
8.9
7.8
1.5
1.3
18.0
17.6
2.4
2.5
Bank Danamon
3,850
3.2
8.5
7.3
1.1
1.0
13.2
13.9
2.4
2.5
Bank Tabungan Negara BBTN
960
0.8
6.0
5.0
0.8
0.7
13.9
14.8
1.2
1.3
Bank Bukopin
BBKP
610
0.4
4.6
3.7
0.7
0.6
17.4
18.7
1.3
1.4
Bank BJB
BJBR
840
0.7
4.9
4.3
1.1
0.9
22.9
22.7
1.9
1.8
8.2
7.0
1.5
1.3
19.4
19.4
2.3
2.3
10.0
8.6
1.9
1.6
20.9
20.6
2.7
2.8
BDMN
Simple average
Weighted average (market-cap / size)
2015F
Source: Company data, Bloomberg and RHB estimates. Prices are as of 20 Nov 2013
OTHER PERSON.
4
Panin Bank Syariah
20 November 2013
Company Profile
New kid on the block. PBSis a full-fledged Islamic commercial bank and is a
subsidiary ofPanin Bank (see Figure 2).It was founded in Oct 2009 after Panin Bank
converted Bank Harfa – which was acquired earlier in 2008 – into a shariabank and
renamed it to its current name. It has since grown into one of 11 Islamic commercial
banks in Indonesia and is currently operating through its total of 10 branches located
in Jakarta, Tangerang, Bekasi, Malang, Bandung, Sidoarjo and Surabaya.
Figure 2: Ownership structure of PBS
Gunadi
Gunawan
(34.13%)
Mu’min Ali
Gunawan
(34.12%)
Famlee Invesco
(18.28%)
Tidjan Ananto
(21.36%)
PT Panin
Investment
(99.99%)
PT Panincorp
(29.71%)
ANZ Banking
Group (100%)
ANZ Fund Ply
Ltd (100%)
Votraint
No..1103 Ply
Ltd (38.82%)
Muljadi
Koesumo
(10.39%)
Public (52.01%)
PT Panin
Insurance Tbk
(57.15%)
Public (42.85%)
PT Panin
Financial Tbk
(45.94%)
Public (15.16%)
PT Bank Panin
Tbk (99.999%)
Ahmad Hidayat
(0.001%)
PT Bank Panin
Syariah Tbk
Source: Company data, RHB research
While Panin Bank has supported PBS via capital injections, operationally the latter
has beenquite independent. It has grown at an impressive pace with total
assetsexpanding to IDR2.61trn as at June from IDR162bn in 2009 (see Figure 3).
PBS’ asset growth has been driven by financing growth (see Figure 4), indicating an
improvement in the bank’ intermediary function.The share of financing to its total
assets has risen steadily to 83% as at June from 49% in 2010. This is higher than the
Islamic banking average share of ~78%. Note, however, thatPBS’ market share to
total Islamic banking assets remains small at ~1.2% as at June.
OTHER PERSON.
5
Panin Bank Syariah
20 November 2013
Figure 3: PBS’ strong asset growth
Figure 4: Asset growth has been driven by financing growth
(y-o-y %)
(IDRbn)
3,000
200
2,500
250
2,000
200
1,500
150
1,000
100
180
2,500
160
140
2,000
120
1,500
100
80
1,000
60
40
500
0
(y-o-y %)
(IDRbn)
500
50
20
2009
2010
2011
Total assets (LHS)
Note: June growth numbers represent YTD growth
Source: Company data, RHBresearch
2012
Jun-13
Growth (RHS)
0
0
2010
2011
2012
Total financing (LHS)
Jun-13
0
Growth (RHS)
Note: June growth numbers represent YTD growth
Management focuses on three basic Islamic financing contracts: murabahah,
mudharabah and musyarakah. In terms of Islamic financing concepts, PBS
provides murabahah, mudharabah and musyarakah financing. Murabahah financing
accounts for about 57% of the bank’s total financing, whereas mudharabah and
musyarakah financing make up 27% and 16% respectively (see Figure 5). This
resembles the industry trend where murabahah is the most popular product in the
market, making up 55-60% of total financing.
Approximately 54% of PBS’ murabahah financing ischannelledinto joint-financing with
multi-finance companies (ie two-wheeler financing), while the rest are mostly direct
financing to SME end users.Murabahah is widely used for consumer financing, as
well as for the financing of finished goods, fixed assets, property or specific ready-touse items.The financing structure is simple and murabahah is deemed as one of the
most basic or traditional of Islamic financing contracts. The bank acts as the“buyer” of
the goods from the vendor and the customer pays the bank back in instalments, ie
the price of the goods plusan agreed upon mark-up or margin.
On the other hand, mudharabah and musyarakah are essentially project- or
investment-based financing schemes with profit-sharing or nisbah agreements
between the provider of funds (ie a bank, called theshahibul maal) and the user of
funds (ie the customer, called themudharib). Here, PBS Bank provides financing
mostly to small- and medium-sized businesses in various sectors, notably
transportation, oil & gas (O&G) and trading, as well as sharia cooperatives.
In a mudharabahcontract, a bank provides the full capital required for a project or
investment, while the customer pays the bank – in instalments – the principal plus the
agreed share of profit coming from the project or investment. The profit sharing ratio
is typically fixed during the term of the contract, while the risks are also shared by
both the bank and the customer.
In a musyarakah contract, abank and its customer jointly contribute to the capital
required for the project or investment, based on an agreed ratio. Similar to a
mudharabah contract, the customer pays the bank the principal in instalments and
there is a fixed, pre-determined profit sharing and risk sharing ratio.
By purpose, PBS’ financing can be broken down into working capital, investment and
consumption financing, with a mix of about 35%, 28% and 38% respectively as at
June (see Figure 6).
OTHER PERSON.
6
Panin Bank Syariah
20 November 2013
Figure 5: PBS' financing by Islamic concept
Figure 6: PBS’ financing by purpose
(IDRbn)
2,500
(IDRbn)
2,500
2,000
2,000
1,500
1,500
1,000
1,000
500
500
0
0
2010
Murabahah
2011
Mudharabah
2012
2Q13
Musyarakah
2010
Investment
2011
Consumer
2012
2Q13
Working capital
Room fordevelopment of new products.As part of its strategy, PBS has so far
focused on only three types ofbasicIslamic financing contracts: murabahah,
musyarakah and mudharabah. It has yet to expand intoother contracts practiced in
the industry, such as ijara, isthisna and qardh – although there isroom to develop
selected products once the bank gains BUKU II status and expands its businesses
moving forward.
For example, in order to tap into the huge hajj/umroh pilgrims market, PBS will
develop qardh financing, which is popular for hajj/umroh-related activities. Under the
principles ofqardh, financing is based on the concept of “social welfare”, where
repayments made by the customer must be equivalent to the original amount
provided by the bank. The bank is only allowed to earn ujroh(fees) to cover the
administrative expenses for “safeguarding” the customer’s funds.
There are various types of hajj pilgrimages, ranging from regular, state-organised
excursions,to more premium ones. The regular trips cost around IDR25m, with a
waiting period stretching up to 10 years due to the high demand and limited quota. By
comparison, premium trips cancost up to IDR75m, with a potentially shorter waiting
period.PBS can provide qardh financing for prospective pilgrims who wish to “secure”
their seats for the pilgrimage tickets.
Beyond the compulsory hajj pilgrimage – which can only be done once a year –
Muslims also recognise the “minor” pilgrimage called umroh, which can be
undertaken at any time of the year. We gather that the demand for thesepilgrimage
trips continues to rise, although the quota for hajj pilgrims is decided by the Saudi
Arabian Government annually.
To qualify as a provider of hajj services, PBS is currently working with the Ministry of
Religious Affairs’ hajj coordinating body, or SISKOHAT. As certain standardssuch as
branch network, IT systems, banking products and services are required, capital,
therefore, becomes essential in this matter. Its enlarged capital and BUKU II status
post IPO will allow PBS to expand its branch network, improve its banking capacity
and deal with foreign exchange activities, which are, at times, required. This is
because several hajj/umroh-related activities are conducted in USD. The hajj and
umroh market serves as a huge new one for PBS.
OTHER PERSON.
7
Panin Bank Syariah
20 November 2013
The quality of PBS’ fast-growing financing has been healthy, althoughthe bank
had an increase in non-performing financing (NPF)this year. PBS’ NPF ratio
stood at 0.0%, 0.9% and 0.2% in 2010, 2011 and 2012 respectively and, as of June,
its NPF ratio was at 0.6% (See Figure 7). These ratios are better than the industry’s
3.0%, 2.5%, 2.2% and 2.6% respectively during the same period. Given its larger
share, murabahah financing generates most of the NPF, whereasmusyarakah and
mudharabahhad their first NPFs only in 2Q13-3Q13.
We highlight that NPF could be among the key investment risks for PBS, given: i)its
rampant financing growth; ii) macroeconomic conditions turning less favourable,as
GDP growthslows down,inflationary pressures elevate and the IDR weakens; and iii)
that it is expanding into new businesses in new regions it may not be familiar with.
Figure 7: PBS’NPF trend
Figure 8: PBS’CAR and industry CAR
(%)
(IDRbn)
14
12
1.0
0.86
0.9
0.8
10
0.7
0.56
8
0.5
6
4
0.19
2012
NPF (LHS)
2Q13
NPF (RHS)
60
40
0.3
20
0.0
62.0
54.8
50
0.4
0.1
2011
70
30
0.2
2
0
0.6
(%)
32.2
22.7
16.3
16.6
14.1
14.3
10
0
2010
2011
Panin Bank Syariah CAR
2012
2Q13
Industry CAR
Source: Company data, BI, RHB research
Existing customer deposits are based on mudharabah and wadiah
principles.Similar to other Islamic banks in Indonesia, PBS attracts depositors’ funds
via demand deposits (wadiah principle), savings deposits (wadiah and mudharabah)
and time deposits (mudharabah). The latter is the most dominant, making up twothirds of total customer deposits (see Figure 9). This composition is similar to the
overall Islamic banking industry, where time deposits make up about 60% of total
deposits.
