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Tuesday, 26 February 2019
D A I LY R E P O R T
Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id
RESEARCH Equity
COMPANY/INDUSTRY UPDATE
BSDE: Conservative marketing sales target in 2019 Despite rising interest rate, marketing sales in 2018 were
decent
Flat marketing sales target in 2019 looks conservative
JV with Mitsubishi to continue its considerable contribution
Analyst: Maxi Liesyaputra ([email protected])
COMPANY/INDUSTRY UPDATE
Bank BTN (BBTN) will Launch ABS. NOT RATED. Analyst: Maxi Liesyaputra.
PT. Erajaya Swasembada Tbk (ERAA): 30 Unit Samsung S10 were sold out in two days, ERAA reported. BUY. Analyst: William Siregar.
Kohlberg Kravis Roberts (KKR) ) Reduced it’s Ownership in PT Japfa Comfeed Indonesia Tbk. NOT RATED. Analyst: Fransiska.
HIGHLIGHT NEWS PT Bank Danamon Indonesia Tbk (BDMN) achieved a
net profit which could be distributed to owners of the parent entity of IDR 3.43 trillion as of 31 December 2018, increased from net profit of IDR 3.28 trillion in the same period of previous year.
PT Siloam International Hospitals Tbk (SILO) logged a profit which could be distributed to owners of the parent entity of IDR 16.18 billion as of 31 December 2018, or declined sharply compared to profit of IDR 93.56 billion in the same period of previous year.
PT Bumi Serpong Damai Tbk (BSDE) is targeting marketing sales of IDR 6.2 trillion this year which will be supported by leading projects in the residential and commercial segments.
PT Timah Tbk (TINS) announced its investment in PT Rumah Sakit Bakti Timah as decided at EGMS of PT Rumah Sakit Bakti Timah on 21 February 2019.
(Source: Bisnis Indonesia, IQ Plus)
Global Indices Closing Change %Chg %Ytd P/EAmericasINDU Index 26,091.95 60.14 0.23 11.85 16.65SPX Index 2,796.11 3.44 0.12 11.54 18.45CCMP Index 7,554.46 26.915 0.36 13.85 34.23IBOV Index 97,239.90 -645.7 -0.66 10.64 20.50EMEAUKX Index 7,183.74 5.14 0.07 6.77 15.75CAC Index 5,231.85 16 0.31 10.59 17.56DAX Index 11,505.39 47.69 0.42 8.96 13.12IBEX Index 9,204.30 -0.3 0.00 7.78 12.97FTSEMIB Index 20,436.96 174.45 0.86 11.53 3.88AEX Index 542.52 1.15 0.21 11.20 14.86SMI Index 9,398.37 49.44 0.53 11.50 20.62Asia / PacificNKY Index 21,604.61 76.38 0.35 7.94 15.94KOSPI Index 2,232.82 0.26 0.01 9.40 10.86SHCOMP Index 2,961.28 157.057 5.60 18.74 13.98HSI Index 28,959.30 143 0.50 12.05 10.94TWSE Index 10,390.93 68.01 0.66 6.82 13.53SENSEX Index 36,213.38 341.9 0.95 0.40 27.30SET Index 1,671.75 12.55 0.76 6.90 16.40PCOMP Index 7,962.13 30.83 0.39 6.64 20.36KLCI Index 1,724.58 3.16 0.18 2.01 20.16FSSTI Index 3,272.35 2.45 0.07 6.63 12.43JCI Index 6,525.36 23.98 0.37 5.34 20.55
Description Last Previous %ChgMarket Capitalization (IDR Trillion) 7,419.73 7,392.35 0.37Transaction Volume (Million Shares) 9,892.00 10,302.71 -3.99Transaction Value (IDR Million) 6,826.00 7,621.44 -10.44Stocks Value (IDR) 690.05 739.75 -6.72Net Foreign (IDR Million) 260,517.00 (115,007.00) -326.52
Commodities Last Previous %ChgNickel (US$/Ton) 12,975.00 12,990.00 -0.12Copper (US$/Ton) 6,480.00 6,478.00 0.03Tins (US$/Ton) 21,740.00 21,495.00 1.14Oil (US$/BBL) (*) 55.33 57.11 -3.12Gas (US$/MMBTU) 3.55 3.06 16.05Coal (US$/Ton) (**) 93.70 93.60 0.11CPO MALAYSIA(RM/ton) 2,057.50 2,068.50 -0.53Gold (US$/Troy Ounce) 93.70 93.60 0.11
Last (US$) % Conversition Last(US$) Change (IDR) (IDR)
Telkom TLK US Equity 27.79 1.28 9,587.54 3910.00
Company/Industry Updates Recommendation TP (IDR)PT Bank Tabungan Negara Persero Tbk (BBTN) NOT RATED -PT Erajaya Swasembada Tbk (ERAA) BUY 3,300
ADR Stocks Bloomberg Code
Tuesday, 26 February 2019
D A I LY R E P O R T
2
RESEARCH Equity
Net Foreign BUY/-SELL Accumulation
USD/IDR Currency and JCI
JCI Movement
5,000
5,200
5,400
5,600
5,800
6,000
6,200
6,400
6,600
6,800
-10,000,000
-5,000,000
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
2/07
/201
89/
07/2
018
16/0
7/20
1823
/07/
2018
30/0
7/20
186/
08/2
018
13/0
8/20
1821
/08/
2018
29/0
8/20
185/
09/2
018
13/0
9/20
1820
/09/
2018
27/0
9/20
184/
10/2
018
11/1
0/20
1818
/10/
2018
25/1
0/20
181/
11/2
018
8/11
/201
815
/11/
2018
23/1
1/20
1830
/11/
2018
7/12
/201
814
/12/
2018
21/1
2/20
183/
01/2
019
10/0
1/20
1917
/01/
2019
24/0
1/20
1931
/01/
2019
8/02
/201
915
/02/
2019
22/0
2/20
19
Accumulation JCI Index
12,500
13,000
13,500
14,000
14,500
15,000
15,500
5,500
5,700
5,900
6,100
6,300
6,500
6,700JCI Index USDIDR
Tuesday, 26 February 2019
D A I LY R E P O R T
3
RESEARCH Equity
COMPANY/INDUSTRY UPDATE News: Bank BTN (BBTN) will Launch ABS
BBTN will launch ABS (asset backed securities) with proceeds target of approximately Rp 2 trillion in 1Q19. The bank will use synthetic mortgage scheme which guarantees future cash flow. Recommendation: NOT RATED.
