TP Sh.Pr. Ups/dw Earnings PE (x) EV/EBITDA (x) Div. yield (%) PEG (x) Rec. (Rp/sh) (Rp/sh) (%) CAGR('15-18)
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- Albert Warren
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1 February 6, 2015 Cement Sector Focus Maria Renata A new era in cement industry Government s intervention raises ASP uncertainty... We cut our ASP by ~6% or Rp3000/bag for our cement companies, SMGR and INTP, at the behest of government, we also assume ASP to be stagnant in Consequently, we arrive at 14%16% lower earnings for 2015 and This results in negative earnings growth of 46%YoY this year. In 2016, we expect INTP s earnings growth to recover to 20% level supported by capacity expansion while SMGR s earnings growth will remain subdued at 5%....while cost savings remain questionable Although electricity tariff has fallen by ~15% MoM, we still expect average tariff this year to rise by ~12% YoY. Gasoline price has fallen back from Rp8500/liter in Nov to Rp6700/liter currently, but this is roughly the same as Rp6500/liter in JanOct14. Unless govt reduces gasoline price further, there is no savings in transport cost either. Changes in target price and recommendation We arrive at our new target price and recommendation for SMGR and INTP. In SMGR, we lower our target price to Rp13,500 (old: Rp18,300), with 8% downside we downgrade our recommendation to Sell (old: Hold). Meanwhile, we reiterate our Buy recommendation on INTP, with lower target price at Rp25,800 (old: Rp29,700) given 11% upside. SMGR is currently traded at above its historical +STDEV forward PE. We see the upside risks on this industry are 1) improving operational efficiency, and 2) the risk that government may relax cement pricing policy and allow SMGR to raise price next year. NEUTRAL (P/E) SMBR 8.1 SMGR 16.8 INTP 16.0 SMCB 14.2 MARKET CAP INTP 45% SMCB 8% SMBR 2% SMGR 45% Consensus Companies Data TP Sh.Pr. Ups/dw Earnings PE (x) EV/EBITDA (x) Div. yield (%) PEG (x) Rec. (Rp/sh) (Rp/sh) (%) CAGR('1518) INTP Buy 25,800 23, % 14.3% % 1.9% 1.1 SMGR Sell 13,500 14, % 12.6% % 3.2% 1.3 PT Trimegah Securities Tbk COMPANY FOCUS 1
2 February 6, 2015 Semen Indonesia Company Focus Maria Renata Downgrade to Sell Cut EPS by 14% and 16% for We cut EPS by 14%/16% in 2015/16 on the back of 8.2%/11.9% lower ASP. In addition to a 6% or Rp3000/ bag ASP cut implemented this year at the behest of government. We also assume ASP to be stagnant in (vs. previously 4% annual increases). We still maintain 3% ASP annual increases from 2018 onward. No cost saving from current electricity and fuel price Electricity cost accounts for ~13% of COS, while fuel accounts for ~17% of COS and majority items in selling exp. No cost saving due to: 1) Electricity cost in FY14 up by +23.7% YoY backed by +65%YTD tariff increase in Meanwhile, 15% tariff cut by PLN has translate to +11.7% growth cost in 2015; 2) Fuel price Premium s price (Ron 88) had been stable at Rp6500/lt for the first 11 month in 2014, the price up to Rp8500/lt only in Dec 14. Hence, at current price of Rp6700/lt, we do not see cost saving be