Embed Size (px)
Citation preview
Equity Research
Wednesday, May 20, 2015
Danareksa Sekuritas – Equity Research
FROM RESEARCH
Healthcare Sector: Overseas Marketing Feedback: Remains Cautious (OVERWEIGHT) We recently undertook overseas marketing trip and met with more than 20 investors to pitch Indonesia healthcare sector. We maintain our positive view on the sector this year despite a potential slowdown in the economy as we believe the impact of national health insurance to the sector will be more pronounce this year. However, we note that most foreign investors currently view Indonesia market not as positive as it used to be and prefer to stay on the sidelines as the risk return proposition is unattractive at this level. On a more positive note, investors still believe on Indonesia’s growth potential, hence they are still watching closely on Indonesia market as well as the government actions to spur the economy growth. Maintain Overweight.
Previous Reports:
Market outlook: Progress on the four key factors-Snapshot20150519 RALS: Struggling to maintain growth-Snapshot20150518 Consumer:Unexciting macro clouding over–Snapshot20150515 ITMG: Tough times continue-Snapshot20150515 GJTL: Challenging conditions persisted-Snapshot20150515 Cement: Modest demand in April–Snapshot20150513 Construction: Following the seasonal trend-Snapshot20150513
MARKET NEWS
*Analysts’ comment inside
Holcim seeks Rp 2.5tn loans for refinancing (TJP) KLBF Distribute Rp19/share as Dividends, Appointed New
Commisioners (BI) Rules on tin revised to counter illegal mining, boost prices (TJP) SILO Prepares Rp7.8 trillion (BI) VAT on Toll Service will be issued on June (BI) WSKT Booked Rp4.1 Trillion New Contracts (BI)
IDX ANNOUNCEMENT
Cash Announcement
Code Ex-Date Date Payable Amount (Rp)
SMGR 24-Apr-15 20-May-15 375.34
TLKM 27-Apr-15 21-May-15 89.46
UNTR 29-Apr-15 22-May-15 545
Source: KSEI
MORNING HIGHLIGHT
Key Index
Close
Chg Ytd Vol
(%) (%) (US$ m)
Asean - 5
Indonesia 5,269 0.6 0.8 346
Thailand 1,526 1.0 1.9 1,224
Philippines 7,871 (0.5) 8.9 137
Malaysia 1,810 (0.8) 2.8 492
Singapore 3,454 (0.2) 2.6 739
Regional
China 4,418 3.1 36.6 -
Hong Kong 27,694 0.4 17.3 17,877
Japan 20,026 0.7 14.8 14,915
Korea 2,130 0.4 11.2 5,342
Taiwan 9,717 1.2 4.4 3,500
India 27,646 (0.2) 0.5 541
NASDAQ 5,070 (0.2) 7.1 67,535
Dow Jones 18,312 0.1 2.7 7,710
Currency and Interest Rate
Rate
w-w m-m ytd
(%) (%) (%)
Rupiah (Rp/1US$) 13,098 0.7 (1.6) (5.7)
SBI rate (%) 6.67 (0.3) (0.3) (0.6)
10-y Govt Indo bond 8.03 0.0 0.5 0.2
Hard Commodities
Unit Price
d-d m-m ytd
(%) (%) (%)
Coal US$/ton 59 n/a (1.7) (17.5)
Gold US$/toz 1,209 0.1 1.1 2.1
Nickel US$/mt.ton 13,048 (4.8) 4.3 (13.4)
Tin US$/mt.ton 15,972 0.6 8.0 (17.8)
Soft Commodities
Unit Price
d-d m-m ytd
(%) (%) (%)
Cocoa US$/mt.ton 3,178 0.2 10.8 7.0
Corn US$/mt.ton 135 (1.9) (6.2) (5.9)
Crude Oil US$/barrel 64 0.7 1.6 12.5
Palm oil MYR/mt.ton 2,166 (1.0) 0.3 (5.7)
Rubber USd/kg 154 (0.4) 10.9 1.1
Pulp US$/tonne 852 n/a (0.7) (8.6)
Coffee US$/60kgbag 93 0.2 (1.5) 7.3
Sugar US$/MT 367 (0.1) (1.6) (6.3)
Wheat US$/mt.ton 188 0.1 2.5 (14.5)
Source: Bloomberg
Equity Research
Wednesday, May 20, 2015
Danareksa Sekuritas – Equity Research
PT Danareksa Sekuritas Jl. Medan Merdeka Selatan No. 14 Jakarta 10110 Indonesia Tel (62 21) 29 555 888 Fax (62 21) 350 1709
Equity Research Team
