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5 August 2016 Beacon Indonesia Morning Brief IDX: 5,374 (+0.4%) Turnover: IDR6.5tn (-1.0%) Foreign Net BUY:
5 August 2016 Beacon Indonesia Morning Brief IDX: 5,374 (+0.4%) Turnover: IDR6.5tn (-1.0%) Foreign Net BUY:

5 August 2016

Beacon

Indonesia Morning Brief

IDX: 5,374 (+0.4%) Turnover: IDR6.5tn (-1.0%) Foreign Net BUY: IDR1.04tn (rom Foreign Net SELL) Tax amnesty reported: IDR7.1tn (From IDR4.46tn)

TODAY’S NEWS

 

POLITICS

Jakarta Governor race: Risma not leaving Surabaya

ECONOMICS

2Q16 GDP growth to be released: Private consumption support

BOURSE

5 subsidiaries of SOEs plan to IPO

INDUSTRY

Land transportation: Ministry to issue HSR construction permit; Go-Jek obtains USD550mn funds

Sea transportation: Pelindo IV to start Kendari New Port project

Air transportation: Indonesia passes FAA standard category 1

CPO: France calls off progressive tax

Oil & Gas: SKK Migas to publish the Mahakam decree next week

Gasoline: Pertamina to import 9.2mn barrels, down 8% m-m, in August

CORPORATE

UNTR to inject USD200mn for Jepara power-plant project

WSKT: To obtain IDR4.4tn loan; To target 2016 operating profit of IDR1.7tn

SMGR: Semen Gresik dominates with 90% market share in Madura

MPPA to add 10-12 Foodmart stores in 2H16

SSIA institutional investors round-up

TINS allocates IDR600bn capex for new exploration vessel; Ready to make power plant

ANTM seeks new export markets

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)

7.1

15.1

Fiscal bal (%GDP)

(2.6)

(2.7)

(2.5)

EPS growth (%)

(6.7)

11.3

17.2

GDP growth (%y-y)

4.8

5.1

5.4

P/E (x)

22.8

20.3

17.3

Private spending (%)

5.0

5.2

5.3

PEG (x)

(3.1)

1.6

1.0

Investment (%y-y)

5.0

6.6

5.0

EV/EBITDA (x)

8.9

13.8

11.8

Total exports (%y-y)

(2.0)

(4.5)

(1.8)

P/BV (x)

10.7

9.3

8.4

Total imports (%y-y)

(5.9)

(7.5)

(2.6)

P/BV exc.

3.5

3.2

2.8

Inflation (%y-y)

3.3

3.9

4.5

Div. Yield (%)

2.0

2.1

2.5

IDR/USD

13,788 13,500 13,000

 

Net gearing (%)

23.6

18.8

16.5

7D rev repo (% p.a.)

-

4.50

4.50

ROAE (%)

32.2

29.3

29.8

Brent Oil (Usd/bbl)

30.9

35.0

50.0

ROAA (%)

12.2

12.3

13.0

FX reserve (USDb)

105.9 105.0 112.0

 

ROIC (%)

21.6

21.9

24.0

Source: Bahana estimates

Source: Bahana estimates

INDICES

Asia

Last

Chg%

ytd %

y-y %

Hang Seng (HK)

21,832.2

0.4

(0.4)

(10.9)

IDX (Indonesia)

5,373.9

0.4

17.0

10.8

KLCI (Mal.)

1,655.3

0.4

(2.2)

(4.1)

KOSPI (Korea)

2,000.0

0.3

2.0

(1.5)

Nikkei (Japan)

16,254.9

1.1

(14.6

(21.1)

PCOMP (Phil.)

