equity snapshotdmia.danareksaonline.com/upload/morning pack 20180207.pdf · 2018. 2. 7. · equity...

Equity SNAPSHOT Wednesday, February 07, 2018

Danareksa Sekuritas – Equity SNAPSHOT

FROM EQUITY RESEARCH

Bank Mandiri: Steadily Recovering (BMRI IJ. IDR 8,025. HOLD. TP IDR 7,700)

We maintain our HOLD call on BMRI as we believe that the current

valuation already prices in this year’s outlook after the bank booked IDR20.6tn of net profits in FY17 supported by a lower credit cost of

229bps. With its SOE bank status, lending for the development of large-scale government-related infrastructure projects will, however,

put more pressure on its asset yields and NIM going forward. As such, we expect the asset yield to drop by 12bps to 8.4%, translating

into a lower NIM of 5.5% assuming a flat blended CoF at 3.1% this

year. HOLD with a TP of IDR7,700.

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MARKET NEWS

Macroeconomy

Government revises the regulation on assets detention Retail: Family Hope Program (PKH) to bolster purchasing power

Sector Property: Real Estate Association in East Java sees not much

improvement in property demand The Indonesian Telecom Regulatory Body (BRTI) to adjust the

data tariff formula

Refarming process of 2.1GHz frequency set for completion in Apr-18

Corporate Jasa Marga: Targets operation of the Balikpapan-Samarinda toll

road in early 2019

Martina Berto: MBTO targets 7% yoy top line growth in 2018

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 6,479 (1.7) 1.9 790

Thailand 1,788 (1.2) 2.0 3,934

Philippines 8,550 (0.8) (0.1) 198

Malaysia 1,812 (2.2) 0.9 727

Singapore 3,406 (2.2) 0.1 2,143

Regional

China 3,371 (3.4) 1.9 31,299

Hong Kong 30,595 (5.1) 2.3 33,079

Japan 21,610 (4.7) (5.1) 31,530

Korea 2,453 (1.5) (0.6) 7,421

Taiwan 10,404 (5.0) (2.2) 8,217

India 34,196 (1.6) 0.4 833

NASDAQ 7,116 2.1 3.1 190,280

Dow Jones 24,913 2.3 0.8 21,700

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 13,540 (0.8) (0.8) 0.1

SBI rate % 5.90 - - (1.3)

10y Gov Indo bond 6.38 0.0 0.2 0.1

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 104 (0.5) (1.2) 3.2

Gold US$/toz 1,325 0.1 0.5 1.7

Nickel US$/mt.ton 13,705 2.3 9.7 7.9

Tin US$/mt.ton 22,070 1.8 10.3 9.8

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 2,069 (0.6) 9.1 8.9

Corn US$/mt.ton 133 1.5 4.7 6.0

Oil (WTI) US$/barrel 64 0.7 3.9 5.7

Oil (Brent) US$/barrel 67 (1.1) (1.1) (0.0)

Palm oil MYR/mt.ton 2,462 0.8 (3.1) 3.0

Rubber USd/kg 147 (1.7) 0.8 (0.1)

Pulp US$/tonne 1,052 N/A 4.9 5.3

Coffee US$/60kgbag 97 0.2 (9.9) (9.8)

Sugar US$/MT 358 (1.0) (9.9) (9.4)

Wheat US$/ton 121 1.4 3.6 4.5

Soy Oil US$/lb 33 2.0 (1.5) 0.2

Soy Bean US$/by 986 1.7 2.6 3.6

Source: Bloomberg

http://dmia.danareksaonline.com/Upload/20180207%20BMRI.pdf

www.danareksa.com See important disclosure at the back of this report 1

Equity Research Company Update

Wednesday,07 February 2018

Bank Mandiri(BMRI IJ) HOLD

Maintain Steadily Recovering

We maintain our HOLD call on BMRI as we believe that the current valuation already prices in this year’s outlook after the bank booked IDR20.6tn of net profits in FY17 supported by a lower credit cost of 229bps. With its SOE bank status, lending for the development of large-scale government-related infrastructure projects will, however, put more pressure on its asset yields and NIM going forward. As such, we expect the asset yield to drop by 12bps to 8.4%, translating into a lower NIM of 5.5% assuming a flat blended CoF at 3.1% this year. HOLD with a TP of IDR7,700.