Agriculture Helmy Kristanto [email protected] (62-21) 2955 824 Automotive Helmy Kristanto [email protected] (62-21) 2955 824 Auto Component Joko Sogie [email protected] (62-21) 29555 888 ext.3512 Banking Eka Savitri [email protected] (62-21) 29555 888 ext.3509 Cement Helmy Kristanto [email protected] (62-21) 2955 824 Coal Stefanus Darmagiri [email protected] (62-21) 29555 888 ext.3530 Construction Joko Sogie [email protected] (62-21) 29555 888 ext.3512 Consumer Jennifer Frederika Yapply [email protected] (62-21) 29555 888 ext.3508 Heavy Equipment Stefanus Darmagiri [email protected] (62-21) 29555 888 ext.3530 Media Lucky Ariesandi, CFA [email protected] (62-21) 29555 888 ext.3520 Metal Mining Stefanus Darmagiri [email protected] (62-21) 29555 888 ext.3530 Pharmaceutical Armando Marulitua [email protected] (62-21) 29555 888 ext.3503 Property Anindya Saraswati [email protected] (62-21) 29555 888 ext.3506 Retail Anindya Saraswati [email protected] (62-21) 29555 888 ext.3506 Strategy Helmy Kristanto [email protected] (62-21) 2955 824 Telecommunication Lucky Ariesandi, CFA [email protected] (62-21) 29555 888 ext.3520 Transportation Joko Sogie [email protected] (62-21) 29555 888 ext.3512 Utilities Lucky Ariesandi, CFA [email protected] (62-21) 29555 888 ext.3520 Research Associate Puti Adani [email protected] (62-21) 29555 888 ext.3511
Sales team
Ermawati A. Erman [email protected] (62 21) 29555 888 ext. 3151 Asfarita Andalusia [email protected] (62 21) 29555 888 ext. 3134 Novrita E. Putrianti [email protected] (62 21) 29555 888 ext. 3128 Ehrliech Suhartono [email protected] (62 21) 29555 888 ext. 3132 Yunita L. Nababan [email protected] (62 21) 29555 888 ext. 3145 Bram Taarea [email protected] (62 21) 29555 888 ext. 3127 Martin Joshua [email protected] (62 21) 29555 888 ext. 3126 Laksmita Armandani [email protected] (62 21) 29555 888 ext. 3125 Muhammad Hardiansyah [email protected] (62 21) 29555 888 ext. 3109 Tuty Sutopo [email protected] (62 21) 29555 888 ext. 3121 Upik Yuzarni [email protected] (62 21) 29555 888 ext. 3137
Healthcare Sector Overseas Marketing Feedback: Remains Cautious We recently undertook overseas marketing trip and met with more than 20 investors to pitch Indonesia healthcare sector. We maintain our positive view on the sector this year despite a potential slowdown in the economy as we believe the impact of national health insurance to the sector will be more pronounce this year. However, we note that most foreign investors currently view Indonesia market not as positive as it used to be and prefer to stay on the sidelines as the risk return proposition is unattractive at this level. On a more positive note, investors still believe on Indonesia’s growth potential, hence they are still watching closely on Indonesia market as well as the government actions to spur the economy growth. Maintain Overweight.
An attractive alternative sector in Indonesia market
We recently undertook overseas marketing trip in Singapore, Kuala Lumpur and Hong Kong to pitch Indonesia healthcare sector. We believe the sector will remain lucrative over the medium to longer term underpinned by the country’s: 1)lagging healthcare spending, 2)underserved healthcare infrastructure, 3)higher income level, and 4)implementation of National healthcare insurance program (JKN). Referring to the 1Q15 results, most of healthcare companies (pharmaceuticals and hospitals) reported healthy earnings growth, becoming one of the best performing sector in the JCI. This also validated the defensive characteristic of the sector to weather unfavorable economic condition. In FY15, we believe the implementation of national healthcare insurance will be more pronounced, thus will support the healthcare sector performance this year. Against this backdrop, we prefer Kimia Farma on pharmaceutical side and continue to like Siloam hospital, as we believe both companies will be more benefited from this program.