7,978.6

1.1

14.8

4.1

SENSEX (India)

27,714.4

0.1

6.1

(1.3)

SET (Thailand)

1,507.9

0.0

17.1

5.0

SHCOMP (China)

2,982.4

0.1

(15.7

(19.3)

SHENZHEN (China)

1,948.9

0.7

(15.6

(8.4)

STI (Singapore)

2,832.0

0.2

(1.8)

(11.3)

TWSE (Taiwan)

9,024.7

0.3

8.2

5.6

VNI (Vietnam)

631.9

0.1

9.1

4.1

Europe, USA and Ems

 

CAC 40 (France)

4,345.6

0.6

(6.3)

(15.0)

DAX (Germany)

10,227.9

0.6

(4.8)

(10.7)

Dow Jones (USA)

18,352.1

(0.0)

5.3

4.6

FTSE 100 (UK)

6,740.2

1.6

8.0

0.8

IBOV (Brazil)

57,593.9

0.9

32.9

15.1

MEXBOL (Mexico)

46,941.5

0.2

9.2

3.9

NGSEINDX (Nigeria)

27,751.3

0.2

(3.1)

(8.9)

Nasdaq (USA)

5,166.2

0.1

3.2

1.2

RTSI (Russia)

927.5

1.9

22.5

10.8

S&P 500 (USA)

2,164.3

0.0

5.9

3.4

XU100 (Turkey)

76,125.6

2.1

6.1

(2.7)

Source: Bloomberg

ETF, ADR & COMMODITIES

 
 

Last

Chg%

ytd %

y-y %

EEM US (USD)

36.2

0.6

12.5

(1.2)

EIDO US (USD)

26.4

0.3

26.4

17.8

TLK US (IDR)

4,382

0.7

50.9

56.4

Como Index (USD)

181.3

0.9

3.0

(9.7)

Coal (USD/t)

65.0

(3.1)

28.5

10.0

Corn (USD/mtn)

121.1

(1.4)

(9.6)

(11.0)

Coffee (USD/t)

2,900.4

(0.2)

12.1

10.9

Copper (USD/t)

4,787.0

(1.2)

7.3

(15.9)

Cotton (USD/t)

1,672.4

2.7

19.9

16.9

CPO Rott (USD/t)

670.0

0.8

5.5

5.1

Gold (USD/oz.)

1,361.3

0.3

28.2

25.5

Iron ore (USD/mtn)

60.3

0.0

38.9

9.8

Milk (USD/cwt)

17.0

0.0

5.6

1.6

Nickel (USD/t)

10,440.0

(2.0)

9.2

(23.3)

Oil Brent (USD/bbl)

44.3

2.8

18.8

(11.4)

Rice (IDR/kg)

4,900.0

0.0

(3.1)

5.7

Rubber (USD/t)

128.9

0.4

13.4

(6.8)

Silver (USD/oz)

20.4

(0.3)

47.1

39.5

Soybean oil (USD/t)

675.5

0.7

0.3

2.3

Steel (USD/t)

404.6

(0.4)

34.8

26.8

Sugar (USD/t)

421.5

(0.1)

28.1

62.3

Tins (USD/t)

17,935.0

(0.6)

19.3

6.2

Wheat (USD/t)

148.2

(1.7)

(18.1)

(23.3)

Source: Bloomberg

CURRENCIES & RATES

 
 

Last

Prev.

ytd %

y-y %

AUD/1USD

0.763

0.759

(4.5)

(3.6)

EUR/1USD

1.113

1.115

(2.4)

(2.0)

IDR/1USD

13,138

13,128

4.9

2.6

JPY/1USD

101.17

101.28

18.8

23.4

SGD/1USD

1.343

1.342

5.7

3.1

JIBOR (%)

4.63

4.63

(3.0)

(1.0)

BI rate (%)

6.50

6.50

(1.0)

(1.0)

TD – 1 month (%)

6.27

6.28

(0.8)

(0.9)

CDS (bps)

158.34

161.82

(31.13)

(15.2)

Source: Bloomberg

POLITICS

POLITICS

Jakarta Governor race: Risma not leaving Surabaya

Tri Rismaharini, Surabaya Mayor, suddenly apologized to all Surabaya citizens, who believed that Risma would leave Surabaya to join the race for the Jakarta Governor elections. However, according to Risma, she will

remain Mayor of Surabaya through her leadership term and not run in the Jakarta governor elections. (Kompas). Bahana comment: Many believe that Risma would be able to challenge Ahok’s dominance in the upcoming 2017 Jakarta Governor elections.

