EQUITY RESEARCH. A secular growth story. Construction Sector. Initiating Coverage. 22 January 2014
|
|
- Tobias Daniels
- 5 years ago
- Views:
Transcription
1 22 January 2014 EQUITY RESEARCH Construction Sector Initiating Coverage Stocks Adhi Karya Jaya Konstruksi Manggala Pratama Pembangunan Perumahan Wijaya Karya Waskita Karya Share Performance Ticker ADHI IJ JKON IJ PTPP IJ WIKA IJ WSKT IJ 3 M 6 M 12 M Absolute (%) Relative to JCI (%) WK range (Rp) 4,571 8,276 Price Chart Jan 16-Apr 16-Jul 16-Oct 16-Jan JCI IP Construction Basket Index IP Construction Basket is an index that consists of ADHI, JKON,PTPP, WIKA and WSKT Source: Bloomberg A secular growth story Indonesia has huge infrastructure development needs over the next decade. The MP3EI master plan identified c.usd150bn in infra spending. 3 CAGR of new contracts in F should sustain revenue growth. We prefer companies with strong earnings visibility. Top picks: PTPP, WIKA We initiate coverage on the construction sector with a bullish view. We believe Indonesia s infrastructure spending needs of USD150bn, as identified under the MP3EI master plan, will sustain earnings growth of the five construction companies in our coverage. Rising material costs, due to inflation and a weakening currency, have increased uncertainty over near-term earnings, but we believe those companies with improved risk management will see limited negative impact. We prefer companies with stronger earnings visibility arising from a more diversified revenue base, exposure to multi-year projects and/or higher contribution from 2013 carry-over. Top picks: PTPP, WIKA. Indonesia s huge infrastructure development needs. The government s Master Plan for Acceleration and Expansion of Indonesia Economic Development (MP3EI) has identified investment needs of >Rp4,000tn (USD335bn) for the country to realize its full economic growth potential, of which c.usd150bn is the required spending for basic infrastructure (power, roads, railways, air/sea ports, etc). The government plans to contribute 1 of the total investments, with SOEs and private investors contributing the balance. Implementation of this plan is picking up, contributing to an uptick in infrastructure spending in the fiscal budget to 1.7% of GDP in F, from 1.3% in Under this plan, total infrastructure spending in the country will rise to 5% of GDP, from c.4% prior to the MP3EI launch in Construction companies are key beneficiaries. We expect the aggregate new contracts of the five construction companies to reach Rp71tn (c.usd6bn) in 2013F, or a 3-year CAGR of 3, and the value of contracts on hand and revenues to rise to IDR125tn and IDR49tn, respectively, a doubling during the same period. With a strong pipeline of multi-year projects, carry-overs from 2013 and growth of new contracts, we forecast the aggregate construction revenues to grow at 19% p.a. in the next two years. We see limited impact from rising material costs. Rising material costs, due to inflation and weakening currency, have increased uncertainty over the sector s near-term earnings. However, we believe the inability to pass on cost increases will have only a one-off negative impact on near-term earnings, and will be limited to companies with exposure to single-year projects or private sector clients. This is reflected in our preference for companies with stronger earnings visibility arising from a more diversified revenue base (such as contribution from a property/pre-cast business), lower exposure to single-year projects or private sector clients, and larger project carry-overs from Valuation undemanding given secular growth prospects. We initiate coverage on WIKA, PTPP, ADHI, WSKT and JKON with BUY ratings. Excluding JKON, the sector trades at FY14F P/E of 14.3x (11.5x for FY15F), which is in line with the broader market. We view this valuation as undemanding given secular earnings growth prospects arising from Indonesia s huge infrastructure development needs. Our BUY call on JKON (owned by the Jakarta local government), despite its high P/E multiple, reflects potential upside from the Jakarta Six Inner Ring Toll Road project and the city s infrastructure development, which could lift its long-term earnings outlook. Our top picks: PTPP and WIKA. 1 Natalia Sutanto natalia.sutanto@ipc.co.id Ticker Rec Price (Rp) Target (Rp) Upside (%) Refer to important disclosures on the last of this report P/E EPS growth FY13F FY14F FY13F FY14F ADHI IJ BUY 1,685 2, JKON IJ BUY PTPP IJ BUY 1,320 1, WIKA IJ BUY 1,930 2, WSKT IJ BUY Sector Exclude JKON Source: IndoPremier, Bloomberg. Closing price: 16 Jan 2014
2 Quick Comparisons PTPP booked the highest new contracts in F... and most project carry-overs to support revenue visibility in 2014F Rp tn Rp tn JKON ADHI WSKT WIKA PTPP F 2014F - JKON ADHI WSKT WIKA PTPP 2014F Carry-over 2014F Revenue Source: Companies, IndoPremier Source: Companies, IndoPremier WIKA has diversified revenue in 2014F and balanced GP* contribution from precast/property division 7% 2% % 64% 64% 36% 93% 98% WIKA JKON ADHI PTPP WSKT Construction, EPC, ME Precast/Property JKON WIKA ADHI PTPP WSKT Construction, EPC, ME Precast/Property Source: IndoPremier Source: IndoPremier * GP: Gross profit Debt to equity, F Source of contracts, 2013F JKON WIKA WSKT ADHI PTPP ADHI JKON WSKT WIKA PTPP Govt Single year Govt Multi-year SOE Private F 2014F Source: Companies, IndoPremier Source: Companies, IndoPremier 2
