【出版时间及名称】：2009年11月印尼银行业研究报告
        【作者】：花旗银行
        【文件格式】：pdf
        【页数】：56
        【目录或简介】：

Indonesia Banks − Great Expectations 3
Strong fundamentals, but growth expectations may not be met 3
Buy Mandiri, Sell BBRI, Danamon, Hold BBCA 5
Quant Views 11
Macro Outlook Benign, But Inflation, Rising Rates Are
Key Risks 12
Key Forecasts, Assumptions & Sensitivities 14
September 2009 Results Trends 20
Asset Yields vs Asset Deterioration 20
Business Model Analysis & Assumptions 23
Among the highest ROAAs in Asia Pacific banks 23
Business model differentiation and key success factors 24
Risks to our Investment View 33
High valuation multiples accentuate downside vs. upside risks 33
Bank Mandiri (Persero) (BMRI.JK) 34
Initiate at Buy: Potential to Surprise on Asset Yields 34
Bank Central Asia (BBCA.JK) 37
Initiate at Hold: Solid, and Fairly Valued 37
Bank Rakyat Indonesia ( Persero ) (BBRI.JK) 40
Initiate with Sell: Breaking Speed Limits 40
Bank Danamon Indonesia (BDMN.JK) 43
Initiating at Sell: Expensive and High Cost of Funds 43
Appendix 46
Appendix A-1 49