Premier Insight. Equity Indonesia Research Daily. United Tractors (UNTR IJ; Buy) Strong results on all segments. 27 July 2018
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- Rolf Fowler
- 5 years ago
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1 Premier Insight 27 July 218 Equity Indonesia Research Daily JCI Index JCI Index 6, 8, 5,95 7, 5,9 6, 5,85 5,8 5, 5,75 4, 5,7 5,65 3, 5,6 2, 5,55 1, 5,5 5,45-27-Jun 28-Jun 29-Jun 2-Jul 3-Jul 4-Jul 5-Jul 6-Jul 9-Jul 1-Jul 11-Jul 12-Jul 13-Jul 16-Jul 17-Jul 18-Jul 19-Jul 2-Jul 23-Jul 24-Jul 25-Jul 26-Jul Foreign net buy (sell) Net buy (sell) in Rp bn - Key Indexes 11-Jul 12-Jul 13-Jul 16-Jul 17-Jul 18-Jul 19-Jul 2-Jul 23-Jul 24-Jul 25-Jul 26-Jul Index Closing 1 day 1 year YTD JCI 5,946.2% 2.2% -6.4% LQ % -3.4% -13.% DJI 25,527.4% 17.1% 3.3% SET 1,72.7% 7.6% -3.% HSI 28, % 6.1% -3.8% NKY 22, % 12.5% -.5% FTSE 7,663.1% 3.% -.3% FSSTI 3,329.1% -.8% -2.2% EIDO 24-1.% -11.% -16.4% Commodity price Commodities Last price Ret 1 day Ret 1 year (in USD) Oil/barrel (WTI) % 41.9% CPO/tonne % -16.2% Soy/bushel 8.4.1% -13.2% Rubber/kg 1.5.% -14.5% Nickel/tonne 13,677.7% 36.8% Tins/tonne 19,965.6% -2.6% Copper/tonne 6,267.1% -.5% Gold/try.oz (Spot) 1, % -2.9% Coal/tonne % 37.4% Corn/bushel 3.3.9% -4.9% Wheat/bushel (USd) % 11.5% Source : Bloomberg 15% 1% 5% % -5% -1% -15% % net buy/market turnover Rp bn United Tractors (UNTR IJ; Buy) Strong results on all segments Better than expected earnings in 2Q18 due forex gain and lower opex. All business segments posted revenue growth in 1H18. Potential upside from PAMA in 2H18 as rainfall decrease. We reiterate our Buy rating as the recent correction is unjustified. Good 2Q18 results due to forex gain and lower opex. UNTR recorded better than expected results in 2Q18 with earnings reached Rp2.95tn, up 17% qoq and 53% yoy, allowing net profit to reach Rp5.48tn in 1H18 (+6% yoy), accounting for 56% and 55% of consensus and our earnings forecasts for FY18F. These better than expected results were backed by lower than expected operating expenses and forex gain of Rp262bn in 1H18 (2Q18: Rp228bn). Operating profit margin of 19.1% in 1H18 came in above consensus forecast of 17.5% and our estimate of 18.3%. UNTR s top-line came in slightly above consensus (51%) and our (52%) forecasts, reaching Rp38.9tn in 1H18, increased 32% yoy. All business segments posted good results in 1H18. All business segments of UNTR posted strong growth in 1H18. Construction machinery division posted revenues growth of 24% with Komatsu sales volumes increased 37%, UD Trucks sales grew 51% and spare parts & services revenues increased 35% with only Scania sales volumes decreased slightly from 553 to 533 units. Mining contracting division (PAMA) recorded revenues growth of 32% yoy with coal mining volumes increased 8% and overburden (OB) removal up 23%. Additionally, coal mining division recorded revenue growth of 51% yoy in 1H18 while construction industry posted revenue growth of 62%. Potential upside from PAMA s better performance in 2H18. We expect PAMA performance in 2H18 would improve with higher OB removal and coal mining volumes as rainfall decreased since April 218 with the peak of dry season would occur on September 218, according to Indonesian Agency for Meteorology, Climatology and Geophysics (BMKG). Please note that PAMA s operational performance in 2H17 was higher than 1H17 (Fig. 2) despite rainfall remained high in 2H17. With forecasted lower rainfall in 2H18, PAMA could post better than expected operational performance in the period. Maintain Buy rating as the recent