3 Indonesia has huge infrastructure development needs The government s Masterplan for Acceleration and Expansion of Indonesia Economic Development (MP3EI) identifies investment needs totaling more than Rp4,000tn (USD335bn) for Indonesia to realize its full economic growth potential, of which c.usd150bn is the required spending for basic infrastructure (power, roads, railways, air/sea ports, etc). Of this amount, the government will contribute 1 of total investments, with SOEs and private investors contributing the balance. Implementation of this plan is slowly picking up, contributing to an uptick in infrastructure spending in the fiscal budget to c.1.7% of GDP in F, from an average of 1.3% in Under this plan, total infrastructure spending in the country will rise to 5% of GDP, from c.4% prior to the MP3EI launch in Exhibit 1. Six corridors of economic development 6 corridors of economic development Based on competitive and strategic advantages F ood produc tion and proc es s ing c entre, National B arn Mining produc tion and proc es s ing c entre, National B arn F arming, Ag ric ulture and F is hery produc tion and proc es s ing c entre, National Nickel mining Indus try s upport and national s ervices F ood, fis hery, energ y and mining national development The g ate of touris m and s upport national food s upply Source: Bappenas Exhibit 2. Infrastructure captures 44% of the total MP3EI budget Source: MP3EI Exhibit 3. Govt infrastructure spending/allocation ( F) Exhibit 4. Indonesia infrastructure spending to GDP Rptn F (10) % Source: APBN * F are budget allocation Source: Bappenas, MP3EI 3
4 Construction companies are key beneficiaries We expect aggregate new contracts of the five construction companies under coverage to reach Rp71tn (c.usd6bn) in 2013F, or 3 CAGR in the past three years, in turn doubling the value of contracts on hand and construction revenues to Rp125tn and Rp49tn, respectively. With a strong pipeline of multi-year projects, carry-overs from 2013 and our expectation of sustained growth of new contracts, we forecast construction revenues for the five companies to grow at around 19% p.a. in the next two years. Exhibit 5. Total new contracts, F Exhibit 6. Total contracts on hand, F Rp tn Rp tn F 2014F 2015F F 2014F 2015F Source: Companies, Indopremier Source: Companies, Indopremier We see limited impact from rising material costs Rising material costs, due to weakening currency and rising inflation, have increased uncertainty over the near-term earnings outlook of the construction sector. However, we believe the inability to pass on cost increases will only have a one-off negative impact on near-term earnings, and will be limited to companies with exposure to single-year projects or private sector clients. As such, we prefer construction companies with better earnings visibility arising from more diversified revenues (due to contribution of property/pre-cast businesses), lower exposure to single-year projects and/or private sector clients and larger carry-overs from Exhibit 7. Source of contracts, 2013F ADHI JKON WSKT WIKA PTPP Govt Single year Govt Multi-year SOE Private Source: Companies, Indopremier 4
5 Valuation undemanding given secular growth prospect We initiate coverage on five construction stocks (WIKA, PTPP, ADHI, WSKT and JKON) with BUY ratings. Excluding JKON, the sector trades at FY14F P/E of 14.3x (11.5x in FY15F), which is in line with the broader market. We view this valuation as undemanding given secular earnings growth potential from Indonesia s huge infrastructure development needs. Our BUY call on JKON (owned by the local government of Jakarta), despite its high P/E multiple, reflects the potential upside from the Jakarta Six Inner Ring Toll Road project and the city s infrastructure development, which could significantly boost its long-term earnings outlook. Our top picks: PTPP and WIKA. Peer comparison, 2014F WIKA PTPP WSKT ADHI JKON Sector Recommendation BUY BUY BUY BUY BUY Target Price (Rp) 2,400 1, , Current Price (Rp) 1,930 1, , Upside (%) Market cap (Rptn) Avg daily turnover (RpBn) Market cap (USDMn) ,846 Avg daily turnover (USDMn) Float (%) 34.6% 42.8% % Majority shareholder Govt of Indonesia (65.2%) Govt of Indonesia (51%) Govt of Indonesia (68%) Govt of Indonesia (51%) Pembangunan Jaya (61%) PE (FY14F) at TP (x) * PE (FY14F) at CP (x) ** ROE (%) GPM after JO (%) OPM (%) NPM (%) Debt to equity (%) Interest coverage (x) Earnings growth (%) Source: IndoPremier, Bloomberg. *Excluding JKON: 17.9x ** Excluding JKON: 14.3x Closing price: 16 January
6 Pembangunan Perumahan Strongest earnings growth High 2013F carry-over, 2014F new contracts to support revenue visibility Strong F earnings CAGR of 32% Diversification into property and precast ahead for margin improvement Initiate BUY with TP Rp1,750, implying 2014F PE of 16.1x PTPP IJ BUY Target Price Rp 1,750 Current Price Rp 1,320 Upside (downside) 32% Share Performance 3 M 6 M 12 M Absolute (%) Relative to JCI (%) WK range (Rp) 830 1,780 Price Chart Jan 16-Apr 16-Jul 16-Oct 16-Jan JCI PTPP Source: Bloomberg Share Data Out shares (m) 4,842 Market Cap (US$ m) M avg. daily (US$) 3,115,799 Shareholder information Government of Indonesia 51. Employees Cooperative 6.1% Free float 42.9% PTPP has greater revenue visibility than its peers, given its high level of 2013F carry-over and 2014F new contracts. Increasing projects from private, SOEs and government as well as the realization of MP3EI projects should bring its 2014 new contracts to Rp23tn, +15% yoy, translating to a robust F earnings CAGR of 32%. Further diversification into property projects and precast plants should also pave the way for margin improvement going forward. Initiate with BUY and TP of Rp1,750/share. Highest revenue visibility For 10M13, PTPP reported new contracts worth Rp13.9tn, with major contributions from buildings (64%), roads & bridges (15%), and EPCs (15%), respectively. This should support our 2013 new contracts target for PTPP of Rp20tn. Our 2014 top-line estimate of Rp12tn, on the other hand, should be helped by the estimated 2013 carry-over