Concern on the macro took the center of the stage Most of foreign investors we met shared their concern over current macroeconomic and political condition in Indonesia. Slowdown in the economy as well as continuing IDR depreciation are the main concern on macroeconomic. Foreign investors currently take a cautious stance over Indonesia market as some believe at this level, Indonesia market risk return proposition is not quite as attractive as it used to be. This is referring to the current JCI valuation, of which some believe already expensive given the higher risk on slower growth as well as weakening currency. However, investors are still watching closely over macroeconomic development, especially the progress on infrastructure projects as well as the realization of tax collection. On the political side, investors tend to agree that the current political condition is quite positive as tension is currently abating.
Looking for clear justification on the rich valuation As most of our investors remain cautious on Indonesia market, they share our view on the bright prospect of healthcare sector in Indonesia given the potential of higher demand going forward. Nevertheless, the high valuation of healthcare companies raises another concern. With its current valuation at 35x PE FY15F, Kalbe Farma looks too expensive especially with its moderate growth outlook in this year. As such, we prefer Kimia Farma as it offers a more attractive valuation as well as better outlook this year. Nonetheless, despite its solid execution track record, investors still demand the company to deliver its financial performance on top of its aggressive expansion on retail business. Furthermore, for Siloam Hospital, investors find it difficult to justify the rich valuation of the company despite its promising growth potential. All in all, we view that the foreign investors’ investment appetite is low for Indonesia Market at the current condition.
Company Recom. Current Price Target Price PE, x EV/EBITDA, x EPS CAGR FY14-16F ROE, % Net Gearing
IDR IDR 2015F 2015F % 2015F 2015F, %
Sector Average OVERWEIGHT
KAEF BUY 1,170 1,500 24.9 16.9 14.4 13.5 2.3
KLBF HOLD 1,760 1,900 36.7 24.0 15.5 22.7 Net Cash
SILO BUY 15,000 15,750 169.3 29.6 45.7 6.0 60
Wednesday, 20-May-15
OVERWEIGHT
KLBF relative to JCI Index
KAEF relative to JCI Index
SILO relative to JCI Index
Danareksa research reports are also available at Reuters Multex and First Call Direct and Bloomberg.
Armando Marulitua (62-21) 2955 5817 [email protected]
Equity Research
Wednesday, May 20, 2015
Danareksa Sekuritas – Equity Research
Holcim seeks Rp 2.5tn loans for refinancing (TJP)
Holcim (SMCB) currently looking for IDR 2.5tn loans to refinance its maturing debts, replacing foreign denominated debt, and for
capital projects and operations. Currently, Holcim is in talks with a number of banks to get a new loan facility in June, whether in
a form of syndication or bilateral facility. For the refinancing its foreign –denominated loan, Holcim targeted have a 19-20% of
foreign loan in 2016 from the current position of 36%.
KLBF Distribute Rp19/share as Dividends, Appointed New Commisioners (BI)
Kalbe Farma (KLBF) will distribute Rp19/share as dividends, with ex-dividend date at 29 May 2015 and recording date at 28 May
2015. During the AGM, KLBF also has taken the resignation of Budi Wreksoatmodjo and Jozef Darmawan Angkasa as Director
and Commisioner respectively, and has appointed Santoso Oen and Ronny Hadiana as the new commisioners for the company.
Rules on tin revised to counter illegal mining, boost prices (TJP)
Ministry of Trade released a new revised regulation for tin trade. Previously,it was allowed to export four types of tin; refined tin
ingots, refined tin non-ingots, tin solders and non solder tin alloys, now the new rules only allows three types of tin; refined tin
ingots, tin solder, and other types of tin products. The regulation will be effective start on August 1. Tin that will be exported
also need to comply with a revised regulation where the exporters have paid the royalty and presented required documents on
working plan and budget, and have the clean and clear status which is verified by the Ministry of Energy and Mineral Resources.
For the requirement for clean and clear status will be effective on November 1 and referring to the minerals and coal directorate
general.MoT revision also requires both tin ingots for domestic and export sale are traded on future exchange before shipment
and delivery, where before only the exported one were subjected to it.
