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TRANSCRIPT
Asiamoney’s
2013
Best Domestic
Equity House
26 January 2016
Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor
in making their investment decision.
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
Beacon Indonesia Morning Brief
IDX: 4,506 (+1.1%) Turnover: IDR3.94tn (+2.9%)
Foreign Net SELL 99.8bn (-9.5%)
SPOTLIGHT
Bank Negara (BBNI IJ): 4Q15 results: Solid with caution Analyst: Teguh Hartanto
FY net profit of IDR9.1tn, down 16% y-y but 4% higher than consensus
Strong loan growth, higher recoveries and limited provisioning
Accelerated loan growth and higher debt restructuring
TODAY’S NEWS
POLITICS Golkar: To hold extraordinary congress; declared support for Jokowi Pelindo II: Nation’s loss at nearly IDR38bn ECONOMICS BI: Inflation to remain low, allowing for more rate cuts; Pressure on
consumption to persist BOURSE New LQ45 Index composition INDUSTRY Gov’t released two decrees to accelerate infrastructure projects Automotive: Ford Motor to close operations in Indonesia & Japan ESDM minister discusses 30% gas price discount at parliamentary
hearing Poultry companies deny allegations of running a cartel CORPORATE UNTR provides option for employees to resign; plans to cut coal
production TINS workers want the directors to resign
INDICES
Asia Last Chg% ytd % y-y %
Hang Seng (HK) 19,340.1 1.4 (11.7) (22.2)
IDX (Indonesia) 4,505.8 1.1 (1.9) (15.4)
KLCI (Mal.) 1,625.2 1.5 (4.0) (9.9)
KOSPI (Korea) 1,893.4 0.7 (3.5) (2.2)
Nikkei (Japan) 17,110.9 0.9 (10.1) (2.3)
PCOMP (Phil.) 6,434.1 3.6 (7.5) (14.8)
SENSEX (India) 24,513.5 0.3 (6.1) (16.3)
SET (Thailand) 1,270.6 0.2 (1.4) (20.5)
SHCOMP (China) 2,938.5 0.8 (17.0) (12.3)
SHENZHEN (China) 1,845.8 1.0 (20.1) 21.9
STI (Singapore) 2,582.6 0.2 (10.4) (24.3)
TWSE (Taiwan) 7,894.2 1.8 (5.3) (16.6)
VNI (Vietnam) 542.4 3.9 (6.3) (6.9)
Europe, USA and Ems
CAC 40 (France) 4,311.3 (0.6) (7.0) (7.8)
DAX (Germany) 9,736.2 (0.3) (9.4) (9.8)
Dow Jones (USA) 15,885.2 (1.3) (8.8) (10.1)
FTSE 100 (UK) 5,877.0 (0.4) (5.9) (14.2)
IBOV (Brazil) 38,031.2 0.8 (12.3) (22.0)
MEXBOL (Mexico) 41,476.4 (0.3) (3.5) (3.0)
NGSEINDX (Nigeria) 23,963.6 0.6 (16.3) (19.6)
Nasdaq (USA) 4,518.5 (1.6) (9.8) (5.3)
RTSI (Russia) 681.6 (1.4) (10.0) (12.8)
S&P 500 (USA) 1,877.1 (1.6) (8.2) (8.5)
XU100 (Turkey) 70,539.0 0.4 (1.7) (22.3) Source: Bloomberg
ETF, ADR & COMMODITIES Last Chg% ytd % y-y %
EEM US (USD) 28.8 (1.7) (10.5) (29.3)
EIDO US (USD) 20.6 (1.2) (1.5) (26.7)
TLK US (IDR) 3,195 (1.4) 3.7 (1.1)
Como Index (USD) 160.5 (2.0) (8.9) (25.9)
Coal (USD/t) 49.0 (2.3) (3.3) (21.4)
Corn (USD/mtn) 140.0 0.3 4.6 (2.3)
Coffee (USD/t) 2,424.4 1.6 (6.3) (23.0)
Copper (USD/t) 4,454.0 (0.3) (5.3) (20.2)