of a high Rp19.6tn. Combined with our 2014 new contracts estimate of Rp23tn, we believe PTPP has the highest 2014F revenue visibility among its peers F earnings CAGR of 32% Strong F new contracts should support continued significant earnings growth, translating to 32% CAGR in F. We estimate PTPP will book 2014 top line of Rp14.7tn, +23% yoy, with major contribution from construction service and EPC (97.6%), and the remainder from property/realty. At the bottom line, we estimate PTPP will Rp527bn in 2014F, +28% yoy, translating into an improved net margin of 3.6% (2013F: 3.4%). Diversification to support margin improvement ahead Supported by a strong track record in high-rise/residential development, PTPP plans to venture further into the property business. In , PTPP will launch several property projects, with the aim of booking Rp1tn marketing sales, double the 2012 level. For the pre-cast division, PTPP will consolidate revenue from the pre-cast plant (located in Bojonegara, Banten, with estimated annual revenue of Rp500bn,) to its 2014 top line, following the recent acquisition of an affiliated company, PTPP Dirganeka. The property and pre-cast divisions generate higher gross margins (at 17-3 and 10-15%, respectively), and thus should support the company s margin improvement story going forward. Strongest 2014F earnings growth; initiate with BUY We expect PTPP to book the strongest 2014F earnings growth (28%) in the sector (16.3%), given sustainable growth through contract acquisition. We initiate coverage with a BUY rating and a TP of Rp1,750/share, translating to 2014F PE of 16.1x, a 1 discount to the sector s (excluding JKON) 17.9x. Key Financial F 2014F 2015F Revenue and sales (Rp bn) 8,004 12,020 14,752 18,052 Gross Profit (Rp bn) 855 1,208 1,511 1,852 Operating Profit (Rp bn) 853 1,174 1,483 1,843 Net Income (Rp bn) EPS (Rp) EPS Growth 29% 33% 28% 35% P/E (x) P/BV (x) EV/EBITDA (x) ROE (%) 19% 21% 22% 24%, IndoPremier 21
7 Significant 10M13 new contracts of Rp13.9tn For 10M13, PTPP reported new contracts of Rp13.9tn, with major contributions from buildings (64%), roads & bridges (15%), and EPCs (15%), respectively. We believe PTPP will achieve our FY13 new contracts target of Rp20tn. This also means that PTPP should carry over Rp19.6tn worth of projects, thereby supporting 2014 revenue visibility. In 9M13, the company booked bigger contribution from the private sector, which accounted for 52% of total new contracts (FY12: 25%). Among the big projects that PTPP won in 2013 are EPC projects in Tanjung Uncang, Muara Tawar, and Bangkanai totaling Rp2tn; apartment/high-rise buildings in Surabaya, Makassar, Jakarta, Bali and Serpong totaling to Rp1.5tn; road projects in Java island and Timor Leste (Rp718bn); and airports (Rp641bn). We believe the company will maintain earnings growth over following its policy to lock in several key raw material requirements over a six-month period. Exhibit 1. New contracts, F Exhibit 2. Source of contracts, FY10 9M13 Rptn % 68% 24% 76% 38% 62% 32% 68% 25% 75% 52% 48% M M F SOE and Government Private, IndoPremier Exhibit 3. Revenue vs previous year carry-over, F Exhibit 4. Big projects obtained in 2013 Rptn F 2014F 2015F Carry over - previous year Revenue Rp bn Tanjung Uncang - EPC 1,106 CNG Muara Tawar - EPC 462 Gas Turbine Power Plant 160 MW - Bangkanai (EPC) 461 Vida view apartment - Makassar 349 GTU Izzara apartment - Simatupang 345 Intermark apartments - Serpong 325 Pakuwon Supermall - Surabaya 247 Uluwatu Resort Hotel 267 Cikampek toll road 454 Gleno road - Tibar Timor Leste 264 Soekarno Hatta Airport Terminal 3 - Ultimate 641, IndoPremier 22
8 F earnings CAGR of 32% Strong F new contracts should support continued significant earnings growth, translating to 32% CAGR in F. We estimate PTPP will book 2014 new contracts of Rp23tn, +15% yoy, as well as Rp19.6tn in carry-over projects. This should help the company book 2014F top line of Rp14.7tn, +23% yoy. Construction should remain the major contributor to PTPP s F revenue, making up of total revenue; EPC should contribute 17%. While property/realty contribution revenue should remain low in to F, the company is targeting to launch several property projects during this period to bring revenue contribution to 19% by The strong 2014 revenue growth should spill over into the company s bottom line, which we estimate will reach Rp527bn, +28% yoy, translating into an improved net margin of 3.6%. Exhibit 5. Revenue breakdown, F Exhibit 6. Revenue & net margin F % 17% 17% 17% 17% 97% 89% 82% 81% F 2014F 2015F Rp tn % 3.9% 3.9% 3.6% 3.4% F 2014F 2015F Revenues Net Profit Margin 4.5% % % 2. Construction EPC Realty Property, IndoPremier, IndoPremier Property and pre-cast to support margin improvement PTTP has a track record in high-rise/residential development, and hopes to venture further into this business going forward. The property/real estate division comprising office, hotels, retail malls, and housing/apartments - currently contributes around 2% to 2013F revenue. Over , PTPP will launch several property projects, with the aim of booking Rp1tn marketing sales, double the 2012 level. As for the pre-cast division, PTPP recently acquired affiliated PTPP Dirganeka, and will start consolidating revenue from the pre-cast plant (located in Bojonegara, Banten, with an estimated annual revenue of Rp500bn) to its 2014F top line. With their higher gross margins of 17-3 and 10-15%, the property and pre-cast divisions should help support the company s margin improvement story. Exhibit 7. Gross profit contribution, F 95% 9% 4% 4% 5% 6% 6% 9 85% 14% 14% 14% 75% 91% 96% 7 65% 77% 81% F 2014F 2015F Construction EPC Realty/property, IndoPremier 23