Analyst: Maxi Liesyaputra ([email protected])
News: PT. Erajaya Swasembada Tbk (ERAA): 30 Unit Samsung S10 were sold out in two days, ERAA reported.
Analyst Opinion:
According to Counterpoint research, Indonesia’s mobile devices sales segment priced above US$400 grew the fastest. This bodes well for ERAA’s volume hikes, particularly after several premium mobile devices were launched in the past few months, in our view. We are still sanguine that ERAA will post solid sales in 4Q18 and 2019F. Hence, we maintain our BUY recommendation with TP Rp3,300/share. Currently, ERAA is trading at PER and PBV 2019 of 8.27x and 1.54x, respectively.
Analyst: William Siregar ([email protected])
News: Kohlberg Kravis Roberts (KKR) ) Reduced it’s Ownership in PT Japfa Comfeed Indonesia Tbk
Analyst Opinion:
Kohlberg Kravis Roberts (KKR) reduced its ownership in PT Japfa Comfeed Indonesia Tbk by selling some of the shares in a transaction worth Rp853.7 billion at an estimated average price of Rp2.199. Based on Bloomberg data, the crossing of shares was carried out through Credit Suisse Securities with sales volume of 388.22 million, and Morgan Stanley Indonesia with a purchase volume of 382.71 million. In the third quarter of 2016, KKR purchased JPFA shares of 1.37 billion with a value of Rp930 per share, by investing funds worth US$81.2 million, equivalent to 10.44% stake. After divesting 3.3%, the KKR’s stake in JPFA became 8.3%. Currently JPFA shares are traded on PE and PBV 2019E of 12.18x and PBV 2.70x based on consensus estimates. Recommendation: NOT RATED
Analyst: William Siregar ([email protected])
Tuesday, 26 February 2019
D A I LY R E P O R T
6
RESEARCH Equity
RESEARCH TEAM Phone : +62 21 25543946 (Hunting) Fax : +62 21 57935831 Email : [email protected] Website : www.bnisekuritas.co.id
Kim Kwie Sjamsudin (Head of Research Division) [email protected] Ext: 3997 Automotive, Cement, Infrastructure
Maxi Liesyaputra (AVP Equity Analyst) [email protected] Ext: 3968 Banks, Construction, Property, Precast Concrete
Ariawan (Head of Fixed Income Research Department) [email protected] Ext: 2098 Fixed Income Market, Corporate & Government Bond
Andri Zakarias Siregar (Head of Technical Analysis Research Department) [email protected] Ext: 2054 Market Strategy, Currency, Commodities, Bond & Stocks
Dessy Lapagu (Equity Analyst) [email protected] Ext: 2051 Commodities, Heavy Equipment, Steel
Ahmad Hapiz (Fixed Income Analyst) [email protected] Ext: 3978 Fixed Income Market, Corporate & Government Bond
William Ardian Siregar (Equity Analyst) [email protected] Ext: 3986 Consumer, Retail
Fransiska Sepriana Sitanggang (Research Analyst) [email protected] Ext: 2123 Media, Poultry
R. Venia Allani Meissalina (Research Analyst/Assistant) [email protected] Ext: 2050 Data Administrator
Indah Lestari Permata H. (Research Analyst/Assistant) [email protected] Ext: 2073 Data Administrator
Tuesday, 26 February 2019
D A I LY R E P O R T
7
RESEARCH Equity
EQUITY TEAM CM : +62 21 25543946 (Hunting) Fax No : +62 21 57935831 Anthon Suryasaputra ext. 3973 [email protected] Head of Equity Division (Pjs)
Entis Sutisman ext. 3945 [email protected] Head of Sales Equity
Teguh Hendro Karno ext. 3948 [email protected] Institutional Sales Trader
Yulinda Yusran ext. 3950 [email protected] Institutional Sales Trader
Dharmawan Prasetyo ext. 3916 [email protected] Institutional Sales Trader
Fian Pusparini ext. 3958 [email protected] Head of Domestic Equity Sales
Danovan Yazir ext. 3929 [email protected] Domestic Equity Sales
Jufrani Amsal ext. 3957 [email protected] Head of Channel Distribution Division
Fahma Riniarti ext. 3917 [email protected] Head of Channel Development
P. Sariningsih ext. 3984 [email protected] Head of Branch Supervision
