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BUMN VS Private Enterprise ( Banking Sector ) Although the European debt crisis remains a threat, shares of the banking

sector is still considered promising. So if we look generally based on the stock price between state enterprise bank and private enterprise, state enterprise management still have better performance in managing banking sector in Indonesia. Based on, The European crisis only disrupt the import-export trade sector. Meanwhile, Indonesia's exports to Europe are still below 10% is 9.8% of total exports. "Although Indonesia affected by the crisis in Europe, economic growth can still be maintained so that any bank stocks remain attractive because it has an important role in GDP," Alfiansyah (Head of Research Alfiansyah Valbury Asia Securities) said. Especially with the disbursement of bank credit is estimated to grow at over 20% between 24-27% in 2012. Alfiansyah to recommend positively with sorting of approximately 31 shares of banks listed on the Indonesia Stock Exchange (BEI) to 8 banks. This figure, it represents 25.8% of total listed companies in this sector. Based on the Compound Annual Growth Rate (CAGR), the average Price Earnings Ratio valuations (PER) of the banking industry reached 12.3 times and the Price to Book Value Ratio (PBV) of 2.24 times in 2012. "Therefore, stocks are still below the PER and PBV industry has a promising upside potential in 2012," said Alfiansyah. 1. PT Bank Mandiri ( BMRI.JK ) with 10.9 times PER and Price to Book Value Ratio (PBV) at 2.46 times the level that is still undervalued. Therefore, the target price level BMRI Rp7.900 in 2012; 2. PT Bank Negara premises ( BBNI.JK ) Still at level 12 times PER and PBV 1.7 times the target Rp4.950; 3. PT Bank Rakyat Indonesia ( BBRI.JK ) at the level of PER 8.8 times and 2.7 times PBV Rp8.300 price target; 4. PT Bank Jabar Banten ( BJBR.JK ) With PER 6.7 times and 1.3 times PBV Rp1.300 price target;

5. State Savings Bank ( BBTN.JK ) With PER 9.9 times and 1.4 times PBV is still undervalued by Rp1.550 price target for 2012; 6. PT Bank Bukopin ( BBKP.JK ) Is quite interesting with a very low PER 6.4 times the target price of Rp770 for 2012 and 1.2 times PBV level. If viewed from an average daily transaction volume in the last 6 months were quite large. That is, this is quite illiquid stocks to 32 million shares per day; 7. PT Bank Central Asia ( BBCA.JK ) With PER 18 times much higher than the average of 12.3 times the banking industry and PBV 4 times. 8. So also with PT Bank Danamon ( BDMN.JK ) With a PER of 12.5 times and 1.7 times PBV and its price target on the level Rp5.400.