at a glance Astra Agro Lestari Tbk PT (AALI IJ) May 5, 2015

Transcription

1 Astra Agro Lestari Tbk PT (AALI IJ) PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking oil. Through its subsidiaries, the Company also operates a variety of other plantations such as palm oil, tea, and cocoa plantations. Net income has decreased from Rp bn to Rp bn (dn 80.11% YoY), accounted for 6% of our fullyear estimate. Comparing net income with the top line, revenue decreased by 13.4% YoY from Rp 3.73tn to Rp 3.23tn, bringing bottom line margin from 21.06% in 1Q14 to 4.83% in 1Q15. According to the financial statement, CoGS went down from Rp 2.52tn to Rp 2.47tn (dn 1.98% YoY). Correlating with the revenue, CoGS accounted for 76.4% of the total sales. Furthermore, AALI gross profit was reported at Rp 0.76tn in 1Q15 (dn Rp 0.45tn YoY, or 36.8%). Looking further into details, the company's operating profit has worsened from Rp bn to Rp bn (dn 48.44% YoY). The negative growth in operating profit is in-line with a deterioration of operating margin that was recorded at 15.35% (dn from 25.84% in the same period in 2014). AALI IJ Current Price 20, Week Consensus Target Price 23, Week High 29, Week Low 19,425 P/E P/BV 2.77 EV/EBITDA 8.89 Dividend Yield 3.51 Shares Outstanding (mn) 1, Market Cap. (IDR bn) 32, Another important thing to mention, EPS deteriorated from Rp 498 in 1Q14 to Rp 99 in 1Q15 (dn 80.12% YoY), with the company's gearing, D/E Ratio, rose by 22.6% YoY from 22.7% to 45.3%. Revenues 3,726 4,282 3,752 4,546 3,233 Cost of Goods Sold 2,517 2,997 2,563 3,277 2,470 Gross Profit 1,209 1,284 1,189 1, Operating Expense Operating Income 963 1, EBITDA 1,120 1,229 1,152 1, Tax Expense Net Income ROA ROE Gross Margin EBITDA Margin Net Income Margin Total Debt / Equity LT Debt / Equity Liabilities / Assets

2 Charoen Pokphand Indonesia Tbk PT (CPIN IJ) PT Charoen Pokphand Indonesia Tbk manufactures and distributes animal feeds, woven plastic bags, and poultry equipment as well as processes chicken. Through its subsidiaries, the Company also operates poultry farms and distributes its products. Net income fell down from Rp bn to Rp bn (dn 34.92% YoY), accounted for 13% of our full-year estimate. Comparing net income with the top line, revenue rose by 12.05% YoY from Rp 6.72tn to Rp 7.53tn, bringing bottom line margin from 9.84% in 1Q14 to 5.71% in 1Q15. According to the financial statement, CoGS increased from Rp 5.59tn to Rp 6.23tn (up 11.45% YoY). Correlating with the revenue, CoGS accounted for 82.7% of the total sales. Furthermore, gross profit was recorded at Rp 1.3tn in 1Q15 (up Rp 0.17tn YoY, or 15.1%). Going further into details, the company's operating profit has decreased from Rp bn to Rp bn (dn 24.41% YoY). The negative growth in operating profit is inline with a deterioration of operating margin that was recorded at 8.4% (dn from 12.46% in the same period in 2014). Another important thing to note, EPS shrunk from Rp 40 in 1Q14 to Rp 26 in 1Q15 (dn 35% YoY), with the company's leverage, D/E Ratio, augmented by 44.5% YoY from 27.3% to 71.8%. CPIN IJ Current Price 2, Week Consensus Target Price 3, Week High 4, Week Low 2,815 P/E P/BV 4.16 EV/EBITDA Dividend Yield 1.59 Shares Outstanding (mn) 16, Market Cap. (IDR bn) 47, Revenues 6,720 7,706 7,358 7,367 7,533 Cost of Goods Sold 5,589 6,399 6,406 6,622 6,233 Gross Profit 1,130 1, ,301 Operating Expense Operating Income EBITDA 937 1, Tax Expense Net Income ROA ROE Gross Margin EBITDA Margin Net Income Margin Total Debt / Equity LT Debt / Equity Liabilities / Assets

