Equity SNAPSHOT Wednesday, December 06, 2017
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- Edith Little
- 6 years ago
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1 FROM EQUITY RESEARCH Media Sector (Initiation): More bullish on FTA TV ad spending in 2018 (OVERWEIGHT) We are positive on the outlook for the media sector next year given: 1) FTA TV ad spending will improve in 2018 driven by local FMCG and internet companies, 2) higher expected revenues growth for both SCMA and MNCN as they maintain their leading positions in terms of audience share, 3) content cost efficiencies which can drive better profitability and earnings, and 4) attractive dividend yields for both SCMA and MNCN. To see the full version of this report, please click here Media Nusantara (Initiation): Maintaining no. 1 Audience share, cheap valuation (MNCN IJ. IDR 1,290. BUY. TP IDR 1,750) We initiate coverage on MNCN with a BUY call and TP of IDR 1,750. We think improving local FMCG company ad spending and content revenues should translate into higher 2018F top line growth. We also expect the company to maintain its no. 1 audience share position in the TV industry. Meanwhile, content business efficiencies remain on track along with the recent re-branding of Global TV and inews. The cheap valuation, attractive dividend yield and significant potential upside make MNCN our top pick in the sector. To see the full version of this report, please click here Surya Citra Media (Initiation): Content cost efficiencies and clean balance sheet (SCMA IJ. IDR 2,330. BUY. TP IDR 2,800) We initiate coverage on SCMA with a BUY call and a TP of IDR2,800. We expect that improving local FMCG company ad spending will help support SCMA s top line growth next year. In the industry, the company has the second highest audience share and improvements are expected in 4Q17. Content cost efficiency remains intact with possible gross and EBITDA margins improvements. Moreover, the stock offers an attractive dividend yield. BUY! To see the full version of this report, please click here MARKET NEWS Macroeconomy Government issues USD 4bn global bonds Government sees option to increase fuel price Sector Infrastructure: land acquisition for the Greater Jakarta LRT to complete by March 2018 La Nina established in the tropical Pacific Corporate Kimia Farma: KAEF allocates IDR2-3tn capex in 2018 Semen Indonesia expects its domestic cement sales to grow by 5%yoy KEY INDEX Close Chg Ytd Vol (%) (%) (US$ m) Asean - 5 Indonesia 6, Thailand 1,698 (0.1) ,226 Philippines 8, Malaysia 1, Singapore 3,438 (0.0) Regional China 3,304 (0.2) ,941 Hong Kong 28,843 (1.0) ,104 Japan 22,622 (0.4) ,709 Korea 2, ,578 Taiwan 10,567 (0.8) ,827 India 32,802 (0.2) NASDAQ 6,762 (0.2) ,273 Dow Jones 24,181 (0.5) ,910 CURRENCY AND INTEREST RATE Rate w-w m-m ytd (%) (%) (%) Rupiah Rp/1US$ 13,519 (0.1) 0.0 (0.3) SBI rate % (1.3) 10y Gov Indo bond 6.52 (0.1) (0.1) (1.4) Unit HARD COMMODITY Price d-d m-m ytd (%) (%) (%) Coal US$/ton 97 (0.8) (2.5) 9.2 Gold US$/toz 1, (1.2) 9.9 Nickel US$/mt.ton 11, (10.7) 13.6 Tin US$/mt.ton 19, (0.5) (7.7) Unit SOFT COMMODITY Price d-d m-m ytd (%) (%) (%) Cocoa US$/mt.ton 2,006 (1.9) (2.8) (6.6) Corn US$/mt.ton (3.7) Oil (WTI) US$/barrel 57 (0.3) Oil (Brent) US$/barrel Palm oil MYR/mt.ton 2, (10.5) (21.9) Rubber USd/kg 146 (2.3) 2.6 (24.3) Pulp US$/tonne 972 N/A Coffee US$/60kgbag (23.2) Sugar US$/MT 383 (0.9) (0.5) (26.9) Wheat US$/ton 118 (0.6) (2.6) (9.4) Soy Oil US$/lb (2.9) (2.9) Soy Bean US$/by 1, Source: Bloomberg
2 Equity Research Initiation Wednesday, 06 December 2017 OVERWEIGHT Jaktrade relative to JCI Index /27/2016 Source: Bloomberg November audience shares, % Source: Nielsen Brand ad spend in 9M17, IDRbn 1,400 1,200 1,000 Source: Nielsen Segmental ad spend in 9M17, IDRbn /26/2016 Jaktrad Index (LHS) Relative to JCI Index (RHS) % 1/23/2017 2/20/2017 3/20/2017 4/17/2017 Source: Nielsen 5/15/2017 Adeline Solaiman 6/12/2017 7/10/2017 (62-21) ext /7/2017 9/4/2017 adeline.solaiman@danareksa.com 10/2/ /30/ /27/2017 SCTV RCTI IVM MNCTV GTV ANTV 1, Meikarta Traveloka Indomie Vivo Samsung Smartphone Smartphone 5 Political organization 5 5 Hair products TelecommunicationInternet companies 4 Media Sector More bullish on FTA TV ad spending in 2018 We are positive on the outlook for the media sector next year given: 1) FTA TV ad spending will improve in 2018 driven by local FMCG and internet companies, 2) higher expected revenues growth for both SCMA and MNCN as they maintain their leading positions in terms of audience share, 3) content cost efficiencies which can drive better profitability and earnings, and 4) attractive dividend yields for both SCMA and MNCN. Ad spend to grow in FTA TV ad spending is expected to improve in 1H18, relative to 1H17, thanks to higher consumption growth in We think that supported by higher fiscal subsidies in 2018, local FMCG companies will record higher revenues and ad spending growth next year of around 11% and 9% yoy for the companies under our coverage (UNVR, ICBP, MYOR, KLBF), assuming cost efficiency strategies are still implemented. We believe FMCG companies will seek to expand further, particularly by launching new products. Meanwhile, a recent Nielsen survey reveals that: 1) internet companies such as Traveloka have been advertising heavily in recent quarters, and, 2) TV dominancy in the adverting industry persists with nearly 80% market share despite an increase in digital ads. SCMA and MNCN to maintain their leading audience share positions. SCMA and MNCN can be expected to maintain their large scale advantage during the demand upturn next year despite stiffer competition from ANTV. We expect MNCN to maintain its no. 1 position in terms of audience