Dear All,
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (BJBR)
yang dikenal dengan nama bank bjb, adalah bank umum yang sahamnya
dimiliki oleh Pemerintah Provinsi Jawa Barat, Pemerintah Provinsi
Banten, pemerintah kota/ kabupaten se-Jawa Barat dan Banten, dan publik.
Sehubungan dengan kegiatan usaha perbankan syariah, Bank Jabar Banten
melakukan pemisahan (spin off) unit usaha syariah menjadi bank syariah dengan nama PT Bank Jabar Banten Syariah.
Pada periode tahun 2012, BJBR memperoleh pengurangan Pajak Penghasilan Badan sebesar
5% berdasarkan Ketentuan dari Kementerian Keuangan No. 238/PMK.03/2008.
Estimasi manfaat pajak yang akan diterima oleh bank bjb pada tahun 2012
sebesar Rp72 miliar. Pada periode-periode selanjutnya , BJBR akan tetap
fokus untuk mempertahankan kinerja rasio bank bjb. Cost to income ratio, expense ratio, dan cost of fund
bank bjb akan dipertahankan dibawah batas yang telah ditentukan
sebelumnya. Kedepannya, bank bjb menambah porsi untuk kredit mikro
melalui program Kredit Mikro Utama.
Dalam pandangan kami, melihat pada loan to deposit ratio (LDR) bank
bjb yang masih berada pada kisaran 65% mengharuskan bjb memenuhi
disinsentif berupa tambahan Giro Wajib Minimum (GWM). Optimalisasi
penyaluran kredit menjadi strategi yang tepat untuk diimplementasikan.
Hal ini akan memberikan kontribusi positif bagi bank bjb berupa
pengurangan disinsentif GWM dan potensi pertumbuhan pendapatan bunga.
Selain itu, Pengurangan beban pajak bank bjb sebesar 5% yang akan tampak
pada tahun buku 2012 diharapkan secara signifikan memberikan kontribusi
positif bagi kinerja keuangan bank bjb kedepannya.
Secara fundamental, harga wajar saham (fair value) BJBR masih dalam perhitungan kami (under review). Namun secara teknikal, saham BJBR berada dalam area uptrend dimana support di level harga RP1.060 dan resistance di Rp1.170. MACD Histogram masih berada dalam area negatif, dimana stochastic juga menunjukkan penurunan, namun volume
sudah menunjukkan penurunan yang menandakan tekanan pelemahan akan
sangat terbatas. Sehingga kami menyimpulkan bahwa BJBR akan menguji
target harga di level Rp1.170, yang apabila target tesebut tercapai,
akan menguji target di Rp1.290. BoW adalah trading plan terbaik yang bisa dilakukan pada saham BJBR.
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