3 Alam Sutera Realty Tbk PT (ASRI IJ) PT Alam Sutera Realty Tbk is a full service real estate company. The Company develops and manages, residential, commercial, leisure, and recreational projects. Net income experienced an increase from Rp bn to Rp bn (up 2.95% YoY), accounted for 24% of our full-year estimate. Comparing net income with the top line, revenue increased by 13.72% YoY from Rp bn to Rp bn, bringing bottom line margin from 35.6% in 1Q14 to 32.2% in 1Q15. ASRI reported CoGS fell down from Rp bn to Rp bn (dn 50.61% YoY). Correlating with the revenue, CoGS accounted for 22.7% of the total sales. Furthermore, gross profit was reported at Rp bn in 1Q15 (up Rp bn YoY, or 84.3%). Going further into the sectional details, operating profit has surged from Rp bn to Rp bn (up 96.09% YoY). The positive growth in operating profit was supported by an increase in operating margin, which reported at 66.1% (up from 38.4% in the same period in 2014). Another important thing to note, EPS softened from Rp 16 in 1Q14 to Rp 14 in 1Q15 (dn 12.5% YoY), with the company's gearing, D/E Ratio, grew by 0.7% YoY from 104.3% to 105%. ASRI IJ Current Price Week Consensus Target Price Week High Week Low 434 P/E P/BV 2.06 EV/EBITDA 8.11 Dividend Yield 1.04 Shares Outstanding (mn) 19, Market Cap. (IDR bn) 13, Revenues 871 1, Cost of Goods Sold Gross Profit Operating Expense Operating Income EBITDA Tax Expense Net Income ROA ROE Gross Margin EBITDA Margin Net Income Margin Total Debt / Equity LT Debt / Equity Liabilities / Assets

4 Pakuwon Jati Tbk PT (PWON IJ) PT Pakuwon Jati Tbk owns, develops, and manages shopping centers, business complexes, real estate, industrial estate, and hotels. Net income fell down from Rp bn to Rp bn (dn 15.62% YoY), accounted for 16% of our full-year estimate. Comparing net income with the top line, revenue improved by 41.51% YoY from Rp bn to Rp bn, bringing bottom line margin from 47.2% in 1Q14 to 28.1% in 1Q15. PWON reported CoGS surged from Rp bn to Rp bn (up 38.56% YoY). Correlating with the revenue, CoGS accounted for 41.2% of the total sales. Furthermore, gross profit was recorded at Rp bn in 1Q15 (up Rp bn YoY, or 43.7%). Going further into details, the company's operating profit has surged from Rp bn to Rp bn (up 44.4% YoY). While operating profit still recorded a positive growth, operating margin stood at 52.7% (up from 51.7% in the same period in 2014). PWON IJ Current Price Week Consensus Target Price Week High Week Low 342 P/E 8.55 P/BV 3.23 EV/EBITDA Dividend Yield 1.03 Shares Outstanding (mn) 48, Market Cap. (IDR bn) 20, Another important thing to note, EPS fell down from Rp 8 in 1Q14 to Rp 7 in 1Q15 (dn 12.5% YoY), with the company s gearing, D/E ratio, decreased by 1.7% YoY from 50.9% to 49.2% Revenues 825 1, ,156 1,168 Cost of Goods Sold Gross Profit Operating Expense Operating Income EBITDA Tax Expense Net Income , ROA ROE Gross Margin EBITDA Margin Net Income Margin Total Debt / Equity LT Debt / Equity Liabilities / Assets

5 Summarecon Agung Tbk PT (SMRA IJ) PT Summarecon Agung Tbk and its subsidiaries develop and invest in real estate. The Company develops and operates residential houses, apartments, shopping centers, recreational centers and office buildings. Net income fell down from Rp bn to Rp bn (dn 10.11% YoY), accounted for 19% of our full-year estimate. Comparing net income with the top line, revenue augmented by 0.43% YoY from Rp bn to Rp bn, bringing bottom line margin from 29.3% in 1Q14 to 26.2% in 1Q15. The company reported CoGS decreased from Rp bn to Rp bn (dn 16.81% YoY). Correlating with the revenue, CoGS accounted for 38.5% of the total sales. Meanwhile, gross profit was reported at Rp bn in 1Q15 (up Rp 77.36bn YoY, or 15.4%). Taking the sectional performances into account, operating profit has surged from Rp bn to Rp bn (up 9.77% YoY). The positive growth in operating profit was supported by a strengthening in operating margin, which stood at 41.2% (up from 37.7% in the same period in 2014). One other thing that is worth to be mentioned, EPS worsened from Rp 19 in 1Q14 to Rp 17 in 1Q15 (dn 10.53% YoY), with the company's leverage, D/E Ratio, augmented by 20.5% YoY from 49.6% to 70.1%. SMRA IJ Current Price 1, Week Consensus Target Price 1, Week High 1, Week Low 1,090 P/E P/BV 4.62 EV/EBITDA Dividend Yield 1.25 Shares Outstanding (mn) 14, Market Cap. (IDR bn) 26, Revenues 938 1,039 1,669 1, Cost of Goods Sold Gross Profit Operating Expense Operating Income EBITDA Tax Expense Net Income ROA ROE Gross Margin EBITDA Margin Net Income Margin Total Debt / Equity LT Debt / Equity Liabilities / Assets

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