2017 result: at a glance. BMRI’s FY17 net profit of IDR20.6tn was above our forecast on the back of lower credit costs at 229bps as the gross NPLs ratio declined from 4% as of December 2016 to 3.5% as of December 2017. Loans growth reached 10.2% yoy. The NIM, however, declined to 5.6% due to higher exposure to the corporate lending segment, particularly to infrastructure-related projects. The management emphasised that the yield in this segment hovers around 8.5-10.5%, depending on the risk profile.

Further pressure on NIM. Given the expectation of higher exposure to the corporate lending segment (41% of the loans book by year-end), loan yields will continue to decline by c.29bps to 9.9% in FY18F. In addition, we also believe that asset yields compression will also come from IDR103.4tn of recap bonds as of December 2017. As such, we assume a 12bps decline in asset yields to 8.4% whilst assuming a flat blended CoF at 3.1%. This should translate into further NIM compression to 5.5% this year.

Gradual improvement in assets quality. BMRI’s assets quality will gradually improve on the back of its recent shift towards corporate and consumer lending. These two segments also provide more manageable credit costs in our view, compared to the commercial lending segment for example. All in all, we expect a major decline in the credit cost to 205bps this year with a 3.4% gross NPLs ratio by the end of 2018 and a higher LLC ratio of 136.6%.

Maintain HOLD, TP of IDR7,700. We maintain our HOLD call on BMRI with an unchanged GGM-derived TP of IDR7,700 (implying 2.04x 2018F P/BV) as we see that the current valuation already prices in this year’s outlook. We assume 9.25% CoE, 15.8% sustainable ROAE and 3% long-term growth.

Last price (IDR) 8,025

Target Price (IDR) 7,700

Upside/Downside -4.0%

Previous Target Price (IDR) 7,700

Stock Statistics

Sector Banking

Bloomberg Ticker BMRI IJ

No of Shrs (mn) 46,667

Mkt. Cap (IDRbn/USDmn) 374,500/27,651

Avg. daily T/O (IDRbn/USDmn) 281.9/20.8

Major shareholders (%)

Government of Indonesia 60.0

Estimated free float 40.0

EPS Consensus (IDR)

2017F 2018F 2019F

Danareksa 419.0 505.5 602.0

Consensus 436.6 554.4 644.0

Danareksa/Cons (4.0) (8.8) (6.5)

BMRI relative to JCI Index

Source : Bloomberg

Eka Savitri

(62-21) 2955 5888 ext 3506

[email protected]

Key Financials

Year to 31 Dec 2015A 2016A 2017F 2018F 2019F

PPOP (IDRbn) 38,382 43,258 45,051 48,088 51,319

Net profit (IDRbn) 20,335 13,807 19,555 23,590 28,094

EPS (IDR) 435.7 295.9 419.0 505.5 602.0

EPS growth (%) 2.3 (32.1) 41.6 20.6 19.1

BVPS (IDR) 2,508.6 3,221.6 3,452.1 3,755.4 4,176.8

PER (x) 18.6 27.5 19.4 16.1 13.5

PBV (x) 3.2 2.5 2.4 2.2 1.9

Dividend yield (%) 1.6 1.6 2.3 2.5 2.2

ROAE (%) 18.5 10.3 12.6 14.0 15.2

Source : BMRI, Danareksa Estimates



MACROECONOMY

Government revises the regulation on assets detention The Directorate General of Taxation has just issued a new regulation concerning assets detention for taxpayers who

fail to settle their tax obligations. There are two main revisions: 1) taxpayers who are not shareholders of related companies are free from assets detention if they have paid their tax obligation with their assets, and 2) shareholders

should pay the tax according to their shareholding in the company. (Bisnis Indonesia)

