DAILY UPDATE May 2, 2016

Transcription

1 / DAILY UPDATE May 2, 2016 MACROECONOMIC NEWS US Economy The Federal Reserve s preferred inflation measure - the personal consumption expenditures price index crept up 0.1% MoM. The PCE index rose 0.8% YoY to come up short of the Fed s 2% target for a 47th consecutive month. The core PCE inched up 0.1% MoM and rose 1.6% YoY, down from the 1.7% YoY pace logged in the previous two months. The employment-cost index, a broad measure of wages and benefits, rose a seasonally adjusted 0.6% QoQ and 1.9% YoY, marginally slower than the 2% YoY gains in each of the prior three quarters. Personal spending increased just 0.1% MoM seasonally adjusted from an upwardly revised increase of 0.2% during February. Spending on services inched up 0.1% while spending on goods grew 0.2%. Personal income grew 0.4% MoM, a downwardly revised +0.1% in February. Wages and salaries grew 0.7% QoQ and 2% YoY, the slowest annualised increase since Q2 14. The personal saving rate rose to 5.4% from 5.1%. U.S. consumer sentiment fell to its lowest level in seven months during April. China Economy The National Bureau of Statistics announced China s official manufacturing PMI declined to 50.1 from 50.2 in March. New factory orders fell to 51.0 from 51.4 while the production subindex edged down to 52.2 from The official non-manufacturing / services PMI dropped to 53.5 in April from 53.8 in March. The subindex for services slid to 52.5 from The new-orders subindex contracted to 48.7 from The subindex for construction rose to 59.4 from Hong Kong Property The number of Hong Kong homeowners with apartments worth less than their mortgages surged 15 times in the first quarter, according to the Hong Kong Monetary Authority. The number of negative-equity mortgages rose to 1,432, with a total value of HKD 4.9 billion (USD 634 million), for the three months ended March, from 95 such home loans worth HKD 418 million in the previous quarter, the city s de facto central bank said. Property prices in Hong Kong, which reached a record last year, have been sliding and sales tumbled to a 25-year low in February amid economic uncertainty. Home prices in the city slumped 13% from September to March, according to data compiled by Centaline Property Agency Ltd. Equity Markets Closing % Change Dow Jones NASDAQ S&P MSCI excl. Jap Nikkei Shanghai Comp Hang Seng STI JCI Indo ETF (IDX) Indo ETF (EIDO) Currency Commodities Closing Last Price Chg %Chg Oil NYMEX Oil BRENT Coal NYMEX Coal Newcastle Nickel Tin Gold CPO Rott CPO Malay Indo Gov. Bond Yields Last Last Trade US$ - IDR US$ - Yen Euro - US$ US$ - SG$ Yield Chg %Chg 1 year year year year year year PT. Panin Asset Management JSX Building Tower I, 3rd Floor Jl. Jend. Sudirman Kav , Jakarta T : (021) , F : (021)

2 BSDE PT Bumi Serpong Damai booked IDR 1.2 trillion marketing sales in 1Q16(17.4% from its FY2016 target). Residential contributed 68%, and commercial contributed 32%. DEWA PT Darma Henwa will allocate USD 83 million capital expenditure in 2016 for truck, digger, and excavator acquisition. During 1Q16, DEWA had realised USD 16 million capex, USD 3 million of which was derived internally. On a separate note, DEWA recorded US$ 1 million net profit in 1Q16, up 425% YoY. AKRA PT AKR Corporindo plans to add fuel stations, bringing total to in FY ELSA PT Elnusa will distribute 2015 cash dividend of IDR per share (20% payout ratio). On a separate note, ELSA will hold their expansion in 2016 due to plunging world oil price. Nonetheless, ELSA targets to collaborate with Chevron and PT Pertamina to develop flare gas power plant. TOWR PT Sarana Menara Nusantara is completing IDR 3 trillion bank loan to finance their acquisition of 2500 PT XL Axiata telecommunication towers. The transaction is expected to be finalized prior to June BIRD PT Blue Bird announced its Q financial results: BIRD (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 1,284 1, % 1,437 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 31.4% 27.8% -3.6% 30.6% 27.8% -2.8% Operating Profit Margin 23.2% 17.0% -6.2% 20.3% 17.0% -3.3% Net Profit Margin 18.2% 10.8% -7.3% 13.8% 10.8% -3.0% TAXI PT Express Transindo Utama announced its Q financial results: TAXI (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 38.7% 25.0% -13.6% 42.3% 25.0% -17.2% Operating Profit Margin 28.8% 13.2% -15.6% 31.5% 13.2% -18.3% Net Profit Margin 8.2% -4.7% -12.9% 8.5% -4.7% -13.2%