Cotton (USD/t) 1,358.0 (1.4) (2.7) 7.5
CPO Rott (USD/t) 615.0 0.0 (3.2) (6.8)
Gold (USD/oz.) 1,108.2 0.9 4.4 (13.5)
Iron ore (USD/mtn) 41.4 0.0 (4.6) (38.1)
Milk (USD/cwt) 13.7 (0.5) (0.3) (15.4)
Nickel (USD/t) 8,555.0 (1.9) (1.3) (40.6)
Oil Brent (USD/barrel) 30.5 (6.1) (18.2) (37.5)
Rice (IDR/kg) 4,914.0 0.0 (2.8) 6.7
Rubber (USD/t) 110.0 (0.9) (6.6) (21.6)
Silver (USD/oz) 14.2 1.2 2.8 (20.6)
Soybean oil (USD/t) 671.1 (0.2) (4.8) (3.7)
Steel (USD/t) 304.7 (0.0) 0.6 (25.8)
Sugar (USD/t) 312.6 0.0 (5.0) (12.2)
Tins (USD/t) 13,750.0 0.9 (5.8) (29.5) Wheat (USD/t) 176.9 1.3 2.4 (14.4) Source: Bloomberg, CEIC
ECONOMIC INDICATORS MARKET DATA
14A 15F 16F
14A 15F 16F
Cur acc bal (%GDP) (3.0) (2.0) (2.3) Op.prof.gwt.(%) 6.0 (2.0) 11.7
Fiscal bal (%GDP) (2.3) (2.7) (2.7) EPS growth (%) (4.6) (7.5) 13.7
GDP growth (%y-y) 5.0 4.7 5.1 P/E (x) 17.6 18.5 16.1
Private spending (%) 5.1 5.0 5.0 PEG (x) 4.2 (3.9) 1.1
Investment (%y-y) 4.1 3.3 5.3 EV/EBITDA (x) 12.8 12.2 11.2
Total exports (%y-y) 1.0 0.3 2.4 P/BV (x) 13.9 8.4 7.4
Total imports (%y-y) 2.2 (4.1) 1.7 P/BV exc. 3.7 3.3 2.9
Inflation (%y-y) 8.4 2.9 4.5 Div. Yield (%) 2.4 2.2 2.4
IDR/USD 12,385 14,000 14,500 Net gearing (%) 21.2 14.9 18.7
BI rate (% p.a.) 7.75 7.50 6.75 ROAE (%) 34.5 31.0 28.4
Brent Oil (Usd/bbl) 99.5 55.0 30.0 ROAA (%) 14.1 11.9 11.6
FX reserve (USDb) 111.9 102.5 110.0 ROIC (%) 30.7 25.5 25.5 Source: Bahana estimates Source: Bahana estimates
CURRENCIES & RATES Last Prev. Ytd % y-y %
AUD/1USD 0.695 0.700 4.9 14.1
EUR/1USD 1.085 1.080 0.1 3.6
IDR/1USD 13,873 13,845 (0.6) (9.8)
JPY/1USD 118.240
118.560
1.7 0.2
SGD/1USD 1.430 1.429 (0.8) (6.0)
JIBOR (%) 5.42 5.42 (2.2) (0.4)
BI rate (%) 7.25 7.25 (0.3) (0.5)
TD – 1 month (%) 7.04 7.04 (0.0) (0.3)
CDS (bps) 252.02 245.53 46.5 72.4 Source: Bloomberg
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 2
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
POLITICS
Golkar: To hold extraordinary congress; declared support for Jokowi
To help solve internal conflict, Golkar’s national leader congress (Rapimnas) has agreed to hold an
extraordinary congress (Munaslub), which should be held no later than June 2016. Separately, the Golkar’s
national leader congress speaker Nurdin Halid has declared the party’s support for the administration of
President Jokowi. (cnnindonesia.com, Tempo)
Pelindo II: Nation’s loss at nearly IDR38bn
National Police’s Criminal Investigations Directorate (Bareskrim) has received audit result from the Supreme
Audit Agency (BPK) regarding Pelindo II’s crane corruption. Economic and special crime Vice Director Comm.
Agung Setya stated that nation’s total loss was as much as IDR37.9bn on 10 crane procurements.
