RHB Indonesia Research

Companies coverage

14 September 2021
Rating Last price TP Upside Mkt cap PER (X) PBV (X) EV/ Ebitda (X) Div yield (%) Net Gearing (x) ROAE (%)
Stock JCI code Ticker
(IDR) (IDR) (%) (USDbn) 2021F 2022F 2021F 2022F 2021F 2022F 2021F 2022F 2021F 2022F 2021F 2022F

BANKS 129.7 16.4 13.1 2.5 2.3 N/A N/A 1.6 2.4 N/A N/A 13.1 14.1
Bank Rakyat Indonesia BBRI IJ Equity BBRI IJ BUY 3,700 4,790 29% 32.0 13.9 10.9 1.8 1.6 N/A N/A 1.6 2.9 N/A N/A 14.6 15.6
Bank Mandiri BMRI IJ Equity BMRI IJ BUY 6,100 8,200 34% 20.0 11.7 9.2 1.4 1.3 N/A N/A 2.7 3.9 N/A N/A 12.4 14.6
Bank Central Asia BBCA IJ Equity BBCA IJ BUY 32,725 38,000 16% 56.6 29.2 25.9 3.9 3.5 N/A N/A 1.3 1.4 N/A N/A 14.0 14.2
Bank Negara Indonesia BBNI IJ Equity BBNI IJ BUY 5,400 7,880 46% 7.1 12.2 7.7 0.8 0.7 N/A N/A 0.8 2.5 N/A N/A 6.8 9.7
Bank Tabungan Negara BBTN IJ Equity BBTN IJ BUY 1,415 2,450 73% 1.1 7.0 5.8 0.7 0.7 N/A N/A 2.1 2.8 N/A N/A 10.5 11.9
Bank Danamon BDMN IJ Equity BDMN IJ SELL 2,440 2,400 -2% 1.7 7.7 6.4 0.5 0.4 N/A N/A 1.7 5.3 N/A N/A 6.9 7.8
Bank CIMB Niaga BNGA IJ Equity BNGA IJ BUY 1,000 1,200 20% 1.8 6.2 5.7 0.6 0.5 N/A N/A 3.2 6.5 N/A N/A 9.5 9.6
Bank Panin PNBN IJ Equity PNBN IJ BUY 790 1,500 90% 1.3 6.3 5.0 0.4 0.4 N/A N/A 0.0 0.0 N/A N/A 6.1 7.3
Bank Permata BNLI IJ Equity BNLI IJ SELL 1,870 559 -70% 4.7 49.1 31.8 2.1 1.9 N/A N/A 0.0 0.0 N/A N/A 5.6 8.0
BTPN Syariah BTPS IJ Equity BTPS IJ BUY 3,300 3,500 6% 1.8 17.9 11.5 2.6 2.1 N/A N/A 0.8 1.4 N/A N/A 20.6 25.0
Bank Jabar BJBR IJ Equity BJBR IJ BUY 1,340 1,900 42% 0.9 5.9 5.2 1.0 0.9 N/A N/A 7.8 10.1 N/A N/A 1.7 1.9
Bank Jatim BJTM IJ Equity BJTM IJ BUY 715 1,000 40% 0.8 5.2 4.6 1.0 0.9 N/A N/A 7.1 10.1 N/A N/A 19.7 19.9

TELCO 28.8 13.3 14.7 2.5 2.4 4.8 4.4 4.8 4.5 0.2 0.1 20.1 17.0
Telekomunikasi Indonesia TLKM IJ Equity TLKM IJ BUY 3,440 3,700 8% 23.9 15.6 13.6 2.7 2.5 4.9 4.5 5.0 5.2 0.1 0.1 17.6 19.1
XL Axiata EXCL IJ Equity EXCL IJ BUY 2,950 3,200 8% 2.2 28.4 18.4 1.6 1.5 4.2 3.9 0.4 1.1 0.1 0.0 5.7 8.3
Indosat Oooredoo ISAT IJ Equity ISAT IJ NEUTRAL 6,975 7,000 0% 2.7 4.8 33.8 2.2 2.1 4.7 4.1 6.3 0.9 0.5 0.6 54.1 6.3

AUTOMOTIVE 16.0 12.4 10.7 1.3 1.2 8.1 7.2 5.0 4.8 0.2 0.1 10.8 11.5
Astra International ASII IJ Equity ASII IJ BUY 5,525 6,900 25% 15.7 12.5 10.8 1.3 1.2 8.2 7.2 5.1 4.8 0.2 0.1 10.9 11.7
Astra Otoparts AUTO IJ Equity AUTO IJ BUY 1,025 1,520 48% 0.3 8.6 7.6 0.4 0.4 5.8 5.5 4.4 5.0 (0.1) (0.1) 5.0 5.4