3 AMRT PT Sumber Alfaria Trijaya has published its 1Q16 financial report: AMRT (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 10,048 12, % 12,889 12, % Gross Profit 1,977 2, % 2,643 2, % Operating Profit % % Pretax Earnings % Net Income % EPS (IDR) % Gross Profit Margin 19.7% 20.5% 0.8% 20.5% 20.5% 0.0% Operating Profit Margin 0.3% 0.8% 0.5% 2.8% 0.8% -2.0% Net Profit Margin -0.4% 0.5% 0.9% 1.8% 0.5% -1.2% CSAP PT Catur Sentosa Adiprana has released its financial statement for 3M16: CSAP (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 1,681 1, % 1,996 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 14.6% 14.5% -0.1% 14.1% 14.5% 0.4% Operating Profit Margin 2.1% 2.3% 0.2% 1.5% 2.3% 0.8% Net Profit Margin 1.2% 1.1% 0.0% 1.4% 1.1% -0.3% RANC PT Supra Boga Lestari has announced the results for 3M16: RANC (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % Net Income % EPS (IDR) % Gross Profit Margin 27.1% 25.2% -1.9% 23.4% 25.2% 1.8% Operating Profit Margin 0.5% 1.6% 1.1% 1.2% 1.6% 0.4% Net Profit Margin 1.0% 2.1% 1.1% -1.7% 2.1% 3.9% FAST PT Fast Food Indonesia has released its 3M16 results: FAST (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 1,003 1, % 1,191 1, % Gross Profit % % Operating Profit % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 61.1% 60.6% -0.5% 61.0% 60.6% -0.4% Operating Profit Margin 0.0% 0.7% 0.7% 2.0% 0.7% -1.2% Net Profit Margin 0.9% 0.8% -0.1% 2.7% 0.8% -2.0%

4 HERO PT Hero Supermarket announced its 3M16 financial results: HERO (IDR mn) 3M M 2016 YoY Q Q QoQ Revenue 3,443 3, % 3,005 3, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 22.7% 23.9% 1.2% 25.3% 23.9% -1.4% Operating Profit Margin -1.9% -2.4% -0.6% -2.7% -2.4% 0.3% Net Profit Margin -1.0% -1.1% -0.1% -3.8% -1.1% 2.7% MIDI PT Midi Utama Indonesia has released its 3M16 report: MIDI (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 1,476 1, % 1,942 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 25.8% 25.7% 0.0% 27.8% 25.7% -2.1% Operating Profit Margin 2.0% 2.2% 0.2% 7.0% 2.2% -4.8% Net Profit Margin 0.6% 0.7% 0.1% 4.5% 0.7% -3.8% RALS PT Ramayana Lestari Sentosa has published its financial results for 1Q16: RALS (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 1,120 1, % 1,266 1, % Gross Profit % % Operating Profit % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 31.9% 36.3% 4.4% 33.6% 36.3% 2.7% Operating Profit Margin -2.9% -1.4% 1.5% 0.9% -1.4% -2.3% Net Profit Margin 0.5% 0.8% 0.3% 2.5% 0.8% -1.7% MAPI PT Mitra Adiperkasa published its financial statement for 3M16: MAPI (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 2,965 3, % 3,432 3, % Gross Profit 1,337 1, % 1,598 1, % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 45.1% 45.7% 0.6% 46.6% 45.7% -0.8% Operating Profit Margin 4.0% 4.1% 0.2% 6.3% 4.1% -2.2% Net Profit Margin 0.4% 0.5% 0.1% 0.3% 0.5% 0.2%

