Equity SNAPSHOT Friday, May 04, 2018
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- Griffin Morris
- 5 years ago
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1 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 profits of IDR7.4tn in 1Q18. BBRI s loans portfolio will continue to grow, underpinned by the government s KUR program and salary-based loans. In our estimate, BBRI s KUR loans will grow by a brisk 39.5% in 2018, increasing its contribution to the bank s total loans book to 10.3% by the end of the year from 8.4% in March We also expect a lower credit cost of 223bps and a flat gross NPLs ratio of 2.2% by year-end. BBRI remains one of our top picks in our banking universe. To see the full version of this report, please click here Gudang Garam: Heading in the right direction (GGRM IJ. IDR 68,975. BUY. TP IDR 80,800) GGRM booked solid FY17 sales volume growth of 2% yoy with improved market share of 21.4%. Riding on the trend for SKM Full Flavor cigarettes, we believe GGRM will continue to benefit from this trend in the future, supporting 6.8% yoy earnings growth this year. Upgrade to BUY with a TP of IDR80,800. To see the full version of this report, please click here HM Sampoerna: Buying opportunity following the correction (HMSP IJ. IDR 3,300. BUY. TP IDR 3,800) HMSP reported higher market share amidst declining industry sales volume, thanks to the successful launch of new products last year. As the share price has tanked 30% ytd, we see this as an opportunity to buy the stock given its attractive valuation (trading below its - 2SD avg 2-y PE). Upgrade to BUY. To see the full version of this report, please click here Poultry: Apr-18: DOC and Broiler ASP continue to pick up (Neutral) DOC and broiler ASP continued to trend higher in Apr-18, while local corn ASP were relatively stable. Going forward, companies should be better placed to hedge corn prices by building more silos. Risks have heightened, however, from the significant increases in global soybean meal ASP and the volatile USD/IDR exchange rate in 1Q18, even though the impact may be lagging. Nonetheless, all the poultry companies under our coverage posted higher-than-expected 1Q18 net profits due to better-than-expected margins. To see the full version of this report, please click here MARKET NEWS Macroeconomy Government: Public private partnership declined in 2018 Corporate Erajaya Swasembada: to receive IDR 305.7bn from its NPRI KEY INDEX Close Chg Ytd Vol (%) (%) (US$ m) Asean - 5 Indonesia 5,859 (2.6) (7.8) 475 Thailand 1,791 (0.0) 2.1 1,865 Philippines 7,535 (2.6) (12.0) 130 Malaysia 1,852 (0.0) Singapore 3,576 (1.1) 5.1 1,151 Regional China 3, (6.2) 34,281 Hong Kong 30,313 (1.3) ,946 Japan 22,473 (0.2) (1.3) 12,363 Korea 2,487 (0.7) ,882 Taiwan 10,514 (1.0) (1.2) 4,150 India 35,103 (0.2) NASDAQ 7,088 (0.2) ,468 Dow Jones 23, (3.2) 10,810 CURRENCY AND INTEREST RATE Rate w-w m-m ytd (%) (%) (%) Rupiah Rp/1US$ 13,939 (0.3) (1.3) (2.8) SBI rate % y Gov Indo bond Unit HARD COMMODITY Price d-d m-m ytd (%) (%) (%) Coal US$/ton 100 (0.9) 8.8 (0.7) Gold US$/toz 1, (1.5) 0.8 Nickel US$/mt.ton 13,725 (1.5) Tin US$/mt.ton 21, Unit SOFT COMMODITY Price d-d m-m ytd (%) (%) (%) Cocoa US$/mt.ton 2,753 (1.7) Corn US$/mt.ton Oil (WTI) US$/barrel Oil (Brent) US$/barrel Palm oil MYR/mt.ton 2, (2.6) (0.8) Rubber USd/kg (3.1) Pulp US$/tonne 1,132 N/A Coffee US$/60kgbag (7.1) Sugar US$/MT 324 (0.1) (8.8) (18.0) Wheat US$/ton Soy Oil US$/lb (5.4) (7.6) Soy Bean US$/by 1, Source: Bloomberg Danareksa Sekuritas