SILO Prepares Rp7.8 trillion (BI)
SILO set aside USD240-600 million or equivalent to Rp3.1-7.8 trillion to build 24 units of hospital until 2017. The company targets
hospital ownership reached 50 units up to 3 years, soared 150% from total 20 hospitals at the current. The additional 30
hospitals target in the next three years will consist of 24 hospitals built by the company and 6 hospital acquisitions. SILO has
prepared the land for the construction of 24 hospitals, of which 12 of them have entered the construction phase.
VAT on Toll Service will be issued on June (BI)
New government regulations related to the imposition of value added tax (VAT) on toll road services will be published next
month, and will arrange the exception on some toll roads to be charged by VAT. Proposed exceptions arise after a coordination
meeting between the Coordinating Ministry of Economics, Ministry of Public Works and Housing, and Ministry of Finance on
March due to the fearing of the inflation potential.
WSKT Booked Rp4.1 Trillion New Contracts (BI)
WSKT has booked Rp4.1 trillion new contracts as of May 15, 2015, or 17.5% of the total new contracts targets for this year at
Rp23.4 trillion. The new contracts came from private projects (45%), government projects (37%), and SOE projects (18%). The
new contracts from government project are include further development of Museum Nasional, archives building of the Supreme
Audit Agency (BPK), road extensions, and other projects.
MARKET NEWS
Price Mkt Cap
Target Rp Bn 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2015
Danareksa Universe 3,094,476 198,117 225,673 329.1 374.8 11% 14% 15.6 13.7 #VALUE! #VALUE! 2.8 2.5 19.0
Auto 325,100 24,660 29,165 451.7 534.3 15% 18% 13.2 11.1 10.5 9.1 2.3 2.0 18.6
Astra International HOLD 7,700 8,300 311,723 23,976 28,096 592 694 16% 17% 13.0 11.1 10.8 9.2 2.3 2.0 33.5 19.1
Gajah Tunggal BUY 1,065 1,500 3,711 266 633 76 182 -1% 139% 14.0 5.9 4.7 4.5 0.6 0.5 80.8 4.4
Selamat Sempurna BUY 4,800 5,300 6,910 419 437 291 303 14% 4% 16.5 15.8 9.5 9.0 4.8 4.1 net cash 32.3
Banks 1,061,474 84,332 96,420 782.9 895.1 13% 14% 12.6 11.0 2.5 2.1 21.4
BCA HOLD 13,650 14,050 336,541 19,127 21,921 767 879 15% 15% 17.8 15.5 NA NA 3.6 3.0 NA 22.4
BNI BUY 6,750 7,450 125,878 12,142 13,914 651 746 13% 15% 10.4 9.0 NA NA 1.8 1.6 NA 19.1
BRI BUY 12,275 13,800 302,814 27,391 31,497 1,110 1,277 13% 15% 11.1 9.6 NA NA 2.5 2.1 NA 25.2
Bank Tabungan Negara BUY 1,170 1,400 12,364 1,357 1,609 129 153 22% 19% 9.0 7.6 NA NA 0.9 0.8 NA 10.6
Bank Mandiri BUY 11,200 13,600 261,333 22,087 24,946 947 1,069 11% 13% 11.8 10.5 NA NA 2.2 1.9 NA 19.8
Bank Tabungan Pensiunan BUY 3,860 5,450 22,544 2,228 2,533 381 434 19% 14% 10.1 8.9 NA NA 1.6 1.4 NA 17.2