Retail: Family Hope Program (PKH) to bolster purchasing power

The government seeks to boost household consumption this year by over 5% by boosting people's purchasing power through social assistance programs (bansos) in the form of food aid and funds through the Family Hope

Program (PKH) for the poor. PKH increased to 10 million families. The social assistance program is targeting the lower classes of which the poorest 40% of Indonesians account for only 13% of national consumption. The

remaining 87% is contributed by 40% of the middle class and 20% in the upper middle class. (Kontan)

SECTOR

Property: Real Estate Association in East Java does not see much improvement in property demand The Indonesian Real Estate Association (REI) in East Java said that the weak demand for property was mainly

attributable to the “wait and see” attitude of potential buyers. This has reined in the expansion of several developers. For instance, Gunawangsa Group does not plan to launch any new projects soon and will instead focus on the

development of existing projects, including Gunawangsa Tidar and Gunawangsa Gresik. (Bisnis Indonesia)

The Indonesian Telecom Regulatory Body (BRTI) to adjust the data tariff formula

The Indonesian Telecom Regulatory Body (BRTI) is planning to adjust the data tariff formula, which will involve replacing the Ministry of Telecommunications Regulation No. 9/2008 and No. 15/2008. According to the body, the

government will not set base tariffs for the data but will only alter the formula. The formula includes costs such as

network costs, international bandwidth usage, retail service activities and margins. (Bisnis Indonesia)

Refarming process of 2.1GHz frequency set for completion in Apr-18 The Ministry of Telecommunications and Informatics stated that the refarming process of the 2.1Ghz frequency is

currently underway and that it reached 32.7% completion as of 21-Nov-17. The refarming process is expected to

be completed by 25-Apr-18 and it is aimed at improving the existing telecommunications network. (Investor Daily)

CORPORATE

Jasa Marga: Targets operation of the Balikpapan-Samarinda toll road in early 2019 Jasa Marga (JSMR) through its subsidiary, Jasa Marga Balikpapan Samarinda (JMBS), targets operation of the

Balikpapan-Samarinda (99.4km) toll road in early 2019. The construction progress of the toll road has reached

48.5%. The land clearing progress has reached 90.7%. The toll road is expected to cut the travel time between Balikpapan and Samarinda to only 1 hour from the current 3 hours. (Bisnis Indonesia)

Martina Berto: MBTO targets 7% yoy top line growth in 2018

Martina Berto targets 7% yoy top line growth this year, with a IDR9bn bottom line. In 9M17, the company booked

a IDR26.3bn net loss. The management of MBTO stated that competition in the cosmetics industry was currently very tough given the low barriers-to-entry for new players. The cosmetics industry reported 7-9% annual growth

– based on Euromonitor data. For 2018, the company has earmarked IDR59bn on capex for its production facilities. (Kontan)

MARKET NEWS


DANAREKSA VALUATION GUIDE


Rating Price (Rp) Price Mkt Cap

Target Rp Bn 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018

Danareksa Universe 4,323,352 199,849 221,571 198.3 219.8 16.7% 10.9% 21.6 19.5 22.2 20.3 3.3 3.0 15.9 16.0

Auto 341,074 18,895 20,981 380.0 421.9 24.7% 11.0% 18.1 16.3 13.1 11.3 2.2 2.0 12.8 12.8

Astra International BUY 8,425 9,200 341,074 18,895 20,981 467 518 467 518 24.7% 11.0% 18.1 16.3 13.1 11.3 2.2 2.0 12.8 12.8

Banks 1,645,526 88,444 100,966 395.0 450.9 18.6% 14.2% 18.6 16.3 2.8 2.5 16.2 16.5

BCA HOLD 23,525 21,000 580,009 23,620 27,068 958 1,098 958 1,098 14.6% 14.6% 24.6 21.4 N/A N/A 4.4 3.7 19.3 18.8

BNI HOLD 9,075 8,500 169,237 13,089 14,997 702 804 702 804 15.4% 14.6% 12.9 11.3 N/A N/A 1.7 1.6 14.2 14.6

BRI BUY 3,680 4,350 453,913 29,044 31,653 235 256 235 256 10.7% 8.9% 15.7 14.4 N/A N/A 2.7 2.5 18.5 18.0

Bank Tabungan Negara BUY 3,600 4,000 38,124 3,135 3,658 296 346 296 346 19.7% 16.7% 12.2 10.4 N/A N/A 1.8 1.6 15.4 15.8

