Asiamoney’s 2013 Best Domestic Equity House 23 June 2016 Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor in making their investment decision. Beacon Indonesia Morning Brief IDX: 4,897 (+0.3%) Turnover: IDR4.7tn (-3.2%) Foreign Net SELL: IDR124.1bn (From Net BUY: IDR331.9bn) TODAY’S NEWS POLITICS Police Chief candidate: KPK finds no wealth irregularities; Fit and proper test PNS prohibited from receiving any form of gift for “Idul Fitri” ECONOMICS LPS cut 25bps of its guaranteed interest rates OJK to ease discretionary and closed-ended funds regulations 2017 pre-funding to collect repatriated funds Jokowi: Electricity subsidy recalculated INDUSTRY Telecommunication: BRTI confirmed that Telkomsel wasn’t monopoly Property: REI revised down its 2016 sector sales growth to 2% Land transportation: Odd-even policy postponed; 143 bus terminal renovation Sea transportation: Auction for 3,500 ships is hampered Oil: ESDM to cut oil and gas licenses to 20; ONWJ and WMO block achieves oil production targets Electricity: Private firms to play greater roles; 24.9% progress on 35,000 MW power projects Coal: China’s May imports +62% y-y; US demand up on stronger gas prices CORPORATE WIKA: Key takeaways from analyst meeting on 22 June 2016 MAPI’s key takeaways ANTM: IDR8bn cost savings; Asia ferronickel market; Pongkor’s 5,000ha ASRI and CFLD to develop Pasar Kemis project EXCL to establish 7 cellular towers in Madura WEHA to enter online-based car rental service Asian Agri predicts flat CPO production at best INDICES Asia Last Chg% ytd % y-y % Hang Seng (HK) 20,795.1 0.3 (5.4) (23.5) IDX (Indonesia) 4,896.9 0.3 6.6 (1.3) KLCI (Mal.) 1,637.7 0.2 (3.2) (5.5) KOSPI (Korea) 1,992.6 0.4 1.5 (3.1) Nikkei (Japan) 16,065.7 (1.0) (15.9) (21.7) PCOMP (Phil.) 7,756.4 (0.0) 11.7 2.1 SENSEX (India) 26,748.4 (0.2) 2.7 (3.3) SET (Thailand) 1,425.1 0.6 11.1 (4.9) SHCOMP (China) 2,905.6 0.3 (18.4) (35.5) SHENZHEN (China) 1,921.4 0.5 (17.8) (30.8) STI (Singapore) 2,805.1 0.6 (2.7) (15.4) TWSE (Taiwan) 8,693.0 0.1 4.3 (6.9) VNI (Vietnam) 629.2 0.2 8.7 5.9 Europe, USA and Ems 1,97 1,972. CAC 40 (France) 4,380.0 0.3 (5.5) (12.4) DAX (Germany) 10,071.1 0.6 (6.3) (12.1) Dow Jones (USA) 17,780.8 (0.3) 2.0 (1.9) FTSE 100 (UK) 6,261.2 0.6 0.3 (8.3) IBOV (Brazil) 50,156.3 (1.3) 15.7 (6.9) MEXBOL (Mexico) 45,806.2 0.2 6.6 1.3 NGSEINDX (Nigeria) 30,127.8 2.4 5.2 (9.8) Nasdaq (USA) 4,833.3 (0.2) (3.5) (6.2) RTSI (Russia) 927.3 (1.1) 22.5 (5.3) S&P 500 (USA) 2,085.5 (0.2) 2.0 (1.8) XU100 (Turkey) 77,267.5 (0.3) 7.7 (7.4) Source: Bloomberg ETF, ADR & COMMODITIES Last Chg% ytd % y-y % EEM US (USD) 33.9 (0.5) 5.4 (16.5) EIDO US (USD) 23.5 (0.6) 12.4 (2.6) TLK US (IDR) 3,883 (0.7) 32.3 37.3 Como Index (USD) 191.8 (0.7) 8.9 (14.5) Coal (USD/t) 55.9 1.7 10.5 (8.5) Corn (USD/mtn) 144.3 (0.8) 7.8 7.0 Coffee (USD/t) 2,854.3 0.0 10.3 5.5 Copper (USD/t) 4,687.5 2.2 7.3 (15.9) Cotton (USD/t) 1,387.6 0.1 (0.5) (1.7) CPO Rott (USD/t) 655.0 0.4 3.2 (4.0) Gold (USD/oz.) 1,261.4 (0.7) 18.8 7.0 Iron ore (USD/mtn) 49.2 (0.4) 13.4 (20.4) Milk (USD/cwt) 14.9 (0.9) (4.7) (11.9) Nickel (USD/t) 9,230.0 0.5 9.2 (23.3) Oil Brent (USD/barrel) 49.9 (1.5) 33.8 (21.3) Rice (IDR/kg) 5,026.0 0.0 (0.6) 8.5 Rubber (USD/t) 128.3 2.0 12.8 (18.6) Silver (USD/oz) 17.2 (0.2) 24.4 8.5 Soybean oil (USD/t) 695.6 0.6 3.3 (4.2) Steel (USD/t) 382.6 0.3 26.2 9.7 Sugar (USD/t) 427.0 (2.1) 29.7 62.2 Tins (USD/t) 17,150.0 0.7 19.3 6.2 Wheat (USD/t) 173.5 (0.1) (4.1) (14.8) Source: Bloomberg ECONOMIC INDICATORS MARKET DATA 15A 16F 17F 15A 16F 17F Cur acc bal (%GDP) (2.1) (2.3) (2.3) Op.prof.gwt.