share at 34-35% in F with SCMA no. 2 with audience share at 27-28% in F. The companies will be supported in 4Q17 by the high-rating TV dramas Cahaya Hati and Dunia Terbalik (RCTI) and Siapa Takut Jatuh Cinta and Anak Langit (SCTV). Higher revenues growth in 2018; better content cost efficiencies. We forecast aggregate revenues growth in 2018 of +5.5% yoy for SCMA and MNCN, taking into account: 1) better expected SCTV and IVM revenues growth next year and 2) RCTI s recently booked billing commitments and more upside on MNCN s content revenues from Malaysia s DTH satellite pay-tv license. SCMA and MNCN can 1) leverage on strong in house production capabilities to gain further content cost efficiencies and 2) monetize their local content library by selling it to various video drama streaming and Over the Top (OTT) platforms. We estimate better gross and EBITDA margins in 2018, which will translate into better earnings. Attractive dividend yields, cheap valuations with expected better earnings on the cards. Attractive dividend yields for both SCMA and MNCN will provide further support for the stocks to rerate ahead, in our view. With capex intensity likely to be modest, we expect SCMA to maintain its net cash and MNCN to have stable net gearing going forward. Our top pick is MNCN (BUY/Target Price: IDR1,750, +35.7%) given its cheap valuation, stronger estimated revenues growth and improving profitability in 2018, followed by SCMA (BUY/Target Price: IDR2,800, +20.2%). The risks to our call include: 1) audience share stagnating or worsening, 2) higher content and operating costs, 3) stiffer competition. Company Ticker Rec Price, IDR Target Price, IDR Market Cap, IDRbn EPS Growth, % P/E, x P/B, x EV/EBITDA, x ROE, % 2017F 2018F 2017F 2018F 2017F 2018F 2017F 2018F Surya Citra Media SCMA BUY 2,330 2,800 29,243 (0.6) Media Nusantara Citra MNCN BUY 1,290 1,750 20, See important disclosure at the back of this report 1
3 Equity Research Company Update Wednesday, 06 December 2017 BUY Maintain Media Nusantara (MNCN IJ) Maintaining no. 1 Audience share, cheap valuation Last price (IDR) 1,290 Target Price (IDR) 1,750 Upside/Downside +35.7% Previous Target Price (IDR) 1,750 Stock Statistics Sector Bloomberg Ticker Media MNCN IJ No of Shrs (mn) 14,276 Mkt. Cap (IDR bn/usdmn) 18,416/1,362 Avg. daily T/O (IDR bn/usdmn) 27.8/2.1 Major shareholders Global Mediacom 63.8% Estimated free float 36.1% EPS Consensus(IDR) 2017F 2018F 2019F Danareksa Consensus Danareksa/Cons (6.7) (2.6) 0.2 MNCN relative to JCI Index Source : Bloomberg We initiate coverage on MNCN with a BUY call and TP of IDR 1,750. We think improving local FMCG company ad spending and content revenues should translate into higher 2018F top line growth. We also expect the company to maintain its no. 1 audience share position in the TV industry. Meanwhile, content business efficiencies remain on track along with the recent rebranding of Global TV and inews. The cheap valuation, attractive dividend yield and significant potential upside make MNCN our top pick in the sector. Improving local FMCG company ad spending and content revenues; higher 2018F top line revenues growth. As we are positive on: 1) better ad spending growth in 2018 especially by local FMCG companies (as reflected in recent RCTI booked billing commitments of IDR1.1tn in 2018), and 2) more upside from content revenues next year, as the company just secured Malaysia s direct to home (DTH) satellite pay-tv license, we estimate stronger 2018F revenues growth of +5.5% yoy. Nonetheless, we still estimate only +2.7% yoy 4Q17 revenues growth, leading to weak revenues in 2017F. Maintaining its no. 1 audience share position. MNCN s no. 1 position in audience share will likely be maintained going forward, we think, despite competition from ANTV, which will translate into better bargaining power compared to its peers such as SCMA. We estimate MNCN s audience share to be around 34%-35% in F supported by its high ranking TV dramas Cahaya Hati and Dunia Terbalik in 4Q17. Content business efficiency. On the content side, MNCN s newly-built broadcasting facilities and strong in-house production team (MNC Pictures) have so far yielded strong ratings and more importantly, reduced dependency on external content producers. MNCN is unaffected by Sinemart s departure. The management has terminated contracts with Warner Brothers and is focusing on local content. We expect this to lead to better gross margins. BUY with a TP of IDR1,750, cheap valuation greatest potential upside. We initiate coverage on MNCN with a BUY rating with a TP of IDR1,750, based on 10 years DCF (WACC 11% with 3% terminal growth rate), implying 14.2x P/E 2018F slightly below its P/E band average. The stock is currently trading at an attractive valuation of only 10.5x P/E 2018F, about -1 std, due to MNCN s recent share price decline after being removed from the MSCI. However, in our view, this decline in the share prices offers an entry point for investors to BUY with the stock having more upside than SCMA. It is our top pick in the sector. Risks to our call include: 1) audience share stagnating or worsening, 2) higher content and operating costs, and 3) capex overruns. Key Financials Year to 31 Dec 2015A 2016A 2017F 2018F 2019F Revenue, (IDRbn) 6,445 6,730 6,887 7,266 7,702 Adeline Solaiman EBITDA, (IDRbn) 2,498 2,738 2,962 3,197 3,389 EBITDA Growth, (%) (10.1) (62-21) ext.3503 Net profit (IDRbn) 1,186 1,369 1,474 1,760 1,935 adeline.solaiman@danareksa.com EPS (IDR) EPS growth (%) (32.7) BVPS, (IDR) DPS, (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : MNCN, Danareksa Estimates See important disclosure at the back of this report 1