generated from the fuel price cut. Domestic sales volume to grow by +6.7% YoY in 2015 We expect domestic sales volume growth of +6.7% YoY to 27.9mn tons vs. 26.2mn tons in The increasing sales volume backed by additional 1.8mn tons capacity from technology renewal in several plants that was completed in SMGR s domestic capacity stands at 31.8mn tons by end 2014 (FY13: 30.0mn tons) and is expected to have additional 1.5mn tons in 2015 from upgrading Tonasa s plant. New TP: Rp13,500 (old: Rp18,300); downgrade to Sell (8% down) We use DCF valuation with 11.6% WACC (old: 12.2%) to arrive at our new price target of Rp13,500 (old: Rp18,300). Our new price target equivalent to 15.5x 2015 PE. Currently, SMGR is traded at 16.8x 2015 PE, higher than its average forward PE of 12.5x and +STDEV of 16.0x. With 7.7% potential downside to our TP, we downgrade our recommendation to Sell (old: Hold). Companies Data Year end Dec F 2015F 2016F Sales (Rpbn) 19,598 24,501 26,307 26,637 28,217 Net Profit (Rpbn) 4,847 5,370 5,541 5,172 5,420 EPS (Rp) EPS Growth (%) (6.7) 4.8 DPS (Rp) BVPS (Rp) 2,925 3,521 4,002 4,407 4,885 P/E (x) Div Yield (%) PT Semen Gresik (Persero) Tbk manufactures cement including portland cement, oil well cement, and mixed cement. Through its subsidiaries, the Company also develops and operates an industrial estate, mines limestone SELL Company Update Share Price Sector Rp13,500 Rp14,625 Cement Price Target Rp13,500 (8%) Stock Data Reuters Code SMGR.JK Bloomberg Code SMGR.IJ Issued Shares (m) 5,932 Mkt Cap (Rpbn) 87,342 Avg. Value Daily 6 month (Rpbn) Wk range (Rp) / Major Shareholders Republic of Indonesia 51.0% Public 49.0% Consensus EPS 14F 15F Consensus (Rp) 956 1,024 TRIM vs Cons. (%) 2.3% 14.8% Stock Price (Rp) 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Volum e (RHS) Price (LHS) Feb14 Apr14 Jun14 Aug14 Oct14 Dec14 (mn) PT Trimegah Securities Tbk COMPANY FOCUS 2
3 Figure 1. Cut price and ASP Price Per Kg Dec14 Rp/Kg 901 Price per bag Dec14 (50Kg/bag) Rp/bag 45,074 Cut Rp3000/bag New price per bag Jan Rp/bag 42,074 Growth % 6.7% Average Selling Price (ASP) ASP in 2014 Rp/kg 876 ASP in 2015 Rp/kg 837 Growth in ASP % 4.4% No cost saving from lower electricity price and fuel price Electricity cost accounts for ~13% of COS, while fuel accounts for ~17% of COS and majority items in selling exp. No cost saving due to: 1) PLN has gradually increased its tariff in 2014 (Jan14: Rp723/ kwh to Dec 14: Rp1191/kWh) translating to +64.7%YTD tariff growth. Based on our calculation, average electricity cost in FY2014 stands at Rp906/kWh (+23.7%YoY growth vs. FY13: Rp732/kWh). Hence, if current electricity tariff set at Rp1012/kWh, it still has +11.7%YoY growth in electricity cost from FY14, 2) Fuel price. Premium s (Ron 88) price in the first 11 months of 2014 stands at Rp6500/lt, and only up to Rp8500/lt for the last month in Hence, average fuel cost for FY14 stood at Rp6667/lt, still lower than current fuel price at Rp6700/lt. Conservatively, we put 3.1% growth in fuel price for FY15 in anticipation for increasing price, given average fuel cost Rp6873/lt. Figure 2. Electricity tariff vs. cost Unit Up to Apr 14 1May30Jun 14 1Jul31Aug 14 1Sep31Oct 14 1NovDec 14 PLN Tariff Rp/kWh ,051 1,191 Tariff growth YTD % YoY 64.7% Avg. Cost FY14 Rp/kWh 906 Avg. Cost FY13 Rp/kWh 723 Growth % YoY 25.3% Tariff per Jan'15 Rp/kWh 1,012 Tariff growth % YoY 15.0% Cost growth % YoY 11.7% PT Trimegah Securities Tbk COMPANY FOCUS 3