Under the wadiah principle, the bank is essentially a safe-keeper or custodian of a
deposit, with the usage of the funds subject to the depositor’s approval or permission.
The principal is guaranteed by the bank and depositors may withdraw the funds at
any time. The bank is not contractually obliged to share with the depositor any
proceeds it receives from the use of the funds, although it can do so at its
management’s discretion.
Under the mudharabah principle, customers who deposit the funds arethe providers
of funds (shahibul maal) and the bank will share the returns with the customers,
based on a mutually-agreed ratio. The mudharabah mutlaqah principle is adopted
here, where depositorsgiveflexibility to the banktoinvest the funds in any shariacompliant projects or activitiesin order to generate returns.This is opposed to the
mudharabah muqhayadah principle, where the depositors designate specific
mudharib.
OTHER PERSON.
8
Panin Bank Syariah
20 November 2013
During its first two years of operations, PBS mostly utilised its equity capital to fundits
financingexpansion. As the bank started to generate funding via its branches and
launched wadiah deposits in 2012, deposit generationbegan picking up
encouragingly (over 190% growth y-o-y in 2012), with significantprogress in demand
and savings deposits. This continued to progress well into 2013 with YTD (up to
June) non-bank deposit growth reaching 49% – driven by demand and savings
deposits.
Similar to financing, there is the exciting market hajj and umroh pilgrims to be tapped
by PBS. Upon agreement with SISKOHAT – and after gaining BUKU II status postIPO – the bank will be able to develop savings products for hajj and umroh pilgrims,
commonly known as tabungan haji or umroh. Via sharia banks, prospective pilgrims
can deposit the funds required for their trips. These deposits are essentiallydormant
until the pilgrims’ trip is due.
Given the intensive use of capital and the late development of the bank’s deposits,
PBS’ financing-to-deposit ratio (FDR) was elevated throughout 2010-2011, but has
since fallen closer toindustry level (seeFigure 10). Its capital adequacy ratio (CAR)
also registered a similar trend, falling to 22.7% – as at June – from 62% in 2011%
(see Figure 8), as the bank expanded its financing.
For prudential reasons, PBS’ parent, Panin Bank, mandates that the former
maintainsa minimum CAR of 16%, twice the minimum level required by BI. Although
this could mean that PBS’ leverage will trend below its peers, this strategy is a
prudent one andmay be warranted during the period of its rampant development of
new businesses.
Figure 9: PBS’ deposit mix
Figure 10: PBS’ FDR vs industry FDR
(%)
(IDRbn)
2,000
180
1,800
160
1,600
1,400
140
1,200
120
1,000
800
100
600
400
80
200
0
60
2010
2011
2012
2Q13
2010
2011
Panin Bank Syariah FDR (%)
Demand
Note: excluding bank deposits
Savings
2012
2Q13
Industry FDR (%)
Time
Source: Company data,BI, RHB research
OTHER PERSON.
9
Panin Bank Syariah
20 November 2013
Industry Overview And Outlook
Brief overview of Indonesian Islamic banking industry. The Indonesian Islamic
banking industry began in 1991-92, when the first Islamic bank in the country, Bank
Muamalat Indonesia, was founded. The country allowsfor the establishment of
Islamic banks alongside conventional ones and the landscape remains unchanged
until today.
Although Islamic banking started in the early 1990’s, it was only in 2008 that specific
regulations concerning Islamic banking (ie Act of Republic of Indonesia Number 21 of
2008) and sukuk were enacted. The Acts not only functions as a legal foundation to
develop Islamic banking, but it also suggested that the Government recognised
thespecial characteristics and thegrowth potential ofthe sharia banking industry.
The industry has grown via various channels. The major Islamic institutions
conducting banking activities have been: i) commercial Islamic banks (bank umum
sharia or BUS), which are standalone banks; ii) Islamic banking windows (unit usaha
sharia or UUS), which are units within conventional banks that operate under Islamic
principles; and iii) Islamic rural banks (bank pembiayaanrakyat sharia or BPRS),
which are generally small, localised banks that target certain communities in specific
regions.
The number of full-fledged Islamic commercial bankshas grown after the Islamic
banking Act was enacted and BI has encouraged all Islamic banking windows to be
converted into full-fledged Islamic commercial banks by 2015.Presently, there are 11
Islamic banks with 1,920 branches, 24 Islamic business units within commercial
banks with 554 branches, and 160 Islamic rural banks with 398 branches (see Figure
11).The industry now employs over 40,900 people, with Islamic commercial banks
being the largest group of employers (see Figure 12).
Figure 11: Islamic banking network
Islamic banking network
Islamic commercial banks
Islamic commercial bank branches
Commercial banks with Islamic business units
2005
2010
2011
2012
3
2006
3
2007
3
2008
5
2009
6
11
11
11
Aug-13
11
304
349
401
581
711
1,215
1,401
1,745
1,920
19
20
26
27
25
23
24
24
24
154
183
196
241
287
262
336
517
554
Islamic rural banks
92
105
114
131
138
150
155
158
160
Islamic rural bank branches
92
105
185
202
225
286
364
401
398
550
637
782
1,024
1,223
1,763
2,101
2,663
2,872
Islamic business unit branches
Total Islamic branch network
Figure 12: Total number of employees in Indonesia’s Islamic banking industry
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
-
2005
2006
2007
Islamic commercial banks
2008
2009
2010
Islamic business units
2011
2012
Aug-13
Islamic rural banks
OTHER PERSON.
10
Panin Bank Syariah
20 November 2013
The Islamic commercial banks in Indonesia today are: i) Bank Muamalat (established
as a sharia bank in Nov 1991), ii) Bank Syariah Mandiri (Nov1999), iii) Bank Mega
Syariah (Aug 2004), iv) Bank BRI Syariah (Oct 2008), v) Bank Bukopin Syariah (Oct
2008), vi) Bank Panin Syariah (Oct2009), vii) Bank BJB Syariah (Jan 2010), viii) Bank
BCA Syariah (March 2010),ix) Bank Victoria Syariah (Feb 2010), x) Bank BNI
Syariah (June 2010), and xi) Maybank Syariah (Oct 2010).
Although the number of Islamic banks has increased, the industry’s assets are
dominated by two large players: i) Bank Syariah Mandiri, and ii) Bank Muamalat – the
two oldest sharia banks in Indonesia, with 28% and 22% market shares respectively.
This is followed by BRI Syariah and BNI Syariah with 7% and 6% shares respectively
(see Figure 13). The State-owned sharia banks have an advantage relative to their
smaller peers, due to their large customer base, extensive network and ability to
leverage on their strong parent companies.
Figure 13: Islamic banks in Indonesia by asset size as of Aug 2013
(IDRtrn)
70
61.4
60
49.4
50
40
30
20
16.4
13.6
8.6
10
0
Syariah
Mandiri
Muamalat
BRI Syariah BNI Syariah
Mega
Syariah
4.3
4.1
3.1
2.0
1.7
0.9
BJB Syariah
Syariah
Bukopin
Panin
Syariah
Maybank
Syariah
BCA Syariah
Victoria
Syariah
Sharia banking is expanding rapidly although market share remains small.The
industry has grown rapidly in the past few years. Total Islamic banking assets have
grown to over IDR223.5trn (~USD19.7bn) as at August from IDR20.9trn in 2005. The
industrygrew at a 7-year CAGR of 37.6% in 2005-2012, faster than conventional
banking’s 16.4%CAGR for assets over the same time period (see Figure14).
With such robust growth, the share of Islamic banking assets to nationwide banking
assets has been rising steadily over the years, although it remains small.As of
August, Islamic banking assets areonly4.9%the size of total conventional banking
assets (see Figure 15).
Within Asean, Malaysia has the largest Islamic banking assets, at MYR427.8bn
(~USD134.5bn) as of September, or over 20% of its total banking system. There is
plenty of room for Islamic banking to grow in Indonesia, given the country’s vast
Muslim population (estimated at around 88% of total population).
OTHER PERSON.
11
Panin Bank Syariah
20 November 2013
Figure 14: Islamic andconventional banking assetsgrowth
(y-o-y %)
Figure 15: Islamic assetsas % of conventional banking assets
(IDRtrn)
60
(%)
250
50
6
5
200
40
4
150
3
30
100
20
50
10
0
2
0
2006
2007
2008
2009
2010
2011
2012
Aug-13
1
2005
2006
2007
2008
2009
2010
2011
2012 Aug-13
Islamic banking asset growth
Islamic banking assets (LHS)
Commercial banking asset growth
Islamic asset as % of conventional bank assets (RHS)
0
Financing drives asset growth; intermediary function is relatively effective. The
growth in assets has been primarily driven by financing, and this is a positive
indication. Despite their young age, Indonesia’s Islamic banks have proven to be
relatively effective in channelling funds into financing.
Financing makes up approximately 78% of total assets (see Figure 17) and this is
higher than conventional banking, where loans make up about 64% of total assets. In
the last eight years, financing has consistently made up 70-77% of total assets.
Deposits in BI and investments in securities – mostly Governmentshariacertificates
and sukuks– are made to comply with Bank Indonesia’s reserves requirements and
liquidity management respectively.
Islamic financing grew to over 174.5trn as at Augustfrom IDR15.3trn in 2005. Its 7year CAGR (2005-2012) of 38.3% outpaced conventional loans’21.5% CAGR. As a
result, the share of Islamic financing has risen over time and, as at August, Islamic
financing has reached approximately 5.6% of conventional bank loans, up from a
mere 2.2% in 2005. The robust growth in financing accounts (see Figure 18) also
suggests that sharia banks’ penetration is rising.
Figure 16: Islamic financing and commercial bank loans
(y-o-y %)
Figure 17: Islamic financing as % of conventional bank loans
(IDRtrn)
200
60
180
50
5
160
140
40
4
120
100
30
3
80
20
60
10
20
2
40
0
0
(%)
6
2006
2007
2008
2009
Islamic bank financing growth
2010
2011
2012
Aug-13
Commercial bank loans growth
1
2005
2006
2007
2008
2009
2010
2011
2012 Aug-13
0
Islamic bank financing (LHS)
Islamic bank financing as % of conventional bank loans (RHS)
OTHER PERSON.