Teuku Hafez ext. 2084 [email protected] Branch Manager Mangga Dua, Jakarta
Hapsari ext. 2078 [email protected] Branch Manager Puri Indah, Jakarta
Fadjar Harjo Suseno ext. 2111 [email protected] Branch Manager Central Park, Jakarta
M. Yasrul ext. 2081 [email protected] Branch Manager Wisma Bumiputera
Fahmi Lubis ext. 2079 [email protected] Branch Manager Bandung
Rifaat Annur ext. 2091 [email protected] Branch Manager Yogyakarta
Agus Purwanto ext. 2090 [email protected] Branch Manager Solo
Achmad Ridwan ext. 2088 [email protected] Branch Manager Surabaya
Edith Febriana ext. 2082 [email protected] Branch Manager Malang
Ni Nyoman Citasti ext. 2080 [email protected] Branch Manager Denpasar
Nirmasari Nasution ext. 2083 [email protected] Branch Manager Medan
Ari Magdalena ext. 2086 [email protected] Branch Manager Palembang
Rini Wati ext. 2085 [email protected] Branch Manager Pekanbaru
Susan J Mengko ext. 2102 [email protected] Branch Manager Manado
Melisa ext. 2136 [email protected] Branch Manager Aceh
Yuniar Fariza D ext. 2064 [email protected] Branch Manager Banjarmasin
RESEARCH Equity
MAIN OFFICE - JAKARTA PT BNI SEKURITAS
Sudirman Plaza, Indofood Tower 16th Floor, Jl. Jend. Sudirman Kav. 76-78 Jakarta 12910, Indonesia
Phone: (62-21) 25543946 (Hunting) Fax: (62-21) 57935831
e-mail: [email protected] (General) Website: http://www.bnisekuritas.co.id
JAKARTA - Mangga Dua
Pertokoan Mangga Dua Blok E4 No. 7 Jl. Mangga Dua Raya, Jakarta Utara
Phone: (62-21) 6123804-5,62203890 Fax: (62-21) 6123806
e-mail: [email protected]
JAKARTA - Puri Indah Gedung Bank BNI Ruko Grand Puri Niaga
Puri Kencana Blok K 6 no.2J 2K Puri Kembangan, Jakarta Barat
Phone: (62-21) 58357464 Fax: (62-21) 58357465
e-mail: [email protected]
JAKARTA - Central Park Central Park, APL Tower Podomoro City
Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan Phone: (62-21) 29034215
Fax: (62-21) 29034216 email: [email protected]
JAKARTA – Wisma Bumiputera
Wisma Bumiputera Lt. 18 Jl. Jend. Sudirman Kav. 75 Jakarta 12910
Phone: (62-21) 2523349 Fax: (62-21) 2523350
e-mail: [email protected]
BANDUNG Jl. Perintis Kemerdekaan 3
Bandung - 40117 Phone: (62-22) 4213375
Fax: (62-22) 4220604 e-mail: [email protected]
YOGYAKARTA
Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032
Fax: (62-274) 584023 e-mail: [email protected]
SOLO
Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525
Fax: (62-271) 729668 e-mail: [email protected]
SURABAYA
Jl. Gubernur Suryo No. 36, Surabaya Phone: (62-31) 5320912
Fax: (62-31) 5318425 e-mail: [email protected]
MALANG Jl. Buring No. 58, Malang
Phone: (62-341) 321214,321213,321430 Fax: (62-341) 356876
e-mail: [email protected]
DENPASAR Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2
Jl. Diponegoro No. 100, Denpasar - Bali Phone: (62-361) 264376, 2753389
Fax: (62-361) 229170 e-mail: [email protected]
MEDAN
Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616
Fax: (62-61) 4579656 e-mail: [email protected]
PALEMBANG
Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969
Fax: (62-711) 319663 e-mail: [email protected]
PEKANBARU
Jl. Riau, No. 124, Bank BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698
Fax: (62-761) 856279 e-mail: [email protected]
MANADO
BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado
Phone: (62-431) 847256 Fax: (62-24) 847256
e-mail: [email protected]
ACEH Kantor Cabang BNI Banda Aceh Lt.2
Jl. KH. Ahmad Dahlan No. 111, Banda Aceh Phone: (62-651) 31109
Fax: (62-651) 31107
BANJARMASIN Gd. Bank BNI Antasari Lt. 2
Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin Phone: (62-511) 3253735
Fax: (62-651) 3253754 e-mail: [email protected]
This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice. Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, termasuk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.