4 Figure 3. Fuel cost Period JanNov'14 Dec'14 No of months 11 1 Fuel price Rp/lt 6,500 8,500 Avg. fuel cost FY14 Rp/lt 6,667 Current price Rp/lt 6,700 Growth % 0.5% Growth assumption % 3.1% Avg. fuel cost FY15 Rp/lt 6,873 Figure 4. Changes in forecast and assumptions Old New Chg (%) Domestic sales vol. (mn tons) % 0.0% 0.0% ASP growth (%) 5.0% 4.2% 4.2% 5.0% 4.4% 0.0% n.m. n.m. n.m. Revenue (Rp bn) 26,353 28,994 31,988 26,307 26,637 28, % 8.1% 11.8% Gross profit (Rp bn) 11,701 12,673 13,815 11,679 11,124 11, % 12.2% 15.0% Op.income (Rp bn) 7,748 8,323 9,017 7,733 6,934 7, % 16.7% 19.1% Net income (Rp bn) 5,552 6,028 6,421 5,541 5,172 5, % 14.2% 15.6% Margins (%) Gross margin (%) 44.4% 43.7% 43.2% 44.4% 41.8% 41.6% 0.0% 1.9% 1.6% Op. margin (%) 29.4% 28.7% 28.2% 29.4% 26.0% 25.8% 0.0% 2.7% 2.3% Net margin (%) 21.1% 20.8% 20.1% 21.1% 19.4% 19.2% 0.0% 1.4% 0.9% Growth (% YoY) Revenue (% YoY) 7.6% 10.0% 10.3% 7.4% 1.3% 5.9% 0.2% 8.8% 4.4% Gross profit (% YoY) 6.9% 8.3% 9.0% 6.7% 4.8% 5.6% 0.2% 13.1% 3.4% Op.income (% YoY) 11.1% 7.4% 8.3% 10.9% 10.3% 5.2% 0.2% 17.8% 3.2% Net income (% YoY) 3.4% 8.6% 6.5% 3.2% 6.7% 4.8% 0.2% 15.2% 1.7% PT Trimegah Securities Tbk COMPANY FOCUS 4
5 Figure 5. Margins Gross mrgn Op. mrgn EBITDA mrgn Net mrgn 55% 50% 45% 43.9% 47.1% 47.5% 45.7% 47.4% 44.7% 44.4% 41.8% 41.6% 40% 35% 30% 25% 20% 15% 10% 34.6% 35.0% 33.1% 33.0% 31.6% 31.5% 32.5% 29.5% 29.5% 30.2% 31.3% 29.5% 31.2% 27.7% 28.5% 29.4% 25.3% 26.0% 25.8% 23.1% 24.0% 24.7% 21.9% 20.7% 21.1% 19.4% 19.2% Figure 6. Sales volume and rate of sales vol. to capacity Sales vol. local factoriers (mn tons) Sales vol. to capacity (%) % % 97.0% 94.4% 97.6% 100% % 85.9% 82.9% 83.8% 75.2% 80% 60% 40% % 0% Figure 7. Production capacity Domestic factories (mn tons) Thang Long Cement (mn tons) PT Trimegah Securities Tbk COMPANY FOCUS 5
6 Figure 8. Monthly cement sales (in mn tons) Jan13 Feb13 Mar13 Apr13 May13 Jun13 Jul13 Aug13 Sep13 Oct13 Nov13 Dec13 Jan14 Feb14 Mar14 Apr14 May14 Jun14 Jul14 Aug14 Sep14 Oct14 Nov14 Dec14 Source: ASI (cement association) Valuation We use DCF valuation with WACC: 11.6% (old: 12.2%) and 3% longterm growth to arrive at new price target of Rp13,500 (old: Rp18,300). Our target price equivalent to 15.5x 2015 PE. Meanwhile, SMGR is traded at 16.8x 2015 PE, higher than its average forward PE of 12.5x and +STDEV of 16.0x. With 7.7% potential downside to our TP, we downgrade our recommendation to Sell (old: Hold). Figure 9. Valuation WACC % 11.6% Long term growth % 3.0% NPV Rp bn 79,324 Cash 2015 Rp bn 5,773 Debt 2015 Rp bn 5,123 Net Debt Rp bn (651) Equity value Rp bn 79,974 Outstanding shares bn sh 5.9 Eq. value per sh Rp/sh 13,483 Target price Rp/sh 13,500 Current price Rp/sh 14,775 Potential upside/(downside) % 8.6% Recommendation Sell PT Trimegah Securities Tbk COMPANY FOCUS 6