Bank Mandiri HOLD 8,025 7,700 374,500 19,555 23,590 419 505 419 505 41.6% 20.6% 19.2 15.9 N/A N/A 2.3 2.1 12.6 14.0

BTPN HOLD 3,170 3,900 18,514 1,273 1,628 222 283 222 283 -27.3% 27.8% 14.3 11.2 N/A N/A 1.1 1.0 7.8 9.4

BPD Jatim BUY 750 830 11,231 1,282 1,320 86 88 86 88 24.7% 3.0% 8.7 8.5 N/A N/A 1.4 1.3 17.1 16.3

Cement 165,984 4,000 4,196 205 215 -53.8% 4.9% 41.5 39.6 19.1 17.9 2.8 2.7 6.8 7.0

Indocement SELL 20,175 14,700 74,269 1,887 1,937 512 526 507 521 -51.3% 2.7% 39.4 38.3 20.8 19.8 2.8 2.7 7.1 7.1

Semen Indonesia SELL 10,175 8,600 60,353 1,945 2,109 328 356 316 343 -57.0% 8.4% 31.0 28.6 13.1 12.3 2.1 2.0 6.7 7.1

Semen Baturaja SELL 3,160 460 31,362 169 150 17 15 17 15 -34.9% -11.0% 185.4 208.4 82.3 66.1 9.7 9.3 5.3 4.5

Cigarettes 724,236 20,595 22,795 174 193 5.9% 10.7% 35.2 31.8 24.2 21.8 9.4 8.6 27.4 28.3

Gudang Garam BUY 82,600 83,800 158,930 7,498 8,487 3,897 4,411 3,897 4,411 12.3% 13.2% 21.2 18.7 13.5 12.0 3.8 3.3 18.4 18.8

HM Sampoerna HOLD 4,860 4,400 565,306 13,097 14,307 113 123 113 123 2.6% 9.2% 43.2 39.5 32.2 28.8 16.3 15.6 38.0 40.3

Construction 138,742 8,554 10,351 115 139 29.9% 21.0% 16.2 13.4 10.4 8.5 2.2 2.0 14.7 15.6

Wijaya Karya BUY 1,910 2,100 17,133 1,225 1,783 137 199 137 199 21.0% 45.5% 14.0 9.6 4.8 3.5 1.4 1.3 10.4 13.7

Pembangunan Perumahan BUY 3,000 4,000 18,600 1,295 1,570 209 253 233 283 33.9% 21.2% 14.4 11.8 7.1 5.8 3.0 2.4 22.5 22.6

Adhi Karya BUY 2,200 2,800 7,834 451 619 127 174 149 187 43.9% 37.3% 17.4 12.7 9.3 7.6 1.3 1.1 7.8 9.2

Waskita Karya BUY 2,780 3,000 37,735 2,383 3,034 176 224 176 224 39.1% 27.4% 15.8 12.4 13.3 10.9 2.9 2.5 19.8 21.5

Waskita Beton BUY 452 520 11,915 1,104 1,319 42 50 42 50 73.9% 19.5% 10.8 9.0 10.1 5.4 1.5 1.3 14.2 15.2

Wika Beton BUY 560 800 4,881 349 420 42 50 42 50 28.3% 20.2% 13.4 11.1 8.7 7.3 1.8 1.6 13.7 14.8

Jasa Marga BUY 5,600 7,800 40,644 1,747 1,606 257 236 261 240 4.4% -8.1% 21.8 23.7 12.9 11.7 3.1 2.8 14.0 11.6

Consumer 634,751 16,992 19,025 328 367 8.4% 12.0% 37.4 33.4 21.4 19.2 9.7 8.7 27.2 27.5