2 Equity Research Company Update Friday, 04 May 2018 BUY Maintain Last price (IDR) 3,230 Target Price (IDR) 4,350 Upside/Downside +34.7% Previous Target Price (IDR) 4,350 Stock Statistics Sector Bloomberg Ticker Banking BBRI IJ No of Shrs (mn) 123,346 Mkt. Cap (IDRbn/USDmn) 398,407/28,564 Avg. daily T/O (IDRbn/USDmn) 381.2/27.3 Major shareholders (%) Government of Indonesia 56.8 Estimated free float 43.2 EPS Consensus (IDR) 2018F 2019F 2020F Danareksa Consensus Danareksa/Cons (0.6) BBRI relative to JCI Index Bank Rakyat Indonesia (BBRI IJ) A Retail-driven Bank We maintain our BUY call on BBRI with an unchanged TP of IDR4,350 after the company announced net profits of IDR7.4tn in 1Q18. BBRI s loans portfolio will continue to grow, underpinned by the government s KUR program and salary-based loans. In our estimate, BBRI s KUR loans will grow by a brisk 39.5% in 2018, increasing its contribution to the bank s total loans book to 10.3% by the end of the year from 8.4% in March We also expect a lower credit cost of 223bps and a flat gross NPLs ratio of 2.2% by year-end. BBRI remains one of our top picks in our banking universe. 1Q18 highlights. The IDR7.4tn of 1Q18 net profits which are inline with our expectation came on the back of 6.5% yoy opex growth and a 288bps credit cost. Loans grew by 11.2% yoy supported by +16.2% and +16.5% yoy growth in the micro and consumer lending segments, respectively. The bank s IDR1.2tn of write-offs were mostly in the retail commercial and corporate segments. The NIM fell to 7.5%. This reflects the tight competition faced by the BRIGuna product (salary-based loans) in addition to the bank s higher exposure to the KUR program. KUR is still the main growth driver. We expect the government s KUR program to benefit BBRI over the long term. This is because the KUR program will provide BBRI with good quality borrowers for its regular micro loans product. Note that the ticket size of KUR micro is limited to only IDR25mn. Thus, if a borrower needs a larger loan, BBRI can offer its Kupedes product. With its KUR loans expected to grow 39.5% in 2018, they will account for 10.3% of the bank s loans mix by the end of the year. Manageable assets quality. The bank s significant exposure to micro lending at 34.7% of the bank s total loans book as of March 2018 should translate into stable assets quality in our view. Additionally, the government s KUR program is guaranteed by two SOE insurance companies (Askrindo and Jamkrindo). Given this, assuming a gross NPLs ratio of 2.2% and a lower credit cost of 222bps, the loans loss coverage (LLC) ratio should reach 184.4% by the end of the year according to our model. Maintain BUY with a TP of IDR4,350. We maintain our GGM-derived TP at IDR4,350 (implying 2.8x 2018F P/BV) assuming a 19.5% ROAE, a 8.8% CoE assumption and a 3% long-term growth assumption. BBRI remains as one of our top picks in our banking universe. Source : Bloomberg Eka Savitri (62-21) ext 3506 eka.savitri@danareksa.co.id Key Financials Year to 31 Dec 2016A 2017A 2018F 2019F 2020F PPOP (IDRbn) 47,755 54,040 59,910 66,172 75,167 Net profit (IDRbn) 26,196 28,997 32,924 38,684 45,767 EPS (IDR) EPS growth (%) BVPS (IDR) 1, , , , ,989.0 PER (x) PBV (x) Dividend yield (%) ROAE (%) Source : BBRI, Danareksa Estimates See important disclosure at the back of this report 1
3 Equity Research Company Update Friday,04 May 2018 BUY Upgrade Last price (IDR) 68,975 Target Price (IDR) 80,800 Upside/Downside +17.1% Previous Target Price (IDR) 83,800 Stock Statistics Sector Bloomberg Ticker CIGARETTE GGRM IJ No of Shrs (mn) 1,924 Mkt. Cap (IDRbn/USDmn) 132,714/9,521 Avg. daily T/O (IDRbn/USDmn) 65.3/4.7 Major shareholders (%) SURYADUTA INVESTAMA 69.3 SURYAMITRA KUSUMA 6.3 Estimated free float 23.8 EPS Consensus (IDR) 2018F 2019F 2020F Danareksa 4, , ,180.2 Consensus 4, , ,373.1 Danareksa/Cons (1.2) (2.8) (3.6) GGRM relative to JCI Index Gudang Garam (GGRM IJ) Heading in the right direction GGRM booked solid FY17 sales volume growth of 2% yoy with improved market share