4 Equity Research Initiation Wednesday, 06 December 2017 BUY Initiate Last price (IDR) 2,330 Target Price (IDR) 2,800 Upside/Downside +20.2% Previous Target Price (IDR) Stock Statistics Sector Bloomberg Ticker N/A Media SCMA IJ No of Shrs (mn) 14,622 Mkt. Cap (IDR bn/usdmn) 31,583/2,338 Avg. daily T/O (IDR bn/usdmn) 36.8/2.7 Major shareholders PT Elang Mahkota Teknologi 60.8% Estimated free float 39.1% EPS Consensus(IDR) 2017F 2018F 2019F Danareksa Consensus Danareksa/Cons (5.7) (10.2) (9.7) SCMA relative to JCI Index Source : Bloomberg Adeline Solaiman (62-21) ext.3503 adeline.solaiman@danareksa.com Surya Citra Media (SCMA IJ) Content cost efficiencies and clean balance sheet We initiate coverage on SCMA with a BUY call and a TP of IDR2,800. We expect that improving local FMCG company ad spending will help support SCMA s top line growth next year. In the industry, the company has the second highest audience share and improvements are expected in 4Q17. Content cost efficiency remains intact with possible gross and EBITDA margins improvements. Moreover, the stock offers an attractive dividend yield. BUY! Improving local FMCG company ad spending, stronger top line growth in We are positive on the outlook for ad spending growth in Indonesia in 2018, given: 1) better consumption outlook nationwide, and 2) estimated higher growth of local FMCG company ad spending next year. We estimate SCMA s revenues growth to reach +5.5% yoy in 2018 following flattish revenues growth this year as we still estimate 4Q17 revenues growth of -0.1% yoy. Second highest audience share, improving 4Q17 prime time audience share. Despite tighter competition from ANTV, we still expect SCMA to remain the second biggest player, with audience share steady at 27% in 2017 and rising slightly to 28% in 2018F. In 4Q17, an improvement in SCTV s prime time audience share is likely due to the high-ranking TV dramas Siapa Takut Jatuh Cinta and Anak Langit, based on the recent Nielsen survey. Content cost efficiency remains intact, margins improvement. Content costs will remain steady at the current level in 4Q17, in our view, despite the ending of the premium Torabika soccer programming in 2H17. Content cost optimization will continue to be the management s focus in 2018, resulting in better estimated gross margins. There were higher SCTV and IVM 9M17 program costs mainly due to the President s cup and SEA Games which were broadcast on both SCTV and IVM channels, and investing in new programs on IVM and SCTV improved the audience share. BUY with a TP of IDR2,800, stronger balance sheet and attractive dividend yield. The company will remain in a net cash position in F, we estimate. The dividend yield remains attractive at around 3.5% in F, slightly higher than MNCN s. We initiate coverage with a BUY call and a TP of IDR2,800, based on 10 years DCF valuation (WACC 10% and 3% terminal growth rate), implying a mean P/E. The stock is currently trading at 21.3x P/E, on its mean. Risks to our call include 1) audience share stagnating or worsening, 2) higher content and operating costs, and 3) stiffer competition from ANTV. Key Financials Year to 31 Dec 2015A 2016A 2017F 2018F 2019F Revenue, (IDRbn) 4,238 4,524 4,530 4,779 5,066 EBITDA, (IDRbn) 2,138 2,138 2,114 2,259 2,424 EBITDA Growth, (%) (1.2) Net profit (IDRbn) 1,524 1,503 1,488 1,601 1,725 EPS (IDR) EPS growth (%) 4.8 (1.3) (1.0) BVPS, (IDR) DPS, (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : SCMA, Danareksa Estimates See important disclosure at the back of this report 1
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6 Semen Indonesia expects its domestic cement sales to grow by 5%yoy Semen Indonesia (SMGR) expects its domestic cement sales to grow by 5%yoy in Including the export sales, it expects the total sales to grow by 7%yoy. In November 2017, the company expects its sales to grow by 5%yoy, meanwhile in December 2017, the company expects its sales to be relatively flat. (Bisnis Indonesia) Comment: We have slightly higher total sales volume growth assumption of 8.4%yoy. Up to 10M17, SMGR recorded total sales of 23.7mn tons, +9.2%yoy. (Antonia)
7 DANAREKSA VALUATION GUIDE Equity Valuation Rating Price (Rp) Price Mkt Cap Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth PER (x) EV / EBITDA (x) PBV (x) ROE Target Rp Bn Danareksa Universe 3,915, , , % 13.1% Auto 331,965 18,975 22, % 16.0% Astra International HOLD 8,200 9, ,965 18,975 22, % 16.0% Banks 1,487,693 86, , % 16.0% BCA HOLD 21,000 21, ,755 23,620 27, , , % 14.6% N/A N/A BNI BUY 8,450 8, ,581 13,089 14, % 14.6% N/A N/A BRI BUY 3,350 3, ,208 27,521 31, % 14.5% N/A N/A Bank Tabungan Negara BUY 3,400 3,600 36,006 3,135 3, % 16.7% N/A N/A Bank Mandiri BUY 7,475 7, ,833 19,555 23, % 20.6% N/A N/A BTPN BUY 2,450 2,800 14,309 1,273 1, % 27.8% N/A N/A Cement 146,090 4,407 4, % 11.6% Indocement SELL 18,850 15,700 69,391 2,131 2, % 4.6% Semen Indonesia HOLD 9,350 9,600 55,460 2,127 2, % 19.3% Semen Baturaja SELL 2, , % 0.8% Cigarettes 662,814 20,595 22, % 10.7% Gudang Garam BUY 80,300 83, ,504 7,498 8,487 3,897 4,411 3,897 4, % 13.2% HM Sampoerna BUY 4,370 4, ,310 13,097 14, % 9.2% Construction 124,425 8,554 10, % 21.0% Wijaya Karya BUY 1,665 2,800 14,935 1,225 1, % 45.5% Pembangunan Perumahan BUY 2,490 5,700 15,438 1,295 1, % 21.2% Adhi Karya BUY 1,830 2,700 6, % 37.3% Waskita Karya BUY 1,950 2,800 26,469 2,383 3, % 27.4% Waskita Beton BUY ,859 1,104 1, % 19.5% Wika Beton BUY 525 1,100 4, % 20.2% Jasa Marga BUY 6,425 6,300 46,632 1,747 1, % -8.1% Consumer 593,613 17,178 19, % 12.0% Indofood CBP BUY 8,650 9, ,876 3,894 4, % 10.3% Indofood BUY 7,300 9,100 64,097 4,381 4, % 10.6% Unilever HOLD 49,650 52, ,830 7,324 8, , , % 13.7% Kino Indonesia BUY 2,000 2,300 2, % 8.0% Mayora Indah HOLD 2,100 1,960 46,953 1,378 1, % 