(cnnindonesia.com, Tempo)
ECONOMICS
BI: Inflation to remain low, allowing for more rate cuts; Pressure on consumption to persist
Even though some inflationary pressures are expected at the beginning of this year, BI is convinced that
4+1% inflation can still be achieved. Lower oil price should open room for lower inflation and lower BI rates.
BI’s Deputy Governor, Perry Warjiyo, also stated that for every USD1/barrel fall in oil price, the government
is likely to save around USD200k. Separately, BI’s Monetary policy director, Juda Agung, stated that the
pressure on consumption is likely to persist as savings accounts below IDR2bn has seen some deceleration.
BI also mentioned that steep IDR depreciation is unlikely due to lower external pressure and economic
recovery. (Kontan). Bahana comment: This is in line with our expectation of 75bps total BI rate cut to
6.75% in 2016 from the current level of 7.25%, and IDR/1USD expectation at 14,500/1USD by year-end
which implies 4.8% depreciation against the USD (2015: 10% depreciation).
BOURSE
New LQ45 Index composition
The Indonesian Stock Exchange (BEI) has added Aneka Tambang (ANTM IJ-BUY-IDR311-TP:IDR764), H.M.
Sampoerna (HMSP IJ-BUY-IDR93,975-TP:IDR115,000) and Hanson International (MYRX IJ-NOT RATED-
IDR630) to the LQ45 index for the period February–July 2016 and removed XL Axiata (EXCL IJ-BUY-
IDR3,600-TP:IDR4,200), Indo Tambangraya Megah (ITMG IJ-REDUCE-IDR5,375-TP:IDR5,200) and Wijaya
Karya Beton (WTON IJ-BUY-IDR1,020-TP:IDR1,100). (IDX). Bahana Comment: Note that many domestic
pension funds can only invest in the LQ45, which represents 45 most liquid stocks in the Jakarta Composite
Index (JCI).
INDUSTRY
Gov’t released two decrees to accelerate infrastructure projects President Joko Widodo (Jokowi) recently released two presidential decrees to accelerate the implementation
of infrastructure projects as well as reduce administration and bureaucratic process. Those new regulations
are Presidential Instruction (Inpres) No.1/2016 and Presidential Regulation (Perpres) No. 3/2016 regarding
acceleration of implementation of the National Strategic Projects (NSPs). Several main points of the Inpres
No.1/2016 include: 1) Requesting state administrators to use discretion to accelerate government’s NSPs;
2) Instructing the General Attorney to prelude government administration process prior to investigating
public reports on NSPs; 3) Instructing the Political Affairs Ministry to create standard operating procedures
(SOP) on examining state administrators; 4) Instructing the Domestic Affairs Minister to supervise local
government during project implementation; and 5) Instructing the Economic Affairs Minister to monitor and
evaluate implementation of Inpres. (Kontan). Bahana comment: This move is likely to provide some
support for infrastructure progress development on the ground, although this could concurrently mean
corruption taking a back seat for now.
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 3
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
Automotive: Ford Motor to close operations in Indonesia & Japan
American car manufacturer, Ford Motor, has decided to close all of its operations in Indonesia and Japan in
2H16 due to lack of prospects for profit in both countries. Ford’s spokeswoman, Karen Hampton said this
decision will result in 35 layoffs of Ford staff-members in Indonesia and 292 employees in Japan. Business
operations in Indonesia which included the import of Ford and Lincoln vehicles, sales and dealership offices
will be shut down later this year. (Investor Daily, Kontan, Bisnis Indonesia). Bahana comment: We expect
limited impact from this development as Ford only represents around 0.5% of domestic 4W market share.
However, this highlights the current difficult operating condition faced by auto players in Indonesia,
cementing our UNDERWEIGHT call on the sector.