of 21.4%. Riding on the trend for SKM Full Flavor cigarettes, we believe GGRM will continue to benefit from this trend in the future, supporting 6.8% yoy earnings growth this year. Upgrade to BUY with a TP of IDR80,800. FY17 sales volume +2% yoy with improved market share. GGRM reported FY17 sales volume of 78.6bn sticks (+2% yoy) with improved market share of 21.4% (FY16: 20.8%). By category, SKM Full Flavor booked the highest growth of 5.1% yoy while SKT booked lower volume growth of 1.9% yoy. The sales volume of SKM Low Tar Low Nicotine (LTLN) cigarettes declined by 15.2% yoy. In terms of product contribution, SKM accounted for the bulk of sales volume (89%) with the remaining 11% coming from SKT. FY18 earnings estimated to grow by 6.8% yoy. We expect GGRM to post sales volume growth of 1.8% yoy in FY18 with 7.2% yoy higher blended ASP, supporting a FY18 top line of IDR 90.8tn. Nonetheless, soft demand in 1H18 may restrict the company from pushing up ASP further, in our view, resulting in a slightly lower expected gross margin of 21.4% this year. With opex to revenues maintained at 8.4%, we estimate FY18 net profits of IDR8.3tn, +6.8% yoy. Post the 1Q18 results announcement, we tweak our FY18 earnings estimate by -2.3%. Major overhang: the airport. No disclosure has been provided by the company regarding the plan to develop a new airport in Kediri East Java. Based on the statements of government officials, the airport development will require a total investment of IDR5tn. Covering 457ha of land (GGRM bought 268ha from its affiliate in December 2017), the airport will have a 3,000m runway. Commercial operation of the airport is expected to start in Upgrade to BUY with a TP of IDR80,800. At the current share price, GGRM is trading at FY18F PE of 16x, below the average of 2-year PE of 17.2x. The share price is down by 17.7% ytd and has underperformed the JCI by 9.9%. We believe the solid sales performance of its mature brands will sustain its earnings ahead, especially as purchasing power is expected to improve. Taking into account our new forecast, our new TP is IDR80,800 (FY18F PE of 18.8x) based on DCF valuation (WACC 11.1%, Terminal Growth 4%). Upgrade to BUY. Source : Bloomberg x Natalia Sutanto (62-21) ext.3508 natalia.sutanto@danareksa.com Key Financials Year to 31 Dec 2016A 2017A 2018F 2019F 2020F Revenue (IDRbn) 76,274 83,306 90,842 99, ,880 EBITDA (IDRbn) 12,058 13,363 13,999 14,848 15,849 EBITDA Growth (%) Net profit (IDRbn) 6,677 7,754 8,282 9,133 9,967 EPS (IDR) 3, , , , ,180.2 EPS growth (%) BVPS (IDR) 20, , , , ,436.8 DPS (IDR) 2, , , , ,352.9 PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : GGRM, Danareksa Estimates See important disclosure at the back of this report 1
4 Equity Research Company Update Friday,04 May 2018 BUY Upgrade Last price (IDR) 3,300 Target Price (IDR) 3,800 Upside/Downside +15.1% Previous Target Price (IDR) 4,400 Stock Statistics Sector Bloomberg Ticker CIGARETTE HMSP IJ No of Shrs (mn) 116,318 Mkt. Cap (IDRbn/USDmn) 402,461/28,854 Avg. daily T/O (IDRbn/USDmn) 86.6/6.2 Major shareholders (%) PHILIP MORRIS INDONESIA 92.5 VONTOBEL HOLDING AG 0.4 Estimated free float 7.5 EPS Consensus (IDR) 2018F 2019F 2020F Danareksa Consensus Danareksa/Cons (4.4) (3.8) (3.2) HMSP relative to JCI Index Source : Bloomberg HM Sampoerna (HMSP IJ) Buying opportunity following the correction HMSP reported higher market share amidst declining industry sales volume, thanks to the successful launch of new products last year. As the share price has tanked 30% ytd, we see this as an opportunity to buy the stock given its attractive valuation (trading below its - 2SD avg 2-y PE). Upgrade to BUY. 1Q18 industry sales volume down 2.3% yoy. Total cigarette industry sales volume in Indonesia fell further by 