Indofood CBP BUY 8,750 9,700 102,042 3,894 4,296 334 368 334 368 8.2% 10.3% 26.2 23.8 16.5 15.0 5.2 4.6 20.9 20.6

Indofood BUY 7,650 9,100 67,170 4,381 4,847 499 552 501 550 5.7% 10.6% 15.3 13.9 7.3 6.5 2.1 2.0 14.5 14.8

Unilever HOLD 53,900 52,000 411,257 7,324 8,326 960 1,091 960 1,091 14.6% 13.7% 56.1 49.4 39.3 34.8 72.9 61.9 141.6 135.6

Kino Indonesia HOLD 2,000 2,100 2,857 115 145 81 101 81 101 -36.4% 25.8% 24.8 19.7 12.4 10.6 1.4 1.3 5.9 7.0

Mayora Indah HOLD 2,300 1,960 51,425 1,277 1,410 57 63 56 63 -5.8% 10.4% 40.3 36.5 20.4 18.0 7.4 6.4 19.5 18.8

Healthcare 90,427 2,700 2,986 104 115 6.5% 11.5% 33.5 30.3 21.3 19.0 5.7 5.1 18.1 17.8

Kalbe Farma HOLD 1,640 1,700 76,875 2,411 2,660 51 57 51 57 4.9% 10.3% 31.9 28.9 20.3 18.2 5.8 5.1 19.1 18.8

Kimia Farma SELL 2,440 1,910 13,552 289 326 52 59 52 59 8.1% 12.7% 46.9 41.6 28.3 24.5 5.5 5.0 12.4 12.6

Heavy Equipment 140,626 7,463 8,439 2,001 2,262 49.2% 13.1% 18.8 16.7 8.5 7.2 3.2 2.8 18.0 18.1

United Tractors BUY 37,700 38,000 140,626 7,463 8,439 2,001 2,262 2,001 2,262 49.2% 13.1% 18.8 16.7 8.5 7.2 3.2 2.8 18.0 18.1

Industrial Estate 14,488 2,352 1,187 38 19 103.6% -49.5% 6.2 12.2 9.7 8.9 1.0 0.9 16.3 7.7

Puradelta Lestari BUY 189 240 9,109 733 746 15 15 14 14 -3.2% 1.8% 12.4 12.2 11.8 11.8 1.2 1.2 9.9 9.9

Bekasi Fajar BUY 282 320 2,721 488 543 51 56 50 56 45.4% 11.3% 5.6 5.0 6.3 5.5 0.7 0.6 13.5 13.2

Surya Semesta HOLD 565 540 2,658 1,131 (103) 240 (22) (119) (32) 1711.1% -109.1% 2.3 (25.9) 11.6 10.6 0.7 0.8 33.2 (2.8)

Media 62,484 2,965 3,365 103 116 3.3% 13.5% 21.1 18.6 12.7 11.7 4.8 4.4 23.6 24.7

Media Nusantara Citra BUY 2,760 2,800 40,356 1,491 1,605 102 110 102 110 -0.6% 7.6% 27.1 25.1 18.8 17.4 10.8 9.7 41.6 40.6

Surya Citra Media BUY 1,550 1,750 22,128 1,474 1,760 103 123 103 123 7.7% 19.5% 15.0 12.6 8.4 7.6 2.4 2.2 16.4 18.2

Mining 219,390 13,615 13,100 153 148 55.4% -3.8% 16.1 16.7 6.4 6.6 1.8 1.7 11.3 10.5

Adaro Energy BUY 2,450 2,200 78,366 6,489 5,928 203 185 203 185 44.7% -8.6% 12.1 13.2 4.3 4.3 1.7 1.7 14.9 13.1

Timah BUY 975 1,100 7,262 366 377 49 51 49 51 45.2% 3.0% 19.9 19.3 7.9 7.5 1.2 1.2 6.3 6.2

Vale Indonesia HOLD 3,570 3,100 35,473 (74) 233 (7) 23 (7) 23 -394.4% -415.1% (478.9) 152.0 18.9 15.6 1.5 1.5 (0.3) 1.0