ESDM minister discusses 30% gas price discount at parliamentary hearing
The Energy and Mineral Resources (ESDM) minister, Sudirman Said, during a parliamentary hearing stated
that the government would seek to improve domestic gas trading by lowering gas prices by 30%. The
government would only award gas allocations to state-owned companies, regional government-owned
companies and private companies with facilities while gas would only be sold to end-users. Normalizing
upstream gas prices could lead to improved competitiveness of gas users, while midstream and distribution
gas normalization would be fulfilled by issuing rules on margins and IRRs. National natural gas network
integration would enable fair transmission-distribution fees. (Bloomberg). Bahana comment: This is likely
to apply continued negative sentiment on Perusahaan Gas Negara (PGAS IJ-REDUCE-IDR2,490) and cement
our REDUCE rating on the stock. At this stage, we see possible higher-than-expected gas price cut than our
assumption of a 5% pricing reduction in 2016.
Poultry companies deny allegations of running a cartel
Poultry companies have denied government allegations of running a cartel, citing that they are not to blame
for rising chicken prices. They stated that higher chicken prices are necessary in light of the recent hikes in
feed and corn prices to IDR 7,000/kg from IDR 3,000, which would lead to higher expenses and margin
squeeze. (KoranTempo)
CORPORATE
UNTR provides option for employees to resign; plans to cut coal production
On the back of continued weak commodity prices especially in coal, United Tractors (UNTR IJ-HOLD-
IDR16,925-TP:IDR16,000) has opened up the option for employees to resign voluntarily rather than
implement early retirement option. Separately, UNTR also plans to cut coal production by around 10% this
year. (Kontan, cnnindonesia.com)
TINS workers want the directors to resign Timah (TINS IJ-REDUCE-IDR510-TP:IDR411) workers have asked the company’s directors to resign, as
TINS has suffered from a continuous decline in earnings. In addition, TINS’s debt is estimated to reach
IDR2-3tn; this, along with current tin prices, has made the workers concerned that TINS could face
bankruptcy and be forced to lay off employees. (Bangka.com). Bahana comment: Although TINS’s 9M15
net gearing amounted to only 39%, its interest coverage ratio of 0.76x or below 1x, suggests weak cash
levels to cover interest payments.
PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 4
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
BAHANA EQUITY COVERAGE, LEADERS & LAGGARDS (Daily) COMPANY STOCK CODE RATING TARGET PRICE Up/(Downside)(%) 01/25/2016 01/22/2016 CHANGE (%)