ECONOMICS

2Q16 GDP growth to be released: Private consumption support

This morning, the Statistics Agency (BPS) is expected to announce 2Q16 economic growth, for which BPS expects some support from private consumption. (Kontan). Bahana comment: Currently, we expect 5.04% y-y GDP growth in 2Q16, compared to consensus’ esti mate of 5.00% and BI’s projection at 4.96%.

BOURSE

5 subsidiaries of SOEs plan to IPO

The Indonesia Stock Exchange (BEI) counted at least 5 subsidiaries of SOEs which are planning to IPO through 2020. Pembangunan Perumahan (PTPP IJ-BUY- IDR4,280-TP:IDR4,300), a state-owned construction company, plans to spin off 3 of its subsidiaries by selling up to 35% of their stakes through IPOs in 2017. PP Precast aims to raise IDR1.1tn through an IPO in 3Q17, while PP Peralatan aims for IDR1.15tn through an IPO in 4Q17, and PP Energi aims for IDR4tn through an IPO. Timah (TINS IJ-REDUCE- IDR900- TP:IDR411), a state-owned tin company, plans to sell its subsidiary in the hospital business, Rumah Sakit Bakti Timah, through an IPO to support their expansion plans. Pos Ind onesia, a state-owned post company, aims to sell its subsidiary in the logistics business, Pos Logistik Indonesia, through an IPO in 2020. (Kontan, Bisnis Indonesia, IQPlus)

INDUSTRY

Land transportation: Ministry to issue HSR construction permit; Go-Jek obtains USD550mn funds

Transportation Ministry is reportedly set to issue a High Speed Railway (HSR) construction permit next week,

following several months of delay. Construction permit will be granted with some technical notes indicating that land acqui sition should be completed by PT Kereta Cepat Indonesia China (KCIC). In addition, KCIC must also complete a Detailed Engineering Design (DED) for the fast train’s bridge. Separately, Go-Jek has reportedly obtained a fund injection of USD550mn from KKR and Warburg Pincus, as previously reported.

(Katadata.co.id, IQPlus)

Sea transportation: Pelindo IV to start Kendari New Port project Pelabuhan Indonesia (Pelindo) IV has allocated a budget of IDR154bn to begin the construction for the Kendari New Port project, Southeast Sulawesi. The budget will be utilized for the construction of a container yard. Kendari New Port is targeted to start operating in 2019 with a land area of 10ha, providing total capacity of 300,000 TEUs. (Bisnis.com)

Air transportation: Indonesia passes FAA standard category 1

Indonesia reportedly has passed aviation safety and security standards audit set by the Federal Aviation Administration (FAA) from category 2 to category 1, which enables Indonesian airlines to fly to the US. (IQPlus, Kompas). Bahana comment: We believe this will benefit Garuda Indonesia (GIAA IJ-REDUCE- IDR474- IDR400) given the opportunity to realize GIAA’s plan to open flight routes to New York and Los Angeles in 2017. Our negative view on the stock mainly stems from poli cy risk on domestic airline ticket pricing while on its international flights, GIAA is experiencing price war.

CPO: France calls off progressive tax

The French parliament has reportedly call ed off the planned implementation of the CPO progressive tax in the country. The progressive tax was previously planned to be imposed in the draft of French biodiversity law. (Kontan, Kompas). Bahana comment: While the amount of CPO exports to France is minimal, we believe this news is likely to improve sentiment on the sector.

Oil & Gas: SKK Migas to publish the Mahakam decree next week SKK Migas is planning
Oil & Gas: SKK Migas to publish the Mahakam decree next week SKK Migas is planning
Oil & Gas: SKK Migas to publish the Mahakam decree next week SKK Migas is planning

Oil & Gas: SKK Migas to publish the Mahakam decree next week

SKK Migas is planning to publish a decree, which would pave the way for Pertamina to begin investing in the

Mahakam block starting in January 2017. The decree is scheduled to be published next week. (Kontan) Gasoline: Pertamina to import 9.2mn barrels, down 8% m-m, in August

In August, Pertamina expects to import 9.2mn barrels of gasoline, down 820k barrels or around 8% m-m.