(%) (0.3) 9.6 13.3 Fiscal bal (%GDP) (2.6) (2.7) (2.5) EPS growth (%) (6.9) 12.9 15.0 GDP growth (%y-y) 4.8 5.1 5.2 P/E (x) 20.3 17.8 15.5 Private spending (%) 5.0 5.2 5.3 PEG (x) (3.5) 1.3 1.0 Investment (%y-y) 5.0 6.6 5.0 EV/EBITDA (x) 8.5 13.1 11.2 Total exports (%y-y) (2.0) (4.5) (1.8) P/BV (x) 10.5 9.1 8.2 Total imports (%y-y) (5.9) (7.5) (2.6) P/BV exc. 3.7 3.3 2.9 Inflation (%y-y) 3.3 3.9 4.5 Div. Yield (%) 2.1 2.2 2.5 IDR/USD 13,788 14,000 13,500 Net gearing (%) 25.1 20.2 17.8 BI rate (% p.a.) 7.50 6.25 6.00 ROAE (%) 33.1 30.2 30.5 Brent Oil (Usd/bbl) 30.9 35.0 50.0 ROAA (%) 12.6 12.7 13.4 FX reserve (USDb) 105.9 105.0 112.0 ROIC (%) 22.3 22.6 24.7 Source: Bahana estimates Source: Bahana estimates CURRENCIES & RATES Last Prev. ytd % y-y % AUD/1USD 0.752 0.746 (3.1) 2.9 EUR/1USD 1.133 1.125 (4.2) (1.5) IDR/1USD 13,283 13,263 3.8 0.2 JPY/1USD 104.76 0 104.81 0 14.8 18.3 SGD/1USD 1.337 1.343 6.1 0.3 JIBOR (%) 4.64 4.64 (2.9) (1.0) BI rate (%) 6.50 6.50 (1.0) (1.0) TD – 1 month (%) 6.37 6.44 (0.7) (0.8) CDS (bps) 189.02 190.00 20.5 113.1 Source: Bloomberg
Transcript
Asiamoney’s
2013
Best Domestic
Equity House
23 June 2016
Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor
in making their investment decision.
Beacon Indonesia Morning Brief
IDX: 4,897 (+0.3%) Turnover: IDR4.7tn (-3.2%)
Foreign Net SELL: IDR124.1bn (From Net BUY: IDR331.9bn)
TODAY’S NEWS
POLITICS
Police Chief candidate: KPK finds no wealth irregularities; Fit and proper test
PNS prohibited from receiving any form of gift for “Idul Fitri”
ECONOMICS
LPS cut 25bps of its guaranteed interest rates
OJK to ease discretionary and closed-ended funds regulations
2017 pre-funding to collect repatriated funds
Jokowi: Electricity subsidy recalculated
INDUSTRY
Telecommunication: BRTI confirmed that Telkomsel wasn’t monopoly
Property: REI revised down its 2016 sector sales growth to 2%
Land transportation: Odd-even policy postponed; 143 bus terminal renovation
Sea transportation: Auction for 3,500 ships is hampered
Oil: ESDM to cut oil and gas licenses to 20; ONWJ and WMO block achieves oil
production targets
Electricity: Private firms to play greater roles; 24.9% progress on 35,000 MW
power projects
Coal: China’s May imports +62% y-y; US demand up on stronger gas prices
CORPORATE
WIKA: Key takeaways from analyst meeting on 22 June 2016
MAPI’s key takeaways
ANTM: IDR8bn cost savings; Asia ferronickel market; Pongkor’s 5,000ha
PNS prohibited from receiving any form of gift for “Idul Fitri” Minister of PANRB, Yuddy Chrisnandi, has prohibited civil servants (PNS) from receiving any form of gift for
“Idul Fitri”. The receipt of any gift from anyone is prohibited by law and categorized as gratification. Any
failure to report the receipt of any gift will be considered a crime. (Kontan)
ECONOMICS
LPS cut its guaranteed interest rates by 25bps
The Deposit Insurance Corporation (LPS) has continued to lower its guaranteed interest rates by 25 bps
effective 14 June – 14 September 2016 with IDR denominated deposits at 6.75%, and FX deposits at
0.75%. (Kontan)
OJK to relax discretionary and closed-ended funds regulations
Financial services authority OJK will liberalize several regulations related to discretionary funds and closed-
ended funds, known as RDPT, as well as the procedure for bonds issuance, in order to better absorb
repatriated funds from the tax amnesty program, according to Muliaman Hadad, the chairman of OJK.