Sri Rejeki Isman SRIL IJ BUY 500 69.5 295 266 10.9
Bank Danamon Indonesia BDMN IJ BUY 3,400 (2.2) 3,475 3,250 6.9
Bekasi Fajar Industrial Estates BEST IJ REDUCE 300 18.1 254 238 6.7
Indo Tambangraya Megah ITMG IJ REDUCE 5,200 (3.3) 5,375 5,075 5.9
Bank Jawa Timur BJTM IJ REDUCE 420 (5.6) 445 424 5.0
Japfa Comfeed Indonesia JPFA IJ BUY 550 (20.9) 695 665 4.5
Mitra Adiperkasa MAPI IJ BUY 4,750 24.0 3,830 3,665 4.5
HM Sampoerna HMSP IJ BUY 115,000 22.4 93,975 90,300 4.1
Astra International ASII IJ REDUCE 5,550 (9.4) 6,125 5,900 3.8
Blue Bird BIRD IJ REDUCE 4,700 (16.1) 5,600 5,400 3.7
United Tractors UNTR IJ HOLD 16,000 (5.5) 16,925 16,325 3.7
J Resources PSAB IJ BUY 2,000 76.2 1,135 1,100 3.2
Multipolar MLPL IJ BUY 550 175.0 200 194 3.1
Indocement Tunggal Prakarsa INTP IJ REDUCE 16,400 (16.1) 19,550 19,025 2.8
Salim Ivomas Pratama SIMP IJ BUY 600 101.3 298 290 2.8
Vale Indonesia INCO IJ BUY 2,500 73.0 1,445 1,410 2.5
Anabatic Technologies ATIC IJ BUY 800 23.1 650 635 2.4
Ciputra Property CTRP IJ REDUCE 365 4.9 348 340 2.4
Pakuwon Jati PWON IJ HOLD 490 9.6 447 437 2.3
Garuda Indonesia GIAA IJ BUY 400 18.7 337 330 2.1
Lippo Cikarang LPCK IJ BUY 8,300 36.1 6,100 5,975 2.1
Timah TINS IJ REDUCE 411 (19.4) 510 500 2.0
Erajaya Swasembada ERAA IJ BUY 850 61.9 525 515 1.9
Mayora Indah MYOR IJ BUY 31,000 17.1 26,475 26,000 1.8
AKR Corporindo AKRA IJ BUY 7,000 (2.1) 7,150 7,025 1.8
Summarecon Agung SMRA IJ BUY 1,820 24.2 1,465 1,440 1.7
Bank Mandiri BMRI IJ BUY 9,700 1.8 9,525 9,375 1.6
Ciputra Development CTRA IJ BUY 1,400 9.4 1,280 1,260 1.6
Media Nusantara Citra MNCN IJ BUY 2,000 49.3 1,340 1,320 1.5
Astra Agro Lestari AALI IJ BUY 22,500 33.9 16,800 16,550 1.5
Indosat ISAT IJ BUY 6,800 30.1 5,225 5,150 1.5
Bank Rakyat Indonesia BBRI IJ BUY 13,000 13.8 11,425 11,275 1.3
Nippon Indosari Corpindo ROTI IJ BUY 1,450 20.8 1,200 1,185 1.3
Malindo Feedmill MAIN IJ BUY 1,700 32.3 1,285 1,270 1.2
Sampoerna Agro SGRO IJ BUY 1,970 9.4 1,800 1,780 1.1
PP Property PPRO IJ HOLD 180 (1.1) 182 180 1.1
Surya Citra Media SCMA IJ HOLD 3,250 18.2 2,750 2,720 1.1
Indonesian Stock Exchange JCI 4,506 4,457 1.1
Aneka Tambang ANTM IJ BUY 764 145.7 311 308 1.0
Bank Central Asia BBCA IJ BUY 14,700 12.0 13,125 13,000 1.0
Charoen Pokphand Indonesia CPIN IJ BUY 3,500 6.7 3,280 3,250 0.9
Jasa Marga JSMR IJ BUY 6,250 9.2 5,725 5,675 0.9
Total Bangun Persada TOTL IJ BUY 940 58.0 595 590 0.8
Tempo Scan Pacific TSPC IJ BUY 2,000 10.2 1,815 1,800 0.8
Bukit Asam PTBA IJ BUY 7,800 74.5 4,470 4,435 0.8
Harum Energy HRUM IJ REDUCE 500 (23.1) 650 645 0.8
Surya Semesta Internusa SSIA IJ BUY 720 10.8 650 645 0.8
