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Equity SNAPSHOT Thursday, November 22, 2018
Danareksa Sekuritas – Equity SNAPSHOT
FROM EQUITY RESEARCH
Kino Indonesia: Lifted by better distribution (KINO IJ.IDR 2,560. BUY.TP IDR 2,800 )
KINO reported strong volume growth in 9M18 for its major brands
(Ellipse, Sleek and Kaki Tiga), largely thanks to distribution revamping, we believe. Combined with continued efficiencies, the
company is well placed to record sustained growth going forward. Maintain BUY with a higher TP of IDR2,800.
To see the full version of this report, please click here
MARKET NEWS
Macroeconomy
Bank Indonesia: Forecasts flattish economic growth in 2019 Government: 0% VAT for services exports is expanded
Sector Indonesian digital archipelago firing on all cylinders (Google-
Temasek) Indonesian Telcos to be excluded from the negative investment
list (DNI)
Corporate Construction: Government seeks halt to the development of the
LRT and HSR projects
PREVIOUS REPORT
Telco price trends: Quick fix in data prices accomplished
Click here Danareksa Research Institute - Monetary Watch: Widening CAD
in the spotlight Click here Wijaya Karya Beton: Site visit to Kalimantan Click here Strategy: Policy Response Click here Kalbe Farma: Playing the waiting game Click here
KEY INDEX
Close
Chg Ytd Vol
(%) (%) (US$ m)
Asean - 5
Indonesia 5.948 (1,0) (6,4) 485
Thailand 1.617 0,3 (7,8) 1.428
Philippines 7.265 (0,5) (15,1) 121
Malaysia 1.695 (0,9) (5,6) 372
Singapore 3.039 0,4 (10,7) 566
Regional
China 2.652 0,2 (19,8) 34.899
Hong Kong 25.971 0,5 (13,2) 10.020
Japan 21.508 (0,4) (5,5) 12.764
Korea 2.077 (0,3) (15,8) 4.459
Taiwan 9.742 (0,0) (8,5) 3.282
India 35.200 (0,8) 3,4 360
NASDAQ 6.972 0,9 1,0 101.610
Dow Jones 24.465 (0,0) (1,0) 10.140
CURRENCY AND INTEREST RATE
Rate
w-w m-m ytd
(%) (%) (%)
Rupiah Rp/1US$ 14.603 1,2 3,8 (7,7)
BI7DRRR % 6,00 0,3 0,3 1,8
10y Gov Indo bond 7,98 (0,1) (0,7) 1,7
HARD COMMODITY
Unit Price
d-d m-m ytd
(%) (%) (%)
Coal US$/ton 102 0,1 (6,9) 1,6
Gold US$/toz 1.226 (0,0) 0,3 (5,9)
Nickel US$/mt.ton 11.027 (0,7) (10,9) (13,2)
Tin US$/mt.ton 19.429 (1,0) 1,3 (3,3)
SOFT COMMODITY
Unit Price
d-d m-m ytd
(%) (%) (%)
Cocoa US$/mt.ton 2.152 (0,9) (0,2) 13,3
Corn US$/mt.ton 133 0,3 5,0 6,3
Oil (WTI) US$/barrel 55 0,1 (20,9) (9,5)
Oil (Brent) US$/barrel 63 1,5 (20,4) (5,1)
Palm oil MYR/mt.ton 1.731 (0,2) (16,4) (27,6)
Rubber USd/kg 121 (0,2) (8,0) (17,5)
Pulp US$/tonne 1.205 N/A 2,8 20,5
Coffee US$/60kgbag 85 (0,2) (3,0) (7,3)
Sugar US$/MT 342 1,2 (9,7) (13,3)
Wheat US$/ton 138 (0,3) (5,1) 2,7
Soy Oil US$/lb 28 1,7 (4,6) (16,0)
Soy Bean US$/by 883 0,2 3,1 (7,2)
Source: Bloomberg
www.danareksa.com See important disclosure at the back of this report 1
Equity Research Company Update
Wednesday,22 November 2018
Kino Indonesia(KINO IJ) BUY
MAINTAIN Lifted by better distribution
KINO reported strong volume growth in 9M18 for its major brands (Ellipse, Sleek and Kaki Tiga), largely thanks to distribution revamping, we believe. Combined with continued efficiencies, the company is well placed to record sustained growth going forward. Maintain BUY with a higher TP of IDR2,800. Strong performance of PC and Beverages. In a recent meeting with the company, we learnt that KINO’s major divisions (Personal care and Beverages) are performing well. In total, these two divisions accounted for 92% of the FY18F revenues. The Personal care division, with the major contributions coming from Ellipse (hair vitamin) and Sleek (Baby products), recorded strong volume