(Cogencis)
2017 pre-funding to collect repatriated funds
The government plans for a 2017 pre-funding if 2016 government bonds are not sufficient to collect
repatriated funds. (Kontan)
Jokowi: Recalculate the electricity subsidy
President Joko Widodo (Jokowi) has asked the ministry to recalculate electricity subsidy for the poor in order
to prevent not-on-target consumers. State Electricity Company (PLN) has assessed around 18mn as 900VA
users, and the government plans to cut subsidy of 900VA, excluding the poor and prone-to-poverty
households. (Tempo)
INDUSTRY
Telecommunication: BRTI confirms no Telkomsel monopoly
Badan Regulasi Telekomunikasi Indonesia (BRTI) has already confirmed that Telkomsel is not involved in
monopolistic practice outside Java as of accused by Indosat. I Ketut Prihadi as Commission Member of BRTI
stated that Telkomsel’s position outside Java was not a monopoly as every cellular operator was already
provided the same opportunities to build up connection and services in Indonesia. (Detik.com)
Property: REI revised down its 2016 sector sales growth to just 2%
The Indonesian Real Estate Association’s (REI) DPP Chairman, Eddy Hussy, stated that REI has revised its
2016 sector sales target to only 2% from 10-12% previously due to continued soft property demand in
1H16. He also stated that mid-high property sales have remained weak. Separately, according to PP
not affect property sector in short-term as he predicts it will only benefit the sector in 1H17. (Investor
Daily). Bahana comment: Regarding this news, we reiterate our unchanged 1.2% y-y average property
marketing sales growth in 2016. The REI’s sector growth revision is very much in line with our initial call on
property. Meanwhile, discount-to-NAV target prices are questionable on falling property prices. At this stage,
we still maintain our UNDERWEIGHT call on the Indonesian property sector.
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 3
Land Transportation: Odd-even policy trial postponed; Ministry to renovate 143 bus terminals
The trial for the odd-even license plate policy which was scheduled for July 20 is now postponed to July 27
by the transportation ministry. Socialization is scheduled to begin from June 28 to July 27. After testing for
one month, the policy would then be enforced on 30 August, applicable for cars and motorcycles but not
public transportation. Separately, the minister has allocated IDR1bn to renovate 143 type A bus terminals in
all regions of Indonesia starting in October. This follows the plan to transfer the management of type A bus
terminals from the local to the central government. (Detik, Kontan.co.id)
Sea Transportation: Auction for 3,500 ships hampered
Maritime ministry has failed to hold the auction for the procurement of 3,500 ships which are valued at
IDR2.1tn. According to Agus Prabowo, head of the Policy Institute for Government Procurement, only 40%
of the total auction was successful, due to the difficulty of auction requirements such as the ship’s domicile
permit from the ministry and the requisite bank guarantee. (Kontan.co.id)
Oil: ESDM to cut oil and gas licenses to 20; ONWJ and WMO block achieves oil production targets The Energy and Mineral Resources Ministry (ESDM) will further cut the number of licenses to be obtained by
oil and gas contractors to 20 by the end of this year. The ministry aims to revive investors’ confidence in the
country’s upstream sector. In 2011, there were 104 licenses; that number was cut to 51 in 2012 and then
to 42 in 2015. Separately, PT Pertamina Hulu Energi Offshore North West Java (ONWJ) and PT Pertamina
Hulu Energi West Madura Offshore (WMO) achieved the oil production targets. As of May, oil production of
ONWJ reached 37,112 barrels/day and that of WMO came to 10,411 barrels/day. (Petromindo.com, Kontan)
Electricity: Private firms to play greater roles; 24.9% progress on 35,000 MW power projects
President Jokowi has reiterated the government’s intention to allow private firms play a greater role in his
administration’s ambitious 35,000 MW electricity procurement program after state-owned power company
PLN declined to work on some of the projects assigned to it. Separately, Minister of Energy and Mineral
Resources Sudirman Said stated that the progress of the 35,000 MW power projects at 85 locations have
reached 24.9% as of May 25, 2016. (The Jakarta Post, Petromindo)
Coal: China’s May imports +62% y-y; US coal demand rise on stronger US gas prices
In May, China imported 7.6mn mt of thermal coal, up 62% y-y and 7% m-m, bringing 5M16 imports to
33.1mn mt of thermal coal, down 8.6% y-y. Meanwhile, weekly US coal consumption topped at 16.5mn mt,
near to 2016 year-high consumption volume in January 21 of 17.1mn mt. The climb in coal consumption in
late May was due to stronger US gas price, Henry-Hub, that rose to its year-high price at USD2.75/mmbtu.
On a monthly basis, US coal consumption escalated by 29% nationwide to 16.6mn mt. (Platts)
CORPORATE
WIKA: Key takeaways from analyst meeting on 22 June 2016
Wijaya Karya (WIKA IJ-BUY-IDR2,950-TP:IDR3,000) held an analyst meeting to provide company’s business
guidance as well as to introduce the newly appointed Finance Director, Mr Steve Kosasih, who previously
served as CEO of Transjakarta, a state-owned transportation company, and as Corporate Secretary of
Perhutani, a state-owned plantation company.