TOBACCO 12.7 11.1 9.5 2.9 2.8 9.1 7.9 6.0 7.0 (0.4) (0.4) 22.8 25.5
Gudang Garam GGRM IJ Equity GGRM IJ NEUTRAL 32,500 36,000 11% 4.4 8.4 7.0 1.0 0.9 6.3 5.4 3.7 6.0 0.0 0.0 12.2 13.4
HM Sampoerna HMSP IJ Equity HMSP IJ BUY 1,015 1,400 38% 8.3 13.3 11.6 3.9 3.7 10.6 9.2 7.3 7.5 (0.6) (0.6) 29.3 33.0

STAPLES 25.8 16.0 14.6 2.8 2.5 9.5 8.8 3.4 3.4 0.6 0.4 18.6 18.4
Indofood Sukses Makmur INDF IJ Equity INDF IJ BUY 6,175 8,700 41% 3.8 8.8 7.6 1.2 1.1 7.0 6.4 6.0 5.7 0.9 0.7 14.2 15.3
Indofood CBP ICBP IJ Equity ICBP IJ BUY 8,450 11,000 30% 6.9 15.0 13.3 3.0 2.7 8.9 8.4 3.3 3.3 0.7 0.6 21.1 21.2
Mayora Indah MYOR IJ Equity MYOR IJ BUY 2,300 3,000 30% 3.6 21.8 21.7 4.0 3.6 12.5 11.2 1.3 1.6 0.0 (0.1) 19.6 17.4
Nippon Indosari Corpindo ROTI IJ Equity ROTI IJ NEUTRAL 1,375 1,450 5% 0.6 20.1 17.1 2.4 2.1 13.9 12.5 0.7 1.2 (0.3) (0.4) 12.4 13.2
Unilever Indonesia UNVR IJ Equity UNVR IJ BUY 4,050 5,800 43% 10.8 20.9 19.9 29.9 27.9 18.1 17.3 4.6 4.8 0.4 0.3 146.5 145.3

POULTRY 9.2 23.9 22.7 3.9 3.6 14.8 13.8 1.2 1.5 0.2 0.2 15.5 14.7
Charoen Pokphand Indonesia CPIN IJ Equity CPIN IJ NEUTRAL 6,600 6,900 5% 7.6 29.5 28.4 4.3 4.0 16.8 15.7 1.2 1.4 0.1 0.1 15.4 14.6
Japfa Comfeed Indonesia JPFA IJ Equity JPFA IJ BUY 1,950 2,750 41% 1.6 12.6 11.6 1.8 1.6 5.3 5.0 1.0 2.0 0.5 0.4 15.8 15.0

MINING & ENERGY 24.9 19.7 18.2 2.5 2.2 8.5 8.2 2.9 3.4 (0.1) (0.2) 13.6 11.8
Bukit Asam PTBA IJ Equity PTBA IJ BUY 2,370 3,000 27% 1.9 9.1 8.1 1.3 1.3 5.0 4.5 9.3 10.4 (0.3) (0.3) 15.8 17.1
United Tractors UNTR IJ Equity UNTR IJ BUY 21,400 29,800 39% 5.6 7.6 7.0 1.2 1.1 2.9 2.8 5.4 5.8 (0.1) (0.2) 15.6 15.2
Adaro Energy ADRO IJ Equity ADRO IJ BUY 1,385 1,750 26% 3.1 10.0 8.9 0.8 0.8 4.0 3.6 5.6 7.8 (0.1) (0.2) 8.5 9.5
Indo Tambangraya Megah ITMG IJ Equity ITMG IJ BUY 17,775 23,000 29% 1.4 19.5 17.6 1.7 1.7 4.3 3.8 3.5 4.2 (1.0) (1.0) 24.7 25.7
Timah TINS IJ Equity TINS IJ BUY 1,500 2,000 33% 0.8 7.7 7.3 1.2 1.1 5.0 4.9 3.9 4.1 0.6 0.5 16.1 15.3
Merdeka Copper Gold MDKA IJ Equity MDKA IJ BUY 2,740 2,750 0% 4.4 36.6 38.3 6.4 5.5 18.1 19.1 0.0 0.0 0.0 (0.1) 17.1 14.4
Aneka Tambang ANTM IJ Equity ANTM IJ BUY 2,470 4,000 62% 4.2 25.3 22.2 3.0 2.7 12.2 11.1 0.0 0.0 0.1 0.0 11.7 2.2
Vale Indonesia INCO IJ Equity INCO IJ BUY 5,025 6,200 23% 3.5 28.6 22.5 1.7 1.6 9.6 7.9 0.0 0.0 (0.1) (0.2) 6.0 7.3