London Sumatra Indonesia LSIP IJ BUY 1,870 42.2 1,315 1,305 0.8
Telekomunikasi Indonesia TLKM IJ BUY 3,750 17.0 3,205 3,185 0.6
Waskita Karya WSKT IJ BUY 1,975 14.5 1,725 1,715 0.6
Pelayaran Tempuran Emas TMAS IJ BUY 3,000 70.0 1,765 1,755 0.6
Kimia Farma KAEF IJ BUY 1,350 47.5 915 910 0.5
Bank Negara Indonesia BBNI IJ BUY 5,700 13.4 5,025 5,000 0.5
Lippo Karawaci LPKR IJ REDUCE 1,130 8.7 1,040 1,035 0.5
Tower Bersama Infrastructure TBIG IJ HOLD 6,500 15.0 5,650 5,625 0.4
Alam Sutera Realty ASRI IJ REDUCE 300 (7.7) 325 324 0.3
Adhi Karya ADHI IJ BUY 2,550 2.6 2,485 2,480 0.2
Unilever Indonesia UNVR IJ BUY 46,000 29.1 35,625 35,600 0.1
Cardig Aero Services CASS IJ HOLD 1,250 13.6 1,100 1,100 0.0
Bank Jawa Barat dan Banten BJBR IJ BUY 850 0.6 845 845 0.0
Ace Hardware Indonesia ACES IJ BUY 875 10.8 790 790 0.0
Hero Supermarket HERO IJ REDUCE 650 (39.5) 1,075 1,075 0.0
Ramayana Lestari Sentosa RALS IJ REDUCE 640 13.3 565 565 0.0
Kalbe Farma KLBF IJ HOLD 1,480 9.2 1,355 1,355 0.0
Sido Muncul SIDO IJ BUY 630 26.0 500 500 0.0
Mitra Keluarga Karyasehat MIKA IJ SELL 1,900 (13.4) 2,195 2,195 0.0
Puradelta Lestari DMAS IJ BUY 290 43 203 203 0.0
Merdeka Copper Gold MDKA IJ BUY 2,200 10.0 2,000 2,000 0.0
Perusahaan Gas Negara PGAS IJ REDUCE 2,500 0.4 2,490 2,490 0.0
Dharma Satya Nusantara DSNG IJ BUY 740 52.0 487 487 0.0
Austindo Nusantara Jaya ANJT IJ REDUCE 1,000 (41.2) 1,700 1,700 0.0
Tunas Baru Lampung TBLA IJ BUY 630 23.5 510 510 0.0
Krakatau Steel KRAS IJ REDUCE 275 (5.2) 290 290 0.0
Tiphone Mobile Indonesia TELE IJ BUY 1,180 67.4 705 705 0.0
Express Transindo Utama TAXI IJ REDUCE 120 39.5 86 86 0.0
Adi Sarana Armada ASSA IJ BUY 130 31.3 99 99 0.0
Sarana Menara Nusantara TOWR IJ BUY 5,000 11.2 4,495 4,500 (0.1)
Wijaya Karya WIKA IJ BUY 3,100 10.1 2,815 2,820 (0.2)
Bumi Serpong Damai BSDE IJ BUY 2,020 22.4 1,650 1,655 (0.3)
Bank Tabungan Negara BBTN IJ BUY 1,520 12.6 1,350 1,355 (0.4)
Soechi Lines SOCI IJ BUY 630 34.0 470 472 (0.4)
Semen Indonesia SMGR IJ HOLD 10,600 2.9 10,300 10,350 (0.5)
Gudang Garam GGRM IJ BUY 65,000 18.2 54,975 55,250 (0.5)
Holcim Indonesia SMCB IJ REDUCE 925 0.5 920 925 (0.5)
Matahari Putra Prima MPPA IJ BUY 2,750 68.2 1,635 1,645 (0.6)
Pembangunan Perumahan PTPP IJ BUY 4,300 10.0 3,910 3,940 (0.8)
Bank Bukopin BBKP IJ HOLD 730 13.2 645 650 (0.8)
Siloam International Hospitals SILO IJ BUY 14,700 62.9 9,025 9,100 (0.8)
Kawasan Industri Jababeka KIJA IJ BUY 270 19.5 226 228 (0.9)
Wijaya Karya Beton WTON IJ BUY 1,100 7.8 1,020 1,030 (1.0)
Agung Podomoro Land APLN IJ REDUCE 220 (27.9) 305 308 (1.0)
Gajah Tunggal GJTL IJ BUY 860 74.8 492 498 (1.2)
Xl Axiata EXCL IJ BUY 4,200 16.7 3,600 3,645 (1.2)
