JAKARTA: Fitch Ratings has affirmed PT Panin Sekuritas Tbk's national long-term rating at 'A(idn)' with stable outlook. Its five-year rupiah senior unsecured bonds issued in 2007 have also been affirmed at 'A(idn)'.In a press release published today, Fitch said that the rating takes into account Panin Sekuritas' strong but volatile profitability, rather strong capitalisation, and low leverage. The affirmation also reflects the possibility of limited support from one of its shareholders, Bank Pan Indonesia, which owns a 29% stake in Panin Sekuritas and the shared corporate identity with Panin.Panin Sekuritas is primarily funded by equity, at 44.9% of total assets in 2010. Its debt to equity ratio, excluding payables on its customer securities transactions, was 0.3x at end-2010, down from 0.5x in 2009, due to higher retained earnings. Its returns on average assets and average equity improved to 19.6% and 44.8%, respectively at end-2010 (2009: 15.2% and 40.4%) while maintaining operating expenses over operating income at around 24% in the last two years.Panin Sekuritas' business is focused on domestic retail brokerage, customer share financing and fund management. At end-2010, it accounted for 1.11% of the total trading value and 1.56% of the total trading volume on Indonesian Stock Exchange, slightly down from 1.18% and 1.66% respectively in 2009. It was the fifth-largest local fund manager in Indonesia with total assets under management of IDR6 trillion at end-May 2011. (NOM)
Cek Berita dan Artikel yang lain di Google News dan WA Channel
