in

Bedah Laporan Keuangan BNII Tahun 2019

BII Maybank

Bedah Laporan Keuangan BNII

Bedah laporan keuangan BNII diposting pada tanggal 13 December 2019 di forum stockbit.

Link : https://stockbit.com/post/3302677

Analisa Valuasi

  • Rata – rata EPS Growth 10 tahun: 418% (tapi ini lebih dikarenakan kenaikan secara persentase yang signifikan dari EPS 2009 ke 2010 yang sebesar 4096%) walaupun secara nilai rupiah tidak terlalu besar, maka seperti biasa saya akan menggunakan EPS Growth 15%.
  • Valuasi saham di 697
  • Nilai wajar perusahaan setelah Margin of Safety sebesar 348.

Analisa Profitabilitas

  • ROA 2018 : 1,24%
  • ROE 2018 : 8,88%
  • Gross Margin :45,23%
  • Operating Margin : 20,51%
  • Net Profit margin : 15,29%

Summary: Walaupun tidak istimewa, tapi perusahaan ini memiliki kemampuan profitabilitas cukup baik.

Analisa Hutang

  • Current Ratio : 0,97 (sedikit dibawah toleransi, yaitu >1).
  • DER : 6,08 (Ratio hutang yang sangat besar walaupun untuk industri perbankan, dimana biasanya di kisaran 4-5X).

Summary: Walaupun tidak sampai parah, tapi perusahaan ini memilki analisa hutang yang kurang memenuhi standard saya.

Analisa Cashflow

  • Working Capital = -5,2 triliun rupiah.
  • Operating Cashflow = -7,3 triliun rupiah.
    Kategori : Danger
    Analisa cashflow ini yang membuat saya fixed tidak akan melirik saham ini sebagai bagian portfolio saya.

Summary: Hasil dari analisa cashflow ini yang paling membuat saya khawatir. Working capital dan operating cashflow negatif ini masuk kedalam kategori danger. Dan dari analisa cashflow ini, sudah membuat saya mengambilkan keputusan untuk tidak berinvestasi di bank ini.

Analisa dividen

  • Rata2 Dividen 10 tahun : 0,66%
  • Dividen Terakhir : 3,5%
  • Dividen payment Streak : 3 tahun

Summary: Tidak jelek tapi tidak bagus juga.

Analisa Ratio Perbankan

  • Net interest Margin : 5,24% (cukup jauh dibanding BBRI yang jadi juara di ratio ini dengan nilai sebesar 8,51%).
  • CAR : 19,04% (masih kalah cukup jauh dibanding BBCA yang jadi juara di ratio ini dengan nilai sebesar 23,4%).
  • NPL : 2,59% (masih jauh dibanding BBCA yang cuma 0,6%)

NB:

  • Net Interest margin = Selisih bunga yang dia diberikan sebagai pinjaman dengan bunga yang dia pinjam –> Semakin besar semakin baik
  • CAR : Total Equity / Total Asset * 100% (Syarat dari BI harus diatas 8%)
  • NPL : Besaran utang gagal bayar oleh nasabah (syarat BI harus dibawah 5%)

Summary: Analisa ratio perbankan perusahaan ini masih terbilang baik karena memiliki selisih cukup jauh jika dibandingkan dengan batas bawah yang diperbolehkan Bank Indonesia.

Jika tertarik untuk mengetahui ratio hutang dan analisa ratio perbankan maka bisa membaca postingan saya yang berjudul “Analisa Efek DER Terhadap Harga Saham”

Baca juga : Analisa Efek DER Terhadap Harga Saham.

Kesimpulan Bedah Laporan Keuangan BNII

1. Secara valuasi perusahaan ini terbilang masih murah.
2. Saya tidak suka dengan perusahaan yang cashflow operation minus. Ini salah satu parameter paling penting untuk saya. Ditambah angka minusnya terbilang besar.
3. Secara ratio perbankan sebenarnya tidak jelek, tapi NPL 2,59% cukuplah besar, sehingga keliatannya bank ini sedikit kurang efektif dalam memberikan kredit ke nasabahnya.
4. Dividen biasa saja, tidak jelek dan tidak sampai menggiurkan sekali.
Rekomendasi: Walau dibawah nilai wajar tampaknya saya belum tertarik untuk membeli saham BNII ini, dengan alasan utama cashflow yang terlihat kurang baik. Cashflow yang baik adalah salah satu parameter yang paling penting bagi saya. Jadi saya belum bisa merekomendasikan untuk berinvestasi di saham ini.

Follow me on:

What do you think?