7 Figure 10. SMGR average PE stands at 12.5x and +STDEV at 16.0x x 12.5x 9.1x 5 0 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Source: Bloomberg, TRIM Research Figure 11. ForwardPE Band 20,000 15, x 15.0x 10, x 5, x 3.0x Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Source: Bloomberg, TRIM Research PT Trimegah Securities Tbk COMPANY FOCUS 7
8 Income Statement (Rpbn) Year end Dec F 2015F 2016F Revenue 19,598 24,501 26,307 26,637 28,217 Revenue Growth (%) Gross Profit 9,298 10,944 11,679 11,124 11,747 Opr. Profit 6,109 6,972 7,733 6,934 7,293 EBITDA 6,856 7,719 8,559 7,864 8,326 EBITDA Growth (%) (8.1) 5.9 Net Int Inc/(Exp) 78 (177) (225) (143) (176) Gain/(loss) Forex Other Inc/(Exp) Pretax Profit 6,287 6,920 7,509 6,791 7,117 Tax (1,361) (1,566) (1,877) (1,535) (1,608) Minority Int. 79 (16) Extra. Items Reported Net Profit 4,847 5,370 5,541 5,172 5,420 Core Net Profit 4,847 5,370 5,541 5,172 5,420 growth (%) (6.7) 4.8 Dividend per share growth (%) (6.7) Dividend payout ratio Balance Sheet (Rpbn) Year end Dec F 2015F 2016F Cash and eq. 3,022 4,070 5,395 5,773 6,629 Other curr asset 5,209 5,902 7,147 7,360 7,795 Net fixed asset 16,794 18,863 21,593 24,163 26,573 Other asset 1,554 1,958 2,048 2,037 2,048 Total asset 26,579 30,793 36,184 39,333 43,045 ST debt ,051 Other curr liab 4,197 4,457 6,473 6,700 7,059 LT debt 3,222 3,242 3,693 4,142 4,591 Other LT Liab Minority interest Total Liabilities 8,414 8,989 11,524 12,272 13,150 Shareholders Eq. 17,347 20,883 23,738 26,140 28,974 Net (debt)/ cash (792) (651) (987) Total cap employed 21,198 24,965 28,341 31,262 34,616 Net Working capital 3,406 4,674 5,161 5,453 6,314 Debt 3,850 4,083 4,603 5,123 5,643 Cash Flow (Rpbn) Key Ratio Analysis Year end Dec F 2015F 2016F Year end Dec F 2015F 2016F Core Net Profit 4,847 5,370 5,541 5,172 5,420 Depr / Amort ,033 Chg in Working Cap (87) 19 Others 115 (353) (106) CF's from oprs 6,590 5,767 7,111 6,128 6,366 Capex (5,897) (2,911) (3,621) (3,500) (3,444) Others (1,055) (226) CF's from investing (6,952) (3,138) (3,621) (3,500) (3,444) Net change in debt 1, Others (1,965) (1,835) (2,685) (2,770) (2,586) CF's from financing 14 (1,603) (2,165) (2,250) (2,066) Net cash flow (348) 1,027 1, Cash at BoY 3,429 3,081 4,108 5,433 5,811 Cash at EoY 3,081 4,108 5,433 5,811 6,667 Free Cashflow 693 2,856 3,490 2,629 2,922 Profitability Gross Margin (%) Opr Margin (%) EBITDA Margin (%) Core Net Margin (%) ROAE (%) ROAA (%) Stability Current ratio (x) Net Debt to Equity (x) (0.0) (0.0) (0.0) Net Debt to EBITDA (x) (0.1) (0.1) (0.1) Interest Coverage (x) Efficiency A/P (days) A/R (days) Inventory (days) Interim Result (Rpbn) 3Q13 4Q13 1Q14 2Q14 3Q14 Capital History Date Sales 5,969 7,110 6,178 6,708 6,463 Gross Profit 2,694 3,104 2,675 3,088 2,688 Opr. Profit 1,703 1,927 1,639 1,924 1,547 Net profit 1,322 1,464 1,303 1,523 1,262 Gross Margins (%) Opr Margins (%) Net Margins (%) Aug91 IPO@Rp7,000 PT Trimegah Securities Tbk COMPANY FOCUS 8