growth in 9M18, largely thanks to improvements in its distribution system and more extensive marketing coverage. For beverages, Kaki Tiga benefited from seasonally high demand in the 3Q18 dry season, while Panther also performed well with segmented advertising promotions for its limited Wiro Sableng edition. On a negative note, however, the food division reported lackluster performance. This led us to lower our FY18 top line estimate by 4%. But with higher gross margin estimates, we revise up our FY18 earnings estimate by 19%. FY19 earnings growth of 22% yoy. Going into 2019, the company is optimistic that its distribution revamping will continue to support its performance. We forecast FY19 revenues growth of 14.6% yoy. In the recent meeting, KINO stated that it was adding capacity for several personal care products, which should help the company to record higher sales in 2019. With continued efficiencies and product reformulation using local sources, we believe that the company can maintain its gross margin at 45%. Combined with 22% A&P/revenues, we estimate FY19 earnings of IDR 174bn, +22%. Our new FY19 earnings estimate is 19% higher than our previous estimate. Maintain BUY with a higher TP of IDR2,800. With stronger average quarterly sales in 2018 (see exhibit 5), we view that the company’s turnaround story involving the revamping of its distribution system and greater efficiencies at the operating level have yielded positive results. Ultimately, this should sustain growth going forward, we believe. As such, taking into account our new forecast, we roll over our valuation to 2019 with a higher TP of IDR2,800 (FY19F PE of 23x) – based on DCF valuation (WACC 11.8%, TG 4%). We maintain our BUY call. The main risks to our call include inefficient distribution and soft demand that may hinder strong growth in the future.
Last price (IDR) 2,560
Target Price (IDR) 2,800
Upside/Downside +9.4%
Previous Target Price (IDR) 2,100
Stock Statistics
Sector CONSUMER
Bloomberg Ticker KINO IJ
No of Shrs (mn) 1,429
Mkt. Cap (IDRbn/USDmn) 3,657/250
Avg. daily T/O (IDRbn/USDmn) 0.5/0.0
Major shareholders (%)
PT KINO INVESTINDO 69.5
DBSSG S/A NUSANTARA FMCG LIMITED 10.7
Estimated free float 9.2
KINO relative to JCI Index
Source : Bloomberg
x Natalia Sutanto
(62-21) 2955 5888 ext.3508
Key Financials Year to 31 Dec 2016A 2017A 2018F 2019F 2020F
Revenue (IDRbn) 3,493 3,161 3,394 3,889 4,407 EBITDA (IDRbn) 270 212 263 320 348 EBITDA Growth (%) (41.6) (21.4) 23.8 21.7 8.8 Net profit (IDRbn) 181 110 142 174 194 EPS (IDR) 126.4 77.3 99.6 121.9 135.8 EPS growth (%) (90.8) (38.9) 28.9 22.3 11.4 BVPS (IDR) 1,350.2 1,412.6 1,485.2 1,587.2 1,698.6 DPS (IDR) 37.0 25.0 27.0 19.9 24.4 PER (x) 20.2 33.1 25.7 21.0 18.8 PBV (x) 1.9 1.8 1.7 1.6 1.5 Dividend yield (%) 1.4 1.0 1.1 0.8 1.0 EV/EBITDA (x) 15.0 18.3 14.3 11.7 10.8
Source : KINO, Danareksa Estimates
Equity SNAPSHOT Thursday, November 22, 2018
Danareksa Sekuritas – Equity SNAPSHOT
MACROECONOMY
Bank Indonesia: Forecasts flattish economic growth in 2019 Bank Indonesia expects economic growth in 2019 to be the same as in 2018 at 5.1% or below the State Budget’s target of 5.3%. Due to global economic uncertainty, BI has trimmed its forecast for global economic growth from 3.9% to 3.7%. BI expects the normalization of interest rates to continue in the US and the ECB to tighten monetary policy. (Investor Daily)
Government: 0% VAT for services exports is expanded