Semen Baturaja SMBR IJ HOLD 300 5.3 285 289 (1.4)
Medco Energi Internasional MEDC IJ BUY 1,300 88.4 690 700 (1.4)
Indofood Sukses Makmur INDF IJ BUY 6,600 15.8 5,700 5,800 (1.7)
Matahari Department Store LPPF IJ BUY 19,800 24.5 15,900 16,200 (1.9)
Indomobil Sukses Internasional IMAS IJ HOLD 2,000 (4.8) 2,100 2,145 (2.1)
Bank Tabungan Pensiunan Nasional BTPN IJ REDUCE 2,350 11.9 2,100 2,150 (2.3)
Indofood CBP Sukses Makmur ICBP IJ BUY 16,800 17.5 14,300 14,650 (2.4)
Adaro Energy ADRO IJ BUY 700 40.6 498 515 (3.3)
Electronic City ECII IJ REDUCE 700 0.0 700 725 (3.4)
Wintermar Offshore Marine WINS IJ HOLD 190 43.9 132 138 (4.3) Source: Bloomberg, Bahana estimates
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PT Bahana Securities – Equity Research – Bahana Beacon - The Daily 5
2014
Finance Asia's
Best
Equity House
Alpha
Southeast Asia
2014 Best
Research Call
FMCG Sector
Asiamoney's
2013
Best Domestic
Equity House
2015
Institutional
Investors
Highest Ranked
Local Research
House
2015
Global
Banking & Finance
Review
Best Research
House
Source: Bloomberg, Bahana estimates
Ticker Rating Price TP Shares Free float Mkt cap 3M avg to
(IDR) (IDR) (m) (%) (IDRb) (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
AVIATION N 11,013 8.3 59,049 68,925 76,230 1,468 2,022 2,577 1,090 1,781 2,165 na 33.5 19.2 10.1 6.2 5.1 6.5 5.2 4.7 1.1 0.9 0.7 0.3 0.3 0.4 (98.4) (84.4) (74.7) 12.2 14.5 14.2 3.9 4.9 5.2 8.5 9.6
GIAA IJ* BUY 337 400 25,869 14.9 8,718 8.3 57,368 67,019 74,084 1,050 1,526 2,005 966 1,639 2,005 na 63.8 26.7 9.1 5.6 na 6.8 5.5 4.9 0.0 0.0 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 5.2
CASS IJ HOLD 1,100 1,250 2,087 56.6 2,296 0.0 1,680 1,905 2,146 418 496 571 124 142 160 12.2 14.6 12.5 18.5 16.2 14.4 5.0 4.2 3.8 5.0 4.0 3.3 1.4 1.6 1.8 3.1 5.5 11.0 29.7 27.5 25.4 10.7 10.9 11.2 26.2 26.3
AUTOMOTIVE UW 255,483 241.5 215,860 227,222 247,701 18,472 19,678 21,842 16,030 17,779 20,271 (17.0) 10.9 14.0 15.9 14.4 12.6 12.3 11.8 10.8 2.3 2.1 1.9 3.0 3.1 3.5 51.5 50.4 47.3 16.1 15.8 16.0 6.7 6.8 7.1 10.9 10.8
ASII IJ REDUCE 6,125 5,550 40,484 49.8 247,962 240.6 184,851 193,520 211,196 17,427 18,498 20,496 16,764 17,591 19,543 (12.6) 4.9 11.1 14.8 14.1 12.7 11.9 11.3 10.3 2.4 2.2 2.0 3.0 3.2 3.5 45.9 44.1 40.4 16.8 16.2 16.3 7.0 7.0 7.2 11.3 11.2
IMAS IJ HOLD 2,100 2,000 2,765 10.5 5,807 0.1 18,176 19,770 21,414 96 149 229 (312) 126 292 na na na na 45.9 19.9 33.2 32.7 30.9 1.1 1.1 1.0 0.0 0.5 1.3 269.4 297.2 316.2 (5.6) 2.3 5.2 (1.3) 0.5 1.0 (1.6) 0.6
GJTL IJ BUY 492 860 3,485 39.8 1,715 0.8 12,833 13,932 15,091 950 1,031 1,117 (422) 62 436 na na na na 27.7 3.9 5.1 4.7 5.7 0.3 0.3 0.3 0.0 0.9 6.4 130.5 129.3 130.3 (7.7) 1.3 8.4 (2.6) 0.4 2.4 (3.6) 0.5
