Sales Kantor Cabang PT. Phillip Securities Indonesia

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 Berpengalaman selama 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

Berpengalaman selama 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 Bank Umum Konvensional

% DPK BUS dibandingkan dengan DPKTitle: Bank Umum Konvensional

(IDRtrn) 180

Source:

160

50

� (%) 6

5in�your�report Please�fill�in�the�values�above�to�have�them�entered�

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 Bank Umum Konvensional

% Pembiayaan BUS dibandingkan dengan Pembiayaan Bank Umum Konvensional

Gambaran Umum Title: (%) Source: PerbankanTitle: 6 Sourc Syariah Please�fill�in�the�values�above�to�have�them�entered� 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

Kinerja Keuangan 2011 Infobank Sharia Award Oktober 2012

2012 Sangat Bagus

Kinerja Keuangan 2012 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

Kinerja Keuangan 2012 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


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.


3


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


4


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.


5


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 Source: Company data, RHB research

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).


6


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

Source: Company data, RHB research

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.


7


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.


8


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



9


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 Source: BI, RHB research

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



10


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).


11


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 Source: BI, RHB research

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) Source: BI, RHB research


12


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



13


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 Source: BI, RHB research


14


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) Source: BI, RHB research

2011

2012

Aug-13

Growth (RHS)

15 Demand deposit - Wadiah

Savings - Wadiah

Savings - Mudharaba

Time deposit - Mudharaba



15


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) Source: BI, RHB research

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.


16


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 Source: BI, RHB research

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.


17


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.


18


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.


19


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.


20


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.


21


THIS PAGE IS INTENTIONALLY LEFT BLANK


22


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) Source: Company data, RHB estimates

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



23


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) Source: Company data, RHB estimates

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).


24


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) Source: Company data, RHB estimates

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).


25


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 Source: Company data, RHB estimates

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 Source: Company data, RHB estimates


26


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) Source: Company data, RHB estimates

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) Source: Company data, RHB estimates


27


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.


28


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


29


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

Musyarakah financing 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

Source: Company data and RHB estimates


30


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

Source: Company data and RHB estimates


31


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

Musyarakah financing

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



32


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) Source: Company data, RHB estimates


33


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



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 Disclosure & Disclaimer All research is based on material compiled from data considered to be reliable at the time of writing, but RHB does not make any representation or warranty, express or implied, as to its accuracy, completeness or correctness. No part of this report is to be construed as an offer or solicitation of an offer to transact any securities or financial instruments whether referred to herein or otherwise. This report is general in nature and has been prepared for information purposes only. It is intended for circulation to the clients of RHB and its related companies. Any recommendation contained in this report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is for the information of addressees only and is not to be taken in substitution for the exercise of judgment by addressees, who should obtain separate legal or financial advice to independently evaluate the particular investments and strategies. RHB, its affiliates and related companies, their respective directors, associates, connected parties and/or employees may own or have positions in securities of the company(ies) covered in this research report or any securities related thereto, and may from time to time add to, or dispose off, or may be materially interested in any such securities. Further, RHB, its affiliates and related companies do and seek to do business with the company(ies) covered in this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies), may sell them or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory or underwriting services for or relating to such company(ies), as well as solicit such investment, advisory or other services from any entity mentioned in this research report. RHB and its employees and/or agents do not accept any liability, be it directly, indirectly or consequential losses, loss of profits or damages that may arise from any reliance based on this report or further communication given in relation to this report, including where such losses, loss of profits or damages are alleged to have arisen due to the contents of such report or communication being perceived as defamatory in nature. The term “RHB” shall denote where applicable, the relevant entity distributing the report in the particular jurisdiction mentioned specifically herein below and shall refer to RHB Research Institute Sdn Bhd, its holding company, affiliates, subsidiaries and related companies. All Rights Reserved. This report is for the use of intended recipients only and may not be reproduced, distributed or published for any purpose without prior consent of RHB and RHB accepts no liability whatsoever for the actions of third parties in this respect. Malaysia This report is published and distributed in Malaysia by RHB Research Institute Sdn Bhd (233327-M), Level 11, Tower One, RHB Centre, Jalan Tun Razak, 50400 Kuala Lumpur, a wholly-owned subsidiary of RHB Investment Bank Berhad (RHBIB), which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Singapore This report is published and distributed in Singapore by DMG & Partners Research Pte Ltd (Reg. No. 200808705N), a wholly-owned subsidiary of DMG & Partners Securities Pte Ltd, a joint venture between Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group) and 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 whollyowned subsidiary of RHB Capital Berhad). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG & Partners Securities Pte Ltd may have received compensation from the company covered in this report for its corporate finance or its dealing activities; this report is therefore classified as a non-independent report. As of 19 November 2013, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd do not have proprietary positions in the securities covered in this report, except for: a) As of 19 November 2013, none of the analysts who covered the securities in this report has an interest in such securities, except for: a) Special Distribution by RHB Where the research report is produced by an RHB entity (excluding DMG & Partners Research Pte Ltd) and distributed in Singapore, it is only distributed to "Institutional Investors", "Expert Investors" or "Accredited Investors" as defined in the Securities and Futures Act, CAP. 289 of Singapore. If you are not an "Institutional Investor", "Expert Investor" or "Accredited Investor", this research report is not intended for you and you should disregard this research report in its entirety. In respect of any matters arising from, or in connection with this research report, you are to contact our Singapore Office, DMG & Partners Securities Pte Ltd. Hong Kong This report is published and distributed in Hong Kong by RHB OSK Securities Hong Kong Limited (“RHBSHK”) (formerly known as OSK Securities Hong 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

Sales Kantor Cabang PT. Phillip Securities Indonesia

Recommend Documents