The Ministry of Finance has expanded the scope of the 0% VAT program for services exports. This category includes IT, research and development services, legal services, accounting and audit, interconnected services and freight
forward for transportation services. The Ministry of Finance also plans to provide tax super deduction for companies that provide vocational training programs. (Investor Daily)
SECTOR Indonesian digital archipelago firing on all cylinders (Google-Temasek)
Southeast Asia’s internet economy reached US$72 bn (GMV) gross merchandise value in 2018 across Online Travel (2015-18 cagr +15%), e-Commerce (2015-18 cagr +62%), Online Media (2015-18 cagr +44%), and Ride Hailing
(2015-18 cagr +39%) and is on track to exceed US$240 bn by 2025, US$40 bn more than estimated by Google Temasek in 2016. Going forward, the forecast growth rates are: Online Travel (2015-25 cagr +15%), e-Commerce
(2015-25 cagr +34%), Online Media (2015-25 cagr +24%), and Ride Hailing (2015-25 cagr +26%). The Indonesian
digital archipelago is showing breakneck growth. Supported by the largest internet user base in the region (150 mn users in 2018), Indonesia has the largest internet economy (US$27 bn in 2018) and it is the fastest growing (+49%
CAGR 2015-2018 from $8bn in 2015). With huge headroom across all sectors, it is poised to grow to US$100 bn by 2025 (+28% CAGR 2015-25), accounting for $4 of every $10 spent in the region. Indonesia’s internet economy
GMV accounts for 2.9% of GDP as per 2018. Total capital raised for internet start-ups reached US$24 billion since
2015, with US$9.1 bn in 1H18 alone. Southeast Asia’s nine internet unicorns (Bukalapak, Go-Jek, Grab, Lazada, Razer, Sea Group, Traveloka, Tokopedia, and VNG) have received the majority of the capital, attracting US$16 billion
of the US$24 billion in total. (Google-Temasek)
Indonesian Telcos to be excluded from the negative investment list (DNI)
Based on the new 16th economic stimulus package, the government has given authority to an additional 54 industry sectors to be excluded from the Negative Investment List (DNI) i.e. allowing 100% foreign ownership. Among those
54 sectors, only 26 have been approved by the respective authorities. Among the 26, there are 10 sectors related to Data network services, Fixed network services, mobile telecommunications networks, internet services, integrated
network services, telecommunication content services, call center services and other VAS services, Public telephony,
interconnection services, and construction & tower rentals. Foreign investment in the telco sector was capped under a presidential regulation at 67% while foreign investment in the tower business is prohibited (restricted to local
investors only). According to an official at the Ministry of Telecommunications (KOMINFO), KOMINFO has not yet agreed to the policy as it still needs to review the policy’s implications and effects. (Antara news, Bisnis).
CORPORATE Construction: Government seeks halt to the development of the LRT and HSR projects
Two SOE contractors, Adhi Karya (ADHI) and Wijaya Karya (WIKA), are waiting for a moratorium from the government regarding the plan to temporarily postpone development of the LRT and high speed railway (HSR)
projects due to heavy congestion on the Jakarta - Cikampek toll road especially at Km 11-17. The two companies as the contractors of the projects are waiting for more details regarding the plan. However, both are optimistic that
the progress of their projects will not be affected as they will still be able to undertake other works on the projects.
