(Penutupan tgl 12 Agustus 2005, di 1060rp)
Data per H1''2005 (H1''2004)Sales = 152.6 milyarrp (142.9 milyarrp)
Laba sblm pajak = 77.2 milyarrp (71 milyarrp)
Net = 54.2 milyarrp ( 28.4 milyarrp)
Ini emiten bagus, seharusnya dihargai lebih dari BBLD. Klo diitung secara fair, saat restrukturisasi kreditor membayar 2800rp/lbr.
Cman yg jadi masalah ada gugatan dari bekas owner yg bikin kinerjanya sedikit ancur. Tapi Setelah beberapa kali persidangan, sampai ketingkat pengadilan tinggi sudah dimenangkan oleh BFIN.
Sekarang si bekas owner (Ongko grup) banding ke MA. Klo mo pake akal logis, Ongko grup gak mungkin menang. Karena mereka memang sudah sedikit keterlaluan. Imagine this… udah utang dan default, akhirya manajemen mengeksekusi bagian saham dari APT dan OM (grup Ongko) lalu menghapus hutangnya. Dan itu wajar sekali.
Tapi si Ongko ngak mau begitu.
Dia akhirnya menggugat BFIN. Manajemen sempet menyampaikan usul… OK klo saham dikembalikan, tapi utang tidak jadi dihapus, Gimana ? Ongko Grup menolak, Maunya utang tetap dihapus dan saham dikembalikan.
Coba bayangkan dengan nalar… apakah fair ?
Sebentar lagi adalah saat2 penting. Menurut manajemen pada Q3 ini akan keluar keputusan MA soal gugatan dari APT dan tidak lama lagi disusul keputusan dari gugatan OM. Dan kemungkinan besar gugatan ini akan memenangkan BFIN selaku tergugat. Keputusan MA adalah final dan tidak ada banding lagi.
Krn keluarnya verdict di Q3 berarti sisa 2 bln ini. Lihat aja sekarang ada pembeli yg nongkrong di Bid dalam jumlah besar. Krn begitu keluar keputusan MA tsb, bkan mustahil BFIN akan melonjak tinggi.
Selama kasus BFIN ini berlangsung, banyak mempengaruhi kinerja operasional perusahaan. Banyak penurunan yg terjadi. Tapi setelah keluarnya keputusan pengadilan tinggi beberapa saat lalu yg memenangkan BFIN, kinerja mulai melonjak sangat fantastis.
Total new booking terus menciptakan record baru, dan naik ratusan persen dari bln April. Perhatikan Net profit Q2 adalah 2 kalilipat Net profit Q1.
Ini saduran dari laporan perusahaan di bln July''05
1. Record total new booking in Jun 05. The Company set a new record of total monthly booking in Jun 05 at Rp142bn, the highest in the last five years (see Chart 1). Total new booking in Jun 05 was more than triple (+232%) from a year earlier (see Chart 2). It was also 9% higher than the previous month''s figure, which earlier was the record monthly booking (see Chart 1). The strong growth in Jun lifted total new business in the first half of the year to Rp678bn, up by nearly two thirds (+62%) from a year earlier (see Chart 3).
2. Booking on leasing jump 181% to a new record. New booking on leasing jump 181% from a year earlier to a new record of Rp30.2bn, the highest in many years (see Chart 1 and 2). Compared to the previous month''s figure, it rose healthily by double digit 10.3% (see Chart 1). The big surge in Jun raised total new business on leasing in the first half of the year to Rp155bn, nearly double (+95%) from the same period last year (see Chart 3).
3. More than tripling new business on consumer finance. The company more than tripled (+250%) its new business on consumer finance in Jun 05 from a year earlier to Rp112bn (see Chart 1 & 2). The magnitude of consumer finance new business in Jun 05 is a new record to the company and it represented an 8.9% increase from the previous month''s figure (see Chart 1). Good business in Jun sent total new booking on consumer finance in the first half of the year to Rp523bn,
4. Total risk assets managed surged by robust 22%. Total gross risk-assets managed in Jun 05 surged 21.5% from a year earlier, the highest growth recorded in the past 9 months, to Rp1,362bn (see Chart 4). The growth was driven by a 37.5% jump in leasing receivables and 17.5% growth in consumer finance receivables. Compared to the previous month''s figure, gross risk asset in Jun 05 rose 4.8%, the highest month-on-month growth seen in the past 19 months (see Chart 5). Total gross risk-assets managed are all financing given by BFI including financing (receivables) that are channelled or transferred to banks.
5. Highest growth of net risk assets in 21 months. Net risk assets jump 5.8% in Jun 05 from the previous month, the highest sequential growth seen in the past 21 months, to Rp1,075bn (see Chart 6). Compared to the same period last year, net risk assets in Jun 05 jump 29.5%, the greatest growth seen in the past 13 months. The growth came notwithstanding that there were transfers of Rp108bn receivables to bank in the first half of the year. Net risk assets are on-balance-sheet receivables, excluding channelling and sale of receivables.
6. Kept focus on leasing and used car. The Company maintained its focus on leasing and used car as evident in nearly doubling (+94%-95%) new booking on these two products in the first half of the year (1H:05) (see Table 1). On the other hand, new business from lower-margin new car fell 4.6% in the same period. As a result, contributions of used car and leasing to total new business in 1H:05 increased 9.5 and 3.9 percentage points respectively while that of new car declined 13.4 percentage points in the past 12 months (see Table 2). Used car still accounted for the bilk (58%) of total new business in 1H:05 with the remaining coming from leasing (23%) and new car (19%)
7. Greater diversification to leasing. BFI improved its portfolio diversification to leasing as outstanding leasing portfolio jump 37.4% from a year earlier to Rp308bn (see Table 3) to account for 22.6% of total portfolio (see Table 4) in Jun 05. On the other hand, outstanding new car portfolio declined 0.8% (see Table 3) and hence its contribution total portfolio fell 6.4 percentage points to 28.5% (see Table 4). Used car remained the largest component of portfolio at 48.9%, up 3.8 percentage points.
8. Opening of new branch in Borneo. The Company opened 1 new branch in Sampit - Central Borneo in June 2005, the 3rd new branch to be opened this year. The opening raised total number of BFI''s branches in the country to 35 as of June 2005. BFI is aiming to open 10 new branches this year.
9. Updates on cases. Following the High Court''s verdict in favour of BFI in Ongko Multicorpora (OM) Vs BFI case in March 2005, OM made an appeal to the Supreme Court on 23 May, 2005. BFI had submitted its response (contra memo) to the Supreme Court on 8 July 2005.
In the case of APT, following the High Court''s decision in favour of BFI, APT had appealed to the Supreme Court on 2 Nov 2004. BFI had submitted its response on 9 Nov 2004. The Supreme Court ''s verdict is expected in the 3rd quarter of this year.
In summary, the High Court has given its verdicts in favour of BFI in both cases (OM Vs BFI & APT Vs BFI). Both cases actually refer to one same issue as they are effectively one case filed by two separate but related companies. Both of the cases are awaiting the verdicts from the Supreme Court. However, the earlier case (APT Vs BFI) is expected to be decided first, most likely within the next two months.
klo mo jelas, liat aja di :
Tapi yg paling berpotensi bikin harga BFIN melonjak ialah… KEPUTUSAN MA SOAL GUGATAN APT YG AKAN KELUAR SEBENTAR LAGI. Dan ingat, BFIN termasuk perush Multifinance TERMURAH di JSX.
so… boleh dikolek, krn CLSA aja pernah kasih target 2200rp. (tapi gak tercapai mungkin krn urusan gugat-menggugat tsb)
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