August imports are expected to comprise of 7.8mn barrels RON 88 gasoline (July: 6.5mn barrels) and 1.4mn barrels RON 92 gasoline (July: 2.9m barrels). However, Pertamina could not confirm if there would be any imports of RON 95 gasoline (July: 620k barrels). (Platts)

CORPORATE

UNTR to inject USD200mn for Jepara power-plant project United Tractors (UNTR IJ-BUY- IDR17,600- TP:IDR18,300) is still negotiating with creditors related to the financing of its power-plant projects in Jepara, Central Java. The financial closing process is expected to be completed in the near future, to be followed by equity injection plan of USD200mn into the project. There are 2 partners in the project: Sumitomo Corporation and Kansai Elektric Power Co., Inc with the consortium expanding its power plant project at Tanjung Jati B Unit 5 and Unit 6 in Jepara. Total capacity expected to reach 2x1,000MW, amounting to USD4bn investment value. Furthermore, UNTR just purchased a 25% stake in the project while the majority of the shares are 50% owned by Sumitomo, with the remaining 25% under Kansai. (Kontan)

WSKT: To obtain IDR4.4tn loan; To target 2016 operating profit of IDR1.7tn

Waskita Karya (WSKT IJ-BUY- IDR:2,790-TP:IDR3,500) is optimistic to obtain around IDR4.4tn syndicated loans in 3Q16. The funds would be used to finance a light rail transit (LRT) project in Palembang with an estimated investment value of IDR11.5tn. Separately, the company's 2016 operating profit target has been

revised up to IDR1.7tn from IDR1.5tn previously. (Bisnis, Detik.com)

SMGR: Semen Gresik dominates with 90% market share in Madura Semen Gresik, the subsidiary of Semen Indonesia (SMGR IJ-HOLD- IDR10,125-TP: 8,900), booked 1H16 sales volume of 233.6 tonnes in Madura, East Java. This translates to a dominant 90% market share in the area. (IQPlus)

MPPA to add 10-12 Foodmart stores in 2H16 Matahari Putra Prima (MPPA IJ-BUY- IDR1,750-TP:IDR1850) plans to expand its supermarket business by adding 10-12 Foodmart stores in 2H16 to boost the contribution of its supermarket business. (Kontan)

SSIA institutional investors round-up

On 4 August, Surya Semesta Internusa (SSIA IJ-BUY- IDR680) participated in an institutional investor day

held at the IDX. The salient points are as follows:

  • SSIA is currently developing Technopark phase 2 on an area of 27,648sqm, which is expected to be operational in September 2016. Moreover, SSIA plans to build an office tower in Gran Melia.

  • In 1H16, the ASP of its industrial land reached USD116mn (-19% y-y).

  • SSIA’s subsidiary, NRCA, booked IDR1.2tn in new contracts in 1H16, 36.4% of its IDR3.3tn total full-year target. The management stated that it might have to revise its 2016 new contracts target in the future.

  • SSIA had opened its Palembang and Pekanbaru Batiqa hotels in February and May 2016 with around 400 rooms. In 2017, SSIA plans to open 7 new Batiqa hotels to boost its recurring income portion.

TINS allocates IDR600bn capex for new exploration vessel; Ready to make power plant

Timah (TINS IJ-REDUCE- IDR900-TP:IDR411) has allocated IDR600bn to purchase a new exploration vessel and maintain its existi ng fleet. Additionally, TINS plans to expand its business into the power sector using

thorium fuel. (IQPlus, Kontan) ANTM seeks new export markets

Aneka Tambang (ANTM IJ- HOLD- IDR815) is evaluating several promising gold export markets, such as

Malaysia, Singapore, United Arab Emirates and several African countries, to help increase its revenues.

