Sinarmas Bank Q2 Review

Despite lower net income compare the same period last year, Sinarmas have increased revenue by 41% yoy and increased its credit funds flow by 20% in the first half of 2014 where they aim to have 30% growth by the end of 2014.

Operating expense increased by 45% yoy and COGS also increased by 48% which resulting a lower net income in 2Q 2014.

In spite of all the increase in outflow and decreased in Net, Sinarmas claimed that the Loan to Value regulation does not impact their business operations in Credit automobile sector because most of the credit holder are those who buys cars instead of motorcycle, which have less risk. Sinarmas will also open 1,000 new branch office starting 2016 to support the growth of the company.

With its massive growth in revenue, Sinarmas Bank seems to have a promising future. With relative small ROE of 3% in 2Q2014, it is still a cheap buy for those looking for a long term investment. Keep in mind that it is still a small cap company, and it is not as liquid as any other major bank in the market. If you are looking for liquidity, this is not for you.

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