12
Panin Bank Syariah
20 November 2013
Figure 18: Growth of financing accounts in Islamic banks
('000)
Figure 19: Composition of assets in Islamic banks
(y-o-y %)
3,500
90
80
3,000
4%
11%
70
2,500
60
2,000
50
1,500
40
30
1,000
78%
20
500
0
4%
3%
10
2007
2008
2009
2010
Total financing accounts (LHS)
2011
2012
Aug-13
0
Growth (RHS)
Financing
Deposit in Bank Indonesia
Placement in other banks
Investment in securities
Other assets
Focus remains on traditional contracts, although the range of financing
products is expanding. Trade-based financing under the murabahah principle is the
most dominant financing product in Indonesian Islamic banking, making up 55-60%
of total financing. Investment-based financing such as mudharabah and musyarakah
make up about 8% and 21% of total Islamic financing in Indonesia respectively,
whereas, in recent years, Islamic financing under the ijara (asset leasing)and qardh
(short-term financing with collateral and fees) principles have surfaced (see Figure
20).
Murabahah financing – a saleandpurchase contract for financing an asset with
agreed upon costs and profit margins – is mostly used inthe purchases of goods like
cars and houses, although it is also commonly used in SME trade financing.This is
somewhat different compared to other Islamic countries, eg Malaysia, wherebai`
bithaman ajil and ijara financing are the most dominant – with 30% and 25% market
shares respectively – while murabahah makes up less than 20% of total financing.
According to BI’s publication on the progress of Islamic banking (published in 2012),
there are only 16 Islamic banking products in Indonesia vs 46 in Malaysia, suggesting
that there is a massive opportunity for further product development in Indonesia.
Figure 20: Islamic financing by concept
(IDRtrn)
200
180
160
140
120
100
80
60
40
20
0
2005
2006
Mudharabah
2007
2008
Musyarakah
2009
Murabahah
2010
Isthisna
2011
Ijara
2012
Aug-13
Qardh
OTHER PERSON.
13
Panin Bank Syariah
20 November 2013
Figure 21: Islamic financing mix by purpose
Figure 22: Islamic financing growth by purpose
(y-o-y %)
100%
90%
100
23.8
80%
70%
60%
20.2
25.5
30.0
20.7
21.2
50%
33.6
41.9
80
70
19.7
17.4
40%
30%
90
43.6
43.9
60
18.0
18.0
50
40
56.0
20%
53.8
48.8
46.7
40.6
30
38.4
38.0
20
10%
0%
10
2007
2008
2009
Working Capital
2010
Investment
2011
2012
0
Aug-13
Consumption
2008
2009
Working Capital
2010
2011
Investment
2012
Aug-13
Consumption
Looking at Islamic financing mix by purpose, the share of financing for consumption
purposes has increased over the past few years. As at August,such financing
accounted for 43.6% of total Islamic financing. By comparison, financing for working
capital and investmentsaccounted for 38.4% and 18% respectively (see Figure 21).
This was driven by growing mortgages and auto financing, as well as qardh financing
on rising hajj/umroh pilgrims over the last several years.
Total Islamic banking revenue has also grown alongside its robust asset growth.
Total net revenue (after the deduction of profit sharing) has grown at a 7-year CAGR
(2005-2012) of 36.5%to IDR17.7trn in 2012 from a mere IDR2trn in 2005. Over the
same period, operating expenses have grown at a 35.4% CAGR, while net income
has risen at a 39.7% CAGR (see Figure 23).
Figure 23: Islamic banking revenue, operating costs and net income
(IDRtrn)
20
18
16
14
12
10
8
6
4
2
0
2005
2006
2007
Islamic banking total net revenue
2008
2009
2010
2011
2012
Islamic banking total operating expenses
Islamic banking total net income
OTHER PERSON.
14
Panin Bank Syariah
20 November 2013
Deposits growth matches the pace of financing growth.Growth of deposits has
kept pace with the strong growth in financing. Depositor funds grew at a 7-year
CAGR (2005-2012) of 37.9% vs financing growth of 38.3% over the same period.
This is also much stronger than conventional banking deposits’ CAGR of 16.7% (see
Figure 24).
Customer penetration has been rising exponentially, with total depositor accounts in
Islamic banks growing to over 11.7m as of Augustfrom just over 2.8m in 2007. We
believe network expansion, rising awareness, attractive rates and the growing
number ofhajj/umrohpilgrims contributed to this strong growth.
Depositors’ funds are the main fundingsourcesfor Islamic banks, forming up to 90%
of liabilities. However, unlike conventional banks, which possess a more established
deposit franchise and much larger networks, Islamic banking deposits are
predominantly time deposits. Conventional banks’ current and savings accounts
(CASA) make up ~55% of customer deposits, whereas Islamic banks demand and
savings deposits make up less than 40% of total depositor funds (see Figure 27).
Figure 24: Growth of Islamic and commercial bank deposits
(y-o-y %)
Figure 25: Islamic bank deposit as % of conventional deposit
(IDRtrn)
180
60
(%)
6
160
50
5
140
120
40
4
100
30
60
20
2
40
1
20
10
0
0
3
80
2006
2007
2008
2009
Islamic bank deposit growth
2010
2011
2012
Aug-13
Commercial bank deposit growth
2005
2006
2007
2008
2009
2010
2011
2012 Aug-13
0
Islamic bank deposit (LHS)
Islamic bank deposit as % of conventional bank deposit (RHS)
Figure 26: Growth of total accounts in Islamic banks
Figure 27: Composition of Islamic deposits
(y-o-y %)
('000)
14,000
10%
40
5%
12,000
35
10,000
30
8,000
6,000
25
60%
25%
4,000
20
2,000
0
2007
2008
2009
2010
Total deposit accounts (LHS)
2011
2012
Aug-13
Growth (RHS)
15
Demand deposit - Wadiah
Savings - Wadiah
Savings - Mudharaba
Time deposit - Mudharaba
OTHER PERSON.
15
Panin Bank Syariah
20 November 2013
Figure 28: Financing growth, deposit growth and FDR ratio
(y-o-y %)
(%)
105
55
50
100
45
40
95
35
90
30
85
25
20
2006
2007
2008
2009
Islamic financing growth (LHS)
2010
2011
2012
Aug-13
80
Islamic depositor funds growth (LHS)
Financing-to-deposit ratio (RHS)
High utilisation of deposit = high FDR. Islamic banking’s financing-to-deposit ratio
(FDR) has hoveredbetween 90-100% over the past several years, with FDR currently
at over 102% (see Figure 28). Although this indicates maximum utilisation of Islamic
banks’ deposits, it also suggests that the liquidity situation is tighter than conventional
banking where IDRloan-to-deposit ratio (LDR) is at 94%. This, together with sharia
banks’ smaller market share, and more limited network and deposit franchise,
contributes to the higher cost of funds in Islamic banks relative to conventional ones.
While sharia banks are not subject to BI’s regulation thatlink bankreserves
requirement to LDR levels, we gather that the central bank has persuaded the sharia
banks to lower FDR amidst the slowing economic growth and tightening liquidity
situation.
Islamic banking industry performance has been resilient in the past decade.
The metrics of Islamic banks are inferior to those of conventional banks – especially
the large ones – given the gap in scale, experience, network and efficiencies.
However,Islamic banks have been healthy throughout the years:
i.
Islamic banks’ CAR has improved from the 10-13% range in 2007-2008
to above 14% in subsequent years, putting it above BI’s minimum CAR
of 8% (see Figure 29).
ii.
From 2007 to today, Islamic banks’ non-performing financing (NPF)
hovers somewhere between 2-4% – atouch higher than commercial
banks’ NPL ratios but still reasonable (see Figure 30).
iii.
In the Islamic banking industry, there has been “maximum” utilisation of
deposits, with FDR averaging near 100% levels, whereas conventional
banks’ aggregate LDR has risen steadily to 89% todayfrom 65% in
2007.
iv.
Islamic banks’ ROA of 1.4-2.0% tracksthose of conventional banks,
although the former’s ROA levels have always been a notch lower than
those of the latter. This is due to conventional banks’ generally better
margins, stronger non-interest income profile and superior efficiency.
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Panin Bank Syariah
20 November 2013
Figure 29: Islamic banks and conventional banks’ CAR
(%)
20
Figure 30: Islamic and conventional banks’ NPF/NPL
(%)
4.5
19
4.0
18
3.5
17
16
3.0
15
2.5
14
2.0
13
1.5
12
1.0
11
10
0.5
2007
2008
2009
Islamic banks CAR
2010
2011
2012
Aug-13
0.0
2007
Commercial banks CAR
2008
2009
Islamic banks NPF
2010
2012
Aug-13
Commercial banks NPL
Figure 31: Islamic banks’ FDR is higher
Figure 32: Islamic banks’ROA is lower
(%)
110
2011
(%)
3.5
100
3.0
90
2.5
80
2.0
70
1.5
60
50
2007
2008
2009
Islamic banks FDR
2010
2011
2012
Commercial banks LDR
Aug-13
1.0
2007
2008
2009
Islamic banks ROA
2010
2011
2012
Aug-13
Commercial banks ROA
Challenging in the short-term, promising in the long-term. Although the Islamic
banking industry makes up a small proportion of the entire banking system, its
performance cannot escape the broad economic forces impacting the economy.
We believe, given the: i) slowing GDP growth – real GDP expanded 5.6% y-o-y in
3Q13 (1Q13: 6%; 2Q13: 5.8% in 2Q13); ii) rising inflationary pressure – headline
consumer price index hoveredaround 8.3-8.8% y-o-y in July-October on rising fuel
prices, higher electricity tariff and the weakeningIDR; iii) various tightening measures
implemented by BI; and iv) the liquidity squeeze in the system as indicated by
peaking FDR/LDR, the outlook for the overall banking system is challenging in the
short-term.