2.3% yoy in 1Q18 (FY17: -2.6% yoy). By category, the sales volume of SPM (white cigarettes no cloves) and SKT (handrolled cigarettes) declined the most by 12.8% and 7.1% yoy, respectively. By comparison, the sales volume of SKM (machine-made cigarettes) declined less sharply by 0.5% yoy, supported by the strong performance of SKM High Tar (37.3% market share vs. 34.9% in FY17). HMSP s market share rose to 33.2% in 1Q18. In 1Q18, the sales volume of HMSP declined by 1.8% yoy to IDR22.9bn sticks. Nonetheless, thanks to the strong performance of its SKM High Tar (4.8% market share vs. 3.9% in FY17), its market share improved to 33.2% (FY17: 33%). This year, its two new products launched last year have continued to gain market share: Marlboro Filter Black s 1Q18 market share rose to 2.6% (FY17: 2%) - helping the Marlboro Family to achieve 5.7% market share (FY17: 5.2%), while Magnum Mild s market share improved to 4% (FY17: 3%). We revise down our FY18 earnings estimate for HMSP by 7%. In 2018, we estimate -2% sales volume growth (FY17: -3.9%) with 8.6% blended ASP growth (FY17: 8.1%) to result in a top line of IDR105.2tn. With new products expected to be the catalyst for volume growth, we forecast a lower gross margin for Coupled with higher opex to promote the new products, the FY18 bottom line is expected to grow by 4% to IDR13.2tn (a downward revision of 7.1%). Upgrade to BUY with a TP of IDR3,800. In 2019, HMSP should also benefit from new government regulations that will combine the total production of SKM and SPM for the volume threshold of excise tax, paving the way for the better performance of Marlboro. The expectation of stronger demand arising from the impact of the presidential elections should also bode well for HMSP, we believe. As a consumer sector proxy, we see the sharp correction in the share price (- 30% ytd) as a good opportunity to buy the stock. With our new forecast, we upgrade our call to BUY with a lower TP of IDR3,800 based on the median value of the DCF valuation (WACC 9%, TG 4%) and +1SD average 2-year PE of 38.6x. x Natalia Sutanto (62-21) ext.3508 natalia.sutanto@danareksa.com Key Financials Year to 31 Dec 2016A 2017A 2018F 2019F 2020F Revenue (IDRbn) 95,467 99, , , ,904 EBITDA (IDRbn) 16,745 16,976 17,569 19,142 21,133 EBITDA Growth (%) Net profit (IDRbn) 12,762 12,671 13,173 14,359 15,663 EPS (IDR) EPS growth (%) 23.1 (0.7) BVPS (IDR) DPS (IDR) PER (x) PBV (x) Dividend yield (%) EV/EBITDA (x) Source : HMSP, Danareksa Estimates See important disclosure at the back of this report 1
5 Equity Research Poultry Friday, 04 May 2018 NEUTRAL CPIN relative to JCI Index xxxx JPFA relative to JCI Index xxxx Source : Bloomberg Poultry Apr-18: DOC and Broiler ASP continue to pick up DOC and broiler ASP continued to trend higher in Apr-18, while local corn ASP were relatively stable. Going forward, companies should be better placed to hedge corn prices by building more silos. Risks have heightened, however, from the significant increases in global soybean meal ASP and the volatile USD/IDR exchange rate in 1Q18, even though the impact may be lagging. Nonetheless, all the poultry companies under our coverage posted higherthan-expected 1Q18 net profits due to better-than-expected margins. DOC and broiler ASP continued to pick up in Apr-18. JPFA s latest survey in West Java signaled a continued improvement in both DOC and broiler ASP which rose to IDR5,107/kg (+3% mom and +27.9% yoy) and IDR20,058/kg (+5.0% mom and +17.5% yoy). In 4M18, DOC and broiler ASP reached IDR4,831/kg (+24.8% yoy) and IDR19,321/kg (+23.0% yoy) on average compared to only IDR3,926/kg and IDR15,472/kg in 4M17. We believe that: 1) five recent culling programs in 2017 helped to bolster ASP in early 2018 and 2) the trend for DOC and broiler