(Petromindo)

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 08/04/2016 08/03/2016
BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 08/04/2016 08/03/2016
BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 08/04/2016 08/03/2016

BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily)

 

COMPANY

STOCK CODE

RATING

TARGET PRICE

 

Up/(Downside)(%)

08/04/2016

 

08/03/2016

CHANGE (%)

 

Harum Energy

HRUM IJ

REDUCE

500

(61.2)

1,290

1,175

9.8

Pembangunan Perumahan

PTPP IJ

BUY

4,300

0.5

4,280

3,930

8.9

United Tractors

UNTR IJ

BUY

18,300

4.0

17,600

16,300

 

8.0

Wijaya Karya

WIKA IJ

BUY

3,100

(2.8)

3,190

3,010

6.0

Wijaya Karya Beton

WTON IJ

BUY

1,100

5

1,050

995

5.5

Kimia Farma

KAEF IJ

BUY

1,430

(6.5)

1,530

1,455

5.2

 

Salim Ivomas Pratama

SIMP IJ

HOLD

290

(41.8)

498

476

4.6

Dharma Satya Nusantara

DSNG IJ

BUY

535

4.9

510

490

4.1

Soechi Lines

SOCI IJ

BUY

630

47.2

428

412

3.9

Bukit Asam

PTBA IJ

BUY

12,670

18.7

10,675

10,300

 

3.6

Bank Tabungan Pensiunan Nasional

BTPN IJ

REDUCE

2,100

(16.3)

2,510

2,430

3.3

Nippon Indosari Corpindo

ROTI IJ

BUY

1,450

(9.9)

1,610

1,560

3.2

Lippo Karawaci

LPKR IJ

HOLD

1,100

(7.6)

1,190

1,155

3.0

Astra Agro Lestari

AALI IJ

REDUCE

13,626

(10.4)

15,200

14,775

 

2.9

London Sumatra Indonesia

LSIP IJ

BUY

1,780

19.5

1,490

1,450

2.8

Tunas Baru Lampung

TBLA IJ

BUY

570

(26.0)

770

750

2.7

Timah

TINS IJ

REDUCE

411

(54.3)

900

880

2.3

Ramayana Lestari Sentosa

RALS IJ

BUY

1,440

21.0

1,190

1,165

2.1

Ciputra Development

CTRA IJ

BUY

1,700

16.8

1,455

1,425

2.1

Bumi Serpong Damai

BSDE IJ

BUY

2,350

14.1

2,060

2,020

2.0

Media Nusantara Citra

MNCN IJ

BUY

2,500

15.7

2,160

2,120

1.9

Express Transindo Utama

TAXI IJ

BUY

208

26.1

165

162

1.9

Ciputra Property

CTRP IJ

REDUCE

500

(20.0)

625

615

1.6

Jasa Marga

JSMR IJ

BUY

6,000

8.1

5,550

5,475

1.4

Pelayaran Tempuran Emas

TMAS IJ

BUY

3,000

92.3

1,560

1,540

1.3

Bank Rakyat Indonesia

BBRI IJ

BUY

12,700

7.6

11,800

11,650

 

1.3

Garuda Indonesia

GIAA IJ

REDUCE

400

(15.6)

474

468

1.3

Bank Mandiri

BMRI IJ

BUY

10,800

2.4

10,550

10,425

 

1.2

Telekomunikasi Indonesia

TLKM IJ

BUY

5,000

15.7

4,320

4,270

1.2

Blue Bird

BIRD IJ

REDUCE

3,500

(10.5)

3,910

3,870

1.0

Tempo Scan Pacific

TSPC IJ

BUY

2,000

(1.5)

2,030

2,010

1.0

Medco Energi Internasional

MEDC IJ

BUY

1,300

(20.7)

1,640

1,625

0.9

Perusahaan Gas Negara

PGAS IJ

BUY

3,000

(9.1)

3,300

3,270

0.9

Unilever Indonesia

UNVR IJ

BUY

50,500

10.1

45,850

45,450

 

0.9

Anabatic Technologies

ATIC IJ

BUY

800

30.1

615

610

0.8

Indo Tambangraya Megah

ITMG IJ

REDUCE

4,000

(68.8)

12,800

12,700

 

0.8

Bank Bukopin

BBKP IJ

HOLD

640

(5.2)

675

670

0.7

Indomobil Sukses Internasional

IMAS IJ

BUY

2,000

37.5

1,455

1,445

0.7

Indocement Tunggal Prakarsa

INTP IJ

REDUCE

13,950

(23.8)