Cement 176,358 12,525 15,375 725 890 7% 23% 14.1 11.5 8.6 7.5 2.7 2.4 20.0
Holcim HOLD 1,615 2,300 12,376 923 1,213 120 158 12% 31% 13.4 10.2 7.0 5.5 1.2 1.1 30.0 9.1
Indocement BUY 23,075 28,300 84,944 5,741 6,595 1,559 1,792 8% 15% 14.8 12.9 8.8 7.4 3.0 2.7 net cash 21.2
Semen Indonesia BUY 13,325 18,800 79,038 5,861 7,567 988 1,276 5% 29% 13.5 10.4 8.7 8.2 2.9 2.5 12.3 23.2
Construction 114,736 4,577 5,552 120 146 24% 21% 25.1 20.7 12.1 10.3 3.9 3.4 16.7
Jasa Marga BUY 6,350 8,200 43,180 1,600 1,877 422 547 25% 30% 15.0 11.6 14.6 13.1 3.4 3.1 116.4 13.4
Wijaya Karya BUY 3,235 4,000 19,893 843 1,004 137 164 37% 19% 23.5 19.8 9.7 8.1 3.4 2.9 8.9 15.4
Pembangunan Perumahan BUY 4,085 4,600 19,781 694 856 143 177 30% 23% 28.5 23.1 11.1 9.2 6.6 5.4 18.0 25.8
Adhi Karya BUY 2,800 3,700 5,044 399 531 221 295 23% 33% 12.7 9.5 6.6 5.6 2.4 2.0 66.5 20.8
Waskita Karya BUY 1,760 2,100 17,120 646 792 66 81 28% 23% 26.7 21.8 13.5 10.9 5.1 4.3 39.2 20.9
Wika Beton HOLD 1,115 1,350 9,718 396 491 45 56 32% 24% 24.6 19.8 13.1 10.6 3.9 3.3 net cash 17.1
Consumer 486,336 13,686 15,530 498 565 9% 13% 35.5 31.3 21.2 19.2 9.3 8.5 27.8
Indofood CBP HOLD 13,700 13,800 79,884 3,033 3,308 520 567 16% 9% 26.3 24.2 18.2 17.2 5.1 4.5 net cash 20.3
Indofood BUY 7,050 8,050 61,902 3,811 4,287 434 488 -2% 12% 16.2 14.4 7.7 7.0 2.2 2.0 19.2 14.1
Unilever SELL 43,850 30,000 334,576 6,365 7,332 834 961 11% 15% 52.6 45.6 36.7 32.2 62.1 55.6 net cash 129.7
Nippon Indosari Corpindo HOLD 1,200 1,200 6,074 266 377 53 75 41% 42% 22.8 16.1 13.1 9.2 5.2 4.1 63.0 25.0
Mandom BUY 19,400 19,300 3,901 210 226 1,045 1,126 8% 8% 18.6 17.2 10.0 9.3 2.7 2.5 2.6 15.3
Heavy Equipment 86,545 5,764 6,341 1,261 1,387 4% 10% 15.0 13.6 6.6 5.6 2.0 1.9 14.1
Hexindo Adiperkasa HOLD 3,005 3,650 2,524 220 260 262 309 13% 18% 11.5 9.7 5.5 4.3 0.9 0.9 net cash 8.0
United Tractors HOLD 22,525 22,200 84,021 5,544 6,081 1,486 1,630 3% 10% 15.2 13.8 6.6 5.7 2.1 1.9 net cash 14.5
Healthcare 106,340 2,633 3,039 49 57 11% 15% 40.4 35.0 24.2 20.2 7.4 6.5 19.3
Kalbe Farma HOLD 1,760 1,900 82,500 2,273 2,593 48 55 9% 15% 36.7 32.0 24.0 20.6 7.8 6.8 net cash 22.7
Kimia Farma BUY 1,170 1,500 6,498 258 313 47 56 12% 19% 24.9 20.9 16.9 13.6 3.2 2.8 2.3 13.5
Siloam Hospital BUY 15,000 15,750 17,342 102 133 89 115 64% 30% 169.3 130.6 29.6 22.0 9.9 9.2 64.2 6.0
Mining 121,719 8,963 10,056 138 155 5% 12% 13.6 12.1 6.1 5.4 1.2 1.2 9.4
Adaro Energy BUY 895 1,150 28,627 2,095 2,202 66 69 2% 5% 13.7 13.0 4.7 4.2 0.8 0.8 33.0 6.2
Timah BUY 885 1,400 6,591 651 765 87 103 40% 18% 10.1 8.6 5.0 4.5 1.2 1.1 10.2 12.4
Vale Indonesia BUY 3,480 4,200 34,578 2,375 2,566 239 258 17% 8% 14.6 13.5 6.6 5.8 1.6 1.5 2.6 11.0