ASP in the Indonesian market will start to stabilize in the coming quarters, in-line with the government s commitment to determining a broiler reference price at around IDR18,000/kg. Higher global soybean meal ASP and USD/IDR strength in 1Q18. On a negative note, the global soybean meal ASP, based on U.S. Department of Agriculture data, rose significantly to USD/MT, +12.0% yoy and +16.7% qoq. Coupled with the fact that the USD/IDR exchange rate trended up in 1Q18 on the back of foreign net outflows resulting from higher US Treasury yields, there may be a lagging impact on COGS in the coming quarters. Note that soybean meal accounts for around 30-35% of the COGS of CPIN, JPFA, and MAIN. Thus, based on our sensitivity analysis, for every 5% increase in global soybean meal ASP, the net profits of CPIN, JPFA, and MAIN would decline by 7.5%, 11.8%, and 15.5%, respectively. Furthermore, for every 5% IDR depreciation, the net profits of CPIN, JPFA, and MAIN would fall by 7.7%, 14.2%, and 11.6%. x Adeline Solaiman (62-21) ext.3503 adeline.solaiman@danareksa.com Local corn ASP have been relatively stable and companies have greater hedging ability. Domestic corn ASP, based on our channel checks with poultry companies, have been fairly stable in early 2018, helped as well by the harvesting season in 1Q18. Note that CPIN, JPFA, and MAIN have continued to improve their internal infrastructure by building more silos, as already included in their capex targets. As such, domestic corn ASP should remain stable in 2Q18, in our view. Maintain NEUTRAL. Post the 1Q18 results, all the poultry companies under our coverage (CPIN, JPFA, and MAIN) booked higher-than-expected net profits in 1Q18, as profitability improved in the animal feeds, DOC, and broiler divisions. We have revised up our net profit forecasts for FY18-19F. Our top pick in the sector is JPFA for its enticing valuation. The risks to our call include volatility in 1) DOC prices, 2) broiler prices, 3) global soybean meal prices, 4) local corn ASP, and 5) the USD/IDR exchange rate. Meanwhile, a prolonged pick-up in DOC and broiler ASP could prompt the government to take drastic measures, such as increasing broiler import quotas to keep broiler ASP within the range of the reference price, we believe. Target Market Price Cap. P/E (x) P/BV (x) ROE (%) Company Ticker Rec (Rp) (RpBn) 2018F 2019F 2018F 2019F 2019F Charoen Pokphand CPIN IJ HOLD 4,000 45, Indonesia Japfa Comfeed Indonesia JPFA IJ BUY 1,850 17, Malindo Feedmill Indonesia MAIN IJ HOLD 860 1,712.6 See important 14.8 disclosure 12.9 at the back 1.0 of this report
6 MARKET NEWS Macroeconomics Government: Public private partnerships declined in 2018 According to a report on public private partnerships (PPP) by the Indonesian Ministry of National Development Planning (Bappenas), the number of infrastructure projects developed under the PPP scheme only reached 14 projects in 2018, while in the previous year there were 22 projects. This decline reflects the greater selectiveness of the government in choosing projects. In 2017, the projects were quite general in nature which led to disappointing results. From the 22 projects, only one was successfully tendered. (Kontan) Corporate Erajaya Swasembada: to receive IDR 305.7bn from its NPRI Erajaya Swasembada (ERAA) will receive IDR305.7bn from its NPRI, selling 290mn new shares at IDR1,054/each. The price is far below ERAA s stock price of IDR1,795/share as of Thursday, May 3rd (Kontan) Analyst comment: Exhibit 1. ERAA s NPRI scenario ERAA 2018 Forecast (in IDRbn) Pre Non Preemptive Rights Issue Post Non Preemptive Rights Issue Net Income Net margin (%) 1.7% 1.7% Share Outstanding (bn shares) 2,900 3,190 EPS (IDR) EPS Dilution -9.1% Source: Company, Danareksa Sekuritas estimates *Rights Issue Assumption Raise IDR305.7bn or 290mn new shares used for strategic expansion ** Our Rights Price assumption is IDR1,054/share (39% discount to TERP of IDR1,728) Exhibit 2. ERAA s NPRI calculation Non Preemptive Rights Issue Calculation Estimated NPRI Proceeds (in IDRbn) ERAA share price as of 03 May , % discount to current price 1,054 Estimated New Shares Issued (mn shares) 290 TERP (IDR) 1,728 Source: Company, Danareksa Sekuritas estimate (Adeline Solaiman) Danareksa Sekuritas
