Eka Savitri Danareksa Equity Snapshot - BMRI, 15 November 2018 - We maintain our BUY call on BMRI with a higher GGM-derived TP of IDR8,700 (implying 2.07x 2019F P/BV) as we roll over our valuation to 2019F. Despite its strong corporate banking business, BMRI shall continue to expand into...
Natalia Sutanto Danareksa Equity Snapshot - UNVR, 15 November 2018 - UNVR is the biggest market cap stock in the consumer sector, with a weighting of around 8% in the IDX30. The plans of the regulator/bourse to change the index weighting (for IDX 30 or LQ45) that includes the free...
Stefanus Darmagiri Danareksa Equity Snapshot - ASII, 15 November 2018 - Astra International (ASII) further increased its monthly domestic car market share to 56.5% in Oct 2018 with stronger car sales (+20.1% mom vs. the industry’s figure of only +13.7% mom). Despite a slight decline in cumulative sales volume (-1.7%...
PT Semen Indonesia Tbk: Short Term Pain, Long Term Gain? (SMGR, Rp9.150, BUY, TP Rp10.500) Priscilla Thany/Riset Mandiri Sekuritas Lafarge Holcim dan SMGR telah menandatangani penjualan bersyarat dan persetujuan pembelian untuk pembuangan penjualan sebesar 80,6% kepemilikan...
 (INTP, Rp17.650, NEUTRAL, TP Rp15.000) Priscilla Thany/ Riset Mandiri Sekuritas Volume penjualan domestik PT Indocement Tunggal Prakarsa Tbk mencatatkan pertumbuhan yang wajar sebesar +6,4% YoY pada Oktober18 sementara INTP mencatatkan pertumbuhan +5,8% YoY… Tidak seperti bulan-bulan sebelumnya, pulau...
PTBA, Rp4.650, BUY, TP Rp5.000 Ariyanto Kurniawan/ Riset Mandiri Sekuritas Laba bersih selama sembilan bulan pertama tahun 2018 (9M18) sesuai ekspektasi. PTBA mencatatkan laba bersih pada kuartal III/2018 (3Q18) sebesar Rp1,4 triliun (+50% YoY, +20% QoQ). Jumlah ini menjadikan laba bersih 9M18 menjadi Rp3,9 triliun (+50% YoY), hal ini berporsi...
Trendspotter 14 November 2018 SMGR has won the bid for SMCB at an enterprise valuation of US$1.75bn, translating toTrendspotter 14 November 2018 share price of Rp2,290-2,340 for SMCB (+19-23% from Fri). Post-acquisition, the top 2 players (SMGR and INTP) will control c.80% sales volume market share which should positively impact pricing...
Danareksa Equity Snapshot - PTBA, 14 November 2018 Stefanus Darmagiri Bukit Asam (PTBA) reported net profits of IDR1.3tn in 3Q18 (+5.5% qoq, +31.3% yoy). Cumulatively, net profits went up by 49.7% yoy to IDR3.9tn in 9M18 thanks to greater coal production, sturdy coal prices and the favorable exchange rate. The results...
Jovin Anwar | Analyst UOB Kayhian Charoen Pokphand Indonesia (CPIN IJ) 9M18: Earnings Growth Remains Strong, In Line With Our Expectation 9M18 net profit grew 79.5% yoy and net margin expanded by 365bp yoy as selling prices onfDOC and broilers remained strong post-Lebaran seasonality. However, net margin contracted 290bp qoq as...
UNTR postedrobust 3Q18 net profit of Rp3.6t (+22% qoq, +62% yoy) while revenuegrew 11.3% qoq to Rp22.1t (+8.8% qoq) amid strong operating expense control,benefits from a stronger US$ on a higher mining contracting margin and Rp630bforex gains.