12.9% Healthcare 87,410 2,700 2, % 11.5% Kalbe Farma HOLD 1,610 1,700 75,469 2,411 2, % 10.3% Kimia Farma SELL 2,150 1,940 11, % 12.7% Heavy Equipment 122,069 6,873 7,645 1,843 2, % 11.2% United Tractors BUY 32,725 35, ,069 6,873 7,645 1,843 2,049 1,843 2, % 11.2% Industrial Estate 13,001 2,318 1, % -48.6% Puradelta Lestari BUY , % 1.0% Bekasi Fajar BUY , % 12.3% Surya Semesta HOLD ,376 1,134 (50) 241 (11) (113) (19) % % 2.1 (47.1) (1.3) Mining 159,630 11,073 12, % 12.0% Adaro Energy BUY 1,780 2,000 56,935 4,963 5, % 4.1% Timah BUY 775 1,100 5, % 6.7% Vale Indonesia HOLD 2,690 2,600 26, % 42.0% Aneka Tambang HOLD ,139 (147) 207 (6) 9 (6) % % (102.8) (0.8) 1.2 Bukit Asam BUY 11,200 14,500 25,806 2,498 3,004 1,149 1,382 1,149 1, % 20.3% Indo Tambangraya Megah HOLD 21,100 17,000 23,841 2,536 2,534 2,244 2,243 2,323 2, % -0.1% Harum Energy HOLD 2,000 2,200 5, % 16.3% Plantation 39,960 3,010 2, % -0.8% Astra Agro Lestari HOLD 13,425 15,000 25,839 1,908 1, % -3.0% Sampoerna Agro HOLD 2,580 2,320 4, % 6.4% PP London Sumatra BUY 1,355 1,830 9, % 1.7% Poultry 62,510 4,078 5, % 29.8% Charoen Pokphand HOLD 2,840 3,100 46,570 2,576 3, % 32.2% Japfa Comfeed BUY 1,240 1,650 14,149 1,463 1, % 23.8% Malindo Feedmill HOLD , % 91.5% Property 101,951 8,495 8, % -4.7% Alam Sutera HOLD ,917 1,436 1, % -26.4% Bumi Serpong Damai BUY 1,560 2,000 30,025 3,923 2, % -29.0% Ciputra Development BUY 1,180 1,350 21, , % 60.6% Pakuw on Jati BUY ,341 1,913 2, % 24.0% Summarecon BUY 885 1,100 12, % 31.6% Retail 69,538 3,402 3, % 12.4% Mitra Adi Perkasa BUY 6,475 8,100 10, % 46.8% Ramayana BUY 950 1,130 6, % 4.9% Matahari Department Store SELL 9,775 10,500 28,523 1,928 2, % 5.3% Matahari Putra Prima SELL , % 2.7% Ace Hardw are HOLD 1,125 1,300 19, % 9.3% Erajaya Sw asembada BUY 725 1,100 2, % 11.8%
8 COVERAGE PERFORMANCE LEADERS Price as on Code 05-Dec Dec-17 Chg, % w-w, % m-m, % YTD, % Rating Bank Tabungan Negara BBTN 3,400 3, BUY Bank Negara Indonesia BBNI 8,450 8, BUY Bank Rakyat Indonesia BBRI 3,350 3, BUY Gudang Garam GGRM 80,300 79, BUY Astra International ASII 8,200 8, (3.8) 1.5 (0.9) HOLD HM Sampoerna HMSP 4,370 4, BUY Matahari Putra Prima MPPA (11.2) (33.4) (73.2) SELL Bank Central Asia BBCA 21,000 20, (1.4) HOLD Unilever UNVR 49,650 49, (1.5) HOLD Charoen Pokphand CPIN 2,840 2, (6.0) (12.9) (8.1) HOLD Sources: Bloomberg LAGGARDS Price as on Code 05-Dec Dec-17 Chg, % w-w, % m-m, % YTD, % Rating Kino Indonesia KINO 2,000 2,170 (7.8) (13.4) (20.3) (34.0) BUY Matahari Department Store LPPF 9,775 10,500 (6.9) (12.1) (3.7) (35.4) SELL Waskita Karya WSKT 1,950 2,080 (6.3) (9.7) (11.8) (23.5) BUY Semen Baturaja SMBR 2,140 2,280 (6.1) (17.7) (29.1) (23.3) SELL Timah TINS (6.1) (7.7) (14.4) (27.9) BUY Wika Beton WTON (5.4) (12.5) (19.8) (36.4) BUY Waskita Beton WSBP (4.6) (7.0) (7.9) (32.6) BUY Kimia Farma KAEF 2,150 2,250 (4.4) (7.7) (19.2) (21.8) SELL Bumi Serpong Damai BSDE 1,560 1,630 (4.3) (7.1) (11.6) (11.1) BUY Adhi Karya ADHI 1,830 1,910 (4.2) (7.8) (19.7) (12.0) BUY Sources: Bloomberg
9 PREVIOUS REPORTS Ace Hardware Indonesia: Attractive entry point, Mayora Indah: Limited upside SnapShot Bekasi Fajar Industrial Estate: Beating expectations, Plantation: In a Temporary Corrective Phase, Wijaya Karya: Strong revenues growth SnapShot Adhi Karya: Heightened uncertainty over LRT project investors, Wijaya Karya Beton: Strong revenues on the back of a solid order book SnapShot Bumi Serpong Damai: Minimal impact from the deal, Indofood Sukses Makmur: Enticing valuation, Poultry Sector: New regulation to have a muted impact SnapShot Jasa Marga: There is always a way, Kalbe Farma: Brighter prospects on consumption recovery, United Tractors: Mining sector sustained Komatsu sales SnapShot Puradelta Lestari: Value remains SnapShot Indofood CBP Sukses Makmur: More room for growth, Matahari Department Store: Expansion on track; valuation looks attractive, Waskita Karya: No glory without sacrifice SnapShot
10 PT Danareksa Sekuritas Jl. Medan Merdeka Selatan No. 14 Jakarta Indonesia Tel (62 21) Fax (62 21) Equity Research Team Helmy Kristanto Stefanus Darmagiri Natalia Sutanto S helmy.kristanto@danareksa.com (62-21) ext Head of Research, Strategy stefanus.darmagiri@danareksa.com (62-21) ext Auto, Coal, Heavy Equip, Metal, Cement natalia.sutanto@danareksa.com (62-21) ext.3508 Consumer, Tobacco, Property Maria Renata maria.renata@danareksa.com (62-21) ext.3513 Construction Eka Savitri Eka.savitri@danareksa.com (62-21) ext.3511 Banking Yudha Gautama Yudha.gautama@danareksa.com (62-21) ext.3509 Plantation Adeline Solaiman adeline.solaiman@danareksa.com (62-21) ext Retail, Poultry Antonia Febe Hartono, CFA antonia.hartono@danareksa.com (62-21) ext.3504 Cement, Property, Industrial Estate Ignatius Teguh Prayoga ignatius.prayoga@danareksa.com (62-21) ext.3511 Research Associate Lucky Bayu Purnomo lucky.purnomo@danareksa.com (62-21) ext.3512 Technical Analyst Sales team Novrita E. Putrianti novrita@danareksa.com (62-21) ext Tuty Sutopo tuty@danareksa.com (62-21) ext Ehrliech Suhartono ehrliech@danareksa.com (62-21) ext Upik Yuzarni upik_y@danareksa.com (62-21) ext Laksmita Armandani laksmitaa@danareksa.com (62-21) ext Kevin Giarto kevin.giarto@danareksa.com (62-21) ext Rendy Ben Philips rendy.philips@danareksa.com (62-21) ext. 3148
11 Disclaimer The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of P.T. Danareksa Sekuritas, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Danareksa Sekuritas, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or misstatements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed. The information contained in this report is not be taken as any recommendation made by P.T. Danareksa Sekuritas or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.