- WIKA targets 2016 new contracts to reach IDR52.3tn (Bahana: IDR31tn, excluding the IDR20tn in fast
train project), +108% y-y, resulting in total order book of IDR86tn (Bahana: IDR62tn), +77% y-y. Most
of the projects will come from infra-related projects, including IDR20tn of fast train project.
- As of 5M16, WIKA already achieved new contracts of IDR7.6tn, +30% y-y, of which 59% is infra-related
projects: Wisma Atlit building (IDR978bn), Palm Oil Mill project (IDR551bn), Fly over Semanggi
(IDR314tn), Soekarno Hatta APMS (IDR380bn), Prabumulih gas facilities (IDR296bn) and Manado-Bitung
toll road (IDR169bn).
- Through WIKA Gedung, a subsidiary, WIKA has started to build Light Rail Transit (LRT) Corridor 1 Kelapa
Gading Velodrome and Jakarta LRT Depo in Kelapa Gading with total investment of IDR63bn.
- In 5M16, 63% of new contracts are from private sector, 21% are from government projects and 16%
are from state owned companies.
- WIKA plans to spend 2016F capex of IDR7tn (Bahana: IDR1.5tn), of which IDR2.8tn will be from WIKA’s
internal cash and the rest from borrowings. WIKA will conduct cash injection for the fast train project of
around IDR430bn in 2016F.
- In 2016F, WIKA targets revenue of IDR19tn (Bahana: IDR15tn), +42% y-y with net profit of IDR750bn
(Bahana: IDR650bn), +20% y-y. (Company, IQPlus)
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 4
MAPI public expose: Key takeaways
Key takeaways from our recent visit to Mitra Adi Perkasa’s (MAPI IJ–BUY–IDR4,150–TP:IDR4,750) public
expose, held by the Vice President Director, V.P. Sharma:
- Its 2016 transformation agenda includes further development of IT and supply chain infrastructure,
improvement on productivity and efficiency, increasing MAP e-Mall development in 2016, maintaining
strategic partnership with CVC to better Burger King, Domino Pizza and Business Active's contribution
- In 2015, MAPI opened 284 stores and closed 176 stores for a net opening of 108 stores. In 2016, it
plans to continue its prudent expansion for retail business as economic conditions are not favorable by
opening another 200 stores of its profitable brands and closing down 100 of its unprofitable stores. As of
5M16, MAPI’s stores totaled 2062, reflecting a slight increase in number of stores since 2015 of 2,059.
- MAPI plans to restructure its F&B business by consolidating F&B brands, namely Starbucks, Godiva, Pizza
Express, Krispy Kreme and Coldstone, under the newly instilled company, MAP Boga Adiperkasa (MBA)
- Expanding its F&B business through rigorous expansion of Starbucks outlets of approximately 50-60
stores every year as it expects good performance of the F&B industry in the near future
- MAPI plans to issue zero coupon bonds in 4Q16, amounting to IDR355bn. Funds raised will be used for
its restructuring plans for its F&B business and to repay some of its loans.
- MBA will also issue a zero-coupon bond amounting to IDR725bn and stock options totalling IDR508bn to
investors, which includes General Atlantic. Funds raised will be used for restructuring purposes and
provide funding for its F&B business expansion.
- Possible IPO of its F&B business operations through the restructuring of the F&B division, which is one of
MAPI's future plans.
- Top line growth is expected at 10-12% while its SSSG is estimated to be 6% in 2016.
- Expansion plans for the MAP e-Mall through vigorous marketing. This places MAPI in a better position to
fulfill its mission to be Indonesia's number one omni-channel retailer. (Bahana)
ANTM: IDR8bn cost savings; targeting Asia’s ferronickel market; aiming for 5,000ha in Pongkor
In 5M16, Aneka Tambang (ANTM IJ-REDUCE-IDR740-TP:IDR207) cost efficiencies through minimizing
operating cost, has reached IDR8bn or 27% of management’s target. Currently, ANTM is in a finalization
phase of its 2x300MW coal-fired power plant, which will reduce ferronickel cash cost. In other news, due to
increasing demand of ferronickel in Asia and less shipping cost, ANTM decides to shift its ferronickel sales
target from Europe to Asia. In 2016, the company targets to produce 20k TNi ferronickel. On its gold
business, ANTM plans to open 5,000ha of new exploration in Gunung Pongkor area to help offset its
depleted gold reserves in its current location. (Kontan, Kompas, Bisnis)
ASRI and CFLD to develop Pasar Kemis project
Following the signing of MoU between Alam Sutera Realty (ASRI IJ-REDUCE-IDR496) and China-based
property developer China Fortune Land Development (CFLD) to develop Pasar Kemis project, both have
signed a definitive agreement to ensure commitment and cooperation to develop 1,000ha land with total
investment of IDR1.45tn. (Company). Bahana comment: If the project materializes, it could boost Pasar
Kemis sales going forward as ASRI only managed to book 4M16 pre-sales of IDR418bn, 8.4% of its IDR5tn
full-year target (Bahana: IDR2.3tn).