9 February 6, 2015 Indocement Tunggal Prakarsa Company Focus Maria Renata Buy with volume expansion as catalyst Cut EPS by 14% in 2015 and 2016 We cut EPS by 14%/16% in 2015/16 on the back of 13.9%/ 13.7% lower ASP. In addition to a 6% or Rp3000/ bag ASP cut implemented this year at the behest of government. We also assume ASP to be stagnant in (vs. previously 4% annual increases). We expect negative growth of 3.6% YoY in 2015 while 2016 be the turnaround year with +19.9% YoY growth. Waiting for 4.4mn tons additional capacity by 4Q15 INTP is building its 14th plant in Citeureup, BogorWest Java. The brownfield project will add 4.4mn tons capacity to INTP, resulting installed capacity to become 24.9mn tons by end 2015, or up by 21% compared to 20.5mn tons capacity by end The Rp5.5tr6.0tr worth of project will be funded from internal cash. INTP is cash rich with net cash reached Rp9.5tr as of Sep 14. Sales volume We expect the 14th plant will generate 1.8mn tons cement in 2016, given effective utilization rate of 40%; resulting domestic sales volume in 2016 to reach 21.5mn tons (+11.1% YoY), while we expect 5.2% growth in 2015 to 19.3mn tons. Reiterate Buy with TP: Rp25,800 (+11% upside) We apply 12.4% WACC (old: 12.6%) to arrive at our new price target at Rp25,800 (old: Rp29,700). Our new TP is equivalent to 17.8x, while INTP is traded at 16.0x PE, lower than its +STDEV at 19.2x (avg. forward PE: 15.2x). We see upside risk on revenues growth backed by operation of new plant and increasing selling price, while the downside risk is rupiah depreciation. We reiterate our Buy recommendation on INTP. Companies Data Year end Dec F 2015F 2016F Revenues (Rpbn) 17,290 18,691 20,838 21,506 24,246 Net Profit (Rpbn) 4,763 5,012 5,534 5,333 6,395 EPS (Rp) 1,294 1,362 1,503 1,449 1,737 EPS Growth (%) (3.6) 19.9 DPS (Rp) BVPS (Rp) 5,267 6,234 7,273 8,270 9,573 P/E (x) Div Yield (%) Indocement Tunggal Prakarsa provides cement and readymix as well as the aggregates. The company s main plant is located in Java, especially in West Java area. BUY Company Update Share Price Sector Rp25,800 Rp23,225 Cement Price Target Rp25,800 (+11%) Stock Data Reuters Code INTP.JK Bloomberg Code INTP.IJ Issued Shares (m) 3,681 Mkt Cap (Rpbn) 85,957 Avg. Value Daily Wk range (Rp) / Major Shareholders Birchwood Omnia Limited, England 51.0% PT Mekar Perkasa 13.0% Public 36.0% Consensus EPS 14F 15F Consensus (Rp) 1,430 1,541 TRIM vs Cons. (%) 5.1% 6.0% Stock Price (Rp) 30,000 25,000 20,000 15,000 10,000 5,000 Volum e (RHS) Price (LHS) Feb14 Apr14 Jun14 Aug14 Oct14 Dec14 (mn) PT Trimegah Securities Tbk COMPANY FOCUS 9
10 Figure 1. Changes in forecast and assumptions Old New Chg (%) Domestic sales vol. (mn tons) % 0.0% 0.0% ASP growth (%) 5.0% 4.2% 4.2% 5.0% 6.1% 0.0% nm nm nm Revenue (Rp bn) 20,838 23,392 27,444 20,838 21,506 24, % 8.1% 11.7% Gross profit (Rp bn) 9,564 10,734 12,751 9,564 9,330 11, % 13.1% 13.0% Op.income (Rp bn) 6,771 7,600 9,074 6,771 6,345 7, % 16.5% 14.5% Net income (Rp bn) 5,534 6,191 7,414 5,534 5,333 6, % 13.9% 13.7% Margins (%) Gross margin (%) 45.9% 45.9% 46.5% 45.9% 43.4% 45.8% 0.0% 2.5% 0.7% Op. margin (%) 32.5% 32.5% 33.1% 32.5% 29.5% 32.0% 0.0% 3.0% 1.1% Net margin (%) 26.6% 26.5% 27.0% 26.6% 24.8% 