(Bisnis Indonesia)
MARKET NEWS
Danareksa Sekuritas – Equity SNAPSHOT
DANAREKSA VALUATION GUIDE
Equity SNAPSHOT Thursday, November 22, 2018
Rating Price (Rp) Price Mkt Cap
Target Rp Bn 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019
Danareksa Universe 3.700.384 222.683 248.354 221,4 246,9 11,7% 11,5% 16,6 14,9 17,9 16,5 2,7 2,4 17,1 17,1
Auto 342.086 19.727 21.517 396,7 432,7 4,5% 9,1% 17,3 15,9 12,8 11,7 2,6 2,3 15,3 15,4
Astra International BUY 8.450 8.600 342.086 19.727 21.517 487 532 488 522 4,5% 9,1% 17,3 15,9 12,8 11,7 2,6 2,3 15,3 15,4
Banks 1.597.618 102.396 117.455 457,3 524,6 14,3% 14,7% 15,6 13,6 2,4 2,1 16,5 16,7
BCA HOLD 24.800 22.700 611.444 26.257 29.958 1.065 1.215 1.065 1.215 12,6% 14,1% 23,3 20,4 N/A N/A 4,0 3,4 18,5 18,0
BNI BUY 8.250 9.500 153.851 15.262 16.720 818 897 818 897 12,1% 9,6% 10,1 9,2 N/A N/A 1,4 1,2 14,6 14,2
BRI BUY 3.430 4.350 423.076 32.924 38.684 267 314 267 314 13,5% 17,6% 12,8 10,9 N/A N/A 2,2 2,0 18,6 19,3
Bank Tabungan Negara BUY 2.380 3.600 25.204 3.490 3.794 330 358 330 358 15,4% 8,5% 7,2 6,6 N/A N/A 1,0 0,9 15,1 14,6
Bank Mandiri BUY 7.275 8.500 339.500 24.463 28.299 524 606 524 606 18,5% 15,6% 13,9 12,0 N/A N/A 1,9 1,7 14,1 14,8
BTPN HOLD 3.680 3.900 21.526 1.723 2.011 300 350 300 350 41,1% 16,7% 12,3 10,5 N/A N/A 1,2 1,1 10,1 10,9
BTPS BUY 1.685 2.100 12.981 906 1.174 118 152 118 152 21,6% 29,7% 14,3 11,1 N/A N/A 3,3 2,8 29,4 27,3
BPD Jatim BUY 670 830 10.035 1.259 1.350 84 90 84 90 8,6% 6,7% 7,9 7,4 N/A N/A 1,2 1,1 15,5 15,5
Cigarettes 548.206 21.454 23.492 181 199 5,0% 9,5% 25,6 23,3 17,5 16,1 6,6 6,0 26,9 26,9
Gudang Garam BUY 79.375 80.800 152.724 8.282 9.133 4.304 4.747 4.304 4.747 6,8% 10,3% 18,4 16,7 11,8 10,9 3,2 2,8 18,3 17,7
HM Sampoerna HOLD 3.400 3.800 395.482 13.173 14.359 113 123 113 123 4,0% 9,0% 30,0 27,5 22,1 20,2 11,3 10,9 38,2 40,4
Construction 88.174 11.919 14.048 160 188 12,5% 17,9% 7,4 6,3 6,8 6,17 1,1 1,0 16,1 16,5
Wijaya Karya BUY 1.290 2.200 11.571 1.588 2.108 177 235 177 235 32,0% 32,7% 7,3 5,5 3,0 2,4 0,8 0,7 11,9 14,2
Pembangunan Perumahan BUY 1.545 2.800 9.579 1.741 2.140 281 345 281 345 19,8% 22,9% 5,5 4,5 3,1 2,6 0,7 0,6 14,2 15,2
Adhi Karya BUY 1.375 2.150 4.896 753 920 212 258 212 258 46,1% 22,2% 6,5 5,3 5,4 4,9 0,7 0,6 11,6 11,6
Waskita Karya BUY 1.590 2.300 21.583 4.369 5.038 322 371 322 371 13,3% 15,3% 4,9 4,3 7,2 6,4 1,2 1,0 27,6 25,5
Waskita Beton BUY 328 500 8.646 1.302 1.524 53 62 53 62 37,5% 17,0% 6,2 5,3 5,5 4,9 1,1 1,0 17,2 18,4
Wika Beton BUY 354 600 3.085 423 493 51 59 51 59 25,5% 16,6% 7,0 6,0 4,6 4,1 1,0 0,9 14,5 15,2
Jasa Marga BUY 3.970 5.300 28.814 1.742 1.825 240 251 240 251 -20,8% 4,8% 16,5 15,8 12,3 12,7 1,8 1,6 11,1 10,8