EXCL to establish 7 cellular towers in Madura
XL Axiata (EXCL IJ-BUY-IDR3,840-TP: IDR4,340) will establish 7 more towers or communication device
tower as BTS signal receivers in Madura to anticipate heavy communication traffic during Lebaran. (IQPlus)
WEHA to enter online-based car rental service
Panorama Transportasi (WEHA IJ-NOT RATED-IDR142), better known as White Horse taxi, is set to
transform its business into an online-based car rental service as part of the company's efforts to survive
with the new tech-fluent rivals in the transportation business. WEHA signed a memorandum of
understanding with Go-Car on April 19 to provide business license and operation permit to provide a public
transport service for individual Go-Car drivers. (JakartaGlobe.com, Jakarta Post)
Asian Agri predicts flat CPO production at best
Due to the El-Nino last year, CPO production during the first quarter was considerably lower with prediction
for a fall in full-year 2016 production by 5-10% industry wide. Asian Agri also predicts a flat production of
1mn tons in 2016 y-y. To achieve this Asian Agri plans to add 6,000 hectares of plasma plantations and a
replantation drive for 5,000 hectares. (Kontan). Bahana comment: This is in line with our expectations for
a reduced CPO production this year due to the heavy impact of the El Nino.
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 5
Matahari Putra Prima MPPA IJ BUY 1,850 30.3 1,420 1,290 10.08 Semen Baturaja SMBR IJ REDUCE 400 (35.5) 620 565 9.73 Siloam International Hospitals SILO IJ BUY 12,400 14.5 10,825 9,900 9.34 Agung Podomoro Land APLN IJ REDUCE 220 (20) 276 256 7.81 Hero Supermarket HERO IJ REDUCE 650 (42.5) 1,130 1,050 7.62 Sri Rejeki Isman SRIL IJ BUY 400 46.0 274 260 5.38 United Tractors UNTR IJ BUY 18,300 32.1 13,850 13,375 3.55 Bank Jawa Barat dan Banten BJBR IJ HOLD 970 (6.3) 1,035 1,000 3.50 Bank Tabungan Negara BBTN IJ HOLD 1,700 0.6 1,690 1,635 3.36 Astra International ASII IJ REDUCE 5,650 (19.0) 6,975 6,750 3.33 Surya Semesta Internusa SSIA IJ BUY 720 8.3 665 645 3.10 Indofood CBP Sukses Makmur ICBP IJ BUY 18,300 4.7 17,475 17,050 2.49 Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,100 (16.3) 2,510 2,450 2.45 Perusahaan Gas Negara PGAS IJ BUY 3,200 32.2 2,420 2,370 2.11 Alam Sutera Realty ASRI IJ REDUCE 300 (39.5) 496 486 2.06 Waskita Karya WSKT IJ BUY 2,700 7.1 2,520 2,470 2.02 Ace Hardware Indonesia ACES IJ BUY 975 9.6 890 875 1.71 Bank Negara Indonesia BBNI IJ BUY 5,200 5.7 4,920 4,850 1.44 Jasa Marga JSMR IJ BUY 6,000 13.7 5,275 5,200 1.44 Indofood Sukses Makmur INDF IJ BUY 6,600 (7.0) 7,100 7,000 1.43 Holcim Indonesia SMCB IJ REDUCE 850 (20.9) 1,075 1,060 1.42 Malindo Feedmill MAIN IJ BUY 1,700 4.9 1,620 1,600 1.25 Mitra Keluarga Karyasehat MIKA IJ REDUCE 1,900 (27) 2,600 2,570 1.17 Kalbe Farma KLBF IJ BUY 1,480 5.3 1,405 1,390 1.08 Xl Axiata EXCL IJ BUY 4,340 13.0 3,840 3,800 1.05 Charoen Pokphand Indonesia CPIN IJ BUY 3,500 (10) 3,890 3,850 1.04 Ramayana Lestari Sentosa RALS IJ BUY 1,080 10.2 980 970 1.03 Lippo Cikarang LPCK IJ BUY 8,300 9.9 7,550 7,475 1.00 Bank Rakyat Indonesia BBRI IJ HOLD 11,000 4.8 10,500 10,400 0.96