correction is not justified. At this stage, we maintain our Buy recommendation for UNTR with 2% upside to our DCFbased (WACC: 12.1%, TG: 3%) target price of Rp42,. We view that UNTR share price correction in the past several months is not justified as the company posted strong results in 1H18. Please note that with almost all subsidiaries functional currencies are US Dollar while UNTR reported its financial statement in Rupiah, the company is a beneficiary of appreciating US Dollar. UNTR is currently trades at annualized FY18F P/E of 11.8x, below 5-year mean of 13.5x. Year To 31 Dec 216A 217A 218F 219F 22F Revenue(RpBn) 45,539 64,559 75,125 85,517 95,218 EBITDA(RpBn) 4,387 7,849 1,989 12,627 14,94 EBITDA Growth (%) (18.6) Net Profit(RpBn) 5,2 7,43 1,44 11,296 12,371 EPS (Rp) 1,341 1,985 2,693 3,28 3,316 EPS Growth (%) Net Gearing (%) (43.) (34.) (37.5) (38.2) (38.5) PER (x) PBV (x) Dividend Yield (%) EV/EBITDA (x) Source: UNTR, IndoPremier Share Price Closing as of : n/a
2 News & Analysis Corporates ASII: Astra International (ASII IJ; Rp6,675; Buy) 1H18 result, Astra International recorded revenue grew to Rp112tn (+15% yoy; +2% qoq). Operating profit reached Rp12tn (+34% yoy; +8% qoq) represent 54% consensus. Operating margin expand to 11% in 1H18 (1H17: 9%), Net income reached Rp1tn (+11% yoy; 9%qoq) forming 49% of consensus. (Bisnis Indonesia). (Rp bn) 1H18 1H17 YoY 2Q18 QoQ %Consensus Revenue 112,554 98,31 15% 56,732 2% 51% Gross Profit 23,256 19,674 18% 11,96 5% 51% Operating Profit 12,465 9,287 34% 6,461 8% 54% Net Income 1,384 9,34 11% 5,44 9% 49% Gross Margin 21% 2% 21% Operating Margin 11% 9% 11% Net Margin 9% 1% 1% BBCA: Bank Central Asia (BBCA IJ; Rp23,325; Hold), Modest 1H18 (in-line): Net profit of Rp11.4tn in 1H (+8.4% yoy) came in-line with 2Q/1Q profits forming 23.2%/21.6% of our FY18F forecast of Rp25.5tn (consensus: Rp25.9tn), in-line with historical trends. NII growth of 7% was driven by modest asset growth (loans: +14%; deposits: +7.6%), lower NIM of 6% (-3bps), stable opex growth (+8%), lower loan provisions (-12%). Core profit (PPOP) grew 7% in 1H, forming 44% of our FY18F forecast of Rp34.3tn (in-line), while 1H loan provisions formed 33% of our FY18F (1H17: 35%). NPL ratio of 1.4% in 2Q vs. 1.5% in 1Q was due to lower corporate NPL of 1.% (vs. 1.4%) despite an uptrend in consumer NPL to 1.4% (FY17: 1.%). Reiterate Hold rating. (Company). PGAS: Saka Energi, a subsidiary of Perusahaan Gas Negara (PGAS IJ; Rp1,68; Hold), begin to drill two exploration wells in South Sesulu block and Pangkah. The company owned 1% participation interests in these blocks. The company stated that they try to help the government to improve domestic oil production amid declining investment to the sector. (Investor Daily). PRDA: Prodia (PRDA IJ; Rp2,74; Buy) s net profit of Rp6.9bn in 1H18 (+3.6% yoy) formed only 36% of our FY18F forecast of Rp169bn, which was slightly weaker vs. 39% contribution in 1H17 but still within our expectation given PRDA s high revenue seasonality and longer holiday period in 2Q18 (vs. 2Q17). Revenue grew 5.9% to Rp713bn in 1H, slower than in prior years (FY17: +7.9%; FY16: 13.4%), reflecting the impacts of universal healthcare and weaker consumer purchasing power, while EBIT grew 1.3% yoy in 1H18. Reiterate Buy. LSIP: London Sumatra (LSIP IJ; Rp1,5; Buy) reported weak 2Q18 results due to lower ASP: Net profit reached Rp19bn in 2Q18, down 6.1% qoq but up 27% yoy, allowing 1H18 earnings to reach Rp225bn, dropped 51% yoy, accounting for only 3% of the consensus and 24% of our earnings forecast for FY18F as ASP decreased while CPO sales volumes dropped 2% yoy. Operating profit reached Rp19bn in 2Q18, down 15% qoq but increased 3.9% yoy, bringing 1H18 operating profit to Rp236bn, down 59% yoy, accounting for only 26% and 21% of consensus and our forecasts for FY18F. Revenues reached Rp895bn in 2Q18, up 3.1% qoq but down 11% yoy, allowing 1H18 revenues to reach Rp1.76tn, down 29% yoy, also below consensus (38%) and our (34%) forecasts. (Company) Comment: We are reviewing our forecasts for LSIP given this lower than expected set of results. 2