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 3,714, , , % 11.9% Auto 294,518 18,881 20, % 8.4% Astra International BUY 7,275 9, ,518 18,881 20, % 8.4% Banks 1,461,133 90, , % 14.0% BCA HOLD 22,300 22, ,807 23,620 27, , , % 14.6% N/A N/A BNI BUY 7,725 10, ,061 13,616 15, % 15.6% N/A N/A BRI BUY 3,150 4, ,539 29,044 31, % 8.9% N/A N/A Bank Tabungan Negara BUY 2,920 4,200 30,923 3,135 3, % 16.7% N/A N/A Bank Mandiri HOLD 6,850 8, ,667 20,640 24, % 18.7% N/A N/A BTPN BUY 3,010 3,900 17,579 1,273 1, % 27.8% N/A N/A BPD Jatim BUY ,558 1,282 1, % 3.0% N/A N/A Cement 153,161 4,000 4, % 4.9% Indocement SELL 17,075 14,700 62,857 1,887 1, % 2.7% Semen Indonesia SELL 9,000 8,600 53,384 1,945 2, % 8.4% Semen Baturaja SELL 3, , % -11.0% Cigarettes 516,564 20,595 22, % 10.7% Gudang Garam BUY 68,975 83, ,714 7,498 8,487 3,897 4,411 3,897 4, % 13.2% HM Sampoerna HOLD 3,300 4, ,850 13,097 14, % 9.2% Construction 104,616 8,554 10, % 21.0% Wijaya Karya BUY 1,460 2,100 13,096 1,225 1, % 45.5% Pembangunan Perumahan BUY 2,220 4,000 13,764 1,295 1, % 21.2% Adhi Karya BUY 1,820 2,800 6, % 37.3% Waskita Karya BUY 1,980 3,000 26,876 2,383 3, % 27.4% Waskita Beton BUY ,017 1,104 1, % 19.5% Wika Beton BUY , % 20.2% Jasa Marga BUY 4,180 7,800 30,338 1,747 1, % -8.1% Consumer 570,998 16,992 19, % 12.0% Indofood CBP BUY 8,200 9,700 95,628 3,894 4, % 10.3% Indofood BUY 6,725 9,100 59,048 4,381 4, % 10.6% Unilever HOLD 45,200 52, ,876 7,324 8, , , % 13.7% Kino Indonesia HOLD 2,120 2,100 3, % 25.8% Mayora Indah HOLD 3,060 1,960 68,418 1,277 1, % 10.4% Healthcare 79,398 2,700 2, % 11.5% Kalbe Farma HOLD 1,445 1,700 67,735 2,411 2, % 10.3% Kimia Farma SELL 2,100 1,910 11, % 12.7% Heavy Equipment 124,960 7,463 8,439 2,001 2, % 13.1% United Tractors BUY 33,500 38, ,960 7,463 8,439 2,001 2,262 2,001 2, % 13.1% Industrial Estate 12,100 2,352 1, % -49.5% Puradelta Lestari BUY , % 1.8% Bekasi Fajar BUY , % 11.3% Surya Semesta HOLD ,353 1,131 (103) 240 (22) (119) (32) % % 2.1 (22.9) (2.8) Media 52,260 2,965 3, % 13.5% Media Nusantara Citra BUY 2,300 2,800 33,630 1,491 1, % 7.6% Surya Citra Media BUY 1,305 1,750 18,630 1,474 1, % 19.5% Mining 182,595 14,754 17, % 15.5% Adaro Energy BUY 1,680 2,800 53,736 6,283 7, % 17.4% Timah BUY 950 1,100 7, % 3.0% Vale Indonesia HOLD 3,200 3,100 31,796 (74) 233 (7) 23 (7) % % (429.3) (0.3) 1.0 Aneka Tambang HOLD ,186 (264) (68) (11) (3) (11) (3) % -74.4% (76.5) (298.6) (1.4) (0.4) Bukit Asam BUY 3,280 3,600 37,788 4,476 4, % 3.3% Indo Tambangraya Megah HOLD 22,350 33,200 25,254 3,384 3,903 2,995 3,455 3,232 3, % 15.3% Harum Energy HOLD 2,500 2,200 6, % 2.1% Plantation 35,569 3,010 2, % -0.8% Astra Agro Lestari HOLD 12,025 14,800 23,144 1,908 1, % -3.0% Sampoerna Agro SELL 2,350 2,240 4, % 6.4% PP London Sumatra BUY 1,170 1,700 7, % 1.7% Poultry 80,936 4,078 5, % 29.8% Charoen Pokphand HOLD 3,720 3,100 61,001 2,576 3, % 32.2% Japfa Comfeed BUY 1,600 1,650 18,257 1,463 1, % 23.8% Malindo Feedmill HOLD , % 91.5% Property 97,214 8,450 8, % -0.2% Alam Sutera HOLD ,231 1,379 1, % 4.1% Bumi Serpong Damai BUY 1,605 2,000 30,891 3,909 2, % -29.5% Ciputra Development BUY 1,000 1,350 18, , % 58.8% Pakuw on Jati HOLD ,692 1,937 2, % 24.0% Summarecon BUY 890 1,100 12, % 28.3% Retail 79,693 3,402 3, % 12.4% Mitra Adi Perkasa BUY 8,150 8,100 13, % 46.8% Ramayana HOLD 1,410 1,400 10, % 4.9% Matahari Department Store BUY 9,375 12,500 27,355 1,928 2, % 5.3% Matahari Putra Prima SELL , % 2.7% Ace Hardw are BUY 1,275 1,450 21, % 9.3% Erajaya Sw asembada BUY 1,795 1,100 5, % 11.8% Danareksa Sekuritas