Our channel checks suggest that the competition for deposits in conventional banks
has risen significantly on the back of tightening liquidity. We expect intense pressure
on deposit rates to persist in the coming quarters, which will push up funding costs
and subsequently pose a threat to profitability. Islamic banks operate in the same
environment as conventional banks and are, therefore, exposed to similar stress.
During the past two cycles of fuel price hike-induced elevated inflation, banks have
seen a rise in NPLs and credit costs. Hence, this scenario could also play out during
the current cycle. Sharia banks may also face some stress in financing quality.
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Panin Bank Syariah
20 November 2013
Entering into 2014, we expect credit growth to moderate as economic growth slows
down, liquidity tightens and lending rates move higher. BI recently reduced its
expectation of total industry loans growth to between15.3-16.6% y-o-y next year.
Given the growth trajectory in the last several years, we expect Islamic banking’
financing growth to outpace conventional banks’ lending growth, although it is
reasonable to expect some moderation.
Figure 33: Indonesia's quarterly GDP growth trend
Figure 34: Rising inflation to push rates higher
(y-o-y %)
(y-o-y %)
7.0
10
9
6.5
8
7
6.0
6
5.5
5
4
5.0
3
2
4.5
4.0
3Q08
3Q09
Source: CEIC, RHBresearch
3Q10
3Q11
3Q12
3Q13
Headline CPI
Core inflation
Source: CEIC, RHBresearch
Favourable demographic forces and supportivelegislationsmake up the
foundation for future growth.The growth prospectsfor Indonesia’s Islamic banking
industry remain bright, in our view, although it is not without challenges. Indonesia’s
demographic is highly favourable to support Islamic banking growth, as it is the
largest Muslim country in the world. Followers of this faith make up the majority
(approximately 88%) of Indonesia’s ~250m population, creating natural demand for
Islamic banking services.
Various surveys have suggested that the public isgenerally familiar with the existence
of Islamic banks. However, their understanding of and familiarity with Islamic banking
principles, products and operations is rather poor. In many areas, there remains a
perception that sharia banks cater to only pious Muslims, where in reality Islamic
banking services are not exclusive to Muslims alone. Network expansion and public
education are, therefore, needed to increase the segment’s visibility and further
penetration.
Following enactment of the Sharia Banking Act, BIrolled outthe Grand Strategy of
Islamic Banking Market Development in 2008. Here, the central bank re-branded
Islamic banking to rejuvenate its image and pushed for product development,
services improvement and public education on this sector.
Over the subsequent years,BI hasalso consistently lentsupport tothe Islamic banking
industry via various regulations and initiatives to ensure the soundness of the
shariabanking system and to nurture its growth.
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Panin Bank Syariah
20 November 2013
Over the last several years, BIhas implemented regulations and issued public letters
to:
i.
improve supervision and transparency of Islamic banking products via
Islamic banking product codifications (2008),
ii.
relax the classification of central bank sharia certificates as trading and
available-for-sale securitiesto deepen and develop the market for sharia
securities or Government certificates (2008),
iii.
delineate the restructuring process for Islamic financing (2008),
iv.
form an internal Islamic banking committeeconsisting of representatives
from BI, the Ministry of Religion and the public to assist the central bank
in developing the Islamic banking industry(2008),
v.
clarify the requirements for conversion from conventional banking units
into sharia units (2009),improve corporate governance by introducing fit
and proper tests for Islamic banks’ controlling shareholders, board of
commissioners, and board of directors,
vi.
improve the submission of Islamic banks’ business plans to BI (2010),
vii.
increase prudence in mortgage andauto financing (2012), whereby BI
caps murabahah and istishna mortgage financing-to-value (FTV) to
70% for houses above 70 sq m, whereas auto financing
downpaymentswere raised to 25% for motorcycles, 30% for cars for
consumption purposes and 20% for cars for productive purposes,
viii.
increase prudence in qardh financing (2012),whereby maximum qardh
financing is limited between 20% of total financing and 150% of capital.
Maximum financing is capped at IDR250m per customer witha
maximum FTV of 80%,
ix.
regulate branch opening based on banks’ core capital (2013), whereby
BI mandates that banks must have sufficient core capital to open
branches and that branches in high-density areas must carry greater
cost of capital. BI has assigned lower capital costs for sharia banks
relative to conventional banks for an equivalent branch, indicating its
more lenient stance on Islamic banks (see Figure 35)
Figure 35: Investment (capital) costs for branches
Conventional banks
BUKU 1 & 2
BUKU 3 & 4
Sharia banks
BUKU 1 & 2
BUKU 3 & 4
Branch
IDR8bn
IDR10bn
IDR3bn
IDR10bn
Sub-branch
IDR3bn
IDR4bn
IDR1.5bn
IDR4bn
Cash outlet
IDR1bn
IDR2bn
IDR500mn
IDR2bn
Throughout the years, BI has also been active in providing various efforts to expand
the Islamic banking industry ranging from training, research, studies and supervision.
Challengesin Islamic banking Industry are also its opportunities. We gather that
there are several broad challenges in Indonesia’s Islamic banking industry: i) small
market share, ii) lack of product development, and iii) lack of human resources. We
believe these are the big opportunities for Islamic banks in Indonesia to venture into.
The expansion in Islamic banking market share can be achieved through: i) network
and product expansion, ii) socialisation of Islamic banks among the general public,
and iii) further Government support in terms of capital injection or converting one of
the State-owned banks into a full-fledged Islamic bank.
Education, training, literature in Islamic banking, andincentives in working in the
Islamic banking industry will also boost human resources and the pace of product
development.
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Panin Bank Syariah
20 November 2013
Key Investment Themes
Key investment theses.We summarise several key investment theses in PBS:
Fresh capital will spawn new businesses.Upon completion of its IPO, PBS will be
a BUKU II bank (BUKU II banks are those with core capital between IDR1trn and
IDR5trn) and this will open up an array of opportunities for the bank to develop
products and services that would otherwise not be allowed under its current BUKU I
status.
Among others, a BUKU II bank will be allowed to issue letter of credit for export and
import transactions, embark on bancassurance businesses, issue credit cards,
develop Internet banking platforms, issue traveller’s checks, run cash management
services, and perform foreign exchange transactions.
PBS can seize on this opportunity to enrich its banking capabilities, gain new
businesses and reap bigger market share. For instance, upon gaining BUKU II
status, the bank will be able to provide funding (under themudharabah principle) and
financing (under theqardh principle) for Hajj pilgrims, some of which are done in USD.
PBS’ deposit generation capabilities and fee income profile will also
improvestructurally, as it develops Internet banking, bancassurance andtradefinance
businesses, among others.
Islamic banks operate in a competitive, but conducive environment. Indonesia is
the world’s largest Muslim country, with approximately 87% of the population
identified as Muslims. Yet, it remains an under-leveraged country with banking loansto-GDP at ~35%. Sharia banking financing is less than 6% the size of conventional
banking loans, which points to massive growth opportunities for Islamic banks in
Indonesia.
Supportive regulations will also help strengthen Sharia banking’s growth prospects.
Beyond enacting the Islamic Banking Act in 2008, BI has implemented various
regulations and initiatives to improve sharia banking products, enhance their visibility,
and protect the prudence of their financing. For instance, the capital costs for Islamic
banks to open branches are lower than those for conventional banks, making it less
demandingfrom the perspective of capital requirement forsharia banks to expand
branch networkrelative to conventional banks.
The growth ofhajj and umroh pilgrims in Indonesia will also indirectly support the
industry growth. In May, the Government indicated its intention to shift the savings of
hajj pilgrims – totallingaround IDR11trn (USD960m), or ~6.5% of existing customer
deposits in sharia banks – located in conventional banks intosharia-compliant ones
within a year. This is principally accurate, as the funds were originally garnered by
sharia banks and the move will support the Islamic banks’ funding base too.
We also gather that the waiting list for State-organised hajj pilgrimage in Indonesia
has now stretched to over 10 years, indicating strong demand for adherents to
undertake the pilgrimage. Meanwhile, the number of foreign hajj pilgrims to Saudi
Arabia has risen to 1.8m in 2012 from 1.3m in 2000, where Indonesia is typically
given a quota of 200,000hajj pilgrims per year. Other than the hajj, Saudi Arabia also
accepts over 6m of umroh pilgrims annually with rising number of pilgrims coming
from Indonesia.
A small but fast-growing bank. Given the combination of: i) abundant new business
opportunities, ii) demographic appeal of potential customers, iii) low penetration of
sharia banking, and iv) supportive regulations, PBS has ample room for growth going
forward.
The bank’s growth will be supported with sufficient capital, as we expect CAR to
remain relatively high at 33% and 25% by 2014F and 2015F respectively. Our
forecasts assume PBS’ 4-year CAGR (2011-2015F) of 57% in financing, 54% in total
assets, 75% in net operating revenue and 74% in net income. We expect ROAE to
gradually increase to 8.4% in 2015Ffrom 3.6% in 2011. The financial analysis and
forecasts of PBS are available in more details in the latter section of this report.
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Panin Bank Syariah
20 November 2013
Key Risks
Key investment risks. We identified several investment risks toPBS:
i.
Competition from both Sharia and conventional banks. PBS cannot
escape competitive pressure from other sharia and conventional banks,
given that it operates within the same environment. The large banks
may have the ability to offer more attractive rates, provide more
comprehensive services and possess better branding power, which
may hamper PBS’ efforts to gain market share or expand profits. The
lack of understanding and penetration of Islamic banking products may
also be an obstacle.
ii.
Financing quality risks. As a young sharia bank, PBS has been
growing its financing aggressively over the last several years. Moving
forward the Bank also plans to expand to new businesses in new
regions it may not be fully familiar with, hence putting a test on its
underwriting quality. The combination of higher lending rates, slowing
economic growth, elevated inflation and its exposure to the SME and
two-wheeler segments may also pose a risk to asset quality.While
remaining well below the industry level, the bank’s NPF ratio has seen
an increase YTD.
iii.
