Sep 21, 2010

Bank Mandiri names Deutsche & CLSA?

PT Bank Mandiri Tbk (BMRI) has mandated Deutsche Bank and CLSA as lead managers for its secondary offering. 
In a morning notes published by Kim Eng Securities today, Bank Mandiri had already selected Mandiri Sekuritas and Danareksa Sekuritas to be the local underwriters.
Bank Mandiri previously revealed that they aim to raise Rp13 trillion-Rp14 trillion from the rights issue planned for December 2010.
Kim Eng said it is  positive on the rights issue plan as it is expected to increase the bank’s freefloat to 40% and make it eligible for 5% tax discount from 2011 onwards.
"We recommend hold for Bank Mandiri with target price at Rp7,300 per share [14.6x 2011F PER, 2.9x 2011F PBV]," the notes said. 







Disclosure: No position at the stock mentioned above.

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