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FROM EQUITY RESEARCH Plantation: Still Under Pressure in the Short-Term (Neutral) We reduce our FY18 CPO price assumption to MYR2,450/ton (from MYR2,700/ton) as we expect CPO prices to remain under pressure
More informationEquity SNAPSHOT Wednesday, January 11, 2017
FROM EQUITY RESEARCH Pembangunan Perumahan: Title Higher capital for higher growth (PTPP IJ. Rp3,760. BUY. TP Rp5,700) PTPP s subsidiaries will conduct 4 corporate actions in 2017 following PTPP s rights
More informationEquity SNAPSHOT Monday, January 15, 2018
FROM EQUITY RESEARCH Buyung Poetra Sembada: A volume play (HOKI IJ. Not Rated) Sales of Topi Koki rice improved in the last two months of 2017, reflecting the limited number of players in the rice business,
More informationEquity SNAPSHOT Friday, November 10, 2017
FROM EQUITY RESEARCH Ramayana Lestari Sentosa: Weak 10M17 performance as expected (RALS IJ. IDR 955. BUY. TP IDR 1,130) From recent company s release, we note that 1) 10M17 gross revenue was within expectation,
More informationEquity SNAPSHOT Wednesday, October 11, 2017
FROM EQUITY RESEARCH Plantation: Sep 17 Stockpile Breaches 2mn tons (NEUTRAL) Malaysia s palm oil stockpile rose to 2.02mn tons in Sep 17 (+30.5% YoY, +4.0% MoM), breaching the 2.0mn tons mark, due to
More informationEquity SNAPSHOT Tuesday, April 24, 2018
FROM EQUITY RESEARCH 1Q18 Result Banking BBCA: Soft set of results To see the full version of this report, please click here BBNI: Steady growth in 1Q18 To see the full version of this report, please click
More informationEquity SNAPSHOT Friday, June 08, 2018
FROM EQUITY RESEARCH Bumi Serpong Damai: Right on Track (BSDE IJ. IDR 1,750. BUY. TP IDR 1,930) We believe that BSDE will record indicative marketing sales of ~Rp3.5tn in 1H18, largely in-line. In 2H18,
More informationEquity SNAPSHOT Friday, May 04, 2018
FROM EQUITY RESEARCH Bank Rakyat Indonesia: A Retail-driven Bank (BBRI IJ. IDR 3,230. BUY. TP IDR 4,350) We maintain our BUY call on BBRI with an unchanged TP of IDR4,350 after the company announced net
More informationEquity SNAPSHOT Thursday, December 21, 2017
FROM EQUITY RESEARCH Bank Tabungan Negara: A Mortgage-driven Bank (BBTN IJ. IDR 3,470. BUY. TP IDR 4,000) We continue to like BBTN, noting its resilient business model on mortgages. Subsidized mortgages
More informationEquity SNAPSHOT Tuesday, March 06, 2018
FROM EQUITY RESEARCH Garuda Maintenance Facility: Heading in the right direction (GMFI IJ. IDR 386. BUY. TP IDR 480) Garuda Maintenance Facility Aero Asia Tbk (GMFI) is the largest maintenance, repair,
More informationEquity SNAPSHOT Wednesday, January 17, 2018
FROM EQUITY RESEARCH Automotive: Car sales slightly up in 2017 (NEUTRAL) Gaikindo reported seasonally weak domestic car sales of 85,098 units (-11.5% mom, -1.7% yoy) in December 2017. Cumulatively, domestic
More informationEquity SNAPSHOT Monday, January 08, 2018
FROM EQUITY RESEARCH Plantation: Temporary Suspension of Malaysia CPO Export Duty (Neutral) We expect a short-term boost for exports and CPO prices in 1Q17 as a result of Malaysia s decision to temporarily
More informationEquity SNAPSHOT Monday, October 30, 2017
FROM EQUITY RESEARCH Cigarette: Challenging outlook (Overweight) The government will raise the 2018 excise tariffs for SKM and SPM at higher rates. Combined with stricter regulation on pricing, we believe
More informationEquity SNAPSHOT Tuesday, September 26, 2017
Equity SNAPSHOT Tuesday, September 26, 2017 FROM EQUITY RESEARCH KINO: Better days ahead (KINO IJ. IDR1,700. BUY. TP IDR2,300) The worst may now be over for KINO after the shares tanked 44% and underperformed
More informationEquity SNAPSHOT Monday, October 15, 2018
FROM EQUITY RESEARCH Property: 9M18 Marketing Sales Check In Line (Neutral) Overall, the 9M18 marketing sales are in-line (71% of the FY18 cumulative target). Among the individual companies, ASRI s marketing
More informationMORNING HIGHLIGHT. Equity Research Thursday, December 15, 2016
Equity Research Thursday, December 15, 2016 MORNING HIGHLIGHT FROM EQUITY RESEARCH MTLA: Taking the middle way (MTLA. Rp262. NON RATED) Since its establishment in 1994, MTLA has grown into one of the country
More informationEquity SNAPSHOT Monday, July 24, 2017
FROM EQUITY RESEARCH Property: Softening Demand Last week, we visited several property companies (PWON and CTRA) in Surabaya. From this visit and channel checks with a local broker, we note that property
More informationEquity SNAPSHOT Friday, February 17, 2017
Friday, February 17, 2017 FROM EQUITY RESEARCH Market Outlook: Jakarta Gubernatorial Election The Jakarta gubernatorial election will go to the second round, a play-off between Ahok and Anies Baswedan
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Equity Research Consumer Monday,23 July 2018 OVERWEIGHT Maintain GGRM relative to JCI Index Source : Bloomberg INDF relative to JCI Index Consumer Better days ahead Based on our recent discussions with
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MORNING HIGHLIGHT FROM EQUITY RESEARCH WIKA: Ending the year on a high note (WIKA IJ. Rp2,530. BUY. TP: 3,900) After a long wait, the construction works on Indonesia s first high speed railway (HSR) project
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Equity SNAPSHOT Thursday, November 01, 2018 FROM EQUITY RESEARCH 9M18 Results Airlines Garuda Maintenance Facility (GMFI): Rising expenses disappointed earnings click here Cements Indocement Tunggal Prakarsa
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Equity Research Tuesday, November 22, 2016 MORNING HIGHLIGHT FROM EQUITY RESEARCH Coal Sector: Better earnings visibility amid coal price consolidation With coal prices up substantially by 107.7% ytd,