Bank Bukopin BBKP IJ REDUCE 540 (2.7) 555 550 0.91 Media Nusantara Citra MNCN IJ BUY 2,500 11.1 2,250 2,230 0.90 Tunas Baru Lampung TBLA IJ BUY 570 0.0 570 565 0.88 Matahari Department Store LPPF IJ BUY 20,500 2.0 20,100 19,925 0.88 Adi Sarana Armada ASSA IJ BUY 130 13.0 115 114 0.88 Bank Jawa Timur BJTM IJ REDUCE 430 (6.9) 462 458 0.87 Garuda Indonesia GIAA IJ REDUCE 400 (18.0) 488 484 0.83 Indosat ISAT IJ BUY 7,300 12.3 6,500 6,450 0.78 Aneka Tambang ANTM IJ REDUCE 207 (72.0) 740 735 0.68 Pelayaran Tempuran Emas TMAS IJ BUY 3,000 102.0 1,485 1,475 0.68 Nippon Indosari Corpindo ROTI IJ BUY 1,450 (2.7) 1,490 1,480 0.68 Express Transindo Utama TAXI IJ BUY 208 28.4 162 161 0.6 Harum Energy HRUM IJ REDUCE 500 (40.1) 835 830 0.60 Bank Central Asia BBCA IJ HOLD 14,000 8.5 12,900 12,825 0.58 Bank Danamon Indonesia BDMN IJ HOLD 3,300 (6.8) 3,540 3,520 0.57 J Resources PSAB IJ BUY 280 (21.8) 358 356 0.56 Merdeka Copper Gold MDKA IJ BUY 2,200 14.6 1,920 1,910 0.52 Electronic City ECII IJ REDUCE 700 44.6 484 482 0.41 Indonesian Stock Exchange JCI 4,897 4,879 0.4 Surya Citra Media SCMA IJ REDUCE 2,800 (16.2) 3,340 3,330 0.30 Pembangunan Perumahan PTPP IJ BUY 4,300 12.0 3,840 3,830 0.26 Gudang Garam GGRM IJ BUY 88,000 32.6 66,375 66,250 0.19 Cardig Aero Services CASS IJ HOLD 1,250 25.0 1,000 1,000 0.00 Bank Mandiri BMRI IJ HOLD 9,300 3.3 9,000 9,000 0.00 Adaro Energy ADRO IJ HOLD 645 (23.7) 845 845 0.00 Indo Tambangraya Megah ITMG IJ REDUCE 4,000 (54.4) 8,775 8,775 0.00 Wijaya Karya WIKA IJ BUY 3,100 5.1 2,950 2,950 0.00 Wijaya Karya Beton WTON IJ BUY 1,100 15.2 955 955 0.00 Mitra Adiperkasa MAPI IJ BUY 4,750 14.5 4,150 4,150 0.00 Multipolar MLPL IJ BUY 550 45.5 378 378 0.00 Tempo Scan Pacific TSPC IJ BUY 2,000 11.1 1,800 1,800 0.00 Sido Muncul SIDO IJ BUY 630 24.8 505 505 0.00 Kimia Farma KAEF IJ BUY 1,430 19.7 1,195 1,195 0.00 Puradelta Lestari DMAS IJ BUY 290 39.4 208 208 0.00 Bekasi Fajar Industrial Estates BEST IJ REDUCE 300 11.1 270 270 0.00 AKR Corporindo AKRA IJ BUY 9,000 46.9 6,125 6,125 0.00 Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (44.1) 1,790 1,790 0.00 Telekomunikasi Indonesia TLKM IJ BUY 4,500 16.3 3,870 3,870 0.00 Sarana Menara Nusantara TOWR IJ BUY 5,000 20.5 4,150 4,150 0.00 Tiphone Mobile Indonesia TELE IJ BUY 1,180 68.6 700 700 0.00 Mayora Indah MYOR IJ BUY 37,000 (3.9) 38,500 38,600 (0.26) Salim Ivomas Pratama SIMP IJ HOLD 290 (35.8) 452 454 (0.44) Japfa Comfeed Indonesia JPFA IJ BUY 940 (15.7) 1,115 1,120 (0.45) Soechi Lines SOCI IJ BUY 630 47.9 426 428 (0.47) Bumi Serpong Damai BSDE IJ BUY 2,020 (2.9) 2,080 2,090 (0.48) Lippo Karawaci LPKR IJ REDUCE 1,130 10.8 1,020 1,025 (0.49) Sampoerna Agro SGRO IJ HOLD 1,800 (6.5) 1,925 1,935 (0.52) Indocement Tunggal Prakarsa INTP IJ REDUCE 13,950 (13.1) 16,050 16,150 (0.62) Timah TINS IJ REDUCE 411 (42.9) 720 725 (0.69) Kawasan Industri Jababeka KIJA IJ BUY 270 (5.6) 286 288 (0.69) Indomobil Sukses Internasional IMAS IJ HOLD 2,000 43.9 1,390 1,400 (0.71) Tower Bersama Infrastructure TBIG IJ REDUCE 5,750 (12.9) 6,600 6,650 (0.75) Erajaya Swasembada ERAA IJ BUY 850 40.5 605 610 (0.8) Semen Indonesia SMGR IJ HOLD 8,900 (0.8) 8,975 9,050 (0.83) Astra Agro Lestari AALI IJ REDUCE 13,626 (6.0) 14,500 14,625 (0.85) Unilever Indonesia UNVR IJ BUY 50,500 16.4 43,400 43,800 (0.91) Dharma Satya Nusantara DSNG IJ BUY 535 8.7 492 498 (1.20) Adhi Karya ADHI IJ BUY 3,200 15.1 2,780 2,820 (1.42) Summarecon Agung SMRA IJ BUY 1,820 4.9 1,735 1,760 (1.42) Anabatic Technologies ATIC IJ BUY 800 26.0 635 645 (1.6) HM Sampoerna HMSP IJ BUY 4,600 23.3 3,730 3,790 (1.58) Wintermar Offshore Marine WINS IJ HOLD 184 (20.7) 232 236 (1.69) Bukit Asam PTBA IJ BUY 7,800 (3.1) 8,050 8,200 (1.83) London Sumatra Indonesia LSIP IJ BUY 1,780 26.7 1,405 1,435 (2.09) Vale Indonesia INCO IJ REDUCE 1,400 (21.1) 1,775 1,815 (2.20) Medco Energi Internasional MEDC IJ BUY 1,300 (10.0) 1,445 1,480 (2.36) Blue Bird BIRD IJ REDUCE 3,500 (13.8) 4,060 4,190 (3.1) Pakuwon Jati PWON IJ HOLD 490 (18) 600 620 (3.23) Total Bangun Persada TOTL IJ BUY 940 32.4 710 735 (3.40) Ciputra Development CTRA IJ BUY 1,400 (0.7) 1,410 1,460 (3.42) Ciputra Property CTRP IJ REDUCE 335 (48.1) 645 670 (3.73) Gajah Tunggal GJTL IJ BUY 860 (11.8) 975 1,015 (3.94) Krakatau Steel KRAS IJ REDUCE 275 (57.4) 645 675 (4.44)