Written by Thowilz

Saya adalah seorang value investor yang memiliki passion untuk mengajarkan teknik value investing kepada investor lainnya. Anda dapat membaca tulisan saya di stockbit (@thowilz), instagram, dan social media investorsaham.id lainnya.

Comments

Leave a Reply
  1. Operational Cashflow emiten perbankan setau saya dibagi menjadi 2 gan :
    1. Arus kas dari aktivitas operasi —> semakin positif angkanya semakin bagus. Jika angkanya negatif berarti penerimaan bunga tidak selalu jika angkanya negatif berarti buruk, arus kas yang negatif menunjukan adanya ekspansi usaha dengan meningkatnya pinjaman nasabah. Oleh karena itu angkanya bisa semakin negatif jika banyak pinjaman.
    Jadi analisa operational cashflow perbankan emang beda dengan emiten lainnya gan. Itu setau saya

  2. hey there and thank you for your information – I’ve certainly picked
    up something new from right here. I did however expertise
    a few technical points using this website, since I
    experienced to reload the website many times previous to I could get
    it to load properly. I had been wondering if your hosting is OK?
    Not that I’m complaining, but sluggish loading instances times will sometimes
    affect your placement in google and could damage your high-quality score if ads and marketing
    with Adwords. Well I’m adding this RSS to my email and could look out for much more
    of your respective intriguing content. Ensure that you update this again soon. http://harmonyhomesltd.com/Ivermectinum-pharmacology.html

  3. Hey! I just wanted to ask if you ever have any trouble with hackers? My last blog (wordpress) was hacked and I ended up losing many months of hard work due to no back up. Do you have any solutions to prevent hackers?

  4. Thanks for sharing your thoughts. I truly appreciate yourefforts and I will be waiting for your further post thank you once again.

  5. Let’s face it – a $50 free bonus is not easy to find. Although online casinos in Canada like giving free cash to boost the number of players using their services, most offer $10 or $20 no deposit bonuses. Therefore, finding a $50 free bonus no deposit bonus is challenging, as you’d need to go through hundreds of sites to detect such a promo. 2023’te yollara çıkması beklenen Türkiye’nin otomobili Togg’un CEO’su Gürcan Karakaş, lansmanı yapılacak ilk ürünün otomobil olmayacağını bildirdi. Karakaş,… SIGN UP FOR $21 NO DEPOSIT BONUS İstanbul Kültür Sanat Vakfı (İKSV) 50. yıl kutlamaları kapsamında, dünyanın önde gelen bale topluluklarından Zürih Balesi’nin Anna Karenina gösterisini…
    https://podster.fm/user/id347620
    The BetVictor Casino now offers over 500 instant play casino games. The game selection has been carefully planned, ensuring not only that there will be a game to suit most tastes, but that game limits cater for small and large bettors. Today, BetVictor does not only boast a prominent sportsbook, but they have also implemented a casino section. The diversification of their betting products has certainly stood them in good stead. They have introduced new and exciting bonus offers. One of which we’ll be assessing today. The BetVictor no deposit bonus is the focus of our piece and we’ll enlighten you on all the interesting factors. We’ll also outline any BetVictor no deposit bonus code that you might need in conjunction with the bonus offer.FOr similar offers, check out the Sporting Index No Deposit Bonus.

  6. Wow that was unusual. I just wrote an really long commentbut after I clicked submit my comment didn’t appear.Grrrr… well I’m not writing all that over again. Anyhow,just wanted to say fantastic blog!

  7. Who’s calling? ventolin dose “After September 20, there will be an opportunity for me to consider whether there are grounds for appeal and, under legal advice from my solicitor, I shall be making no further comment at this stage.”

  8. When someone writes an post he/she retains the idea of a user in his/her brain that how a user can be aware of it.Therefore that’s why this piece of writing is great.Thanks!Look at my blog post :: kim kardashian marriages