Consumer 524.381 17.984 19.716 347 380 7,9% 9,6% 29,2 26,6 16,4 15,1 7,4 6,7 26,4 26,4
Indofood CBP BUY 8.850 9.400 103.208 3.979 4.230 341 363 341 363 4,8% 6,3% 25,9 24,4 15,3 14,3 4,8 4,3 19,3 18,6
Indofood BUY 6.000 8.000 52.683 4.493 4.968 512 566 510 548 7,8% 10,6% 11,7 10,6 5,5 5,1 1,6 1,4 13,9 14,2
Unilever HOLD 40.900 48.000 312.067 7.673 8.484 1.006 1.112 1.006 1.112 9,5% 10,6% 40,7 36,8 28,5 25,7 56,2 52,0 143,0 146,8
Kino Indonesia BUY 2.560 2.100 3.657 93 142 65 99 65 99 -16,1% 53,3% 39,5 25,7 16,5 12,4 1,8 1,7 4,5 6,6
Mayora Indah HOLD 2.360 2.790 52.767 1.747 1.892 78 85 76 85 9,5% 8,3% 30,2 27,9 16,5 15,1 6,3 5,5 22,4 21,0
Healthcare 87.566 2.806 3.083 102 121 -7,0% 18,5% 31,2 28,4 19,8 17,8 5,0 4,5 16,8 16,6
Kalbe Farma BUY 1.560 1.500 73.125 2.538 2.733 54 58 54 58 5,6% 7,7% 28,8 26,8 18,2 17,0 4,9 4,4 18,0 17,4
Kimia Farma HOLD 2.600 2.170 14.440 268 350 48 63 48 63 -18,0% 30,8% 53,9 41,2 31,3 22,3 5,3 4,8 10,2 12,2
Heavy Equipment 119.178 8.783 9.714 2.355 2.604 18,6% 10,6% 13,6 12,3 5,9 5,1 2,4 2,2 18,9 18,6
United Tractors BUY 31.950 39.000 119.178 8.783 9.714 2.355 2.604 2.355 2.604 18,6% 10,6% 13,6 12,3 5,9 5,1 2,4 2,2 18,9 18,6
Industrial Estate 10.091 1.052 1.237 17 20 -54,6% 17,6% 9,6 8,2 6,4 5,8 0,7 0,6 7,0 7,9
Puradelta Lestari BUY 137 240 6.603 645 594 13 12 13 12 -1,8% -7,9% 10,2 11,1 8,3 8,8 0,9 0,9 9,1 8,1
Bekasi Fajar BUY 145 300 1.399 498 581 52 60 52 60 3,0% 16,6% 2,8 2,4 3,8 3,4 0,3 0,3 12,2 12,7
Surya Semesta HOLD 444 540 2.089 (91) 62 (19) 13 (19) 13 -107,7% 168,5% (23,0) 33,5 7,6 5,4 0,6 0,6 (2,4) 1,7
Media 38.037 3.551 3.919 123 136 27,5% 10,4% 10,7 9,7 7,0 6,3 2,5 2,2 25,5 24,5
Media Nusantara Citra BUY 785 1.450 11.207 1.960 2.158 137 151 137 151 34,9% 10,1% 5,7 5,2 4,1 3,7 1,1 1,0 20,3 19,7
Surya Citra Media BUY 1.835 2.700 26.831 1.591 1.761 107 119 107 119 19,5% 10,7% 17,1 15,4 11,4 10,1 5,8 4,9 37,4 35,0
Mining 168.920 18.825 19.111 212 215 24,1% 1,5% 9,0 8,8 3,9 3,9 1,3 1,2 14,7 14,1
Adaro Energy BUY 1.310 2.800 41.902 7.376 6.806 231 213 231 213 17,4% -7,7% 5,7 6,2 2,2 2,1 0,9 0,9 16,0 14,2
Timah BUY 670 1.400 4.990 603 689 81 93 81 93 19,9% 14,4% 8,3 7,2 4,5 4,0 0,8 0,7 9,6 10,2
Vale Indonesia BUY 2.950 5.900 29.312 1.117 1.708 112 172 112 172 -662,5% 53,0% 26,3 17,2 8,2 6,4 1,2 1,2 4,7 7,1
Aneka Tambang HOLD 645 1.000 15.500 428 501 18 21 18 21 213,7% 17,0% 36,2 30,9 9,9 9,9 0,8 0,8 2,3 2,6
Bukit Asam BUY 4.350 5.000 50.115 4.735 5.028 436 463 436 463 5,8% 6,2% 10,0 9,4 6,6 6,4 3,0 2,5 31,2 27,2
Indo Tambangraya Megah BUY 20.025 33.200 22.627 3.903 3.669 3.455 3.247 3.455 3.247 15,3% -6,0% 5,8 6,2 2,5 2,8 1,6 1,5 28,9 24,9