Indomobil Sukses InternationalIMAS IJ Equity IMAS IJ HOLD 1,390 2,000 0.0 18,010 19,770 21,414 98 149 229 (292) 126 292 na na na na 30.4 13.2 27.4 29.8 28.4 0.7 0.7 0.7 0.0 0.8 1.9 251.2 297.2 316.2 (5.3) 2.3 5.2 (1.2) 0.5 1.0 (1.6) 0.6 1.2
Gajah Tunggal GJTL IJ Equity GJTL IJ BUY 975 860 11.0 12,833 13,932 15,091 950 1,031 1,117 (422) 62 436 na na na na 54.8 7.8 5.1 4.7 5.7 0.7 0.7 0.6 0.0 0.5 3.2 130.5 129.3 130.3 (7.7) 1.3 8.4 (2.6) 0.4 2.4 (3.6) 0.5 3.4
BANKS BANKS UW 843.9 274,550 295,363 323,022 103,617 109,290 121,197 81,990 87,193 96,558 0.7 6.3 10.7 11.8 11.1 10.0 na na na 2.4 2.1 1.8 2.4 2.2 2.3 na na na 20.1 18.5 17.7 2.7 2.6 2.6 na na na
Bank Central Asia BBCA IJ Equity BBCA IJ HOLD 12,900 14,000 185.4 51,413 54,667 58,922 22,657 25,089 27,636 18,019 20,051 22,086 9.3 11.3 10.1 17.7 15.9 14.4 na na na 3.6 3.0 2.6 1.2 1.3 1.4 na na na 21.9 20.6 19.3 3.1 3.2 3.2 na na na
Bank Rakyat Indonesia BBRI IJ Equity BBRI IJ HOLD 10,500 11,000 288.0 70,688 75,366 81,584 30,511 31,895 34,882 25,398 26,831 29,275 4.9 5.6 9.1 10.2 9.7 8.8 na na na 2.3 2.0 1.7 3.0 3.1 3.4 na na na 24.1 21.9 20.5 3.0 2.9 2.9 na na na
Bank Mandiri BMRI IJ Equity BMRI IJ HOLD 9,000 9,300 187.4 67,316 71,421 78,060 26,339 26,240 29,089 20,335 20,058 22,172 2.3 (1.4) 10.5 10.3 10.5 9.5 na na na 1.8 1.6 1.4 2.9 1.9 1.8 na na na 18.5 16.2 15.9 2.3 2.1 2.1 na na na
Bank Negara Indonesia BBNI IJ Equity BBNI IJ BUY 4,920 5,200 137.6 35,298 38,934 43,381 11,057 11,912 13,663 9,067 9,805 11,230 (15.9) 8.1 14.5 10.1 9.4 8.2 na na na 1.2 1.1 1.0 2.5 2.1 2.1 na na na 13.8 12.6 13.0 2.0 1.8 1.9 na na na
Bank Danamon BDMN IJ Equity BDMN IJ HOLD 3,540 3,300 9.1 18,638 20,359 21,691 3,944 4,327 4,825 2,393 3,068 3,397 (8.1) 28.2 10.7 14.2 11.1 10.0 na na na 1.0 0.9 0.9 2.1 2.5 2.5 na na na 7.2 8.7 9.0 1.2 1.5 1.3 na na na
Bank Tabungan Pensiunan NasionalBTPN IJ EQUITY BTPN IJ REDUCE 2,510 2,100 1.4 8,460 9,056 10,343 2,460 2,204 2,438 1,702 1,572 1,804 (8.9) (7.6) 10.5 8.6 9.3 8.4 na na na 1.1 1.0 0.9 0.0 0.0 1.8 na na na 13.5 10.9 11.3 2.2 1.8 1.8 na na na
Bank Tabungan Negara BBTN IJ Equity BBTN IJ HOLD 1,690 1,700 22.0 7,998 9,210 10,904 2,534 2,897 3,305 1,851 2,179 2,484 61.6 17.7 14.0 9.7 8.2 7.2 na na na 1.3 1.1 1.0 2.1 2.1 2.1 na na na 14.2 14.8 14.9 1.2 1.1 1.0 na na na
Bank Jabar Banten BJBR IJ Equity BJBR IJ HOLD 1,035 970 9.6 6,987 7,568 8,164 1,736 1,989 2,221 1,381 1,565 1,746 24.8 13.7 11.6 7.3 6.4 5.7 na na na 1.3 1.2 1.1 8.2 8.6 9.6 na na na 18.7 19.4 19.6 1.7 1.7 1.6 na na na
Bank Jatim BJTM IJ Equity BJTM IJ REDUCE 462 430 1.6 3,558 4,136 4,800 1,208 1,385 1,637 885 1,027 1,213 (5.8) 16.1 18.1 7.8 6.7 5.7 na na na 1.1 1.0 0.9 9.3 8.6 9.2 na na na 14.3 15.8 17.3 2.2 2.2 2.3 na na na
Bank Bukopin BBKP IJ Equity BBKP IJ REDUCE 555 540 1.8 4,193 4,646 5,174 1,173 1,353 1,502 960 1,037 1,151 43.2 7.9 11.1 5.3 4.9 4.4 na na na 0.7 0.6 0.5 3.8 4.1 4.6 na na na 13.4 13.1 13.0 1.1 1.0 1.0 na na na
INDUSTRY - Various INDUSTRY - Various 63.7 48,542 92,424 37,858 (1,286) (22) 2,258 (3,408) (2,201) (1,545) na na na na na na 6.8 4.1 3.0 0.7 0.7 0.7 1.1 0.7 0.9 78.7 93.7 34.2 (5.1) (1.5) (0.9) (2.4) (0.9) (0.2) (4.2) (1.3) (0.2)
Krakatau Steel KRAS IJ Equity KRAS IJ* REDUCE 645 275 17.3 19,341 20,947 0 (2,555) (1,635) 0 (3,047) (2,636) (2,513) na na na na na na na na na 0.4 0.5 0.5 0.0 0.0 0.0 83.6 112.8 0.0 (16.9) (11.8) (12.7) (7.0) (5.1) (4.7) (8.9) (6.0) (5.6)
Merdeka Copper Gold MDKA IJ Equity MDKA IJ* BUY 1,920 2,200 24.4 0 0 868 (84) (140) 462 (98) (210) 238 58.3 na na na na na na na na 3.9 4.3 3.8 0.0 0.0 1.0 7.7 75.0 53.5 (9.0) (10.2) 11.4 (4.6) (6.9) 6.5