CEMENT 6.5 19.6 17.6 1.6 1.6 10.3 9.9 4.1 4.1 0.2 0.1 8.3 9.1
Semen Indonesia SMGR IJ Equity SMGR IJ BUY 8,900 12,800 44% 3.7 18.3 16.0 1.5 1.4 10.9 10.6 2.1 2.2 0.5 0.4 8.3 9.1
Indocement Tunggal Prakarsa INTP IJ Equity INTP IJ BUY 10,700 14,000 31% 2.8 21.6 20.5 1.8 1.9 9.3 9.0 6.7 6.7 (0.2) (0.3) 8.3 9.1

TRANSPORT & LOGISTICS 1 75 5 (799) (1,126) 13 10 1 2 (2.0) (2.8) 10.6 (15.6)

Blue Bird BIRD IJ Equity BIRD IJ BUY 1,200 1,900 58% 0.2 8.7 6.3 0.5 0.5 4.0 3.2 0.0 2.3 0.0 0.0 6.3 8.0
Garuda Indonesia GIAA IJ Equity GIAA IJ BUY 222 650 N/A 0 (12) 5 (1,364) (1,922) 20 15 - - (3.3) (4.6) 11.9 (32.8)
Indonesia Kendaraan Terminal IPCC IJ Equity IPCC IJ BUY 580 1,400 141% 0.1 3.6 3.3 0.6 0.5 2.1 1.9 9.6 10.8 (0.7) (0.7) 16.5 16.6

INFRA & CONSTRUCTION 4.3 16.0 11.3 1.0 0.9 13.4 10.6 2.9 4.3 2.4 2.3 5.6 6.6
Jasa Marga JSMR IJ Equity JSMR IJ BUY 3,930 5,300 35% 2.0 20.9 13.6 1.1 1.0 11.3 9.8 1.1 1.6 2.1 1.9 7.0 10.0
Waskita Karya WSKT IJ Equity WSKT IJ NEUTRAL 830 960 16% 0.8 (183.9) (26.7) 1.5 1.6 29.4 21.2 0.0 0.0 6.2 5.8 (0.8) (5.8)
Wijaya Karya WIKA IJ Equity WIKA IJ BUY 1,035 1,400 35% 0.7 7.4 5.6 0.6 0.6 9.7 8.3 2.7 3.6 (0.1) 0.3 8.9 10.9
Pembangunan Perumahan PTPP IJ Equity PTPP IJ BUY 1,010 1,420 41% 0.4 9.5 5.4 0.4 0.3 7.0 5.2 2.0 3.6 0.8 0.7 5.4 8.1
Adhi Karya ADHI IJ Equity ADHI IJ BUY 835 1,400 68% 0.2 7.2 4.4 0.4 0.4 7.8 6.3 0.2 2.8 1.1 1.0 6.0 9.1
Acset Indonusa ACST IJ Equity ACST IJ BUY 248 1,209 N/A 0.2 14.6 13.6 0.1 0.1 2.9 2.8 34.8 49.8 1.3 1.2 14.7 14.3

RETAIL 8.2 24.7 16.7 4.5 4.0 18.2 16.3 1.1 2.0 (0.1) (0.2) 17.1 20.4
Matahari Department Store LPPF IJ Equity LPPF IJ SELL 2,940 630 -79% 0.5 17.8 12.8 4.8 3.9 1.3 1.1 0.0 2.7 (0.7) (0.8) 29.4 32.0
Mitra Adiperkasa MAPI IJ Equity MAPI IJ BUY 780 880 13% 0.9 20.0 13.7 1.7 1.5 6.2 4.9 0.0 0.5 (0.1) (0.2) 8.7 11.7
Ace Hardware ACES IJ Equity ACES IJ NEUTRAL 1,395 1,400 0% 1.7 25.0 19.8 4.1 3.5 16.8 13.6 1.0 1.4 (0.4) (0.4) 17.4 19.2
Erajaya Swasembada ERAA IJ Equity ERAA IJ BUY 570 1,000 75% 0.6 12.9 12.4 0.3 0.3 12.3 11.6 3.2 7.7 0.2 0.2 12.7 11.9
Ramayana Lestari RALS IJ Equity RALS IJ SELL 650 550 -15% 0.3 19.5 13.9 1.1 1.0 6.2 4.7 0.0 2.4 (0.5) (0.6) 6.1 8.1
Sumber Alfaria AMRT IJ Equity AMRT IJ BUY 1,380 1,100 -20% 4.0 35.1 29.8 6.4 5.6 26.1 24.1 1.2 1.4 0.0 (0.1) 19.4 20.0
Buyung Poetra Sembada HOKI IJ Equity HOKI IJ BUY 195 338 73% 0.1 13.0 1.5 0.6 0.5 2.9 2.3 7.1 9.1 0.3 0.2 18.6 140.2