26.4% 0.0% 1.7% 0.6% Growth (% YoY) Revenue (% YoY) 11.5% 12.3% 17.3% 11.5% 3.2% 12.7% 0.0% 9.1% 4.6% Gross profit (% YoY) 10.5% 12.2% 18.8% 10.5% 2.4% 18.9% 0.0% 14.7% 0.1% Op.income (% YoY) 13.3% 12.2% 19.4% 13.3% 6.3% 22.3% 0.0% 18.5% 2.9% Net income (% YoY) 10.4% 11.9% 19.8% 10.4% 3.6% 19.9% 0.0% 15.5% 0.2% Figure 2. Margins 55% 50% 45% 40% 35% 30% 25% 20% 15% 41.1% 31.3% 25.2% 17.8% Gross margin Operating margin EBITDA margin Net margin 49.7% 48.3% 47.8% 46.3% 46.3% 45.9% 40.3% 41.7% 34.9% 36.1% 29.0% 26.0% 36.7% 38.3% 36.3% 36.7% 31.9% 33.8% 32.0% 32.5% 25.9% 27.5% 26.8% 26.6% 45.8% 43.4% 36.6% 34.0% 32.0% 29.5% 26.4% 24.8% PT Trimegah Securities Tbk COMPANY FOCUS 10
11 Figure 3. Production capacity Installed cap.by YE (mn tons) Figure 4. Sales volume and rate of sales vol. to capacity Sales volume (mn tons) Sales Vol. to capacity (%) % 69.3% 69.4% 83.2% 96.7% 97.8% 90.8% 78.5% 87.1% 120% 100% 80% 60% 40% 5 20% % Figure 5. Domestic sales volume (in mn tons) Dec14 Nov14 Oct14 Sep14 Aug14 Jul14 Jun14 May14 Apr14 Mar14 Feb14 Jan14 Dec13 Nov13 Oct13 Sep13 Aug13 Jul13 Jun13 May13 Apr13 Mar13 Feb13 Jan13 Source: ASI (cement association) PT Trimegah Securities Tbk COMPANY FOCUS 11
12 Valuation We use DCF valuation with 12.4% WACC and 3.0% longterm growth to arrive at our new price target of Rp25,800 (old: Rp29.700). Our new target price is equivalent to 17.8x, while INTP is traded at 16.0x PE, lower than its +STDEV at 19.2x (avg. forward PE: 15.2x). Our price target has 11% up side, we reiterate our Buy recommendation on INTP. Figure 6. Valuation WACC % 12.4% Long term growth % 3.0% NPV Rp bn 79,306 Cash 2015 Rp bn 15,670 Debt 2015 Rp bn 180 Net Debt Rp bn (15,490) Equity value Rp bn 94,795 Outstanding shares bn sh 3.7 Eq. value per sh Rp/sh 25,751 Target price Rp/sh 25,800 Current price Rp/sh 23,250 Potential upside/(downside) % 11.0% Recommendation Buy Figure 7. INTP average PE stands at 15.2x and +STDEV at 19.2x x x x Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Source: Bloomberg, TRIM Research PT Trimegah Securities Tbk COMPANY FOCUS 12
13 Figure 8. ForwardPE Band 35,000 30,000 25,000 20,000 15,000 10,000 5, x 16.0x 12.0x 8.0x 4.0x Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Source: Bloomberg, TRIM Research PT Trimegah Securities Tbk COMPANY FOCUS 13
14 Income Statement (Rpbn) Year end Dec F 2015F 2016F Revenue 17,290 18,691 20,838 21,506 24,246 Revenue Growth (%) Gross Profit 8,270 8,655 9,564 9,330 11,096 Opr. Profit 5,845 5,975 6,771 6,345 7,760 EBITDA 6,619 6,784 7,646 7,318 8,879 EBITDA Growth (%) (4.3) 21.3 Net Int Inc/(Exp) Gain/(loss) Forex Other Inc/(Exp) Pretax Profit 6,240 6,595 7,379 7,110 8,527 Tax (1,476) (1,583) (1,845) (1,778) (2,132) Minority Int Extra. Items Reported Net Profit 4,763 5,012 5,534 5,333 6,395 Core Net Profit 4,763 5,012 5,534 5,333 6,395 growth (%) (3.6) 19.9 Dividend per share growth (%) (9.3) 10.4 (3.6) Dividend payout ratio Balance Sheet (Rpbn) Year end Dec F 2015F 2016F Cash and eq. 10,474 12,595 14,183 15,670 17,254 Other curr asset 4,105 4,251 5,948 6,224 6,930 Net fixed asset 7,935 9,305 10,443 12,471 15,351 