9 VALUATION We value PTPP at Rp1,750/share. We derive our valuation using 10-year DCF with 4% terminal growth rate, 25% tax rate, and 13.5% WACC (12% kd and 15.7% ke). DCF Valuation 2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F Rp mn EBITDA 1,482,683 1,842,841 2,180,945 2,577,250 3,041,950 3,525,167 4,046,108 4,640,046 5,024,204 5,434,589 Tax (401,298) (542,260) (653,324) (778,755) (959,008) (1,115,394) (1,280,207) (1,468,178) (1,586,959) (1,713,468) NOPLAT 1,081,385 1,300,581 1,527,620 1,798,495 2,082,942 2,409,773 2,765,901 3,171,867 3,437,245 3,721,121 Depreciation 24,296 30,322 36,348 42,374 48,401 54,427 60,453 66,479 72,505 78,532 Changes in working capital (208,682) (312,176) (48,933) (831,911) (1,005,512) (977,684) (1,091,807) (1,241,745) (846,838) (908,681) Gross investments 896,998 1,018,728 1,515,035 1,008,958 1,125,831 1,486,516 1,734,547 1,996,602 2,662,913 2,890,972 Capex (261,458) (261,230) (261,241) (261,501) (261,818) (262,036) (262,281) (262,554) (262,861) (263,204) FCFF 635, ,498 1,253, , ,013 1,224,480 1,472,267 1,734,047 2,400,052 2,627,768 Discount factor PV 560, , , , , , , , , ,679 PV of terminal value 8,180,873 Total PV 11,098,866 Net Debt 2,640,039 Equity value 8,458,827 Number of shares 4,842 Fair value per share 1,750 Source: IndoPremier Key assumptions Our revenue growth rate assumptions are derived from the multiplier of nominal GDP growth, which we estimate at 3x 5x in , 3-4x in the next three years, and then decline to around 1.5x 3x until Taking this into account, we estimate new contracts to grow by around 15% in 2014 and in 2015F, and then decrease by around 1 in Forecast assumption 2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F GDP Growth Inflation Growth multiplier (x nom GDP growth) Construction EPC Realty Property Gross profit margin Construction 10.2% 10.2% 10.2% 10.2% 10.2% 10.3% 10.3% 10.3% 10.3% 10.3% EPC 8.5% 8.5% 8.5% 8.5% 8.5% 8.7% 8.7% 8.7% 8.7% 8.7% Realty % 33.5% 33.5% 33.5% 33.5% Property 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% 17.5% Source: IndoPremier Sensitivity analysis Every 1% change in our WACC assumptions results in a 18-22% change in our fair value for the company. For terminal growth, every 1% change in our terminal growth assumption impacts our fair value by 10-12%. WACC sensitivity Terminal growth 12.5% 13.5% 14.5% 3% 4% 4% Fair value 2,137 1,750 1,442 1,571 1,750 1,965 PE 2014F PE 2015F Source: IndoPremier 24
10 Risks Risks to our valuation include: (i) slower-than-expected revenue realization from new contracts and carried-over projects; (ii) increasing impairment allowance, which would curb earnings growth; (iii) worsening macro-economic conditions, and (iv) increasing competition, which would lead to lower profitability. Exhibit 8. EPC projects Exhibit 9. EPC projects Exhibit 10. Kalibaru Port, a big project obtained in 2012 Exhibit 11. Airport projects obtained by PTPP Rpbn Kualanamu airport - Medan 283 Sultan Taha airport - Jambi 96 Sepinggan airport - Balikpapan 335 Pontianak airport 47 Ngurah Rai airport - Bali 391 Juata Tarakan - Samarinda 22 Exhibit 12. Property projects Exhibit 13. Property project 25
11 Financial Summary Profit and Loss Balance Sheet Year to 31 Dec (Rp bn) 2012A 2013F 2014F 2015F Year to 31 Dec (Rp bn) 2012A 2013F 2014F 2015F Revenue and sales 8,004 12,020 14,752 18,052 Cash 1, COGS 7,149 10,812 13,241 16,199 Receivables 4,323 7,064 8,265 9,620 Gross profit 855 1,208 1,511 1,852 Inventories 1,566 2,368 2,539 2,885 Operating income 853 1,174 1,483 1,843 Investments Interest expense Fixed assets ,100 Impairment expense Other 863 1,151 1,436 1,835 EBT ,255 Total assets 8,551 12,469 14,171 16,585 Tax Payables 4,527 6,071 7,445 9,141 EAT Bank loans 1,116 2,093 2,062 2,519 Non-controlling interest MTN Net profit Shareholders' equity 1,656 1,975 2,378 2,933 Non-controlling interest Other ,056 1,292 Total liabilities & equity 8,551 11,769 13,471 15,885 Cash Flow Key Metrics Year to 31 Dec (Rp bn) 2012A 2013F 2014F 2015F Year to 31 Dec 2012A 2013F 2014F 2015F Net income Profitability Depreciation EBITDA margin Non-cash adjustments Pre-tax margin Net interest effect Net margin Changes in net working capital , ROA CFO , ROE Capex Change in non-current assets Interest income Growth CFI Revenue and sales Debts 402 1, EBITDA Equity issuance Pre-tax profit Interest expenses Net profit Dividends EPS Other CFF 180 1, Leverage Cash flow Debt to asset Beginning cash balance 1,306 1, Debt to equity Ending cash balance 1, Net debt/(cash) to equity Interest cover (x) , IndoPremier 26
Wijaya Karya (WIKA IJ)
Equity Indonesia Construction Wijaya Karya (WIKA IJ) BUY (Unchanged) Stock Data Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp2,900 Rp2,900 Rp1,745 Upside/downside (%) +66.2 Sharesoutstanding (m) 8,970
More informationBUY (Unchanged) Pembangunan Perumahan (PTPP IJ) Equity Indonesia Construction. Company Update. Solid fundamental with stellar performance
Pembangunan Perumahan (PTPP IJ) BUY (Unchanged) 17 January 2018 Company Update Equity Indonesia Construction Stock Data Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp4,700 Rp4,700 Rp3,030 Upside/downside
More informationWaskita Karya (WSKT IJ)
Waskita Karya (WSKT IJ) BUY(Unchanged) 31 January 2018 Company Update Equity Indonesia Construction Stock Data Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp3,100 Rp3,100 Rp2,780 Upside/downside (%)
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 informationPT Wijaya Karya Beton Tbk
2-Dec-16 2-Jan-17 2-Feb-17 2-Mar-17 2-Apr-17 2-May-17 2-Jun-17 2-Jul-17 2-Aug-17 2-Sep-17 2-Oct-17 2-Nov-17 7 December 2017 Precast, Equity Price IDR. 510 Target Price IDR. 775 JKSE Index 6,035.508 250
More informationWika Beton (WTON IJ) BUY (Unchanged) Equity Indonesia Construction. In-line result with increased capacity. Results Note.