8 COVERAGE PERFORMANCE LEADERS Price as on Code 03-May May-18 Chg, % w-w, % m-m, % YTD, % Rating Kino Indonesia KINO 2,120 2, HOLD Erajaya Swasembada ERAA 1,795 1, BUY United Tractors UNTR 33,500 33, (9.0) 4.7 (5.4) BUY Bank Tabungan Pensiunan Nasional BTPN 3,010 3, (5.3) 22.4 BUY Mayora Indah MYOR 3,060 3, HOLD Alam Sutera ASRI (1.1) (3.7) 3.4 HOLD Sampoerna Agro SGRO 2,350 2,350 - (4.1) (3.7) (8.6) SELL Mitra Adi Perkasa MAPI 8,150 8,225 (0.9) BUY Astra International ASII 7,275 7,375 (1.4) 1.7 (4.0) (12.3) BUY Gudang Garam GGRM 68,975 69,950 (1.4) (2.6) (4.2) (17.7) BUY Sources: Bloomberg LAGGARDS Price as on Code 03-May May-18 Chg, % w-w, % m-m, % YTD, % Rating Surya Citra Media SCMA 2,300 2,490 (7.6) (12.5) (14.2) (7.3) BUY Indo Tambangraya Megah ITMG 22,350 24,100 (7.3) (12.2) (15.0) 8.0 HOLD Harum Energy HRUM 2,500 2,680 (6.7) (8.8) (4.6) 22.0 HOLD Wijaya Karya WIKA 1,460 1,560 (6.4) (11.0) (13.6) (5.8) BUY Matahari Department Store LPPF 9,375 10,000 (6.3) (10.3) (14.6) (6.3) BUY Waskita Karya WSKT 1,980 2,110 (6.2) (17.2) (21.4) (10.4) BUY Bank Tabungan Negara BBTN 2,920 3,110 (6.1) (18.0) (16.8) (18.2) BUY Indofood CBP ICBP 8,200 8,700 (5.7) (7.9) BUY Puradelta Lestari DMAS (5.6) (15.2) (10.7) (11.7) BUY Pembangunan Perumahan PTPP 2,220 2,350 (5.5) (16.2) (16.9) (15.9) BUY Sources: Bloomberg Danareksa Sekuritas
9 PREVIOUS REPORTS Media: Apr-18: SCMA s audience share ranks #1 SnapShot Q2018 Results: ICBP: Solid 1Q18 revenues, higher gross margins, INDF: Still good value, KINO: Solid top line with a higher gross margin, MYOR: Growing export revenues, PTPP: In-line but performance expected to improve, WIKA: Lower earnings despite solid revenues growth, WTON: Margins compression dragged down the earnings, HRUM: Better coal prices sustained net profit, TINS: Sales volume to be ramped up, KLBF: Sluggish performance as expected, CPIN: ASP stability cushion better margins, JPFA: ASP stability boost solid performance, ACES: 1Q18 solid lifestyle and home improvement division, ERAA: Above expected 1Q18 volume increase, LPPF: Flattish net profits in 1Q18, MAPI: Above expected 1Q18 performance, RALS: Improving profitability SnapShot Gudang Garam: Solid revenues but margins squeezed, Adhi Karya: Earnings boost from the LRT project, Jasa Marga: Solid earnings, Waskita Beton Precast: Higher earnings on the back of strong revenues, PP London Sumatra: Lower- Than-Expected 1Q18 Result, Malindo Feedmill Indonesia: Solid 1Q18 performance, Monetary Watch: Growing Uncertainty, April 2018 Inflation Outlook: Stable SnapShot Adaro Energy: Unfavorable weather hit the performance, Aneka Tambang: Strong prices and higher sales boosted profits, BPD Jatim: Modest growth, Pembangunan Perumahan: Change at the top SnapShot Vale Indonesia: Buoyant nickel prices boosted profits SnapShot Danareksa Sekuritas
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.3506 Banking Yudha Gautama Yudha.gautama@danareksa.com (62-21) ext.3509 Plantation Adeline Solaiman adeline.solaiman@danareksa.com (62-21) ext Media, Retail, Poultry 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 Giovan Sitepu giovanp@danareksa.com (62-21) ext Rendy Ben Philips rendy.philips@danareksa.com (62-21) ext Danareksa Sekuritas
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. Danareksa Sekuritas
Equity SNAPSHOT Friday, April 27, 2018
FROM EQUITY RESEARCH Adaro Energy: Unfavorable weather hit the performance (ADRO IJ. IDR 1,995. BUY. TP IDR 2,800) Adaro Energy (ADRO) reported net profits of USD74mn in 1Q18 (- 32.8% qoq, -23.4% yoy).