18,300

18,175

 

0.7

Indofood CBP Sukses Makmur

ICBP IJ

BUY

9,150

3.4

8,850

8,800

0.6

Charoen Pokphand Indonesia

CPIN IJ

BUY

3,500

(10.3)

3,900

3,880

0.5

Malindo Feedmill

MAIN IJ

BUY

1,700

(14.6)

1,990

1,980

0.5

Bank Negara Indonesia

BBNI IJ

HOLD

6,000

10.1

5,450

5,425

0.5

 

Indonesian Stock Exchange

JCI

5,374

5,352

 

0.4

 

Waskita Karya

WSKT IJ

BUY

3,500

25.4

2,790

2,780

0.4

Lippo Cikarang

LPCK IJ

BUY

8,300

14.1

7,275

7,250

0.3

Kalbe Farma

KLBF IJ

BUY

1,480

(12.7)

1,695

1,690

0.3

Bank Danamon Indonesia

BDMN IJ

HOLD

3,400

(4.5)

3,560

3,550

0.3

Xl Axiata

EXCL IJ

BUY

4,340

18.6

3,660

3,650

0.3

Sampoerna Agro

SGRO IJ

HOLD

1800

(10)

1,990

1,985

0.3

Siloam International Hospitals

SILO IJ

BUY

12,400

19.5

10,375

10,350

 

0.2

Bank Central Asia

BBCA IJ

HOLD

15,100

0.7

15,000

14,975

 

0.2

Matahari Department Store

LPPF IJ

BUY

25,200

19.9

21,025

21,000

 

0.1

 

Cardig Aero Services

CASS IJ

HOLD

1,250

25.0

1,000

1,000

0.0

Surya Citra Media

SCMA IJ

REDUCE

2,800

(13.6)

3,240

3,240

0.0

Ace Hardware Indonesia

ACES IJ

BUY

975

2.6

950

950

0.0

Sri Rejeki Isman

SRIL IJ

BUY

400

48.1

270

270

0.0

Multipolar

MLPL IJ

BUY

550

25.0

440

440

0.0

Gudang Garam

GGRM IJ

BUY

88,000

27.8

68,850

68,850

 

0.0

Mayora Indah

MYOR IJ

BUY

2,200

32.6

1,659

1,659

0.0

Puradelta Lestari

DMAS IJ

BUY

290

12.4

258

258

0.0

J Resources

PSAB IJ

BUY

413

7.0

386

386

0.0

Merdeka Copper Gold

MDKA IJ

BUY

2,200

10.0

2,000

2,000

0.0

Austindo Nusantara Jaya

ANJT IJ

REDUCE

1,000

(44.1)

1,790

1,790

0.0

Summarecon Agung

SMRA IJ

BUY

2,150

23.6

1,740

1,740

0.0

Alam Sutera Realty

ASRI IJ

HOLD

500

(5.7)

530

530

0.0

Agung Podomoro Land

APLN IJ

REDUCE

220

(26.7)

300

300

0.0

PP Property

PPRO IJ

BUY

600

(17.2)

725

725

0.0

 

Mitra Adiperkasa

MAPI IJ

REDUCE

3,150

(33.1)

4,710

4,720

(0.2)

HM Sampoerna

HMSP IJ

BUY

4,600

14

4,040

4,050

(0.2)

Gajah Tunggal

GJTL IJ

REDUCE

860

(44.9)

1,560

1,565

(0.3)

Semen Indonesia

SMGR IJ

HOLD

8,900

(12.1)

10,125

10,175

 

(0.5)

Sarana Menara Nusantara

TOWR IJ

BUY

5,000

25.6

3,980

4,000

(0.5)

Bekasi Fajar Industrial Estates

BEST IJ

REDUCE

300

(15.7)

356

358

(0.6)

Matahari Putra Prima

MPPA IJ

HOLD

1,850

5.7

1,750

1,760

(0.6)

Total Bangun Persada

TOTL IJ

BUY

940

13.9

825

830

(0.6)