Harum Energy HOLD 1.655 3.100 4.474 663 709 245 262 245 262 12,7% 6,9% 6,7 6,3 0,3 0,1- 1,0 1,0 15,8 16,1
Plantation 31.518 2.811 3.094 264 291 -8,2% 10,1% 11,2 10,2 6,0 4,6 1,0 0,9 9,1 9,4
Astra Agro Lestari BUY 10.350 16.500 19.921 1.639 1.874 851 973 851 973 -18,5% 14,3% 12,2 10,6 6,1 5,3 1,0 1,0 8,8 9,5
Sampoerna Agro BUY 2.400 3.000 4.536 346 406 191 223 191 223 20,4% 17,1% 12,6 10,8 7,2 4,0 1,1 1,0 8,7 9,4
PP London Sumatra BUY 1.035 2.000 7.062 826 815 121 119 121 119 8,2% -1,4% 8,5 8,7 4,5 3,2 0,8 0,8 9,9 9,2
Poultry 114.445 5.847 6.722 39 45 65,0% 15,0% 19,6 17,0 11,6 10,3 3,7 3,2 20,3 20,3
Charoen Pokphand HOLD 5.450 4.700 89.369 3.987 4.636 208 283 208 283 32,2% 36,1% 26,2 19,3 14,0 12,3 4,8 4,2 23,3 23,1
Japfa Comfeed BUY 1.915 2.600 22.456 1.739 1.947 152 171 152 171 74,4% 12,0% 12,6 11,2 7,8 6,9 2,1 1,9 17,6 17,3
Malindo Feedmill HOLD 1.170 1.150 2.619 121 139 54 62 54 62 147,7% 14,7% 21,6 18,9 8,7 8,1 1,5 1,4 6,9 7,5
Property 87.834 8.327 7.912 69 66 -11,7% -5,0% 10,5 11,1 8,0 7,9 1,2 1,1 12,3 10,5
Alam Sutera HOLD 312 340 6.131 1.605 1.576 82 80 83 80 16,3% -1,8% 3,8 3,9 5,5 5,6 0,6 0,5 17,5 15,0
Bumi Serpong Damai BUY 1.240 1.930 23.866 2.842 2.126 148 110 147 110 -42,2% -25,2% 8,4 11,2 6,6 7,8 0,9 0,8 10,7 7,4
Ciputra Development BUY 975 1.220 18.096 1.171 1.216 63 66 63 66 30,9% 3,9% 15,5 14,9 10,8 9,9 1,3 1,2 8,4 8,1
Pakuw on Jati BUY 620 710 29.859 2.327 2.652 48 55 49 55 24,2% 14,0% 12,8 11,3 8,7 7,5 2,4 2,0 20,5 19,5
Summarecon BUY 685 1.000 9.882 383 343 27 24 27 24 5,8% -10,5% 25,8 28,8 9,2 9,3 1,4 1,4 5,7 4,9
Retail 67.933 3.556 4.337 69 85 62,9% 22,0% 19,1 15,7 10,8 8,6 4,3 3,8 23,3 25,8
Mitra Adi Perkasa BUY 800 1.050 13.280 874 824 528 498 528 498 161,0% -5,7% 1,5 1,6 7,3 6,2 3,0 2,6 20,0 17,1
Ramayana HOLD 1.310 1.800 9.296 452 497 66 73 66 73 11,2% 9,9% 19,7 17,9 13,9 12,6 2,5 2,3 12,5 12,8
Matahari Department Store BUY 4.350 1.100 12.693 2.037 2.150 698 737 698 737 6,8% 5,6% 6,2 5,9 3,6 3,2 4,2 3,4 75,9 63,0
Matahari Putra Prima SELL 184 200 1.385 (760) (188) (141) (35) (141) (35) -38,9% 75,3% (1,3) (5,3) 5,6- 13,1 3,3 6,1 (95,7) (58,7)
Ace Hardw are BUY 1.450 1.600 24.868 953 1.053 56 62 56 62 22,5% 10,6% 25,9 23,5 20,2 18,0 6,1 5,3 25,1 24,1
Erajaya Sw asembada BUY 2.010 4.000 6.412 634 711 219 245 219 245 86,7% 12,1% 9,2 8,2 5,2 4,9 1,5 1,3 15,9 15,6
Telco 427.175 20.893 24.748 181 215 -11,8% 18,5% 20,4 17,3 5,7 5,0 3,2 3,0 16,0 18,1
Telekomunikasi Indonesia BUY 3.960 4.300 392.286 20.783 23.624 206 234 206 234 -6,2% 13,7% 19,2 16,9 6,3 5,6 4,0 3,7 21,9 23,4
Indosat HOLD 2.130 3.300 11.574 (360) 73 (66) 13 (67) 13 -131,7% 120,2% (32,2) 159,2 2,9 2,4 0,9 0,9 (2,7) 0,6
