BSDE posted a slight earnings improvement in 3Q18 but 9M18’s performance is still weaker than our expectation. We expect stronger earnings in 4Q18, mainly supported by higher 3Q-4Q16 residential pre-sales. 9M18 pre-sales of Rp5.4t is in- line, accounting for 80% of our...
(ITMG; Rp23,075; Buy; TP: Rp33,400) Ariyanto Kurniawan/Riset Mandiri SEkuritas Laba bersih pada 9 bulan pertama 2018 sesuai dengan prediksi. ITMG mencatatkan laba bersih sebesat US$96,6 juta pada Kuartal III/2018 (3Q18) sebesar US$96,6 juta (+45%YoY,+118%QoQ). Laba bersih sebesar US$199 juta pada 9M18, jumlah ini berporsi 76% dari prdiksi setahun penuh 2018 (FY18)...
Kresna Hutabarat, Henry Tedja/Riset Mandiri Sekuritas Tower Bersama melaporkan pendapatan YoY dan pertumbuhan EBITDA secara berurutan pada kuartal III 2018, terutama dikarenakan ARPT yang rendah year-to-date. Keuntungan bersih dan marjin kuartal III 2018 didukung oleh kebijakan pajak yang rendah, yang kami harapkan untuk tidak berulang. Kami menyarankan untuk tetap...
Robin Sutanto/Riset Mandiri Sekuritas SMRA membukukan Rp2.4 triliun pada pra-penjualan Oktober 2018, 60% dari target manajemen dan target kami. Walaupun lamban, peluncuran produk perusahaan mendatang di akhir tahun seharusnya berkontribusi dalam meningkatkan pra-penjualan. Kami tetap mempertahankan target pra-penjualan setahun penuh pada Rp3.2 triliun dan juga tetap mempertahankan saran BUY dengan...
Laura Taslim, Adrian Joezer/Riset Mandiri Sekuritas Ace Hardware (ACES) masih mencatatkan pertumbuhan rata-rata penjualan tiap toko (Same Store Sales Growth/SSSG) yang kuat pada Oktober 2018 berasal SSSG Oktober 2018 ke 13,2%, diatas target 8% dan prediksi setahun penuh 2018 (FY18) kami sebesar 10%. Indikasi penjualan Oktober 2018 telah mencapai Rp5,71...
Danareksa Equity Snapshot - TBIG, 13 November 2018 November 13, 2018 09:39 WIB Niko Margaronis The 3Q18 results are encouraging with the top contributors to tenancy growth being the incumbent Telkomsel followed by XL Axiata. Revenues were only up by 4.5%qoq, however, given churn. TBIG postponed the consolidation of Gihon to 4Q18....
Danareksa Equity Snapshot - SMGR, 13 November 2018 November 13, 2018 11:43 WIB Maria Renata | analyst SMGR has signed an agreement with LafargeHolcim to purchase an 80.6% stake in Holcim with an enterprise value of USD1.75bn, on a 100% basis. Based on our calculations, the transaction value translates into EV/ton...
Danareksa Equity Snapshot - ITMG, 12 November 2018 November 12, 2018 10:32 Stefanus Darmagiri / analyst Indo Tambangraya Megah (ITMG) reported net profits of USD96mn (+115.1% qoq, +44.2% yoy) in 3Q18. Cumulatively, net profits climbed 15.8% yoy to USD199mn in 9M18. The result is slightly below our expectation but within consensus estimates....
Zürich, November 12, 2018 - LafargeHolcim has today signed an agreement with Semen Indonesia for the disposal of its entire shareholding of 80.6 percent in Holcim Indonesia for an enterprise value of USD 1.75 billion, on a 100 percent basis. Semen Indonesia is a major building materials company and...
Fitch Ratings-Singapore/Jakarta-12 November 2018: Fitch Ratings has published a report that outlines our rationale for the November 2018 downgrade of PT Lippo Karawaci Tbk's Long-Term Issuer Default Ratings to 'CCC+' from 'B'. Key considerations include our expectation that the company's cash flow from operation will remain negative and of the...