  9. Lash extensions universally draw attention to all types of eye shapes, sizes and colors, and because they are customizable, you can choose a style that suits your beauty regimen best. Lash material can be synthetic or natural, depending on the client’s preference. The lash technician can also vary the volume of the lashes, because each lash is individually glued to the lashline, so clients have the option of a more natural, wispy look with just a few clustered lashes, or a dramatic and full look with a double set of lash extensions. Bare Necessity in Gilbert provides consultations and permanent eyeliner (also called eyeliner tattoo) for the upper-eyelid, lower-eyelid and for both of them together. Product Description On average, the extensions can make your lashes anywhere from 20% to 75% longer than your own lashes. Typically a full set of lash extensions will thicken your own lashes about 30 to 50%. On average, the extensions can make your lashes anywhere from 20% to 75% longer than your own lashes.
    https://mariohudk443210.bloguetechno.com/how-long-do-eyelash-curlers-last-55845788
    As lash serum results in a healthy lash line, there will be more available lashes on which to attach extensions. They will also be less likely to fall out prematurely, which means when a lash does eventually fall out naturally, it will regrow quickly according to the natural cycle of your lashes. Courtesy of GrandeLASH MD This USDA-approved serum comes for a great value. Included are individual to-go bottles with a spoolie for eyebrows and a thin brush for eyelash application, as well as a four-ounce bottle for refills.  Some beauty aficionados swear by castor oil. It’s all-natural and can improve both the thickness and luster of lashes. Sadly, if you wear false lashes, castor oil is out for you. Oils of all kind interfere with the adhesive bond in lash glues, so they’re a no-no for use with extensions and strip lashes.

  10. En nuestro catálogo podrás encontrar una gran variedad de modelos y diseños de pijamas para bebés. Desde pijamas de una sola pieza hasta pijamas de dos piezas con diferentes estampados y colores para que puedas elegir el que más te guste y se ajuste a tus necesidades. -El chollo de Alcampo para verano: una piscina hinchable por 39,99 €, apta para todas edades En nuestro catálogo podrás encontrar una gran variedad de modelos y diseños de pijamas para bebés. Desde pijamas de una sola pieza hasta pijamas de dos piezas con diferentes estampados y colores para que puedas elegir el que más te guste y se ajuste a tus necesidades. Los nuevos pijamas para mujer de Carrefour se han convertido en los productos estrella de la compañía. Están diseñados en 5 modelos diferentes, y todos ellos tienen cuello redondo y manga corta lo que facilita la correcta transpirabilidad al dormir. Todos los modelos que vende la compañía, están compuestos por una camiseta y un pantalón corto con cintura elástica y cinta ajustable. Están disponibles en color verde, amarillo, azul, lima y rosa con diferentes dibujos.
    https://trentonegoo307419.luwebs.com/23338304/ropa-para-parejas-en-shein
    Sin Publicidades + Contenido Exclusivo + Videos en Alta Definición + Cancelar en Cualquier Momento Descarga la App Operación en curso, espera un momento… Tailored video suggestions. Otra de las ventajas que encontrarás en nuestro catálogo es que no solamente te ofrecemos una sección de ropa interior sexy, sino que contamos con todo tipo de categorías relacionadas con las braguitas como, por ejemplo, en bodies te proponemos diferentes modelos que no puedes perderte. Sin Publicidades + Contenido Exclusivo + Videos en Alta Definición + Cancelar en Cualquier Momento Pornhub pone a tu disposición videos porno ilimitados y gratis con las estrellas más sexis. Enjoy the largest amateur porn community on the net as well as full-length scenes from the top XXX studios. We update our porn videos daily to ensure you always get the best quality sex movies.

  11. I’m not sure where you are getting your info, but good topic. I needs to spend some time learning more or understanding more. Thanks for magnificent info I was looking for this info for my mission.

  12. Viagra används för att behandla manliga sexuella funktionsproblem (impotens eller erektil dysfunktion-ED). I kombination med sexuell stimulering fungerar sildenafil genom att öka blodflödet till penis för att hjälpa en man att få och hålla erektion. Viagra skyddar inte mot sexuellt överförbara sjukdomar (såsom HIV, hepatit B, gonorré, syfilis). Öva “säker sex” som att använda latex kondomer. Kontakta din läkare eller apotekspersonal för mer information. Sildenafil kan orsaka en allvarlig blodtrycksfall när det används tillsammans med nitrater. En allvarlig blodtrycksfall kan leda till yrsel, svimning och sällan hjärtinfarkt eller stroke. Använd inte sildenafil med något av följande: vissa läkemedel som används för att behandla bröstsmärta angina (nitrater som nitroglycerin, isosorbid), rekreationsdroger som kallas “poppers” innehållande Amylnitrat, amylnitrit eller butylnitrit.
    https://aina-dental.com/bbs/board.php?bo_table=free&wr_id=3349409
    Kan jag köpa Super Kamagra utan recept? Är Super Kamagra receptfritt och är det lagligt att köpa det online? Du kan köpa Super Kamagra i Sverige på nätet, genom att beställa det på Medsverige. Detta alternativ är lämpligt för män som inte vill träffa läkare på grund av att de skäms. RFV:s beslut om fastställande av försäljningspris kan överklagas till allmän förvaltningsdomstol. RFV har med stöd av 21 § förordningen (1996:1294) om högkostnadsskydd vid köp av läkemedel m.m. meddelat verkställighetsföreskrifter i fråga om fastställande av försäljningspris samt referensprissystemet. Assalamu’alaikum wr.wb. SMAN 1 PANGALENGAN Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta * För samtliga de produkter som omfattas av referensprissystemet skall RFV dessutom fastställa de enskilda produkternas utförsäljningspris på apoteken (AUP). Prissättningen av AUP är fri inom referensprissystemet. Läkemedelsförmånen ersätter som högst upp till referenspriset för en viss produkt. Om AUP är högre än referenspriset får följaktligen kunden patienten betala mellanskillnaden.