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 12
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For stocks and sectors in Indonesia covered by Bahana Securities, the following rating system is in effect:
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 14
Stock ratings are based on absolute upside or downside, which is the difference between the target price and the current market price. Unless otherwise specified, these ratings are set with a 12-month horizon. It is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on the market price and the formal rating. "Buy": the price of the security is expected to increase by 10% or more. "Hold": the price of the security is expected to range from an increase of less than 10% to a decline of less than 5%. "Reduce": the price of the security is expected to decline by 5% or more.
Sector ratings are based on fundamentals for the sector as a whole. Hence, a sector may be rated “Overweight” even though its constituent stocks are all rated “Reduce”; and a sector may be rated “Underweight” even though its constituent stocks are all rated “Buy”. “Overweight”: positive fundamentals for the sector. “Neutral”: neither positive nor negative fundamentals for the sector. “Underweight”: negative fundamentals for the sector.
Ownership of Securities For “Ownership of Securities” information, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action .
Investment Banking Relationships For “Investment Banking Relationship”, please visit BlueMatrix disclosure Link at https://daiwa3.bluematrix.com/sellside/Disclosures.action . Relevant Relationships (Bahana Securities) Bahana Securities may from time to time have an individual employed by or associated with it serves as an officer of any of the companies under its research coverage.
Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research.
Additional information may be available upon request.
Japan - additional notification items pursuant to Article 37 of the Financial Instruments and Exchange Law
(This Notification is only applicable where report is distributed by Daiwa Securities Co. Ltd.)
If you decide to enter into a business arrangement with us based on the information described in materials presented along with this document, we ask you to pay close attention to the following items.
In addition to the purchase price of a financial instrument, we will collect a trading commission* for each transaction as agreed beforehand with you. Since
commissions may be included in the purchase price or may not be charged for certain transactions, we recommend that you confirm the commission for
each transaction.
In some cases, we may also charge a maximum of ¥ 2 million (including tax) per year as a standing proxy fee for our deposit of your securities, if you are
a non-resident of Japan.
For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements.
There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest
rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss
could exceed the amount of the collateral or margin requirements.
There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by us.
Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts
as certified public accountants.
*The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current
market conditions and the content of each transaction etc.
When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with us.
Corporate Name: Daiwa Securities Co. Ltd.
Financial instruments firm: chief of Kanto Local Finance Bureau (Kin-sho) No.108
Memberships: Japan Securities Dealers Association, Financial Futures Association of Japan
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