Aneka Tambang

ANTM IJ

HOLD

680

(16.6)

815

820

(0.6)

Adhi Karya

ADHI IJ

BUY

3,200

17.2

2,730

2,750

(0.7)

Surya Semesta Internusa

SSIA IJ

BUY

750

10.3

680

685

(0.7)

Pakuwon Jati

PWON IJ

BUY

700

10.2

635

640

(0.8)

Wintermar Offshore Marine

WINS IJ

HOLD

184

(23.3)

240

242

(0.8)

Sido Muncul

SIDO IJ

BUY

630

5.9

595

600

(0.8)

Bank Jawa Barat dan Banten

BJBR IJ

HOLD

1,200

(27.3)

1,650

1,665

(0.9)

Electronic City

ECII IJ

REDUCE

700

32.1

530

535

(0.9)

Vale Indonesia

INCO IJ

BUY

3,000

20.0

2,500

2,530

(1.2)

Japfa Comfeed Indonesia

JPFA IJ

BUY

940

(36.5)

1,480

1,500

(1.3)

Mitra Keluarga Karyasehat

MIKA IJ

SELL

1,900

(29.1)

2,680

2,720

(1.5)

Indofood Sukses Makmur

INDF IJ

BUY

6,600

(20.0)

8,250

8,375

(1.5)

Indosat

ISAT IJ

BUY

7,300

11.0

6,575

6,675

(1.5)

Hero Supermarket

HERO IJ

REDUCE

650

(40.9)

1,100

1,120

(1.8)

AKR Corporindo

AKRA IJ

BUY

8,000

20.3

6,650

6,775

(1.8)

Kawasan Industri Jababeka

KIJA IJ

BUY

320

5.3

304

310

(1.9)

Bank Jawa Timur

BJTM IJ

REDUCE

470

(30.9)

680

695

(2.2)

Krakatau Steel

KRAS IJ

REDUCE

275

(58.0)

655

670

(2.2)

Tower Bersama Infrastructure

TBIG IJ

REDUCE

5,750

(3.0)

5,925

6,075

(2.5)

Adi Sarana Armada

ASSA IJ

REDUCE

90

(53.6)

194

199

(2.5)

Astra International

ASII IJ

REDUCE

5,650

(27.1)

7,750

7,950

(3)

Bank Tabungan Negara

BBTN IJ

HOLD

1,800

(6.3)

1,920

1,970

(2.5)

Adaro Energy

ADRO IJ

HOLD

645

(41.9)

1,110

1,140

(2.6)

Semen Baturaja

SMBR IJ

REDUCE

400

(63.5)

1,095

1,125

(2.7)

Erajaya Swasembada

ERAA IJ

BUY

850

(2.9)

875

900

(2.8)

Tiphone Mobile Indonesia

TELE IJ

BUY

1,180

74

680

700

(2.9)

Holcim Indonesia

SMCB IJ

REDUCE

850

(31.7)

1,245

1,285

(3.1)

Source: Bloomberg, Bahana estimates

   

JCI

 

>5.0%

 

<5%,>0.1%

 

<0.1%,>-0.1%

 

<-0.1%,>-5%

 

<-5.0%

Stock JCI code Ticker Rating Price TP Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS
Stock JCI code Ticker Rating Price TP Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS

Stock

JCI code

Ticker

Rating

Price

TP

Revenue (IDRb)

Opt. profit (IDRb)

 

Net profit (IDRb)

EPS growth (%)

PER (x)

EV/EBITDA (x)

P/BV (x)

Yield (%)

Net gearing (%)

 

ROAE (%)

ROAA (%)

ROIC (%)

 

(IDR)

(IDR)

3M avg to (IDRb)

2015F

2016F

2017F

2015F

2016F

2017F

2015F

2016F

2017F

2015F

2016F

2017F

2015F

2016F

2017F

2015F

2016F

2017F

2015F

2016F

2017F

2015F

2016F

2017F

2015F

2016F

2017F

2015F

2016F

2017F

2015F

2016F

2017F

2015F

2016F

2017F

 