Aneka Tambang HOLD 850 700 20,426 (264) (68) (11) (3) (11) (3) -507.2% -74.4% (77.4) (302.2) 33.9 35.7 1.1 1.1 (1.4) (0.4)

Bukit Asam BUY 3,170 2,900 36,520 3,332 3,317 307 305 307 305 66.1% -0.5% 10.3 10.4 7.3 7.4 2.8 2.4 28.4 23.5

Indo Tambangraya Megah HOLD 29,100 21,100 32,881 3,183 2,717 2,817 2,404 2,936 2,561 81.7% -14.6% 10.3 12.1 4.7 5.4 2.5 2.4 25.1 20.1

Harum Energy HOLD 3,130 2,200 8,462 583 595 216 220 216 220 225.8% 2.1% 14.5 14.2 4.8 4.5 2.0 2.0 14.7 14.1

Plantation 37,862 3,010 2,986 283 281 -1.1% -0.8% 12.6 12.7 6.8 6.4 1.2 1.2 10.3 9.5

Astra Agro Lestari HOLD 12,650 14,300 24,347 1,908 1,851 991 962 984 962 -4.9% -3.0% 12.8 13.2 6.9 6.5 1.3 1.2 10.7 9.6

Sampoerna Agro SELL 2,530 2,240 4,782 283 301 156 166 156 166 -35.8% 6.4% 16.2 15.3 9.0 8.7 1.3 1.2 8.0 8.0

PP London Sumatra BUY 1,280 1,770 8,733 819 833 120 122 823 833 37.9% 1.7% 10.7 10.5 5.0 4.7 1.1 1.0 10.3 9.8

Poultry 70,552 4,078 5,292 27 35 -10.9% 29.8% 17.3 13.3 9.3 8.0 2.4 2.1 15.2 16.8

Charoen Pokphand HOLD 3,170 3,100 51,982 2,576 3,405 157 208 182 216 16.0% 32.2% 20.2 15.3 10.7 9.2 3.1 2.6 16.7 18.6

Japfa Comfeed BUY 1,495 1,650 17,059 1,463 1,811 128 159 128 159 -29.2% 23.8% 11.7 9.4 7.3 6.2 1.7 1.4 15.4 16.4

Malindo Feedmill HOLD 675 800 1,511 39 75 18 34 80 110 -86.4% 91.5% 38.3 20.0 5.7 5.2 0.7 0.7 2.0 3.5

Property 113,886 8,450 8,432 70 70 56.5% -0.2% 13.5 13.5 10.1 10.2 1.8 1.6 14.3 12.6

Alam Sutera HOLD 378 400 7,427 1,379 1,435 70 73 70 75 171.1% 4.1% 5.4 5.2 7.7 6.8 0.9 0.8 17.9 16.2

Bumi Serpong Damai BUY 1,760 2,000 33,874 3,909 2,755 203 143 244 182 117.6% -29.5% 8.7 12.3 7.1 9.7 1.4 1.3 17.4 10.8

Ciputra Development BUY 1,290 1,350 23,943 940 1,493 51 80 35 67 -29.7% 58.8% 25.5 16.0 14.7 11.9 1.7 1.6 7.1 10.4

Pakuw on Jati HOLD 670 720 32,267 1,937 2,384 40 49 40 50 14.5% 24.0% 16.9 13.6 11.5 10.0 3.1 2.6 20.4 21.0

Summarecon BUY 1,135 1,100 16,374 284 364 20 25 31 35 -8.9% 28.3% 57.7 45.0 14.2 13.4 2.5 2.4 4.5 5.5

Retail 76,235 3,402 3,823 99 112 5.1% 12.4% 22.4 19.9 11.4 10.3 5.0 4.5 23.4 23.9

Mitra Adi Perkasa BUY 7,075 8,100 11,745 347 509 210 308 210 308 66.5% 46.8% 33.7 23.0 8.3 7.1 3.6 3.6 10.7 15.6