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Equity Research Results Note Wednesday, 21 February 2018 SELL Maintain Last price (IDR) 476 Target Price (IDR) 350 Upside/Downside -36.1% Previous Target Price (IDR) 350 Stock Statistics Sector Bloomberg
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Equity Research Company update Wednesday,16 May 2018 BUY Maintain Last price (IDR) 8,200 Target Price (IDR) 9,400 Upside/Downside +14.6% Previous Target Price (IDR) 9,700 Stock Statistics Sector Bloomberg
More informationMORNING HIGHLIGHT. Equity Research Wednesday, May 13, 2015 FROM RESEARCH MARKET NEWS IDX ANNOUNCEMENT
Equity Research Wednesday, May 13, 2015 MORNING HIGHLIGHT FROM RESEARCH Cement Sector: Modest demand in April (OVERWEIGHT) There has not much improvement on April, with cement sales reached 4.47m tonnes,
More informationIndofood CBP Sukses Makmur(ICBP IJ)
Equity Research Result note Wednesday, 02 May 2018 BUY Maintain Last price (IDR) 8,675 Target Price (IDR) 9,700 Upside/Downside +11.8% Previous Target Price (IDR) 9,700 Stock Statistics Sector Bloomberg
More informationMORNING HIGHLIGHT. Equity Research Monday, February 22, 2016 FROM EQUITY RESEARCH MARKET NEWS
MORNING HIGHLIGHT FROM EQUITY RESEARCH CPIN: Indonesia s largest poultry play (CPIN IJ. Rp3,445. Non Rated) Charoen Pokhphand Indonesia (CPIN) is the largest poultry play in the country, enjoying market
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Equity Research Company Update Tuesday,15 August 2017 HOLD UPGRADE Last price (IDR) 1,895 Target Price (IDR) 1,960 Upside/Downside 3.4% Previous Target Price (IDR) 1,790 Stock Statistics Sector Bloomberg
More informationWijaya Karya Beton (WTON IJ)
Equity Research Result Notes Thursday,30 November 2017 BUY Maintain Last price (IDR) 600 Target Price (IDR) 800 Upside/Downside +33.3% Previous Target Price (IDR) 1,100 Stock Statistics Sector Bloomberg
More informationAstra International (ASII IJ)
Equity Research Company Update Monday,13 March 2017 HOLD Maintain Last price (IDR) 8,150 Target Price (IDR) 9,000 Upside/Downside +10.4% Previous Target Price (IDR) 8,400 Stock Statistics Sector Bloomberg
More informationMatahari Putra Prima (MPPA IJ)
Equity Research Company Update Thursday, 10 August 2017 SELL Maintain Last price IDR 555 Target Price IDR 450 Upside/Downside -22.2% Previous Target Price IDR 990 Stock Statistics Sector Bloomberg Ticker
More informationMatahari Putra Prima(MPPA IJ)
Equity Research Company Update Friday, 03 August 2018 SELL Maintain Last price (IDR) 236 Target Price (IDR) 200 Upside/Downside -18.0% Previous Target Price (IDR) 250 Stock Statistics Sector Bloomberg
More informationMORNING HIGHLIGHT. Equity Research Wednesday, November 18, 2015 FROM EQUITY RESEARCH
Equity Research Wednesday, November 18, 2015 MORNING HIGHLIGHT FROM EQUITY RESEARCH ACES: Could not lift up to the expectation (ACES IJ. Rp750. HOLD. TP Rp745) ACES booked strong operational performance
More informationEquity SNAPSHOT Tuesday, April 10, 2018
Equity SNAPSHOT Tuesday, April 10, 2018 FROM EQUITY RESEARCH Alam Sutra Realty: Lifted by land sales (ASRI IJ. IDR 390. HOLD. IDR 390) ASRI recorded marketing sales of IDR1.4tn in 1Q18, up threefold compared
More informationIndofood CBP Sukses Makmur(ICBP IJ)
Equity Research Result note Tuesday,20 March 2018 BUY Maintain Last price (IDR) 8,825 Target Price (IDR) 9,700 Upside/Downside +9.9% Previous Target Price (IDR) 9,700 Stock Statistics Sector Bloomberg
More informationCharoen Pokphand Indonesia (CPIN IJ)
Equity Research Company Update Thursday, 09 November 2017 HOLD Maintain Last price (IDR) 3,250 Target Price (IDR) 3,100 Upside/Downside -4.8% Previous Target Price (IDR) 3,100 Stock Statistics Sector Bloomberg
More informationTimah (TINS IJ) Equity Research Company Update BUY. Better outlook on supply risks. Thursday,05 October 2017
Equity Research Company Update Thursday,5 October 217 BUY Maintain Timah (TINS IJ) Better outlook on supply risks Last price (IDR) 845 Target Price (IDR) 1,1 Upside/Downside +3.2% Previous Target Price
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Equity Research Company Update Friday, 20 October 2017 HOLD Maintain Last price (IDR) 10,500 Target Price (IDR) 9,600 Upside/Downside -8.6% Previous Target Price (IDR) 8,600 Stock Statistics Sector Bloomberg
More informationMay 18, Cement: Surprising volume growth in April
Mimi Halimin +62-21-515-1140 mimi.halimin@miraeasset.co.id To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id Market Index Last Trade Chg (%) MoM YoY JCI 5,615.5-0.6 0.7 19.3
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Equity Research Company Update Thursday,26 October 2017 SELL Maintain Last price (IDR) 21,850 Target Price (IDR) 15,700 Upside/Downside -28.1% Previous Target Price (IDR) 13,400 Stock Statistics Sector
More informationMORNING HIGHLIGHT. Equity Research Thursday, July 02, 2015 FROM EQUITY RESEARCH
MORNING HIGHLIGHT FROM EQUITY RESEARCH Tower Bersama Infrastructure: Slight Hiccup (TBIG IJ. Rp 8,850. HOLD. TP Rp 8,600) Telkom and Tower Bersama (TBIG) agreed to extend the agreement related to Mitratel
More informationApril 10, Market commentary. Macro update March Consumer Confidence: Pressure ahead of the election
To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id Market Index Last Trade Chg (%) MoM YoY JCI 6,484.3 0.9 0.7 1.6 MSCI Indonesia 26.4 0.5 4.7-5.4 MSCI EM 1,093.4 0.5 5.7-7.4
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Equity Research Company Update Thursday,27 September 2018 BUY MAINTAIN Last price (IDR) 5,975 Target Price (IDR) 8,200 Upside/Downside +37.2% Previous Target Price (IDR) 8,000 Stock Statistics Sector Bloomberg
More informationNovember 22, Tobacco: It s all about the price tag
Christine Natasya +62-21-515-1140 natasya@miraeasset.co.id To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id Market Index Last Trade Chg (%) MoM YoY JCI 6,031.9-0.4 2.1 16.3