More informationEquity SNAPSHOT Wednesday, April 25, 2018
FROM EQUITY RESEARCH Astra International: Sturdy coal prices enhanced profit (ASII IJ. IDR 7,325. BUY. TP IDR 9,100) Astra International (ASII) reported net profit of IDR4.98tn in 1Q18 (+6.0% qoq, but
More informationEquity SNAPSHOT Wednesday, May 30, 2018
FROM EQUITY RESEARCH Surya Citra Media: Big jump in 1Q18 advertising revenues (SCMA IJ. IDR 2,360. BUY. TP IDR 3,100) SCMA s 1Q18 revenues and net profits are inline, both numbers reaching 22.6% of our
More informationEquity SNAPSHOT Tuesday, December 12, 2017
FROM EQUITY RESEARCH Bank Rakyat Indonesia: More KUR, No Problem (BBRI IJ. IDR 3,440. BUY. TP IDR 3,900) We reiterate our BUY call on BBRI with a higher TP of IDR3,900 as we believe that the government
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 Thursday, July 13, 2017
FROM EQUITY RESEARCH FLASH NOTES Retail Sector: Stay defensive, better outlook for mid-up retailers Bank Negara Indonesia: Maintaining momentum (BBNI IJ. IDR7,025. HOLD. TP IDR6,700) MARKET NEWS Macroeconomy
More informationEquity SNAPSHOT Monday, July 09, 2018
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, April 04, 2018
FROM EQUITY RESEARCH Ace Hardware Indonesia: Expecting solid performance ahead (ACES IJ. IDR 1,380. BUY. TP IDR 1,550) We maintain our BUY recommendation on ACES at TP IDR1,550. We slightly revised up
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, 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, December 06, 2017
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
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 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 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 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, 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 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 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 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 information2019F 2018F 2019F 2018F
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
More informationGudang Garam (GGRM IJ)
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
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 Thursday, November 01, 2018
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
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
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 informationMORNING HIGHLIGHT. Equity Research Friday, December 16, 2016
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
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 informationMAYORA INDAH (MYOR IJ)
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 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 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 informationWijaya Karya Beton(WTON IJ)
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
More informationMatahari Putra Prima (MPPA IJ)
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
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 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 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 informationIndofood Sukses Makmur(INDF IJ)
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 informationMORNING HIGHLIGHT. Equity Research Tuesday, November 22, 2016
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,
More informationKino Indonesia (KINO IJ)
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
More informationKimia Farma(KAEF IJ)
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
More informationPembangunan Perumahan (PTPP IJ)
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 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
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
More informationMayora Indah(MYOR IJ)
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
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 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
More informationKimia Farma(KAEF IJ)
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
More informationAstra International (ASII IJ)
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
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 informationBank Rakyat Indonesia(BBRI IJ)
Equity Research Company Update Tuesday,12 December 2017 BUY Maintain Last price (IDR) 3,440 Target Price (IDR) 3,900 Upside/Downside +13.4% Previous Target Price (IDR) 3,600 Stock Statistics Sector Bloomberg
More informationSelamat Sempurna (SMSM IJ; Buy) Early anticipation
Premier Insight 4 August 2017 Equity Indonesia Research Daily JCI Index Net buy (sell) in Rp bn 5,860 5,840 5,820 5,800 5,780 5,760 5,740 5,720 500 - (500) (1,000) (1,500) (2,000) JCI Index 6-Jul 7-Jul
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$mn 5.1 Last Recommendation
More informationBUY Target Price, Rp 4,350 Upside 11,9%
Friday, 9 May 214 BUY Target Price, Rp 4,350 Upside 11,9% SMSM IJ/SMSM.JK Last Price, Rp 3,885 No. of shares (bn) 1,439 Market Cap, Rp bn 5,591 (US$ mn) 484 3M T/O, US$mn 0.2 Last Recommendation 09Jan14
More informationKino Indonesia (KINO IJ)
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
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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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