Wika Beton (WTON IJ) BUY (Unchanged) 03 May 2018 Results Note Equity Indonesia Construction Stock Data Target price (Rp) Rp750 Prior TP (Rp) Rp750 Shareprice (Rp) Rp464 Upside/downside (%) +61.6 Sharesoutstanding
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 informationBuy Dec 2018 TP (IDR) 4,770 Consensus Price (IDR) 4,002 TP to Consensus Price +19.2% vs. Last Price +61.1%
Pembangunan Perumahan Tbk (PTPP) Optimism Beyond Expectation Consistent and Stellar Growth in New Contracts Compared to other State-Owned Enterprises (SOEs) construction, PTPP s new contract growth figures
More informationAdhi Karya Company Focus
Dec 9, 14 Adhi Karya Company Focus Maria Renata (maria.renata@trimegah.com) Cheapest infra proxy A story of the fallen angel Backed by disappointment from several default projects in the past, investors
More informationBumi Serpong Damai (BSDE.IJ)
May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Equity Research Company Update Thursday,02 Feb 2017 BUY Maintain Last price Rp 2,200 Target Price Rp2,200 Upside/Downside 0. Previous Target Price Stock
More informationBUY Target Price, IDR 2,100 Upside (downside) 17%
Friday, 5 March 2015 BUY Target Price, IDR 2,100 Upside (downside) 17% WSKT IJ/WSKT.JK Last Price, IDR 1,795 No. of shares (mn) 9,632 Market Cap, IDR bn 17,289 (US$ mn) 1,331 3M T/O, US$mn 4.3 Last Recommendation
More informationWijaya Karya Beton(WTON IJ)
Equity Research Results Note Wednesday,02 May 2018 BUY Maintain Last price (IDR) 476 Target Price (IDR) 730 Upside/Downside +53.4% Previous Target Price (IDR) 730 Stock Statistics Sector Bloomberg Ticker
More informationKimia Farma(KAEF IJ)
Equity Research 3Q18 Result Note Thursday,01 November 2018 HOLD Maintain Last price (IDR) 2,450 Target Price (IDR) 2,170 Upside/Downside -11.4% Previous Target Price (IDR) 1,910 Stock Statistics Sector
More informationKimia Farma(KAEF IJ)
Equity Research Results Note Monday,30 July 2018 HOLD Maintain Last price (IDR) 2,380 Target Price (IDR) 2,170 Upside/Downside -8.8% Previous Target Price (IDR) 1,910 Stock Statistics Sector Bloomberg
More informationBUY Target Price, Rp 4,350 Upside 11,9%
Friday, 9 May 214 BUY Target Price, Rp 4,350 Upside 11,9% SMSM IJ/SMSM.JK Last Price, Rp 3,885 No. of shares (bn) 1,439 Market Cap, Rp bn 5,591 (US$ mn) 484 3M T/O, US$mn 0.2 Last Recommendation 09Jan14
More 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 informationWaskita Beton Precast(WSBP IJ)
Equity Research Company Update Monday,20 August 2018 BUY Maintain Waskita Beton Precast(WSBP IJ) Looking for more external works Last price (IDR) 382 Target Price (IDR) 500 Upside/Downside +30.9% Previous
More informationRamayana Lestari (RALS IJ)
Ramayana Lestari (RALS IJ) HOLD (Unchanged) 29 March 2018 Results Note Equity Indonesia Retail Stock Data Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp1,185 Rp1,030 Rp1,280 Upside/downside (%) (7.4)
More informationIndocement Tunggal Prakarsa (INTP IJ)
1/14/16 2/11/16 3/10/16 4/7/16 5/5/16 6/2/16 6/30/16 7/28/16 8/25/16 9/22/16 10/20/16 11/17/16 12/15/16 1/12/17 Equity Research Company Update Monday, 16 January 2017 SELL Maintained Last price Rp 14,950
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 informationWika Beton. Exhibit 1 : Financial Highlights. Source : WTON, Ciptadana Estimates
BUY TP: Rp910 (+73.3%) Wika Beton Solid set of results, strong outlook remains Sector Bloomberg Ticker Share Price Performance Construction WTON IJ Last price (Rp) 525 Avg. daily T/O (Rpbn/USDmn) 5.4/0.4
More informationPakuwon Jati(PWON IJ)
Equity Research Company Update Friday,10 November 2017 BUY Maintain Last price (IDR) 625 Target Price (IDR) 720 Upside/Downside +15.2% Previous Target Price (IDR) 700 Stock Statistics Sector Bloomberg
More informationTimah (TINS IJ) Equity Research Company Update BUY. Better outlook on supply risks. Thursday,05 October 2017
Equity Research Company Update Thursday,5 October 217 BUY Maintain Timah (TINS IJ) Better outlook on supply risks Last price (IDR) 845 Target Price (IDR) 1,1 Upside/Downside +3.2% Previous Target Price
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 informationJasa Marga(JSMR IJ) Equity Research Results Note BUY. Monday,30 April 2018
Equity Research Results Note Monday,30 April 2018 BUY Maintain Last price (IDR) 4,210 Target Price (IDR) 5,300 Upside/Downside +25.9% Previous Target Price (IDR) 5,300 Stock Statistics Sector Bloomberg
More informationConstruction Sector. Bigger, Stronger, and Wiser OVERWEIGHT. 25 June 2018
Construction Sector Bigger, Stronger, and Wiser OVERWEIGHT 25 June 2018 What does not kill you makes you stronger. Having withstood a tough year, SOE contractors survived the winter storm and are headed
More informationNippon Indosari (ROTI IJ)
Nippon Indosari (ROTI IJ) HOLD (Unchanged) 16 November 2017 Company Update Equity Indonesia Consumer Stock Data Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp1,200 Rp1,400 Rp1,295 Upside/downside (%)
More informationFOCUS RESEARCH. Site Visit to the Balikpapan Samarinda Toll Project BUY 22 NOVEMBER 2018
FOCUS RESEARCH 22 NOVEMBER 2018 COMPANY UPDATE BUY STOCK INFORMATION Bloomberg Code WTON IJ Sector Precast Concrete Current Price Rp 354 Target Price Rp 700 Upside/Downside 98% Share Out (bn shares) 8.7
More informationBumi Serpong Damai(BSDE IJ)
Equity Research Company Update Friday,17 November 2017 BUY Maintain Bumi Serpong Damai(BSDE IJ) Steady progress Last price (IDR) 1,640 Target Price (IDR) 2,000 Upside/Downside +22.0% Previous Target Price
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 informationWaskita Karya. Lower TP on worries of funding. Exhibit 1 : Financial Highlights. Source : WSKT, Ciptadana Estimates
BUY TP: Rp2,600 (+37.6%) Waskita Karya Lower TP on worries of funding Sector Bloomberg Ticker Share Price Performance Construction WSKT IJ Last price (Rp) 1,890 Avg. daily T/O (Rpbn/USDmn) 37.7/2.9 3m
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 informationKalbe Farma(KLBF IJ) BUY(Unchanged) Not a Fruitful Year. Equity Indonesia Consumer. Results Note. 29 February 2016
Equity Indonesia Consumer Kalbe Farma(KLBF IJ) BUY(Unchanged) Stock Data Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp1,600 Rp1,710 Rp1,275 Upside/downside (%) +25.5 Sharesoutstanding (m) 47 Marketcap.