More informationBuy Dec 2017 TP (IDR) 3,250 Consensus Price (IDR) 3,469 TP to Consensus Price -6.3% vs. Last Price +18.2%
Surya Citra Media, Tbk (SCMA) Is Optimistic about Performance Improvement Less Maximum Growth SCMA closed 2016 by booking the revenue of IDR4.5 trillion (+6.7% y-y), while in Q4 2016, SCMA s revenue was
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1/14/16 2/11/16 3/10/16 4/7/16 5/5/16 6/2/16 6/30/16 7/28/16 8/25/16 9/22/16 10/20/16 11/17/16 12/15/16 1/12/17 Equity Research Company Update Monday, 16 January 2017 SELL Maintain Last price Rp 2,200
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Equity Research Results Note Wednesday,02 May 2018 BUY Maintain Last price (IDR) 476 Target Price (IDR) 730 Upside/Downside +53.4% Previous Target Price (IDR) 730 Stock Statistics Sector Bloomberg Ticker
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Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Andy Wibowo Gunawan +62-21-515-1140 andy.wibowo@miraeasset.co.id
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Equity Research Company Update Wednesday, 12 Apr 2017 HOLD Maintain Last price (IDR) 346 Target Price (IDR) Rp380 Upside/Downside +9.8% Previous Target Price (IDR) Stock Statistics Sector Bloomberg Ticker
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Equity Research Result note Monday,02 April 2018 HOLD MAINTAIN Last price (IDR) 1,970 Target Price (IDR) 2,100 Upside/Downside +6.6% Previous Target Price (IDR) 2,100 Stock Statistics Sector Bloomberg
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Equity Research Company Update Wednesday,05 July 2017 SELL Maintain Last price (IDR) 3,300 Target Price (IDR) Rp380 Upside/Downside -88.5% Previous Target Price (IDR) Stock Statistics Sector Bloomberg
More informationNovember 26, DIVA (IPO) Digital business converter and accelerator
Investment Information +62-21-515-1140 investment.information@miraeasset.co.id To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id Market Index Last Trade Chg (%) MoM YoY JCI
More informationDecember 20, Automotive 2018 outlook: Pre-election turbocharger. Welcoming strong consumption growth in the coming year
Franky Rivan +62-21-515-1140 franky@miraeasset.co.id To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id Market Index Last Trade Chg (%) MoM YoY JCI 6,167.7 0.5 1.3 18.8 MSCI
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1/14/16 2/11/16 3/10/16 4/7/16 5/5/16 6/2/16 6/30/16 7/28/16 8/25/16 9/22/16 10/20/16 11/17/16 12/15/16 1/12/17 Equity Research Company Update Monday, 16 January 2017 SELL Maintained Last price Rp 14,950
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Equity Research 3Q18 Result Note Thursday,01 November 2018 HOLD Maintain Last price (IDR) 2,450 Target Price (IDR) 2,170 Upside/Downside -11.4% Previous Target Price (IDR) 1,910 Stock Statistics Sector
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Darmawan Halim +62-21-515-1140 darmawan.halim@miraeasset.co.id To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id Market Index Last Trade Chg (%) MoM YoY JCI 6,370.1-0.3 4.4
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Equity Research Company Update Friday,07 December 2018 BUY Maintain Last price (IDR) 81,525 Target Price (IDR) 98,400 Upside/Downside +20.7% Previous Target Price (IDR) 84,000 Stock Statistics Sector Bloomberg
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Andy Wibowo Gunawan +62-21-515-1140 andy.wibowo@miraeasset.co.id To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id Market Index Last Trade Chg (%) MoM YoY JCI 6,353.7 1.0
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Equity Research Result note Wednesday,02 May 2018 HOLD MAINTAIN Last price (IDR) 2,950 Target Price (IDR) 1,960 Upside/Downside -33.5% Previous Target Price (IDR) 1,960 Stock Statistics Sector Bloomberg
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/ DAILY UPDATE May 4, 2015 MACROECONOMIC NEWS US Economy The pace of US manufacturing growth held at its slowest in almost two years in April, as a rebound in new orders was offset by employment shrinking
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Equity Research Results Note Thursday,28 February 2019 BUY Maintain Last price (IDR) 7,600 Target Price (IDR) 9,500 Upside/Downside +25.0% Previous Target Price (IDR) 9,500 Stock Statistics Sector Bloomberg
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Equity Research Results Note Monday,30 July 2018 HOLD Maintain Last price (IDR) 2,380 Target Price (IDR) 2,170 Upside/Downside -8.8% Previous Target Price (IDR) 1,910 Stock Statistics Sector Bloomberg
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Darmawan Halim +62-21-515-1140 darmawan.halim@miraeasset.co.id To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id Market Index Last Trade Chg (%) MoM YoY JCI 6,544.6 0.1 2.5
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Equity Research Company Update Thursday,25 January 2018 SELL Maintain Last price (IDR) 10,750 Target Price (IDR) 8,600 Upside/Downside -20.0% Previous Target Price (IDR) 8,600 Stock Statistics Sector Bloomberg
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Equity Research Result note Wednesday, 02 May 2018 HOLD MAINTAIN Last price (IDR) 2,040 Target Price (IDR) 2,100 Upside/Downside +2.9% Previous Target Price (IDR) 2,100 Stock Statistics Sector Bloomberg
More informationBukit Asam (PTBA IJ)
Equity Research Results Note Thursday,19 April 2018 BUY Maintain Last price (IDR) 3,480 Target Price (IDR) 3,600 Upside/Downside +3.4% Previous Target Price (IDR) 3,600 Stock Statistics Sector Bloomberg
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Equity Research Company Update Tuesday, 31 October 2017 BUY Maintain Last price (IDR) 2,860 Target Price (IDR) 3,900 Upside/Downside +36.4% Previous Target Price (IDR) 3,900 Stock Statistics Sector Bloomberg
