Invest Indonesia:- CIMB-NIAGA. (shares price Rp1710)

Financial Result for year 2010:-

QUARTERLY RESULT	1Q2010	2Q2010	3Q2010	4Q2010	FULL YEAR
NO OF SHARE	24366	24366	24366	24366
NET PROFIT (million)	524,000	605,000	666,000	754,000	2,549,000
EPS (Rp)	22	25	27	31	105

IF CIMB Niaga able to enjoy 30% growth rate compared to previous year, then the forecast result will be as follows:

QUARTERLY RESULT	1Q2011	2Q2011	3Q2011	4Q2011	FULL YEAR
NO OF SHARE	25,131	25,131	25,131	25,131
NET PROFIT (million)	728,000	786,500	865,800	980,200	3,360,500
EPS (Rp)	29	31	34	39	133.7

1Q2011 result recorded 728 billion showed that CIMB Niaga net profit set the benchmark for its net profit above Rp700 billion. With this momentum, I work out the forecast net profit for coming 3 quarters.

Target price for CIMB Niaga based on PER :-

PER based on EPS Rp133.7	Fair Value
11	1,470.91
12	1,604.63
13	1,738.35
14	1,872.07
15	2,005.79
16	2,139.51

Therefore, any downward adjustment on the share price below Rp1700 should provide opportunity to accumulate further on this counter.

Potential return for 9-12 months:
Average cost = Rp1,600-Rp1,700
Target Price = Rp2,150 (potential upside 26%)


GOOD LUCK!