Rising cost of funds. Liquidity in the banking system is tightening with
conventional banks’ IDR LDR hitting 94%– a level unseen since 1998.
Islamic banks’ FDR has also been above 100% since Aug 2012. As
competition for funding intensifies, cost of funds could increase
materially, threatening margins.
iv.
Talent shortage.The lack of human resources is among the key
obstacles hampering the development of Indonesia’s Islamic banking
industry. As the industry has different practices from conventional
banking, personnel with appropriate knowledge and experience are
hard to come by, and this may compromise the bank’s growth
prospects or execution.
v.
Unfavourable regulatory changes. BI is more lenient towards sharia
banks in several regulations, eg lowerallocation of core capital for
branch expansion. However, this could change in the future,assharia
banks may have to compete with conventional banks on a more equal
playing field.
vi.
Parent bank’s influence. Although PBS operates independently, there
is a possibility that its parent – Panin Bank –may imposechanges or
exert influence on the former’s directionin the future.
vii.
High operating costs on aggressive expansion. As the bank plans to
expand its branch network aggressively, operating costs could rise
significantly.
viii.
Macroeconomic risks. As a bank, PBS cannot avoid macroeconomic
changes and forces such as GDP growth and inflationary pressure,
which may affect demand for credit and viability of its businesses.
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20 November 2013
Financial Analysis And Forecasts
Fresh capital to catapult business growth. PBS plans to use 80% of its IPO
proceeds to fuel its financing growth and the remaining 20% to fund its capital
expenditure related to network expansion. The fresh capital will also elevate PBS into
a BUKU II bank, as its capital will exceed IDR1trn. This will allow the bank to embark
upon various new businesses, ranging from foreign exchange business andInternet
banking to trade finance businesses, among others.
Robust financing-driven asset growth.We expect PBS’ assets to grow by
49%/43%/24% y-o-y in 2013F/14F/15F to reach IDR5.7trn by 2015, or over 2.5 times
its asset size as of Dec 2012 (see Figure 36).
Financing will drive its asset growth. We expect financing to expand by 65%/29%/
33% y-o-y in 2013F/14F/15F (see Figure 38).PBS plans to add 17 new branches and
sub-branches in 2014 on top of its existing 10 branches. Our financing growth
estimate implies a blended average of ~IDR43bn of new gross financing per branch
in 2014F, which is achievable in our view. Financing growth is expected to be
stronger in 2015, as the bank’s new branches become more seasoned.
Figure 36: PBS’ asset growth
Figure 37: PBS’ asset composition
(IDRbn)
6,000
100%
90%
5,000
80%
70%
4,000
60%
3,000
50%
40%
2,000
30%
20%
10%
1,000
0
2010
2011
2012
2013F
2014F
2015F
0%
2010
2011
2012
2013F
Net financing
Placements in BI
Net financing
Placements in BI
Placements in other banks
Investment securities
Placements in other banks
Investment securities
Other assets
Source: Company data, RHB estimates
Figure 38: Financing growth to remain robust in years ahead
Figure 39: Financing by Islamic contracts
(IDRbn)
(y-o-y %)
140
5,000
4,302
4,500
4,000
3,000
2,520
2,500
1,526
1,500
1,000
0
2011
2012
Total financing (LHS)
2013F
2014F
2015F
Growth (RHS)
4,500
4,000
3,500
3,000
2,500
60
2,000
20
225
(IDRbn)
5,000
80
40
706
2010
120
100
3,244
3,500
2,000
2015F
Other assets
500
2014F
0
1,500
1,000
500
0
2010
2011
Murabahah
2012
2013F
Mudharabah
2014F
2015F
Musyarakah
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20 November 2013
PBS’ enlarged capital and growing footprint will allow it to expand its customer base
and existing financing businesses (murabahah, musyarakah and mudharabah)
strongly, while the potential to develop new financing products is now wide open. As
we predict murabahah financing product will remain the most popular, we expect itto
continue to make up the majority (~60%) of the bank’s financing, whereas
mudharabah and musyarakahwill make up ~23% and ~17% respectively (see Figure
39). We have yet to factor in any new financing products.
We expect healthy growth in PBS’ revenue receipts, in line with its vigorous financing
growth outlook. As its intermediary function improved, revenue contribution from
financing to its total revenue has grown to 88% in 2012from 54% in 2010, and we
expect financing revenue to remain the key revenue driver for the bank (see Figure
40).
Total revenue receipts are expected to grow 85%/70%/35% y-o-y for 2013F/14F/15F,
as: i) financing volume grows, ii) PBS plans to increase financing yields to ~15% in
2014from ~12% – in line with rising interest rates, and iii) growing yields from sukuk
investments as, upon gaining the BUKU II status, PBS can invest in non-Government
sukuk investments that carry higher yields than Government ones.
Figure 40: Breakdown of revenue receipt by asset
Figure 41: Revenue growth trend
(IDRbn)
(%)
100
90
20
9
80
70
60
27
50
40
15
12
10
0
32
5
4
13
25
6
6
6
7
13
13
22
20
34
48
52
53
54
2011
600
229
200
150
271
2012
2013f
Murabahah revenue
Mudharabah revenue
Sukuk
Others
2014f
2015f
Musyarakah revenue
108
146
200
0
250
460
400
100
13
2010
622
300
26
15
700
500
30
30
20
5
7
8
(y-o-y %)
21
2010
85
70
100
50
70
35
2011
2012
2013F
2014F
2015F
0
Revenue receipts from fund management as Mudharib (LHS)
Growth (RHS)
More of everything for customers. Beyond investing in new branches and subbranches, for next year, PBS intends to: i) add 40 standalone automated teller
machines (ATMs) and 100 electronic data captures (EDCs), ii) develop an Internet
banking platform and bill payment facilities, and iii) create various other initiatives to
attract demand and savings deposits, as well as to improve its non-financing
operating revenue.
Since it started operation, PBS’ deposit growth only materially took off in 2012, with
mudharabah time deposit (TD) remaining the largest component of deposits
(over63% of customer deposits as at June). Wadiah deposits (savings and demand)
and mudharabah savings deposit started growing in 2013. We estimate PBS’
blended cost of funds ata high 5.5-6.5% in the last three years,which is not a surprise
as PBS is a young bank with limited network and weak deposit franchise.
PBS’ branch expansion and planned investments in ATMs, EDCs and payment
points indicate its aggressive move towards attracting deposits, especially savings. In
addition, the bank’s branches are not only expected to promote financing, but are
also expected to garner sufficient funding for it. We estimate PBS’ deposit growth to
reach 75%/31%/30% y-o-y in 2013F/14F/15F, essentially keeping up with the pace of
financing (see Figure 42).
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20 November 2013
Figure 42: Deposit growth to rise on network investment
(IDRbn)
300
5,000
4,336
4,500
3,328
3,500
3,000
2,500
2,000
150
1,000
310
2010
100
50
421
2011
2012
4,500
3,500
3,000
2,500
2,000
1,500
1,444
1,500
0
200
2,534
(IDRbn)
4,000
250
4,000
500
Figure 43: Deposits remain dominated by time deposit
(y-o-y %)
2013F
Total deposit (LHS)
2014F
2015F
1,000
500
0
0
2010
2011
2012
Mudharabah savings
Growth (RHS)
2013F
2014F
2015F
Mudharabah time deposit
Wadiah (demand and savings)
PBS cannot avoid the tightening liquidity in the banking system, the rising rate
environment and competition from its peers. We can reasonably expect that sharia
banks’ wadiah bonuses and mudharabah deposit returns will be adjusted higher.
Therefore, we expect PBS’ cost of funds to rise by 106bps, 40bps and 13bps y-o-y to
6.5%, 6.9% and 7.0% in 2013F-2015F respectively.
On the asset front, however, we expect PBS’ new financing to command higher
yields than its existing ones, hence cushioning the spread between financing yields
and funding costs. The bank intends to adjust its yields higher for its 2014Ffinancing
by ~300bps. Accordingly, we factor in y-o-y expansion of 92bps/176bps/30bps for
average asset yields in 2013F/14F/15F, which we view as conservative. This should
be sufficient to protect PBS’ spread (see Figure 45).
Figure 44: Third parties' share on return of syirkah funds
(IDRbn)
Figure 45: Estimated asset yields, cost of funds and spread
(y-o-y %)
250
216
200
200
168
150
250
100
100
58
2010
50
27
9
0
2011
2012
2013F
2014F
2015F
0
Third parties' share on return of Temporary Syirkah funds (LHS)
Growth (RHS)
14
12
10
150
125
50
(%)
8
6
4
2
0
2011
2012
Gross asset yields
2013F
Cost of funds
2014F
2015F
Margin spread
PBS’ investment in electronic banking and new businesses will likely bring potential
upside to its other operating revenue, which so far has been limited to regular
financing and funding administrative fees. We expect the bank’s annual other
operating revenue to grow to IDR11bn/IDR31bn/IDR41bn in 2013F/14F/15Ffrom a
mere IDR6bn in 2012. Non-operating revenue is expected to contribute 7%-9% of
PBS’ net operating revenue (after deducting third parties’ share on return of syirkah
funds).
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Altogether, we estimate PBS’ net operating revenue to grow by 66%/105%/38% y-o-y
in 2013F/14F/15F (see Figure46), driven largely by strong growth in revenue
receipts.
Figure 46: Net operating revenue trend
(IDRbn)
(y-o-y %)
300
500
450
247
250
400
350
200
300
150
250
200
105
100
150
100
66
100
38
50
0
47
95
157
323
446
2011
2012
2013F
2014F
2015F
Net operating revenue (LHS)
50
0
Growth (RHS)
Adding footprint will require some spending. PBS’ expansion plan will require
significant investment outlay. Seventeen new branches and sub-branches next year
will more than double its existing network and bring its total outlets to 28 by end2014. The bank intends to set up new branches in Semarang, Solo and Yogyakarta.