MEDIA 3.1 12.0 11.2 3.5 3.1 10.5 9.5 3.3 5.9 - (0.3) 23.4 19.8
Surya Citra Media SCMA IJ Equity SCMA IJ BUY 2,160 1,960 -9% 2.2 27.9 24.8 4.6 4.1 13.3 11.9 1.4 4.0 (0.3) (0.5) 18.1 15.0
Media Nusantara Citra MNCN IJ Equity MNCN IJ BUY 860 1,640 91% 0.9 5.0 4.8 0.9 0.8 3.5 3.3 8.0 10.5 0.5 0.0 33.7 29.3

PROPERTY 5.6 12.7 12.6 0.9 0.8 8.2 8.1 0.7 0.9 0.1 0.1 7.7 7.2
Alam Sutera ASRI IJ Equity ASRI IJ NEUTRAL 183 219 20% 0.3 9.3 8.0 0.3 0.3 6.9 6.4 0.0 0.0 0.6 0.6 3.5 3.9
Bumi Serpong BSDE IJ Equity BSDE IJ BUY 990 1,720 74% 1.5 12.5 17.2 0.6 0.6 8.6 9.2 0.0 0.0 (0.1) (0.1) 4.7 3.2
Ciputra Development CTRA IJ Equity CTRA IJ BUY 975 1,260 29% 1.3 17.2 16.3 1.2 1.1 10.0 10.0 0.4 0.4 0.2 0.1 6.0 6.0
Sumarecon Agung SMRA IJ Equity SMRA IJ BUY 865 1,260 46% 1.0 26.5 26.2 0.8 0.7 10.0 9.9 1.5 1.7 0.8 0.7 6.9 6.6
Pakuwon Jati PWON IJ Equity PWON IJ BUY 478 458 -4% 1.6 8.8 7.6 1.1 0.9 5.6 4.7 1.3 1.8 (0.2) (0.3) 12.9 13.0

INDUSTRIAL ESTATE 0.9 7.6 6.5 1.0 1.0 6.9 6.8 9.6 9.2 (0.1) (0.1) 14.2 13.0
Deltamas Pura Lestari DMAS IJ Equity DMAS IJ BUY 195 280 44% 0.7 8.0 8.0 1.2 1.2 7.7 8.0 12.3 12.3 (0.1) (0.1) 17.5 15.0
Bekasi Fajar Industrial Estate BEST IJ Equity BEST IJ NEUTRAL 127 188 48% 0.1 3.1 2.4 0.2 0.2 4.6 3.8 6.3 0.0 0.1 (0.8) 8.2 9.7
Surya Semesta Internusa SSIA IJ Equity SSIA IJ BUY 500 535 7% 0.2 17.0 7.7 0.6 0.5 5.2 3.5 0.4 1.8 0.0 0.0 3.1 6.4

HEALTHCARE 8.5 29.2 26.0 4.0 3.7 19.2 17.3 1.9 2.5 (0.1) (0.2) 14.4 15.0
Medikaloka Hermina HEAL IJ Equity HEAL IJ BUY 1,190 1,650 39% 1.2 44.3 36.3 1.1 0.9 16.9 14.9 3.5 5.7 0.2 0.1 7.7 8.7
Mitra Keluarga Karyasehat MIKA IJ Equity MIKA IJ BUY 2,420 3,600 49% 2.4 39.7 35.1 6.1 5.5 30.0 26.5 1.1 1.2 (0.2) (0.2) 15.7 16.1
Kalbe Farma KLBF IJ Equity KLBF IJ BUY 1,480 1,680 14% 4.9 23.9 21.6 3.7 3.4 14.5 13.3 2.0 2.3 (0.2) (0.2) 15.4 16.0

PLANTATION 1.6 9.5 13.0 0.9 0.9 4.2 5.2 2.3 3.0 0.3 0.3 8.9 6.6
Astra Agro Lestari AALI IJ Equity AALI IJ NEUTRAL 8,375 8,400 0% 1.1 9.1 11.9 0.8 0.9 4.7 5.4 1.5 3.3 0.5 0.5 9.2 7.2
London Sumatera LSIP IJ Equity LSIP IJ BUY 1,070 1,530 43% 0.5 10.4 16.6 0.9 0.9 3.1 4.8 4.0 2.5 (0.2) (0.2) 8.4 5.4

MISC 0.4 12.7 11.6 3.7 3.3 7.5 7.1 4.4 5.9 (0.4) (0.5) 30.9 30.2
Arwana Citramulia ARNA IJ Equity ARNA IJ BUY 740 1,050 42% 0.4 12.7 11.6 3.7 3.3 7.5 7.1 4.4 5.9 (0.4) (0.5) 30.9 30.2

275 13.9 12.9 2.5 2.3 5.7 5.2 2.8 3.3 0.09 0.05 14.8 15.0