PX_LAST

AVIATION

AVIATION

N

23.1

59,000

66,614

76,230

1,464

1,969

2,577

1,084

1,724

2,165

na

37.4

19.2

13.2

8.3

6.6

7.4

5.8

5.2

0.7

0.6

0.4

0.3

0.2

0.3

(102.0)

(91.6)

(81.5)

10.7

13.5

13.3

3.4

4.5

4.8

6.5

7.8

8.1

 

GIAA IJ*

REDUCE

474

400

23.0

57,368

64,708

74,084

1,050

1,474

2,005

966

1,582

2,005

na

63.8

26.7

12.8

7.8

na

7.8

6.2

5.5

0.1

0.1

0.0

0.0

0.0

0.0

(125.2)

(108.1)

(97.2)

7.6

11.1

11.2

2.2

3.3

3.6

3.9

5.1

5.5

Garuda Indonesia Cardig Aero Service

GIAA IJ Equity CASS IJ Equity

CASS IJ

HOLD

1,000

1,250

0.0

1,632

1,905

2,146

414

496

571

118

142

160

6.2

20.1

12.5

17.7

14.7

13.1

5.3

3.9

3.4

4.7

3.7

3.0

2.1

1.7

1.9

34.0

5.5

11.0

28.9

27.9

25.4

10.9

12.0

11.6

22.1

23.7

23.4

AUTOMOTIVE

AUTOMOTIVE

N

275.4

215,039

236,696

258,650

18,260

20,636

22,738

13,750

19,236

21,338

(28.8)

39.9

10.9

23.5

16.8

15.1

12.8

13.3

12.2

3.0

2.7

2.4

2.2

2.7

2.9

46.7

41.8

37.3

14.0

17.2

16.9

5.8

7.3

7.4

9.6

12.3

12.5

Astra International

ASII IJ Equity

ASII IJ

REDUCE

7,750

5,650

255.7

184,196

202,994

222,145

17,212

19,456

21,392

14,464

19,047

20,610

(24.6)

31.7

8.2

21.7

16.5

15.2

12.7

13.2

12.1

3.1

2.8

2.5

2.3

2.7

3.0

42.7

37.0

32.1

14.6

17.6

17.2

6.0

7.5

7.6

10.0

12.6

12.8

Indomobil Sukses InternationIMAS IJ Equity

IMAS IJ

BUY

1,455

2,000

0.3

18,010

19,770

21,414

98

149

229

(292)

126

292

na

na

na

na

31.8

13.8

27.7

30.1

28.6

0.8

0.7

0.7

0.0

0.8

1.8

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

REDUCE

1,560

860

19.5

12,833

13,932

15,091

950

1,031

1,117

(422)

62

436

na

na

na

na

87.7

12.5

5.1

4.7

5.7

1.1

1.1

1.0

0.0

0.3

2.0

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

N

843.7

274,550

295,363

323,022

103,617

104,054

120,619

81,990

83,004

96,096

0.7

1.2

15.8

13.5

13.4

11.6

na

na

na

2.8

2.4

2.1

2.0

1.8

2.0

na

na

na

20.1

17.8

17.8

2.7

2.5

2.6

na

na

na

Bank C entral Asia

BBCA IJ

HOLD

15,000

15,100

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

20.5

18.4

16.7

na

na

na

4.1

3.5

3.0

1.1

1.1

1.2

na

na

na

21.9

20.6

19.3

3.1

3.2

3.2

na

na

na

Bank Rakyat Indonesia

BBCA IJ Equity BBRI IJ Equity

BBRI IJ

BUY

11,800

12,700

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

11.5

10.8

9.9

na

na

na

2.6

2.2

1.9

2.6

2.8

3.0

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

BUY

10,550

10,800

187.4

67,316

71,421

78,060

26,339

21,003

28,511

20,335

15,869

21,709

2.3

(22.0)

36.8

12.1

15.5

11.3

na

na

na

2.1

1.9

1.7

2.5

1.3

1.5

na

na

na

18.5

13.0

16.0

2.3

1.7

2.1

na

na

na

 

BBNI IJ

HOLD

5,450

6,000

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

11.2

10.4