It also plans to expand beyond Java by adding a presence in major cities in
Sumatera (Medan, Palembang, Lampung and Pekanbaru), Sulawesi (Makassar) and
Kalimantan (Banjarmasin). In addition, it expects to boost its staff numbers to 890 by
end-2014from over 240 personnel today.PBS also plans further expansion of its
branch network in 2015.
Therefore, we expect core operating costs to rise sharply by 110%/136%/36% y-o-y
in 2013F/14F/15F, driven by both general and administration (~40% of total core
operating costs) and personnel expenses (see Figure 47).Consequentially, itscore
cost-to-income ratio is expected to jump to 45%/57%/56% in 2013F/14F/15Ffrom
42% in 2012 (see Figure 48).
Figure 47: Rise in operating expenses on branch expansion
(IDRbn)
(%)
180
300
160
250
140
120
200
(%)
70
65
64.4
60
57.3
100
150
80
55.8
55
60
100
40
50
0
Figure 48: Cost-to-income ratio to jump in 2014-2015F
20
2010
2011
2012
2013F
Operating expenses (LHS)
2014F
2015F
0
Growth (RHS)
Note: operating expenses include G&A and personnel costs but exclude Bonus on
wadiah deposit. Under Sharia bank presentation bonus on wadiah deposit is reported
under operating expenses
50
45.3
45
41.7
40
2011
2012
2013F
2014F
2015F
Note: We deduct bonus on wadiah deposit from ‘income’ instead of ‘operating cost’ to
achieve a more comparable cost-to-income ratio to conventional banks
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20 November 2013
Rising non-performing financing.The quality of PBS’ financing in the last three
years has been excellent, although this is to be put to the test as financing volume
expands aggressively and economic conditions turn less favourable. Most of its NPF
comes from murabahah financing (largely auto financing), whilemudharabah and
musyarakah financing secured their first NPF only in 2Q13-3Q13 (one bad debtor
each). Gross NPF ratio rose to 0.6% as of Junefrom 0.2% as of Dec 2012, which
remains much better than industry’s 2.6%.
In our view, asset quality is one of the key risks that PBS faces in its high-growth
phase as: i) the bank is acquiring new customers in new areas thatit may not fully
understand, ii) its underwriting standard has not been tested long enough, and iii) the
weak IDR, rising inflation, higher interest rates and a moderation in economic growth
could trigger financing defaults. Hence, weare factoring in rising NPF in the next
several years (1.0-1.3%), although we generally expect PBS’ NPF ratio to remain in a
better shape than industry’s NPF.
PBS’ weakened financing quality led to an increase in provision for impairment losses
in 2013, with 1H13 provision risingto IDR8.5bn (1H12: IDR1.3bn). We estimate this to
rise to IDR22.1bn by the end of 2013F. Given the risk of rising NPF, we incorporate
higher impairments in 2014F-2015F (see Figure 49).
The majority of PBS’ financing goes to sharia cooperatives, multi-finance companies
and endusers, as well asmicro and SME businesses in various industries. The risk in
asset quality comes from direct financing to two-wheelers or vulnerable SMEs.
However,the solid experience ofits management and its parent Panin Bank – which
was one of the few banks that did not require Government bailoutsduringthe Asian
financial crisis– should prove useful in mitigating PBS’ asset quality problems.
As sharia banks are also subject to BI’s regulations that require higher down
payments for auto financing and mortgages, this should reducePBS’ default risk in
consumption financing. Moreover, the bank has negligible mortgage financing
exposureand an established special asset management team to handle troubled
debtors swiftly.
Figure 49: Factoring a conservative NPF outlook
Figure 50: Provisions for impairment losses trend
(IDRbn)
60
1.2
50
1.3
1.4
40
1.0
0.9
0.8
30
0.6
20
0.4
0.2
10
0
(IDRbn)
1.2
1.0
40
(%)
0.2
0.0
2010
2011
2012
Gross NPF (LHS)
2013F
2014F
2015F
Gross NPF ratio (RHS)
0.0
(%)
1.2
1.1
35
0.9
30
27.4
25
20
15
22.1
0.5
37.4
1.0
0.8
0.6
0.4
0.4
10
4.7
5
0
1.0
2011
2012
0.2
2013F
2014F
2015F
0.0
Provision for impairment losses (LHS)
Provision as % of average gross financing (RHS)
OTHER PERSON.
27
Panin Bank Syariah
20 November 2013
Figure 51: Healthy net income growth
Figure 52: ROAA and ROAE trend
(IDRbn)
(y-o-y %)
120
70
101.1
100
80
60
37.1
40
20
(6.9)
2010
2011
2012
Net income (LHS)
2013F
2014F
2015F
8.1
7.8
2.0
1.6
8.2
8.4
8
2.0
7
1.8
1.8
20
0
(20)
2.2
30
10.9
9
2.3
2.4
60
40
43.3
(%)
2.6
50
71.0
(%)
6
1.6
1.5
5
1.4
10
1.2
0
1.0
4
3.6
2011
2012
Growth (RHS)
2013F
ROAA (%)
2014F
3
2015F
ROAE (%)
Figure 53: PBS' net earnings growth vs selected conventional banks
2015F
2014F
2013F
(10)
0
10
20
30
40
50
60
70
(y-o-y %)
Panin Bank Syariah
Bank Tabungan Negara
Bank Rakyat Indonesia
Bank Negara Indonesia
Bank Mandiri
Bank Danamon
Bank Central Asia
Bank Bukopin
Bank BJB
Gradually rising profitability profile.All in, we expect PBS’ 2013F/14F/15F net
income to grow 17%/64%/42% y-o-y, which will bring estimated ROAA to
1.6%/1.8%/2.0% and ROAE to 8.1%/8.2%/8.4% (see Figure 52). If PBS isable to
deliver the performance we expected, its earnings growth over the next two years
may well outpace that of conventional banks (see Figure 53).
Note that although PBS’ net income growth is strong, its rapidly-growing asset base
and a potential jump in equity post-IPO will mean that its profitability ratios will likely
remain below the industry’s in the near future. The industry currently averages 2.2%
ROA and 21.2% ROE YTD.
OTHER PERSON.
28
Panin Bank Syariah
20 November 2013
Figure 54: Reasonable leverage level
(IDRbn)
6,000
5,670
5.5
5,000
4,000
Figure 55: Well-capitalised for expansion
3.2
2.2
4
3
2,140
2,000
0
1,154
1,019
459
455
144
2010
2011
Asset (LHS)
2012
2
1,255
2013F
Equity (LHS)
2014F
(%)
5,000
4,500
70
62.0
60
54.8
50
3,500
3,000
0
2015F
2,000
25.4
21.0
10
500
0
30
20
1,000
2010
Asset/equity (RHS)
40
32.7
32.2
2,500
1,500
1
583
492
(IDRbn)
4,000
4.0
3,191
3,000
1,000
5
4.5
4,558
4.4
(x)
6
2011
2012
2013F
Total capital (LHS)
2014F
2015F
0
CAR (RHS)
Healthy leverage, well-capitalised with no dividend within our forecast
horizon.PBS’ leverage ratio is expected to remain healthy post the enlarged equity
base, with asset/equity estimated at 4.0x and 4.5x by end-2014F and 2015F
respectively. This compares with 14.5x industry leverage ratio as at August.
We estimate PBS’ CAR to remain highat around32.7% by end-2014, before falling to
25% by 2015 on strong financing growth,which could potentially erode its capital. The
bank’s dividend policy states that it will pay out 10%/15% of net income as cash
dividends should net profit after tax exceed IDR200bn/IDR250bn respectively.
Therefore, we do not expect PBS to pay out any dividend at least for the next two
years.
Based on BI’s regulation on core capital allocation for branch network, PBS currently
has ample core capital to expand its branch network. The bank has used up
IDR110bn of its core capital on its existing branches, with IDR397bn remaining (as of
1H13) for additional branches (see Figure 56). The additional capital raised from its
IPO proceeds will more than double its capital capacity forfuture expansion. PBS’
ambition to open up to 15 new branches and sub-branches will be supported by
highly sufficient capital post-IPO.
Figure 56: Core capital allocation for branch network
Type of branch
Branch
Sub-branch
Cash outlet
Total existing core capital allocated for branches (IDRbn)
Zone
Investment cost
Coefficient
# of branch
1
DKI Jakarta
Province
3.0
5
1
Core capital allocation
15
2
West Java
3.0
4
1
12
East Java
3.0
4
3
36
Central Java
3.0
4
1
12
1
DKI Jakarta
1.5
5
2
15
2
West Java
1.5
4
2
12
2
East Java
1.5
4
1
6
West Java
0.5
4
1
2
12
Core capital available (IDRbn)
110
397
Note: It includes the cash outlet and one branch in Central Java which were not yet opened as of 1H13 but are expected to be operating by the end of 2013
Source: Company data, BI, RHB estimates
OTHER PERSON.
29
Panin Bank Syariah
20 November 2013
All our estimates have taken into account PBS’ performance YTD, as reflected in
Figures57-59.