  13. Thanks on your marvelous posting! I really enjoyed reading it, you can be a great author.I will make certain to bookmark your blog and may come back in the future. I want to encourage you to continue your great work, have a nice weekend!

  14. What’s Taking place i am new to this, I stumbled upon this I have discovered It absolutely helpful and it has aided me out loads. I’m hoping to give a contribution & aid other customers like its aided me. Good job.

  15. As a rule, exchanging cryptocurrencies for fiat funds involves trading operations. Say, if you want to convert your funds, from BTC to dollars, you can do it on this page or in the Trade Pro tab in the mobile app. There you can switch between numerous crypto markets, like BTC USD or BTC EUR (BTC to EUR), check the price charts, and place market or limit trade orders. Find other winning investment ideas with the Yahoo Finance Screener. Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
    https://fun-wiki.win/index.php?title=Referral_code_for_cryptocom
    ASM is an ERC-20-based utility token that powers the Assemble Platform and is priced according to market demand. Its utility features include incurring Take control of your Crypto World with Moonrig.io products ASM AIFA Genesis Boxes Investing In the Assemble Protocol (ASM) – Everything You Need to Know 15M+ users trust MoonPay. Checkout with your preferred payment method. The current cryptocurrency Market Capitalization Dominance among all other cryptocurrencies in the market. Our AI Gaming Platform powers casual AI strategy sports games where the player acts as the coach and owner, strategically training their teams for AI-controlled action. Select I already have a seed and click on Next. ASSEMBLE Protocol has also listed ASM token on Gate.io. Gate.io conducted the listing of the ASM USDT and ASM ETH pairs on its trading platforms. Trading went live from October 22, 2021, and users are now able to deposit, withdraw and trade ASM tokens.

  16. I like the valuable information you provide in your articles.I’ll bookmark your blog and check again here frequently.I’m quite certain I will learn plenty of new stuff right here!Good luck for the next!

  17. You could definitely see your skills within the paintings you write. The arena hopes for more passionate writers such as you who are not afraid to say how they believe. All the time go after your heart.

  18. Howdy! I could have sworn I’ve been to this blog before but after readingthrough some of the post I realized it’s new to me.Anyways, I’m definitely happy I found it and I’ll be bookmarkingand checking back frequently!

  19. Hi there, just became aware of your blog through Google, and found that it’s really informative. I am gonna watch out for brussels. I will be grateful if you continue this in future. Many people will be benefited from your writing. Cheers!

  20. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now eachtime a comment is added I get three e-mails with the same comment.Is there any way you can remove me from that service? Appreciate it!

  21. You can definitely see your expertise in the article you write.The arena hopes for more passionate writers like you who aren’tafraid to say how they believe. All the time go after your heart.

  22. Normally I do not learn post on blogs, however I would like to say that this write-up very pressured me to check out and do so! Your writing style has been amazed me. Thanks, quite nice post.

  23. Your style is really unique in comparison to other folks I’ve read stuff from. I appreciate you for posting when you have the opportunity, Guess I will just book mark this blog.

  24. Hi, I do think this is a great blog. I stumbledupon it I am going to revisit once again since i have saved as a favorite it.Money and freedom is the best way to change, mayyou be rich and continue to help other people.

  25. После долгих лет нездорового питания, я наконец принял решение изменить свой образ жизни. Благодаря компании “Все соки”, я обзавелся https://blender-bs5.ru/collection/sokovyzhimalki-dlya-granata – соковыжималкой для граната, что позволило мне каждое утро начинать с бодрящего и полезного сока. Это простой шаг, но он кардинально изменил моё самочувствие!

  26. We’ve got a joint account diovan hct coupons Stryker, which has a market capitalization of $27 billion,makes devices related to orthopedics, spine and endoscopy aswell as surgical instruments and implants. It also makessoftware to help surgeons.