Aneka Tambang HOLD 820 1,100 7,822 194 400 20 42 -148% 106% 40.2 19.6 14.6 10.9 0.6 0.6 62.8 1.6
Bukit Asam BUY 10,425 13,500 24,021 1,746 1,939 803 892 -13% 11% 13.0 11.7 9.5 8.2 2.6 2.4 net cash 19.7
Indo Tambangraya Megah HOLD 14,900 16,000 16,836 1,782 1,982 1,577 1,755 -15% 11% 9.4 8.5 4.4 4.0 1.6 1.6 net cash 18.0
Harum Energy HOLD 1,200 1,750 3,244 119 202 44 75 -53% 69% 27.2 16.1 2.3 1.8 0.8 0.9 net cash 3.1
Plantation 68,830 5,510 5,938 211 227 11% 8% 12.5 11.6 6.7 6.1 1.8 1.7 14.9
Astra Agro Lestari BUY 27,225 27,100 42,872 2,770 2,832 1,759 1,798 4% 2% 15.5 15.1 9.3 8.8 3.6 3.4 net cash 24.5
Sampoerna Agro BUY 1,865 2,600 3,525 464 550 245 291 18% 19% 7.6 6.4 4.9 4.2 1.0 0.9 31.8 14.5
PP London Sumatra HOLD 1,700 2,090 11,599 1,055 1,133 155 166 8% 7% 11.0 10.2 5.6 4.8 1.5 1.3 net cash 13.9
Salim Ivomas Pratama BUY 685 850 10,834 1,221 1,423 77 90 33% 17% 8.9 7.6 4.5 4.0 0.7 0.7 37.6 8.2
Property 89,846 5,943 6,634 80 89 -25% 12% 15.1 13.5 11.3 9.9 2.1 1.8 14.4
Alam Sutera BUY 645 700 12,674 1,254 1,516 64 77 15% 21% 10.1 8.4 9.4 7.9 1.8 1.5 75.3 18.9
Bumi Serpong Damai BUY 1,975 2,100 38,012 2,369 2,617 135 150 -36% 10% 14.6 13.2 12.8 11.3 2.5 2.2 net cash 16.6
Metropolitan Land BUY 415 620 3,145 290 322 38 43 14% 11% 10.8 9.8 7.4 6.8 1.4 1.3 27.7 14.2
Surya Semesta Internusa HOLD 1,180 1,040 5,552 464 415 99 88 32% -11% 12.0 13.4 5.6 5.7 1.9 1.7 net cash 16.9
Lippo Karawaci BUY 1,320 1,200 30,463 1,565 1,763 72 82 -38% 13% 18.2 16.2 13.6 11.6 1.9 1.8 29.1 10.1
Telco & Infrastructure 435,026 19,860 22,840 145 167 28% 15% 21.9 19.0 6.4 5.9 3.6 3.3 17.4
XL Axiata BUY 3,920 4,710 33,482 356 680 42 80 -140% 91% 93.8 49.2 6.2 5.6 2.3 2.2 120.7 2.5
Indosat HOLD 3,830 3,820 20,812 312 588 57 108 -152% 89% 66.7 35.4 3.7 3.4 1.3 1.3 132.4 2.0
Telkom HOLD 2,830 3,050 285,264 15,554 16,458 158 168 6% 6% 17.9 16.9 5.7 5.3 3.9 3.6 net cash 22.1
Sarana Menara Nusantara BUY 3,965 4,525 40,455 1,702 2,121 167 208 35% 25% 23.8 19.1 11.9 10.1 6.2 4.9 107.9 29.8
Tower Bersama HOLD 9,275 9,625 44,488 1,933 2,570 380 462 38% 22% 24.4 20.1 15.5 13.2 3.7 3.0 120.9 23.9
MNC Sky Vision HOLD 1,490 1,410 10,525 2 423 0 60 -101% 19638% 4,910.8 24.9 9.9 8.4 6.4 5.1 150.1 0.1
Tranportation 21,518 1,253 1,554 501 621 62% 24% 17.2 13.8 9.6 7.9 4.9 3.8 32.3
Blue Bird BUY 8,600 12,200 21,518 1,253 1,554 501 621 62% 24% 17.2 13.8 9.6 7.9 4.9 3.8 47.8 32.3
Utility 101,814 11,088 10,313 457 425 3% -7% 9.2 9.9 6.2 6.7 2.5 2.3 28.7
PGN BUY 4,200 6,650 101,814 11,088 10,313 457 425 3% -7% 9.2 9.9 6.2 6.7 2.5 2.3 net cash 28.7
Retail 26,690 1,210 1,509 47 58 15% 25% 22.1 17.7 11.2 9.7 2.9 2.6 14.0
Mitra Adi Perkasa BUY 5,375 6,250 8,923 352 543 212 327 112% 54% 25.3 16.4 8.3 6.9 3.1 2.7 84.7 13.0
Ramayana SELL 800 660 5,677 243 255 34 36 -31% 5% 23.3 22.3 11.2 10.3 1.7 1.6 net cash 7.2