Figure 57: PBS' profit and loss highlights (1H13)
Profit and Loss Statement
FY10 FY11 FY12 1H12 1H13 Growth (y-o-y %)
FYE: Dec (IDRbn)
Revenue receipts from fund mgt. as Mudharib
21
70
146
55
113
105.1
Third parties' share on Temp Syirkah Funds return
(9)
(27)
(58)
(18)
(53)
189.9
Other operating revenue
2
4
6
2
3
80.9
14
47
95
39
64
64.6
(12)
(13)
(16)
(8)
(9)
24.3
Employee expenses and benefits
(9)
(16)
(22)
(9)
(18)
92.2
Bonus on Wadiah deposits
(0)
(0)
(2)
(1)
(5)
649.8
Total operating revenues
Administrative expenses
Other expenses
(1)
(1)
(1)
(1)
(1)
(1.0)
(22)
(31)
(40)
(18)
(33)
83.4
Pre-provision operating profit
(9)
17
54
21
31
48.3
Provision for impairment losses
(2)
(2)
(5)
(1)
(8)
557.4
(11)
15
49
20
23
14.9
0
0
0
(0)
0
nm
(10)
15
50
20
23
15.4
3
(4)
(12)
(5)
(6)
17.1
(7)
11
37
15
17
14.9
Total operating expenses
Operating income
Non-operating revenue (expenses)
Pre-tax income
Taxes
Net income
Source: Company data and RHB estimates
Figure 58: PBS balance sheet highlights (1H13)
Balance sheet
FY10 FY11 FY12
1H13 Growth (YTD %)
FYE: Dec (IDRbn)
Cash and equivalents
Reserves and placements in BI
1
2
3
4
79
94
420
254
Placements and deposits with other banks
60
50
25
0
Murabahah financing
41
384
771
1,247
61.8
102
272
523
581
11.2
49
232
357
53.5
706 1,526
2,185
43.2
Total financing
Allowance for impairment losses
82
225
(2)
(4)
(8)
Total net financing
223
Investment in Sukuk
59
134
139
138
Fixed assets
26
24
25
25
10
13
12
19
459 1,019 2,140
2,607
21.8
30
107
255.8
393 1,006
1,177
17.0
481
156.7
Other assets
Total assets
Mudharabah savings
Mudharabah time deposits
Wadiah deposits
Syirkah funds from banks
Total deposits
Securities issued
Other liabilities
Total liabilities
4
291
15
1
310
0
702 1,517
(17)
8
(0.5)
187
0
220
250
13.5
421 1,444
2,015
39.5
135
183
50
5
8
22
20
20
28
209
502
139.8
1,584
10.0
295
536 1,440
Paid-in capital
152
452
Total equity
42.9
20
Temporary Syirkah funds
Retained earnings
2,168
(9)
144
452
500
2
39
22
455
492
522
6.1
OTHER PERSON.
30
Panin Bank Syariah
20 November 2013
Figure 59: PBS' key financial ratios (1H13)
Key ratios (%)
FY10
FY11
FY12
1H13
Total asset growth
121.9
110.1
21.8
Gross financing growth
213.9
116.2
43.2
35.6
243.2
39.5
247.3
99.8
64.6
7.5
29.0
83.4
nm
225.2
48.3
Total deposit growth
Net operating revenue growth
Operating expenses growth
Pre-provision operating profit growth
Operating profit growth
nm
240.4
14.9
Net profit growth
nm
240.3
14.9
72.4
167.7
105.7
108.4
0.0
0.9
0.2
0.6
0.5
0.4
0.9
63.4
140.3
10.3
9.8
10.1
6.4
5.4
5.7
64.4
41.7
47.1
Return on average asset (ROAA)
1.5
2.3
1.4
Return on average equity (ROAE)
3.6
7.8
6.7
62.0
32.2
22.7
Financing-to-deposit ratio
Gross non-performing financing
Impairment over average gross financing
Allowance for impairment over NPF
Gross earning asset yields
Cost of funds
Cost-to-income ratio
Capital adequacy ratio (CAR)
164.4
OTHER PERSON.
31
Panin Bank Syariah
20 November 2013
Financial Exhibits
Figure 60: Profit and loss highlights
Profit and Loss Statement
FY10
FY11
FY12
FY13F
FY14F
FY15F
FYE: Dec (IDRbn)
Revenue receipts from fund mgt. as Mudharib
21
70
146
271
460
622
Third parties' share on Temp Syirkah Funds return
(9)
(27)
(58)
(125)
(168)
(216)
Other operating revenue
Total operating revenues
Administrative expenses
2
4
6
11
31
41
14
47
95
157
323
446
(12)
(13)
(16)
(28)
(65)
(84)
Employee expenses and benefits
(9)
(16)
(22)
(38)
(99)
(133)
Bonus on Wadiah deposits
(0)
(0)
(2)
(11)
(37)
(57)
Other expenses
(1)
(1)
(1)
0
0
(22)
(31)
(40)
(77)
(201)
(274)
Pre-provision operating profit
(9)
17
54
80
122
172
Provision for impairment losses
(2)
(2)
(5)
(22)
(27)
(37)
(11)
15
49
58
95
135
Total operating expenses
Operating income
Non-operating revenue (expenses)
Pre-tax income
Taxes
Net income
0
0
0
0
0
0
0
(10)
15
50
58
95
135
3
(4)
(12)
(14)
(24)
(34)
(7)
11
37
43
71
101
FY14F
FY15F
Figure 61: Balance sheet highlights
Balance sheet
FY10
FY11
FY12
FY13F
FYE: Dec (IDRbn)
Cash and equivalents
Reserves and placements in BI
1
2
3
3
6
5
79
94
420
486
934
808
Placements and deposits with other banks
60
50
25
27
56
44
Murabahah financing
41
384
771
1,465
1,919
2,591
102
272
523
637
778
972
82
49
232
418
548
739
225
706
1,526
2,520
3,244
4,302
Total financing
Allowance for impairment losses
(2)
(4)
(8)
(30)
(51)
(79)
Total net financing
223
702
1,517
2,490
3,193
4,223
Investment in Sukuk
59
134
139
139
305
503
Fixed assets
26
24
25
28
43
64
Other assets
10
13
12
19
21
23
Total assets
459
1,019
2,140
3,191
4,558
5,670
Mudharabah savings
4
8
30
156
250
400
291
393
1,006
1,429
1,729
2,074
15
20
187
652
977
1,397
1
0
220
298
372
465
310
421
1,444
2,534
3,328
4,336
Securities issued
0
135
183
50
50
50
Other liabilities
5
8
22
24
26
29
20
28
209
676
1,004
1,426
Temporary Syirkah funds
295
536
1,440
1,932
2,401
2,989
Paid-in capital
152
452
452
500
1,000
1,000
2
39
83
154
255
455
492
583
1,154
1,255
Mudharabah time deposits
Wadiah deposits
Syirkah funds from banks
Total deposits
Total liabilities
Retained earnings
Total equity
(9)
144
OTHER PERSON.
32
Panin Bank Syariah
20 November 2013
Figure 62: Key ratios
Key ratios (%)
FY13F
FY14F
FY15F
Total asset growth
FY10
121.9
110.1
49.1
42.8
24.4
Gross financing growth
213.9
116.2
65.2
28.7
32.6
35.6
243.2
75.5
31.3
30.3
Net operating revenue growth
247.3
99.8
66.2
105.4
38.2
Operating expenses growth^
7.5
29.0
110.8
157.7
38.3
Pre-provision operating profit growth
nm
225.2
47.4
52.8
41.1
Operating profit growth
nm
240.4
16.7
63.9
42.4
Net profit growth
nm
240.3
16.8
63.7
42.4
72.4
167.7
105.7
99.4
97.5
99.2
0.0
0.9
0.2
1.0
1.2
1.3
0.5
0.4
1.1
0.9
1.0
63.4
289.6
118.2
134.5
10.3
9.8
10.7
12.5
12.8
6.4
5.4
6.5
6.9
7.0
64.8
42.7
49.2
62.2
61.4
Total deposit growth
Financing-to-deposit ratio
Gross non-performing financing
Impairment over average gross financing
FY11
Allowance for impairment over NPF
Gross earning asset yields
Cost of funds*
Cost-to-income ratio
FY12
Return on average asset (ROAA)
1.5
2.3
1.6
1.8
2.0
Return on average equity (ROAE)
3.6
7.8
8.1
8.2
8.4
62.0
32.2
21.0
32.7
25.4
Capital adequacy ratio (CAR)
OTHER PERSON.
33
Panin Bank Syariah
20 November 2013
Appendix
Figure 63: Brief profile of PBS' board of directors
Board of Directors
Deny Hendrawati
Position
Background
President DirectoMrs Deny Hendrawati (47 years old) started her banking career in Bank Central Asia in 1991
She joined Bank Muamalat in 1992 where she had a 12-year career before moving to Bank Mega Syariah (2007-2010)
She joined Panin Bank Syariah in 2010 as Business Director before stepping up as President Director in July 2011
Mrs Deny Hendrawati graduated from Diponegoro University in Semarang, Indonesia
Hadi Purnomo
Director
Mr Hadi Purnomo (47 years old) worked for Bank Danamon from January 1991 to July 2003, holding various positions
He had a 10-year career in Bank Syariah Mandiri, leading Cooperatives Financing and Investment as well as Restructuring Division
He joined PBS in February 2013 as General Manager Business and he became Business Director in November 2013
Mr Hadi Purnomo had a postgraduate degree in Sharia Finance and Economics from University of Indonesia in 2009
Tri Bhakti Irianto
Director
Mr Tri's (52 years old) early banking career was in Bank Dagang Negara Indonesia (1985-1989) and Bank Sinar Bali (1989-1991)
He then spent 11 years in Bank Universal before joining Bank Permata (2002-2003) and Bank Mega Syariah (2004-2013)
He was the Operational Division Head in Bank Mega Syariah
Mr Tri joined PBS in March 2013 as Operation General Manager before becoming Operational Director in November 2013
Budi Prakosa
Director
Mr Budi Prakosa's (51 years old) career was developed in various banks: Perkembangan Asia, Bank Universal and bank Tugu
He spent six years in Bank Mega Syariah (2004-2010) as Financing Operation Division Head and Financing Admin & Legal head
Mr Budi joined Panin Bank Syariah in 2011 as Director of Compliance
Figure 64: PBS’ organisational structure
Sharia
Supervisory
Board
Audit Committee
Board of
Commissioners
Risk Management
Committee
President
Director
Business
Director
Business GM
Commercial
Financing
Micro and
Consumer
Financing
Remuneration and
Nomination Committee
Compliance
Director
Operational
Director
Operational GM
Operations
Risk
Management
Compliance
SKAI
Human
Resources
Finance and
Reporting
Funding and
Treasury
Financing and
Support
IT
BRANCHES
OTHER PERSON.