5 ERAA PT Erajaya Swasembada has published its 3M16 financial statements: ERAA (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 3,952 4, % 6,057 4, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 9.1% 8.4% -0.6% 6.6% 8.4% 1.8% Operating Profit Margin 3.1% 2.2% -0.9% 1.6% 2.2% 0.6% Net Profit Margin 1.8% 1.3% -0.5% 1.0% 1.3% 0.2% TELE PT Tiphone Mobile Indonesia has released its 3M16 results: TELE (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 4,058 6, % 7,253 6, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 5.9% 5.5% -0.4% 4.4% 5.5% 1.1% Operating Profit Margin 3.4% 3.2% -0.2% 2.6% 3.2% 0.5% Net Profit Margin 2.1% 1.8% -0.3% 1.1% 1.8% 0.7% KAEF PT Kimia Farma has reported their 1Q16 financial results: KAEF (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 1,015 1, % 1,386 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 29.7% 30.7% 0.9% 33.4% 30.7% -2.8% Operating Profit Margin 4.2% 4.5% 0.3% 7.3% 4.5% -2.8% Net Profit Margin 4.3% 3.7% -0.6% 6.2% 3.7% -2.5% KLBF PT Kalbe Farma has announced its 1Q16 financial results: KLBF (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 4,247 4, % 4,760 4, % Gross Profit 2,102 2, % 2,181 2, % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 49.5% 48.2% -1.3% 45.8% 48.2% 2.4% Operating Profit Margin 16.1% 16.0% -0.1% 17.5% 16.0% -1.5% Net Profit Margin 12.4% 12.4% -0.1% 10.6% 12.4% 1.8%

6 SIDO PT Industri Jamur dab Farnasi Sido Muncul has released it financial report for 3M16: SIDO (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 38.2% 39.7% 1.5% 42.3% 39.7% -2.6% Operating Profit Margin 27.2% 24.5% -2.7% 20.4% 24.5% 4.1% Net Profit Margin 23.2% 20.6% -2.6% 19.6% 20.6% 1.0% SMRA PT Summarecon Agung has released its 3M16 financial results: SMRA (IDR bn) 3M M 2016 YoY Q Q YoY Revenue 946 1, % 1,127 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 61.0% 46.0% -15.9% 52.0% 46.0% -6.2% Operating Profit Margin 40.8% 24.8% -16.0% 24.0% 24.8% 0.7% Net Profit Margin 26.2% 2.7% -23.5% 4.3% 2.7% -1.6% ADHI PT Adhi Karya has published its 1Q16 results: ADHI (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 1,241 1, % 3,974 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 10.9% 9.6% -1.4% 11.1% 9.6% -1.5% Operating Profit Margin 5.3% 3.7% -1.6% 7.3% 3.7% -3.6% Net Profit Margin 0.9% 0.8% 0.0% 8.2% 0.8% -7.4% PTPP PT PP has released its 3M16 financial report: PTPP (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 1,982 2, % 6,061 2, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 14.0% 13.9% -0.1% 16.3% 13.9% -2.4% Operating Profit Margin 9.7% 9.9% 0.2% 13.6% 9.9% -3.8% Net Profit Margin 4.7% 3.8% -0.9% 6.2% 3.8% -2.4%