XL Axiata BUY 2.180 3.800 23.300 450 1.031 42 96 66 96 19,8% 129,3% 51,8 22,6 4,2 3,7 1,1 1,0 2,1 4,6
PER (x)
Equity
Valuation Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth ROE EV / EBITDA (x) PBV (x)
Equity SNAPSHOT Thursday, November 22, 2018
Danareksa Sekuritas – Equity SNAPSHOT
LEADERS Price as on Code 21-Nov-18 19-Nov-18 Chg, % w-w, % m-m, % YTD, % Rating
Matahari Putra Prima MPPA 184 157 17,2 21,1 15,7 (59,3) SELL
Kino Indonesia KINO 2.560 2.400 6,7 7,6 31,3 20,8 BUY
Puradelta Lestari DMAS 137 129 6,2 6,2 7,0 (19,9) BUY
Ciputra Development CTRA 975 945 3,2 8,9 15,4 (17,7) BUY
Bumi Serpong Damai BSDE 1.240 1.210 2,5 6,4 9,7 (27,1) BUY
Indocement INTP 19.950 19.625 1,7 13,0 20,2 (9,1) SELL
Pakuwon Jati PWON 620 610 1,6 13,8 25,0 (9,5) BUY
Erajaya Swasembada ERAA 2.010 1.980 1,5 24,8 0,5 173,5 BUY
Gudang Garam GGRM 79.375 78.200 1,5 3,1 (0,8) (5,3) BUY
Kalbe Farma KLBF 1.560 1.540 1,3 7,6 16,4 (7,7) BUY
Sources: Bloomberg
LAGGARDS Price as on Code 21-Nov-18 19-Nov-18 Chg, % w-w, % m-m, % YTD, % Rating
Adaro Energy ADRO 1.310 1.485 (11,8) (13,5) (24,3) (29,6) BUY
Malindo Feedmill MAIN 1.170 1.300 (10,0) (7,9) (5,6) 58,1 HOLD
Indo Tambangraya Megah ITMG 20.025 22.025 (9,1) (14,8) (21,0) (3,3) BUY
Harum Energy HRUM 1.655 1.815 (8,8) (10,8) (23,4) (19,3) HOLD
United Tractors UNTR 31.950 34.400 (7,1) (8,5) (1,3) (9,7) BUY
Japfa Comfeed JPFA 1.915 2.060 (7,0) (8,4) (4,3) 47,3 BUY
Bukit Asam PTBA 4.350 4.660 (6,7) (6,5) (5,6) 76,8 BUY
Vale Indonesia INCO 2.950 3.140 (6,1) (9,2) (8,1) 2,1 BUY
Aneka Tambang ANTM 645 675 (4,4) (6,5) (15,7) 3,2 HOLD
Matahari Department Store LPPF 4.350 4.490 (3,1) (9,2) (13,4) (56,5) BUY
Sources: Bloomberg
COVERAGE PERFORMANCE
Equity SNAPSHOT Thursday, November 22, 2018
Danareksa Sekuritas – Equity SNAPSHOT
PREVIOUS REPORTS
Telco price trends: Quick fix in data prices accomplished, Danareksa Research Institute - Monetary Watch: Widening CAD in the spotlight SnapShot20181121
Wijaya Karya Beton: Site visit to Kalimantan SnapShot20181119 Strategy: Policy Response, Kalbe Farma: Playing the waiting game, Plantation: Fundamental Still Intact
SnapShot20181116 Astra International: Regaining market share, Bank Mandiri: Seeking a better balance, Unilever Indonesia:
Overhangs remainSnapShot20181115
Semen Indonesia: A done deal, Bukit Asam: Solid earnings in 3Q18, October Outlook: To Pick Up SnapShot20181114
Equity SNAPSHOT Thursday, November 22, 2018
Danareksa Sekuritas – Equity SNAPSHOT
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Equity SNAPSHOT Thursday, November 22, 2018
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