Ramayana HOLD 1,170 1,400 8,302 431 462 67 70 67 70 10.9% 4.9% 17.6 16.8 12.8 11.7 2.3 2.1 12.5 12.4

Matahari Department Store BUY 10,000 12,500 29,179 1,928 2,029 661 696 719 777 -4.5% 5.3% 15.1 14.4 9.3 8.4 11.5 8.7 87.8 69.1

Matahari Putra Prima SELL 456 350 2,452 109 112 17 17 17 17 183.4% 2.7% 27.3 26.5 3.4 3.4 1.0 1.0 4.4 4.5

Ace Hardw are BUY 1,300 1,450 22,295 588 711 43 47 43 47 3.2% 9.3% 30.2 27.7 28.3 26.9 6.5 5.9 18.2 19.7

Erajaya Sw asembada BUY 780 1,100 2,262 303 339 105 117 105 117 14.9% 11.8% 7.5 6.7 3.8 3.1 0.6 0.6 8.6 9.0

PER (x)

Equity

Valuation Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth ROE EV / EBITDA (x) PBV (x)



LEADERS Price as on Code 06-Feb-18 05-Feb-18 Chg, % w-w, % m-m, % YTD, % Rating

Gudang Garam GGRM 82,600 81,700 1.1 3.2 (2.6) (1.4) BUY

Adhi Karya ADHI 2,200 2,190 0.5 (0.9) 16.1 16.7 BUY

Sampoerna Agro SGRO 2,530 2,520 0.4 (0.8) (1.2) (1.6) SELL

Jasa Marga JSMR 5,600 5,600 - - (13.8) (12.5) BUY

Indofood CBP ICBP 8,750 8,750 - 0.6 (5.7) (1.7) BUY

Kino Indonesia KINO 2,000 2,000 - (1.0) (5.2) (5.7) HOLD

Mayora Indah MYOR 2,300 2,300 - 3.6 7.0 13.9 HOLD

Mitra Adi Perkasa MAPI 7,075 7,100 (0.4) (6.6) 13.7 14.1 BUY

Unilever UNVR 53,900 54,125 (0.4) (1.8) (0.2) (3.6) HOLD

HM Sampoerna HMSP 4,860 4,890 (0.6) (2.6) 0.2 2.7 HOLD

Sources: Bloomberg

LAGGARDS Price as on Code 06-Feb-17 05-Feb-18 Chg, % w-w, % m-m, % YTD, % Rating

Bekasi Fajar BEST 282 302 (6.6) (4.1) 11.9 12.8 BUY

Erajaya Swasembada ERAA 780 830 (6.0) (1.3) 11.4 6.1 BUY

Kimia Farma KAEF 2,440 2,570 (5.1) (0.8) (3.2) (9.6) SELL

Malindo Feedmill MAIN 675 710 (4.9) (4.3) (8.8) (8.8) HOLD

Matahari Department Store LPPF 10,000 10,500 (4.8) (8.9) (13.0) - BUY

Alam Sutera ASRI 378 396 (4.5) (2.6) 5.6 6.2 HOLD

Timah TINS 975 1,020 (4.4) (7.6) 16.8 25.8 BUY

Japfa Comfeed JPFA 1,495 1,560 (4.2) 2.4 7.6 15.0 BUY

Bumi Serpong Damai BSDE 1,760 1,835 (4.1) (1.1) 3.8 3.5 BUY

Puradelta Lestari DMAS 189 197 (4.1) (4.5) 12.5 10.5 BUY

Sources: Bloomberg

COVERAGE PERFORMANCE



PREVIOUS REPORTS

Plantation: Lukewarm outlook for CPO, Semen Baturaja: Sluggish performance SnapShot20180206

Intiland Development: Trading at a hefty discount to NAV SnapShot20180205 Media: Jan 18: Better all-time audience share, Waskita Beton Precast: Finally paid on Becakayu project!

SnapShot20180202 Bank Tabungan Pensiunan Nasional: Limited upside for now SnapShot20180201

Sumber Alfaria Trijaya: Cautiously growing SnapShot20180131

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