Other asset Total asset 22,755 26,607 31,031 34,883 40,123 ST debt Other curr liab 2,367 2,673 3,220 3,405 3,734 LT debt Other LT Liab 2,367 2,673 3,220 3,405 3,734 Minority interest Total Liabilities 4,894 5,506 6,610 6,990 7,659 Shareholders Eq. 19,388 22,947 26,772 30,444 35,240 Net (debt)/ cash (10,314) (12,435) (14,013) (15,490) (17,064) Total cap emplyd 19,548 23,107 26,942 30,625 35,430 Net Working cap. 12,161 14,106 16,840 18,413 20,369 Debt Cash Flow (Rpbn) Key Ratio Analysis Year end Dec F 2015F 2016F Year end Dec F 2015F 2016F Core Net Profit 4,763 5,012 5,534 5,333 6,395 Depr / Amort ,119 Chg in Working Cap 179 (105) 106 (40) 187 Others (1,214) (112) (510) CF's from oprs 5,803 5,789 5,300 6,153 7,192 Capex (1,071) (2,179) (2,013) (3,000) (4,000) Others (8) (13) 0 (9) (10) CF's from investing (1,079) (2,192) (2,013) (3,009) (4,010) Net change in debt (32) (22) Others (1,082) (1,454) (1,709) (1,660) (1,600) CF's from financing (1,114) (1,476) (1,699) (1,658) (1,598) Net cash flow 3,610 2,121 1,588 1,486 1,584 Cash at BoY 6,865 10,474 12,595 14,183 15,670 Cash at EoY 10,474 12,595 14,183 15,670 17,254 Free Cashflow 4,732 3,610 3,288 3,153 3,192 Profitability Gross Margin (%) Opr Margin (%) EBITDA Margin (%) Core Net Margin (%) ROAE (%) ROAA (%) Stability Current ratio (x) Net Debt to Equity (x) (0.5) (0.5) (0.5) (0.5) (0.5) Net Debt to EBITDA (1.6) (1.8) (1.8) (2.1) (1.9) (x) Interest Coverage (x) Efficiency A/P (days) A/R (days) Inventory (days) Interim Result (Rpbn) 3Q13 4Q13 1Q14 2Q14 3Q14 Capital History Date Revenues 4,430 5,343 4,500 4,999 4,668 Gross Profit 2,045 2,385 1,969 2,235 2,144 Opr. Profit 1,391 1,628 1,240 1,461 1,358 Net profit 1,187 1,403 1,131 1,379 1,206 Gross Margins (%) Opr Margins (%) Net Margins (%) Dec89 IPO@Rp10,000 PT Trimegah Securities Tbk COMPANY FOCUS 14
15 PT Trimegah Securities Tbk Gedung Artha Graha 18 th Floor Jl. Jend. Sudirman Kav Jakarta 12190, Indonesia t f DISCLAIMER This report has been prepared by PT Trimegah Securities Tbk on behalf of itself and its affiliated companies and is provided for information purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has been produced independently and the forecasts, opinions and expectations contained herein are entirely those of Trimegah Securities. While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication, Trimegah Securities makes no representation as to its accuracy or completeness and it should not be relied upon as such. This report is provided solely for the information of clients of Trimegah Securities who are expected to make their own investment decisions without reliance on this report. Neither Trimegah Securities nor any officer or employee of Trimegah Securities accept any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. Trimegah Securities and/or persons connected with it may have acted upon or used the information herein contained, or the research or analysis on which it is based, before publication. Trimegah Securities may in future participate in an offering of the company s equity securities.
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