3 (Rp Bn) 1H18 1H17 % Y-Y 2Q18 % Q-Q % Y-Y vs cons. (%) vs ours (%) Sales 1,763 2, COGS 1,367 1, Gross profit Total opex Selling expenses G&A expenses Operating profit Non opr. inc. (exp.) Pretax income Tax Net Income Profitability (%) Gross margin Operating margin Pretax margin Net margin ROTI: Nippon Indosari (ROTI IJ; Rp95; Hold) Poor 1H earnings (-19.9% yoy); below expectations: ROTI reported Net Profit of Rp4 bn in 1H18 (-19.9% yoy), formed 21%/18% of our/cons FY18F forecast, respectively (below expectation). Net Sales only increased by 6.1%yoy/ -6% qoq in 2Q18 (vs. 9.4%yoy/- 1.1%qoq in 1Q18) to Rp 617 bn, formed 46%/44% of our/cons FY18F forecast, although ROTI s product s return-rate-as-of-net-sales has shown improvement to 25.1% in 2Q18 (vs. 1Q18: 34.7%; 2Q17: 28.7%). OPEX remained high at Rp 326 bn in 2Q18 (+19% yoy /-4% qoq), representing 52.8% of net sales in 2Q18 (vs. 1Q18: 51.4%; 2Q17: 47.1%), as G&A expenses continued to accelerate (+26.8% yoy / +7% qoq in 2Q18). Eventually, EBIT dropped by 59.4% to Rp 4 bn in 1H18, sending EBIT margin to 3.1% in 1H18 from 8.2% in 1H17. In quarterly basis, EBIT margin dropped by 668 bps to 1.% in 2Q18, the lowest overtime. (RpBn) 1H18 Y-Y (%) 2Q18 Q-Q (%) Y-Y (%) Ours to Ours 218F Cons % Cons Net sales 1, % 617-6% 6.1% 2,771 46% 2,872 44% Gross Profit % 319-1% 4.6% 1,514 45% 1,493 45% Margin (%) 52.9% 51.7% OPEX % 326-4% 19.% 1,289 52% 1,192 56% As-of-sales (%) 52.1% 52.8% 46.5% 41.5% EBIT % 6-81% -86.1% % 32 13% Margin (%) 3.1% 1.% Net Earnings % 11-63% -45.7% % % Margin (%) 3.1% 1.8% SIDO: Sido Muncul (SIDO IJ; Rp845; Buy) Good 1H earnings (+19.2% yoy); in-line expectations SIDO reported earnings of Rp 292 bn in 1H18 (+19.2% yoy), formed 49% of cons and our FY18F forecast, in-line with expectation. Although in quarterly basis, earnings dropped by 27% qoq to Rp 123 bn in 2Q18 due to higher OPEX (+47% yoy/+79% qoq n 2Q18). Net sales recorded at Rp 653 bn in 2Q18 (+ 7.8% yoy/5.2% qoq), compared to 2.9% yoy in 1Q18, bring 1H18 net sales to Rp 1.2 tn (+5.4% yoy vs % yoy in 2H17), achieving 47% of our FY18F forecast. Gross margin improved to 5.5% in 2Q18 (vs. 1Q18: 49.3%; 2Q17: 43.2%), bringing 1H18 GPM to 49.9% (vs. 1H17: 43.1%). OPEX tripled to Rp 178 bn in 2Q18 from Rp 99 bn in 1Q18, sending OPEX-tosales-ratio to 27.2% in 2Q18 (vs. 1Q18: 16.%; 2Q17: 2.% ) and EBIT margin to 24.3% in 2Q18 (-9 bps qoq/1 bps yoy). Despite the increase in OPEX, SIDO s EBIT was relatively strong, recorded at Rp 365 bn in 1H18 (+22.7% yoy) with EBIT margin of 28.6% in 1H18 (vs. 1H17: 24.6%), formed 5% of cons and our FY18F forecast. 3