34
Panin Bank Syariah
S
20 Nove
ember 2013
SWO
OT Analysis
x Solid capital
c
position
n and prudent capital policy
x Experienced management team
x Operatting in a highly
y-conducive environment
x Parentt Panin Bank went
w
through AFC
A
without
needin
ng Governmen
nt bailout
x Fierce
n
competition
from both sharia
s
and
nal
convention
banks
x Runaway costs
c
amidst ram
mpant
expansion
x Develo
ops new
produccts and
service
es
x May not be
e fully
familiar with
esses
new busine
in new regiions
x Taps in
nto new
marketts and
custom
mers
x Regulatoryy
changes
x Increasse market
penetration and
visibilitty via
expanssion of
networrk
x Unfavourab
ble
macroecon
nomic
trends
x Small market
m
share
x Limited
d product and sservices range
e
x Limited
d branch netwo
ork
Com
mpany Profile
P
Panin Bank Syariah (PBS) is a full-fledged Islamic commercial bank owne
ed by Panin Ba
ank.It was esttablished in 20
009 after Bankk Harfa,
previou
usly acquired by Panin Ban
nk in 2008, wa
as converted from a commercial bank into a sharia ba
ank and renam
med. The bank offers
typical Islamic depo
osit (wadiah and
a
mudharab
bah) and finan
ncing products
s (murabahah
h, musyarakah
h and mudharabah), and plans
p
to
expand
d its footprint across
a
key cities in Indonessia.
NO PAR
RT OF THIS RES
SEARCH REPO
ORT MAY BE REPRODUCED
R
OR TAKEN OR
R TRANSMITTE
ED OUTSIDE M
MALAYSIA. THIS DOCUMENT
T
HAS BE
EEN FURNISHE
ED TO YOU SOLELY FOR YOU
UR INFORMAT
TION AND MAY
Y NOT BE REPR
RODUCED OR REDISTRIBUT
TED TO ANY
OTHER PERSON.
35
RHB Guide to Investment Ratings
Buy: Share price may exceed 10% over the next 12 months
Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain
Neutral: Share price may fall within the range of +/- 10% over the next 12 months
Take Profit: Target price has been attained. Look to accumulate at lower levels
Sell: Share price may fall by more than 10% over the next 12 months
Not Rated: Stock is not within regular research coverage
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Kong Limited), a subsidiary of OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is
referred to as “RHBIB”), which in turn is a wholly-owned subsidiary of RHB Capital Berhad.
RHBSHK, RHBIB and/or other affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company.
RHBSHK, RHBIB and/or other affiliates may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain
compensation for investment banking services from the subject company.
36
37
38
Risk Disclosure Statements
The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that
losses will be incurred rather than profit made as a result of buying and selling securities. Past performance is not a guide to future performance. RHBSHK
does not maintain a predetermined schedule for publication of research and will not necessarily update this report
Indonesia
This report is published and distributed in Indonesia by PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia), a
subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned
subsidiary of RHB Capital Berhad.
Thailand
This report is published and distributed in Thailand by RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL), a
subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned
subsidiary of RHB Capital Berhad.
Other Jurisdictions
In any other jurisdictions, this report is intended to be distributed to qualified, accredited and professional investors, in compliance with the law and
regulations of the jurisdictions.
Kuala Lumpur
Hong Kong
Singapore
Malaysia Research Office
RHB Research Institute Sdn Bhd
Level 11, Tower One, RHB Centre
Jalan Tun Razak
Kuala Lumpur
Malaysia
Tel : +(60) 3 9280 2185
Fax : +(60) 3 9284 8693
RHB OSK Securities Hong Kong Ltd.
(formerly known as OSK Securities Hong Kong Ltd.)
12th Floor
World-Wide House
19 Des Voeux Road
Central, Hong Kong
Tel : +(852) 2525 1118
Fax : +(852) 2810 0908
DMG & Partners
Securities Pte. Ltd.
10 Collyer Quay
#09-08 Ocean Financial Centre
Singapore 049315
Tel : +(65) 6533 1818
Fax : +(65) 6532 6211
Jakarta
Shanghai
Phnom Penh
PT RHB OSK Securities Indonesia
(formerly known as PT OSK Nusadana Securities
Indonesia)
Plaza CIMB Niaga
14th Floor
Jl. Jend. Sudirman Kav.25
Jakarta Selatan 12920, Indonesia
Tel : +(6221) 2598 6888
Fax : +(6221) 2598 6777
RHB OSK (China) Investment Advisory Co. Ltd.
(formerly known as OSK (China) Investment
Advisory Co. Ltd.)
Suite 4005, CITIC Square
1168 Nanjing West Road
Shanghai 20041
China
Tel : +(8621) 6288 9611
Fax : +(8621) 6288 9633
RHB OSK Indochina Securities Limited
(formerly known as OSK Indochina Securities Limited)
No. 1-3, Street 271
Sangkat Toeuk Thla, Khan Sen Sok
Phnom Penh
Cambodia
Tel: +(855) 23 969 161
Fax: +(855) 23 969 171
Bangkok
RHB OSK Securities (Thailand) PCL
(formerly known as OSK Securities (Thailand) PCL)
10th Floor, Sathorn Square Office Tower
98, North Sathorn Road,Silom
Bangrak, Bangkok 10500
Thailand
Tel: +(66) 862 9999
Fax : +(66) 108 0999
This report may not be reproduced or redistributed, in whole or in part, without the written permission of RHBRI and RHBRI accepts no liability
whatsoever for the actions of third parties in this respect.
39
FORMULIR APLIKASI IPO SAHAM
PT. Bank Panin Syariah Tbk ▪
Nama Saham / Emiten
:
▪
Tanggal Penawaran Umum
: 20 Desember 2013 s/d 3 Januari 2014 pkl. 12.00 WIB)
▪
Harga Penawaran
: Rp.100,- per saham
A. Persyaratan Aplikasi IPO Saham : (Mohon persyaratan ini dibaca, difahami dan dilaksanakan))
1.
Nasabah melakukan pembayaran pemesanan saham secara penuh yaitu senilai jumlah saham yang dipesan dikalikan dengan
harga per saham (Rp.100,-). Pembayaran tersebut harus dilakukan selambat-lambatnya tanggal 3 Januari 2014 pukul 12.00 Wib. (in
good funds) dengan menyetor langsung ke Rekening Dana Investor (RDI) milik masing-masing Nasabah.
2.
3.
4.
4.
5.
6.
7.
8.
Nasabah mengisi dan menanda-tangani .Formulir Aplikasi IPO Saham pada huruf B dibawah ini dengan lengkap, jelas dan benar.
Formulir Aplikasi IPO Saham yang sudah ditanda-tangani berikut foto copy KTP atau SIM atau Paspor (untuk orang asing) yang
masih berlaku, diserahkan kepada Kantor Cabang (bagi Nasabah dari Kantor Cabang) atau kepada Sales ( bagi Nasabah yang
menggunakan jasa Sales) atau langsung kepada PT. Phillip Securities Indonesia Kantor Pusat u.p Divisi Corporate Finance
melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] (bagi Nasabah Kantor Pusat).
Kantor Cabang dan Sales wajib membuat Rekapitulasi Pesanan Nasabah yang memuat : i). Nama Nasabah, ii). Kode Nasabah,
iii). Jumlah Pesanan dalam lembar saham dan lot, iv). Nilai pesanan dalam Rupiah dan v). Keterangan tentang pembayaran.
Rekapitulasi Pesanan Nasabah tersebut berikut foto copy KTP atau SIM Nasabah, diserahkan / dikirimkan kepada PT. Phillip
Securities Indonesia Kantor Pusat (u.p Divisi Corporate Finance melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email
[email protected] dengan tembusan kepada [email protected], selambat-lambatnya tanggal 3 Januari 2014 pukul 12.00 Wib.
Dalam hal Formulir Pemesanan Pembelian Saham (FPPS) Asli yang diperoleh dari Lead Underwriter / Biro Administrasi Efek (BAE)
jumlahnya terbatas, maka pelayanan kepada Nasabah akan dilaksanakan berdasarkan urutan waktu masuknya pesanan kepada
Divisi Corporate Finance (first come first served).
Formulir Aplikasi IPO Saham yang telah ditanda-tangani tidak dapat dibatalkan namun bukan berarti bahwa pesanan Nasabah akan
dipenuhi, karena penjatahan merupakan keputusan dan wewenang mutlak dari Penjamin Pelaksana Emisi (Lead Underwriter).
Untuk informasi hasil Penjatahan, silahkan menghubungi Divisi Corporate Finance melalui telepon No. 0 2 1 – 5 7 9 0 0 8 0 0
Pengembalian uang pemesanan (refund) dilaksanakan paling lambat 2 (dua) hari kerja setelah refund diterima in good funds dari
Lead Underwriter. Refund tersebut akan ditransfer ke Rekening Dana Investor (RDI) milik masing-masing Nasabah.
PT. Phillip Securities Indonesia tidak bertanggung-jawab dan tidak akan menindak-lanjuti pesanan Nasabah apabila tidak
memenuhi persyaratan di atas, antara lain Dana Pembayaran di dalam Rekening Dana Investor (RDI) milik Nasabah tidak tersedia
atau tidak mencukupi, data / informasi / Rekapitulasi Pesanan Nasabah / Foto copy KTP atau SIM Nasabah yang disampaikan tidak
benar (salah) dan atau tidak jelas / tidak terbaca.
B. Formulir Aplikasi IPO Saham (Mohon agar diisi dengan lengkap dan jelas)
▪
Nama & Kode Nasabah
:
▪
No. KTP. / SIM
:
▪
Alamat sesuai KTP. /
:
Kode :
SIM / Paspor
▪
No. Telp./HP/Fax
:
▪
Alamat email
:
▪
Jumlah Pesanan
:
▪
Total Nilai Pemesanan
: Rp.
lembar
(
lot)
Tempat dan Tanggal : ....….…………,………….., ……
Kantor Cabang / Sales :
Nasabah :
(…………………………………….)
(…………………………………….)
Nama & Tanda-tangan
Nama & Tanda-tangan

PT BANK PANIN SYARIAH Tbk

Transcription

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