More informationWaskita Beton Precast(WSBP IJ)
Equity Research Company Update Monday,20 August 2018 BUY Maintain Waskita Beton Precast(WSBP IJ) Looking for more external works Last price (IDR) 382 Target Price (IDR) 500 Upside/Downside +30.9% Previous
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Equity Research Company Update Wednesday,18 July 2018 BUY Maintain Last price (IDR) 6,625 Target Price (IDR) 8,600 Upside/Downside +29.8% Previous Target Price (IDR) 9,100 Stock Statistics Sector Bloomberg
More informationGudang Garam(GGRM IJ)
Equity Research 1Q17 Result Note Monday,30 April 2018 HOLD Maintain Last price (IDR) 67,800 Target Price (IDR) 83,800 Upside/Downside +23.6% Previous Target Price (IDR) 83,800 Stock Statistics Sector Bloomberg
More informationMarch 27, Market commentary. Banks - 1M19 review: In-line results, expected seasonality
To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id Market Index Last Trade Chg (%) MoM YoY JCI.0 0.9-1.8 3.3 MSCI Indonesia 25.8 0.6-3.2-3.1 MSCI EM 1,050.4 0.3-1.3-11.6 HANG
More informationDaily Focus. Indonesia. Tabel 1: 2Q15 GDP growth (%) Aug 06, 2015
Indonesia Daily Focus Dang Maulida +62-21-515-1140 dangmaulida@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 4,850.5
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Equity Research Company Update Monday, 26 November 218 United Tractors(UNTR IJ) BUY Maintain Impressive Komatsu sales in Oct 218 Last price (IDR) 31,85 Target Price (IDR) 43, Upside/Downside +35.% Previous
More informationHOLD Target Price, IDR 1,900 Upside 5.2%
Friday, 20 February 2015 HOLD Target Price, IDR 1,900 Upside 5.2% KLBF IJ/KLBF.JK Last Price, IDR 1,805 No. of shares (bn) 46,875 Market Cap, IDR bn 84,609 (US$ mn) 6,594 3M T/O, US$mn 5.1 Last Recommendation
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Indonesia Daily Focus Giovanni Dustin +62-21-515-1140 giovanni@miraeasset.co.id To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id Market Index Last Trade Chg (%) MoM YoY JCI
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DAILY UPDATE April 30, 2018 MACROECONOMIC NEWS US Housing - Initial jobless claims fell by 24,000 to 209,000 in the week ended April 21, the government said. Jobless claims continue to fall, though the
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EQUITY RESEARCH Tuesday, 07 August 2012 BUY Bloomberg Code SMSM IJ Price, Rp 2,075 Mkt Cap Rp bn 2,987 Target Price, Rp 2,575 Joko Sogie (62-21) 350 9888 ext 3512 jokos@danareksa.com Last Recommendation
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Equity Research Company Update Thursday,19 April 2018 BUY Maintain Last price (IDR) 7,525 Target Price (IDR) 9,100 Upside/Downside +20.9% Previous Target Price (IDR) 9,100 Stock Statistics Sector Bloomberg
More informationAlam Sutra Realty(ASRI IJ)
Equity Research Company Update Tuesday,18 July 2017 HOLD Maintain Last price (IDR) 322 Target Price (IDR) Rp380 Upside/Downside +18.8% Previous Target Price (IDR) Stock Statistics Sector Bloomberg Ticker
More informationMarket outlook OVERWEIGHT. The mitigation strategy of the government. Thursday, 21 May 2015
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Equity Research Company Update Wednesday,07 November 2018 BUY MAINTAIN Last price (IDR) 11,775 Target Price (IDR) 16,500 Upside/Downside +40.1% Previous Target Price (IDR) 11,800 Stock Statistics Sector
More informationBumi Serpong Damai(BSDE IJ)
Equity Research Company Update Friday,17 November 2017 BUY Maintain Bumi Serpong Damai(BSDE IJ) Steady progress Last price (IDR) 1,640 Target Price (IDR) 2,000 Upside/Downside +22.0% Previous Target Price
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Equity Research Initiation report Monday,15 October 2018 BUY Initiation Last price (IDR) 810 Target Price (IDR) 1,000 Upside/Downside +23.5% Previous Target Price (IDR) Stock Statistics Sector Bloomberg
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Equity Research Company Update Friday,10 November 2017 BUY Maintain Last price (IDR) 625 Target Price (IDR) 720 Upside/Downside +15.2% Previous Target Price (IDR) 700 Stock Statistics Sector Bloomberg
More informationMORNING HIGHLIGHT. Equity Research Wednesday, June 17, 2015 FROM RESEARCH
MORNING HIGHLIGHT FROM RESEARCH Telekomunikasi Indonesia: Push for other revenue generators (TLKM IJ. Rp 2,870. HOLD. TP Rp 3,050) We attended Telkom s site visit in Bali where we saw, among others: 1)
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Equity Research Company Update Monday,26 March 2018 SELL Maintain Indocement Tunggal Prakarsa(INTP IJ) Still too pricey Last price (IDR) 17,425 Target Price (IDR) 15,400 Upside/Downside -11.6% Previous
More informationLondon Sumatra(LSIP IJ)
Equity Research Company Update Friday,02 November 2018 BUY Maintain Last price (IDR) 1,290 Target Price (IDR) 2,000 Upside/Downside +55.0% Previous Target Price (IDR) 1,150 Stock Statistics Sector Bloomberg
More informationBank Rakyat Indonesia(BBRI IJ)
Equity Research Company Update Monday,27 August 2018 BUY Maintain Last price (IDR) 3,270 Target Price (IDR) 4,350 Upside/Downside +33.0% Previous Target Price (IDR) 4,350 Stock Statistics Sector Bloomberg
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Equity Research Company Update Monday,30 July 2018 BUY Maintain Last price (IDR) 1,000 Target Price (IDR) 1,150 Upside/Downside +15.0% Previous Target Price (IDR) 1,300 Stock Statistics Sector Bloomberg
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Equity Research Company Update Tuesday,31 July 2018 HOLD Maintain Last price (IDR) 2,360 Target Price (IDR) 2,300 Upside/Downside -2.5% Previous Target Price (IDR) 2,700 Stock Statistics Sector Bloomberg
More informationDAILY UPDATE May 2, 2016
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