More informationSari Roti (ROTI) Equity Research ROTI Visit Notes. Not Rated. A fresh approach. Tuesday, 22 January 2019
1/0/1900 1/17/2018 2/14/2018 3/14/2018 4/11/2018 5/9/2018 6/6/2018 7/4/2018 8/1/2018 8/29/2018 9/26/2018 10/24/2018 11/21/2018 12/19/2018 Equity Research ROTI Visit Notes Tuesday, 22 January 2019 Not Rated
More informationEquity Research. PT Wijaya Karya Bangunan GedungTbk. 14 August 2018 Building Construction, Equity
1-Dec-17 1-Jan-18 1-Feb-18 1-Mar-18 1-Apr-18 1-May-18 1-Jun-18 1-Jul-18 1-Aug-18 Equity Research 14 August 2018 Building Construction, Equity Price IDR. 222 Target Price IDR. 488 JKSE Index 5861.25 180
More informationIndonesia Construction Sector Sector Focus
August 25, 2015 Indonesia Construction Sector Sector Focus Tim Alamsyah, Sebastian Tobing CFA (Tim.Alamsyah@trimegah.com) (Sebastian.Tobing@trimegah.com) Growth still on the table Massive opportunity,
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 informationLippo Karawaci (LPKR IJ)
Lippo Karawaci (LPKR IJ) BUY (Unchanged) 26 November 2014 Company Update Equity Indonesia Property StockData Target price (Rp) Rp1,420 Prior TP (Rp) Rp1,270 Shareprice (Rp) Rp1,140 Upside/downside (%)
More informationRamayana Lestari Sentosa
Ramayana Lestari Sentosa Price is in the market Electricity hikes affect buying power The government s plan to increase the price of electricity in July 21 by 18% for household users utilizing above 9
More informationAlam Sutra Realty(ASRI IJ)
Equity Research Company Update Wednesday, 12 Apr 2017 HOLD Maintain Last price (IDR) 346 Target Price (IDR) Rp380 Upside/Downside +9.8% Previous Target Price (IDR) Stock Statistics Sector Bloomberg Ticker
More informationMNCS COMPANY UPDATE MNC Sekuritas Research Division September 18, 2017
MNCS COMPANY UPDATE MNC Sekuritas Research Division September 18, 2017 PT Waskita Beton Precast Tbk (WSBP) Basic Industry and Chemicals Bargain Hunting Time! Target Price Stock Data Current Price 52wk
More informationBuy Dec 2017 TP (IDR) 57,600 Consensus Price (IDR) 45,545 TP to Consensus Price +26.5% vs. Last Price +20.7%
Unilever Indonesia, Tbk (UNVR) Will Ads Cost Dip? Better Sales Growth UNVR booked higher sales growth since the end of 2015. The sales growth increased from 5.7% in 2015 into 9.8% in 2016, and is estimated
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 informationTelkom (TLKM IJ) HOLD (from Buy) Recovery mostly priced-in. Equity Indonesia Telecommunication. Company Update. 28 November 2018
Equity Indonesia Telecommunication Telkom (TLKM IJ) HOLD (from Buy) Stock Data Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp4, Rp4,1 Rp3,72 Upside/downside (%) +7.5 Sharesoutstanding (m) 99,62 Marketcap.
More informationSampoerna Agro(SGRO IJ)
Equity Research Company Update Tuesday,31 July 2018 HOLD Maintain Last price (IDR) 2,360 Target Price (IDR) 2,300 Upside/Downside -2.5% Previous Target Price (IDR) 2,700 Stock Statistics Sector Bloomberg
More informationSelamat Sempurna (SMSM IJ)
Selamat Sempurna (SMSM IJ) BUY (Upgrade) 03 August 2017 Company Update Equity Indonesia Automotive 120 115 110 105 100 95 90 85 80 75 70 StockData Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp1,350
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 information* 2011* 2012E 2013F 2014F
TRIM COMPANY FOCUS Feb 12, 2013 Bekasi Fajar Industrial Estate Capturing opportunity Bekasi Fajar own MM2100 industrial estate with total 2.100 licensed area. This estate was formed by JV with Marubeni
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 informationAhluwalia Contracts (India)
May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted
More informationSemen Baturaja (Persero) (SMBR IJ)
1/14/16 2/11/16 3/10/16 4/7/16 5/5/16 6/2/16 6/30/16 7/28/16 8/25/16 9/22/16 10/20/16 11/17/16 12/15/16 1/12/17 Equity Research Company Update Monday, 16 January 2017 SELL Maintain Last price Rp 2,200
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 informationJasa Marga BUY. February 2015 traffic: Moderating growth. Target Price, Rp 8,200
Thursday, 19 March 2015 BUY Target Price, Rp 8,200 Upside 16% JSMR IJ/JSMR.JK Last Price, Rp 7,075 No. of shares (mn) 6,800 Market Cap, Rp bn 48,110 (US$ mn) 3,651 3M T/O, US$mn 3.3 Last Recommendation
More informationExhibit 1 : Financial Highlights. Source : TINS, Ciptadana Estimates
BUY TP: Rp910 (+18.2%) Timah Strong 2Q18 performance on higher volume Sector Bloomberg Ticker Share Price Performance Metals TINS IJ Last price (Rp) 770 Avg. daily T/O (Rpbn/USDmn) 14.6/1.0 3m 6m 12m Absolute
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 informationPembangunan Perumahan
(PTPP IJ) 3Q17 review: Affirmation continues Construction Company Report November 2, 217 (Maintain) Buy Target Price (12M, IDR) 3,73 Share Price (11/1/17, IDR) 2,88 Expected Return 29.5% Consensus OP (17F,
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 informationEquity Research PT Waskita karya (Persero) Tbk
Equity Research karya (Persero) Tbk 3 August 2018 Construction, Equity Price IDR. 2070 Target Price IDR. 3140 JKSE Index 6011.72 3500 3000 2500 2000 1500 1000 500 0 Last Price (IDR) LS Stock Code Bloomberg
More informationTunas Baru Lampung. Promising growth. Exhibit 1 : Financial Highlights. Source : TBLA, Ciptadana Estimates
BUY TP: Rp1,510 (+21.3%) Tunas Baru Lampung Promising growth Sector Bloomberg Ticker Share Price Performance Plantation TBLA IJ Last price (Rp) 1,245 Avg. daily T/O (Rpbn/USDmn) 2.2/0.2 3m 6m 12m Absolute
More informationLondon Sumatra(LSIP IJ)
Equity Research Company Update Friday,02 November 2018 BUY Maintain Last price (IDR) 1,290 Target Price (IDR) 2,000 Upside/Downside +55.0% Previous Target Price (IDR) 1,150 Stock Statistics Sector Bloomberg
More 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
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 informationSECTOR UPDATE REPORT MNC Sekuritas Research Division June 22, 2017
SECTOR UPDATE REPORT MNC Sekuritas Research Division June 22, 2017 CONSTRUCTION SECTOR UPDATE Lucrative Entry Point Construction Sector Driven by Government Spending The focus of government to accelerate
More informationPremier Insight. Equity Indonesia Research Daily. Surya Semesta (SSIA IJ; Buy) Better earnings expected in 4Q February 2019.