4 (Rpbn) 1H18 Y-Y (%) 2Q18 Q-Q (%) Y-Y (%) Ours to Ours 218F Cons % Cons Total Sales 1, % % 7.8% 2,72 47% 2,726 47% COGS % 323 3% -6% 1,474 43% 1,48 43% Gross Profit % 33 8% 26% 1,246 51% 1,246 51% Margin (%) 49.9% 5.5% 45.8% 45.7% OPEX % % 47% % % As of Sales (%) 21.7% 27.2% 18.8% 18.9% EBIT % % 13% 735 5% 73 5% Margin (%) 28.6% 24.3% 1.% 27.% 26.8% Earnings % % 5% % % Margin (%) 22.9% 21.9% 21.8% TLKM, EXCL: Telkom Indonesia (TLKM IJ; Rp3,93; Hold) and XL Axiata (EXCL IJ; Rp2,83: Buy) to test 5G. Telkomsel prepares to test 5G network during Asian Games 218. Asian Games will be held in Jakarta and Palembang on 18 Aug -2 Sep 218. Meanwhile, EXCL plans to test 5G technology in Kota Tua area in Jakarta next month. The 5G investment is already included in current data network investment. (Kontan). Comment: We expect insignificant impact for now to Telco sector as the 5G technology is yet implemented commercially in Indonesia. WSKT: Waskita Karya (WSKT IJ; Rp2,; Buy) revised down its revenue, earnings and new contract target for FY18F by 1% due to: 1) Project tender delay, 2) newly operated tol roads, namely Depok-Antasari section I, CIawi-Sukabumi, and parts of Pemalang-Batang toll road, which will record losses in early operation. (Kontan) Comment: Despite target revision, we will maintain our FY18F forecast given strong 1H18 results which formed 68% of our and consensus forecast. We still like the counter despite lower new contract expectation given WSKT high order book of Rp97tn, which translate to 2.2x order book-to-revenue ratio. Given such a OB to revnue ratio, we believe WSKT will focus on the execution of existing project. Maintain Buy on WSKT with TP of Rp3,3 Markets & Sector Infrastructure sector: MRT Jakarta will start the tender project for MRT phase II (Monas-Kampung Bandan: 7.8km) throughout 4 months, with the deadline in November 218. The ground breaking will be held in December 218 with the construction of central underground substation in Monas. In other news, there is a land dispute issues between KAI and PT Duta Anggada Realty (DART) for MRT phase II which located in Ancol Village, North Jakarta with total area of 64,277sqm. (Bisnis & Kontan). Infrastructure sector: PT MRT Jakarta has proposed the fare for MRT of Rp8,5 per 1km given its latest survey which found that 65.5% of 1k respondent would be willing to switch to MRT as a mode of transportation. Only 19.6% of the respondent are willing to pay more than Rp8,5. The final decision would be made by the administration during deliberation of 219 city budget. According to MRT president, William P. Sabandar, the construction of MRT phase I (13 stations: 15.7km) has reached 95.33% in-line with target completion of March 1, 219. (Jakarta Post). 4
5 Head Office PT INDO PREMIER SEKURITAS Wisma GKBI 7/F Suite 718 Jl. Jend. Sudirman No.28 Jakarta Indonesia p f INVESTMENT RATINGS BUY : Expected total return of 1% or more within a 12-month period HOLD : Expected total return between -1% and 1% within a 12-month period SELL : Expected total return of -1% or worse within a 12-month period ANALYSTS CERTIFICATION. The views expressed in this research report accurately reflect the analyst;s personal views about any and all of the subject securities or issuers; and no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. DISCLAIMERS This reserch is based on information obtained from sources believed to be reliable, but we do not make any representation or warraty nor accept any responsibility or liability as to its accruracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendations contained in this document does not have regard to the specific investment objectives, finacial situation and the particular needs of any specific addressee. This document is not and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or sell any securities. PT. Indo Premier Sekuritas or its affiliates may seek or will seek investment banking or other business relationships with the companies in this report.
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