Ace Hardware BUY 705 920 12,091 615 711 36 41 17% 14% 19.6 17.2 14.0 11.8 4.3 3.5 net cash 23.8
PBV (x)Equity
Valuation Rating Price (Rp)
Net profit, Rp bn EPS (Rp) EPS Growth PER (x) EV / EBITDA (x) ROENet Gearing
Equity Research
Wednesday, May 20, 2015
Danareksa Sekuritas – Equity Research
LEADERS Price as on
Code 19-May-2015 18-May-2015 Chg, % w-w, % m-m, % YTD, % Rating
Wijaya Karya WIKA 3,235 3,090 4.7 3.5 (9.3) (12.1) BUY
Gajah Tunggal GJTL 1,065 1,020 4.4 6.0 (14.1) (25.3) BUY
PP London Sumatra LSIP 1,700 1,635 4.0 16.0 12.6 (10.1) HOLD
Astra Agro Lestari AALI 27,225 26,275 3.6 22.5 19.3 12.3 BUY
Siloam Hospital SILO 15,000 14,525 3.3 7.9 12.6 9.5 BUY
Jasa Marga JSMR 6,350 6,150 3.3 (0.8) (7.3) (9.9) BUY
Selamat Sempurna SMSM 4,800 4,655 3.1 4.2 (1.6) 1.1 BUY
Wika Beton WTON 1,115 1,090 2.3 1.8 (6.7) (14.2) HOLD
Bank Rakyat Indonesia BBRI 12,275 12,000 2.3 4.2 (6.7) 5.4 BUY
Adhi Karya ADHI 2,800 2,740 2.2 (1.9) (10.7) (19.5) BUY
Sources: Bloomberg
LAGGARDS Price as on
Code 19-May-2015 18-May-2015 Chg, % w-w, % m-m, % YTD, % Rating
Kalbe Farma KLBF 1,760 1,805 (2.5) (4.9) (6.1) (3.8) HOLD
Kimia Farma KAEF 1,170 1,195 (2.1) 1.3 (5.6) (20.1) BUY
Bank Tabungan Pensiunan Nasional BTPN 3,860 3,900 (1.0) (3.5) (3.4) (2.3) BUY
Nippon Indosari Corpindo ROTI 1,200 1,210 (0.8) 1.7 13.2 (13.4) HOLD
Indo Tambangraya Megah ITMG 14,900 15,000 (0.7) (0.7) (0.5) (3.1) HOLD
Hexindo Adiperkasa HEXA 3,005 3,025 (0.7) 0.8 (6.1) (14.3) HOLD
Perusahaan Gas Negara PGAS 4,200 4,225 (0.6) 3.1 (6.4) (30.0) BUY
Timah TINS 885 890 (0.6) 8.6 (1.1) (28.0) BUY
Semen Indonesia SMGR 13,325 13,375 (0.4) 0.4 (3.1) (17.7) BUY
Indofood CBP ICBP 13,700 13,750 (0.4) (0.2) (3.5) 4.6 HOLD
Sources: Bloomberg
COVERAGE PERFORMANCE
Equity Research
Wednesday, May 20, 2015
Danareksa Sekuritas – Equity Research
Disclaimer
The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Danareksa Sekuritas and/or its affiliated
companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof.
We expressly disclaim any responsibility or liability (express or implied) of P.T. Danareksa Sekuritas, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action , suits, losses, expenses, damages or costs) which may be brought
against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Danareksa Sekuritas, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or misstatements, negligent or otherwise, in the report and any
liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed.
The information contained in this report is not be taken as any recommendation made by P.T. Danareksa Sekuritas or any other person to enter into any agreement
with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.