Premier Insight 21 February 2019 Equity Indonesia Research Daily JCI Index 6,600 6,550 6,500 6,450 6,400 6,350 6,300 Net buy (sell) in Rp bn 1,000 500 - (500) (1,000) (1,500) JCI Index 22-Jan 23-Jan 24-Jan
More informationAstra Agro Lestari (AALI IJ)
Equity Research Company Update Wednesday,07 November 2018 BUY MAINTAIN Last price (IDR) 11,775 Target Price (IDR) 16,500 Upside/Downside +40.1% Previous Target Price (IDR) 11,800 Stock Statistics Sector
More informationAlam Sutra Realty(ASRI IJ)
Equity Research Transfer Coverage Wednesday,23 May 2018 HOLD Maintain Last price (IDR) 334 Target Price (IDR) 340 Upside/Downside +1.8% Previous Target Price (IDR) 390 Stock Statistics Sector Bloomberg
More informationHM SAMPOERNA. FY17 results meeting expectations. Exhibit 1 : Financial Highlights. Source : HMSP, Ciptadana Estimates
HOLD TP: Rp5,130 (+8.9%) HM SAMPOERNA FY17 results meeting expectations Sector Bloomberg Ticker Share Price Performance Cigarette HMSP IJ Last price (Rp) 4,710 Avg. daily T/O (Rpbn/USDmn) 76.5/5.6 3m 6m
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 informationTRIM Company Update HOLD. RALS: Good August, Change in Expansion Plan. Maintained. September 14, 2011
September 14, 2011 TRIM Company Update RALS: Good August, Change in Expansion Plan Maintained HOLD Share Price : Rp770 Sector : Retail Price Target : Rp870(13.0%) (Previously Rp880) Stock Data Reuters
More informationWonik Materials (104830)
Company Note January 19, 2012 Wonik Materials (104830) 12M rating 12M TP Up/downside Stock Data NM NA NM KOSPI (Jan 18, pt) 1,892 Stock price (Jan 18, KRW) 37,350 Market cap (USD mn) 189 Shares outstanding
More informationInvestor Relation s update COMPANY PRESENTATION. (based on FY2015)
Investor Relation s update COMPANY PRESENTATION (based on FY2015) TABLE of CONTENT SEGMENT OVERVIEW GROUP PERFORMANCE GUIDANCE 2016F IR s UPDATE Spirit of Innovation 2 SEGMENT OVERVIEW BOARD GUIDANCE#5
More informationPT Acset Indonusa Tbk BUY: IDR 1,917 (+30.4%)
Analysts Joshua Tan Analyst, Equity Research joshua.tan@u.nus.edu Jeremy Ee Analyst, Equity Research jeremy.ee@u.nus.edu Brandon Yeap Analyst, Equity Research brandonyeap.yt@u.nus.edu Pai Hong Wei Analyst,
More informationKalbe Farma (KLBF IJ)
Equity Indonesia Consumer Kalbe Farma (KLBF IJ) BUY (Unchanged) StockData Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp2, Rp1,97 Rp1,78 Upside/downside (%) +12.4 Sharesoutstanding (m) 47 Marketcap.
More informationPT. Indocement Tunggal Prakarsa Tbk. SELL. Equity Research. 6 November 2018 Basic Industry Cement. Investment Consideration
Equity Research PT. Indocement Tunggal Prakarsa Tbk. 6 November 2018 Basic Industry Cement Price IDR 17,350 Target Price IDR 16,000 JKSE Index 5,920.594 Stock Information Bloomberg Code INTP IJ Market
More informationHold. Summarecon Agung Tbk (SMRA) Awaits Still Recovery in Property Industry. NH Korindo Sekuritas Indonesia. Dec 2019 TP (IDR) 670.
Tbk (SMRA) Awaits Still Recovery in Property Industry 1H18 s Profit Growth Backed by 2Q18 s Performance Although 1H18 s revenue slightly declined by 0.7% y-y to IDR2.67 trillion, 1H18 s net profit significantly
More informationBUY. Lippo Karawaci EQUITY RESEARCH. Stable income through diversified products. TP: Rp880 (+19.7%) LPKR - Results Update - 10 October 2017
BUY TP: Rp880 (+19.7%) Lippo Karawaci Stable income through diversified products Sector Bloomberg Ticker Share Price Performance Property LPKR IJ Last price (Rp) 735 Avg. daily T/O (Rpbn/USDmn) 53.2/3.9
More informationPembangunan Perumahan
4/16 /16 6/16 7/16 8/16 9/16 1/16 11/16 12/16 1/17 2/17 3/17 (PTPP IJ) 1Q17 review: Expecting better days ahead Construction Company Report May 2, 217 (Maintain) Buy Target Price (12M, IDR) 4,2 Share Price
More informationMargins(%) EBITDA 30.0% 26.3% 25.4% NPM 26.5% 12.5% 18.1%
RESULTS REVIEW Share Data Market Cap Rs. 1,460.7 bn Price Rs. 177.2 BSE Sensex 15,049.86 Reuters NTPC.BO Bloomberg NATP IN Avg. Volume (52 Week) 2.6 mn 52-Week High/Low Rs. 291 / 148.75 Shares Outstanding
More informationHold Dec 2018 TP (IDR) 49,450 Consensus Price (IDR) 52,798 TP to Consensus Price -6.3% vs. Last Price -8.3%
Unilever Indonesia Tbk (UNVR) Dilemma: Inclining Debt vs Declining Dividend 2017 Performance Review UNVR posted the increment of 2.9% in sales from IDR40 trillion in 2016 into IDR41.2 trillion in 2017.