7 WIKA PT Wijaya Karya announced its 3M16 financial result: WIKA (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 2,005 2, % 5,529 2, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 9.2% 10.7% 1.5% 14.2% 10.7% -3.5% Operating Profit Margin 7.6% 8.6% 1.0% 11.7% 8.6% -3.1% Net Profit Margin 3.1% 2.6% -0.4% 4.2% 2.6% -1.6% WTON PT Wijaya Karya Beton released its 1Q16 financial report: WTON (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue % 1, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 8.0% 12.4% 4.4% 12.7% 12.4% -0.2% Operating Profit Margin 3.8% 10.0% 6.2% 10.2% 10.0% -0.2% Net Profit Margin 4.0% 6.9% 2.9% 7.8% 6.9% -0.9% WSKT PT Waskita Karya has released its financial report for 1Q16: WSKT (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 1,403 3, % 6,731 3, % Gross Profit % 1, % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 12.0% 14.6% 2.6% 15.4% 14.6% -0.9% Operating Profit Margin 7.0% 11.5% 4.6% 10.8% 11.5% 0.7% Net Profit Margin 0.9% 3.8% 3.0% 9.6% 3.8% -5.8% SMGR PT Semen Indonesia announced its Q financial results: SMGR (IDR bn) 3M M 2016 YoY Q Q QoQ Revenue 6,340 6, % 7,833 6, % Gross Profit 2,560 2, % 3,133 2, % Operating Profit 1,481 1, % 1,800 1, % Pretax Earnings 1,501 1, % 1,749 1, % Net Income 1,190 1, % 1,323 1, % EPS (IDR) % % Gross Profit Margin 40.4% 40.3% -0.1% 40.0% 40.3% 0.3% Operating Profit Margin 23.4% 20.5% -2.9% 23.0% 20.5% -2.5% Net Profit Margin 18.8% 17.2% -1.6% 16.9% 17.2% 0.3%

8 INTP PT Indocement announce its 3m 2016 result: INTP (IDR bn) 3m m 2016 YoY Q Q QoQ Revenue 4,328 3, % 4,912 3, % Gross Profit 1,928 1, % 2,157 1, % Operating Profit 1,233 1, % 1,383 1, % Pretax Earnings 1,466 1, % 1,497 1, % Net Income 1, % 1, % EPS (IDR) % % Gross Profit Margin 44.5% 43.2% -1.3% 43.9% 43.2% -0.7% Operating Profit Margin 28.5% 27.4% -1.1% 28.2% 27.4% -0.7% Net Profit Margin 26.5% 24.4% -2.1% 23.2% 24.4% 1.2% SMCB PT Holcim Indonesia announce its 3m 2016 result: SMCB (IDR bn) 3m m 2016 YoY Q Q QoQ Revenue 2,250 2, % 2,681 2, % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Gross Profit Margin 23.7% 26.0% 2.4% 24.7% 26.0% 1.3% Operating Profit Margin 6.7% 8.6% 1.9% 3.6% 8.6% 5.0% Net Profit Margin 1.5% 2.7% 1.3% 21.3% 2.7% -18.6% SCMA PT Surya Citra Media announce its 3m 2016 result: SCMA (IDR bn) 3m m 2016 YoY Q Q QoQ Revenue 946 1, % 1,032 1, % Operating Profit % % Pretax Earnings % % Net Income % % EPS (IDR) % % Operating Profit Margin 43.30% 45.80% 2.50% 51.70% 45.80% -5.90% Net Profit Margin 34.30% 33.80% -0.50% 36.50% 33.80% -2.70% PGAS PT Perusahaan Gas Negara has released its financial report for 3M16: PGAS (USD mn) 3M M 2016 YoY Q Q QoQ Revenue % % Gross Profit % % Operating Profit % % Pretax Earnings % % Net Income % % EPS (USD) % % Gross Profit Margin 32.1% 31.0% -1.1% 27.9% 31.0% 3.1% Operating Profit Margin 21.3% 21.7% 0.4% 16.3% 21.7% 5.4% Net Profit Margin 15.7% 14.0% -1.7% 10.2% 14.0% 3.8%

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