More informationLondon Sumatra(LSIP IJ)
Equity Research Company Update Monday,30 July 2018 BUY Maintain Last price (IDR) 1,000 Target Price (IDR) 1,150 Upside/Downside +15.0% Previous Target Price (IDR) 1,300 Stock Statistics Sector Bloomberg
More informationPerusahaan Gas Negara (PGAS IJ)
Perusahaan Gas Negara (PGAS IJ) HOLD (Unchanged) 20 October 2017 Company update Equity Indonesia Infrastructure 130 120 110 100 90 80 70 60 50 StockData Target price (Rp) Prior TP (Rp) Shareprice (Rp)
More informationFlash Note. Indonesia. Indonesia Construction. Strong start to DBS Group Research. Equity 31 Jan 2017
Indonesia Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 31 Jan 2017 Indonesia Construction Analyst Chong Tjen San +60 3 26043972; tjensan@alliancedbs.com
More informationBuy Dec 2018 TP (IDR) 42,350 Consensus Price (IDR) 36,475 TP to Consensus Price % vs. Last Price %
United Tractors Tbk (UNTR) Is Persistently Capable of Thriving Fantastic Growth in Heavy Machinery Segment The heavy machinery segment posted sales of IDR7.3 trillion (+106.6% y-y) in 4Q17. The surge in
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 informationBank Central Asia. Still the best in class. Exhibit 1 : Financial Highlights. Source : BBCA, Ciptadana Estimates
BUY TP: 26,100 (+12.0%) Bank Central Asia Still the best in class Sector Bloomberg Ticker Share Price Performance Banking BBCA IJ Last Price(Rp) 23,300 Avg. Daily T/O(Rpbn/USDmn) 343.5/25.0 3m 6m 12m Absolute
More informationIntiland Development. Exhibit 1 : Financial Highlights. Source : DILD, Ciptadana Estimates
BUY TP: Rp520 (+25.0%) Sector Bloomberg Ticker Share Price Performance Property DILD IJ Last price (Rp) 416 Avg. daily T/O (Rpbn/USDmn) 2.6/0.2 3m 6m 12m Absolute (%) -1.0 0.0-28.9 Relative to JCI (%)
More informationSIDO MUNCUL (SIDO IJ)
Equity Research Initiation report Monday,15 October 2018 BUY Initiation Last price (IDR) 810 Target Price (IDR) 1,000 Upside/Downside +23.5% Previous Target Price (IDR) Stock Statistics Sector Bloomberg
More informationXL Axiata (EXCL IJ) BUY. Pursuing growth in outer Java. Equity Indonesia Telecommunication. Re-Initiate Coverage. 09 August 2018
Equity Indonesia Telecommunication XL Axiata (EXCL IJ) BUY Stock Data Target price (Rp) Prior TP (Rp) Shareprice (Rp) Rp3,500 n.a. Rp3,050 Upside/downside (%) +14.8 Sharesoutstanding (m) 10,688 Marketcap.
More informationPT. Kalbe Farma Tbk.
9/29/2017 10/29/2017 11/29/2017 12/29/2017 1/29/2018 2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018 7/31/2018 8/31/2018 Equity Research 28 September 2018 Consumer Goods PT. Kalbe Farma Tbk. Investment
More informationPT PP (Persero) (LHS)
Indonesia Company Focus Bloomberg: PTPP IJ EQUITY Refer to important disclosures at the end of this report DBS Group Research. Equity 24 Jun 2014 BUY Rp1,775 JCI : 4,847.70 (Initiating Coverage) Price
More informationTelkom Indonesia(TLKM IJ)
Equity Research Initiation Friday,07 September 2018 BUY Initiation Last price (IDR) 3,360 Target Price (IDR) 4,300 Upside/Downside +28.0% Previous Target Price (IDR) 4,300 Stock Statistics Sector Bloomberg
More informationHold Dec 2018 TP (IDR) 1,850 Consensus Price (IDR) 2,193 TP to Consensus Price -15.6% vs. Last Price +4.5%
Bumi Serpong Damai Tbk (BSDE) Faces Challenge of Stagnant Middle- High Class Income Accomplishment in Marketing Sales Underlined by One-Off Factor In FY 2017, BSDE succeeded to post the sales of IDR10.4
More informationTRIM COMPANY FOCUS. Express Trasindo Utama One and Only. BUY - Rp1,800. Aug 21, Company Update. Stock Data. Major Shareholders: Consensus
TRIM COMPANY FOCUS Express Trasindo Utama One and Only Aug 21, 213 TAXI is the second largest taxi operator in Indonesia, managing 825 taxi units at 212. Its biggest fleet serviced Jakarta, and a smaller
More informationOpportunity before it races higher. Exhibit 1 : Financial Highlights. Source : PTPP, Ciptadana Estimates
BUY TP: Rp4,200 (+40.9%) PT PP Opportunity before it races higher Sector Bloomberg Ticker Share Price Performance Construction PTPP IJ Last price (Rp) 2,980 Avg. daily T/O (Rpbn/USDmn) 58.6/4.4 3m 6m 12m
More informationIndocement Tunggal Prakarsa(INTP IJ)
Equity Research Company Update Thursday,26 October 2017 SELL Maintain Last price (IDR) 21,850 Target Price (IDR) 15,700 Upside/Downside -28.1% Previous Target Price (IDR) 13,400 Stock Statistics Sector
More 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 informationMatahari Putra Prima Company Focus
September 1, 2014 Matahari Putra Prima Company Focus Sebastian Tobing (Sebastian.tobing@trimegah.com) Paula Ruth (paula@trimegah.com) Re-rating Upside Potential Expect re-rating to continue We expect MPPA
More informationPT. Indocement Tunggal Prakarsa Tbk. SELL. Equity Research. 26 February 2018 Basic Industry Cement. Investment Consideration Oversupply Still Exists.
Equity Research PT. Indocement Tunggal Prakarsa Tbk. 26 February 2018 Basic Industry Cement Price IDR 21,300 Target Price IDR 18,355 JKSE Index 6,619.804 SELL Investment Consideration Oversupply Still
More informationSelamat Sempurna BUY. Optimism Remains Despite The Challenging Year EQUITY RESEARCH. Tuesday, 07 August Last Recommendation
EQUITY RESEARCH Tuesday, 07 August 2012 BUY Bloomberg Code SMSM IJ Price, Rp 2,075 Mkt Cap Rp bn 2,987 Target Price, Rp 2,575 Joko Sogie (62-21) 350 9888 ext 3512 jokos@danareksa.com Last Recommendation
More informationABB LTD (INDIA) RESEARCH
RESULTS REVIEW Share Data Market Cap Rs. 168.6 bn Price Rs. 795.80 BSE Sensex 16,741.30 Reuters Bloomberg Avg. Volume (52 Week) ABB.BO ABB IN 0.11 mn 52-Week High/Low Rs. 856.95 / 344 Shares Outstanding
More information