BANKS N 1,001,952 842.6 266,270 291,640 323,366 99,194 109,580 121,941 80,313 88,704 98,536 0.7 10.4 11.1 12.5 11.3 10.2 na na na 2.5 2.1 1.8 1.8 1.9 1.9 na na na 19.8 18.7 17.8 2.6 2.6 2.6 na na
BBCA IJ BUY 13,125 14,700 24,655 50.8 323,597 185.4 48,667 52,850 58,014 22,474 24,585 26,964 18,176 19,883 21,806 10.3 9.4 9.7 17.8 16.3 14.8 na na na 3.6 3.1 2.6 1.2 1.3 1.4 na na na 22.0 20.3 19.0 3.1 3.1 3.0 na na
BBRI IJ BUY 11,425 13,000 24,669 43.2 281,845 288.0 66,953 73,440 81,052 28,314 31,205 34,621 24,426 26,815 29,624 0.8 9.8 10.5 11.5 10.5 9.5 na na na 2.4 2.1 1.7 1.7 1.9 1.8 na na na 22.9 21.2 19.8 2.9 2.9 2.8 na na
BMRI IJ BUY 9,525 9,700 23,333 40.0 222,250 187.4 62,897 69,286 77,120 26,068 26,665 30,171 20,004 20,330 22,958 0.7 1.6 12.9 11.1 10.9 9.7 na na na 1.9 1.7 1.5 2.0 1.8 1.8 na na na 18.2 16.3 16.1 2.2 2.1 2.1 na na
BBNI IJ BUY 5,025 5,700 18,649 40.0 93,710 137.6 37,239 40,951 45,725 9,966 13,232 14,595 8,372 11,022 12,153 (22.4) 31.7 10.3 11.2 8.5 7.7 na na na 1.5 1.3 1.1 2.0 2.4 2.3 na na na 14.0 16.4 15.8 1.9 2.2 2.2 na na
BDMN IJ BUY 3,475 3,400 9,585 32.5 33,307 9.1 20,353 21,026 23,106 3,623 4,017 4,681 2,613 2,998 3,475 0.3 14.8 15.9 12.7 11.1 9.6 na na na 1.0 0.9 0.8 2.4 2.5 2.6 na na na 7.8 8.4 9.1 1.3 1.3 1.2 na na
BTPN IJ REDUCE 2,100 2,350 5,840 50.8 12,265 0.1 8,452 9,489 10,678 2,444 2,665 2,817 1,822 1,987 2,099 (1.7) 9.0 5.7 6.7 6.2 5.8 na na na 0.9 0.8 0.7 2.2 2.4 2.6 na na na 14.3 13.7 12.9 2.3 2.2 2.1 na na
BBTN IJ BUY 1,350 1,520 10,582 39.9 14,286 22.0 7,439 8,816 10,234 2,215 2,686 3,039 1,663 2,084 2,419 49.1 25.3 16.1 8.6 6.9 5.9 na na na 1.0 0.9 0.8 2.3 2.6 2.5 na na na 12.9 14.3 14.7 1.0 1.1 1.0 na na
BJBR IJ BUY 845 850 9,696 25.0 8,193 9.6 6,392 6,898 7,494 1,432 1,599 1,790 1,227 1,368 1,529 9.5 11.5 11.7 6.7 6.0 5.4 na na na 1.1 1.0 0.9 8.2 8.3 8.4 na na na 16.8 17.3 17.6 1.5 1.5 1.5 na na
BJTM IJ REDUCE 445 420 14,918 20.0 6,638 1.6 3,633 4,052 4,518 1,290 1,398 1,575 942 1,023 1,153 0.3 8.6 12.7 7.0 6.5 5.8 na na na 1.0 1.0 0.9 8.9 8.9 9.1 na na na 15.2 15.6 16.3 2.3 2.2 2.2 na na
BBKP IJ HOLD 645 730 9,087 40.5 5,861 1.8 4,247 4,832 5,423 1,366 1,528 1,687 1,067 1,194 1,320 47.3 11.9 10.6 5.5 4.9 4.4 na na na 0.8 0.7 0.6 3.6 4.1 4.5 na na na 14.8 14.8 14.5 1.3 1.2 1.2 na na
CEMENT UW 142,916 109.8 54,849 56,706 59,100 11,007 11,320 11,840 8,832 9,245 9,667 (25.4) 4.7 4.6 16.2 15.5 14.8 10.2 9.9 9.2 2.6 2.4 2.3 3.7 3.8 4.0 4.4 7.1 5.2 16.6 16.3 16.1 12.8 12.1 11.7 22.3 19.3
SMGR IJ HOLD 10,300 10,600 5,932 49.0 61,095 59.6 26,545 27,486 28,611 5,612 5,594 5,873 4,352 4,503 4,727 (21.8) 3.5 5.0 14.0 13.6 12.9 8.8 8.7 7.9 2.4 2.1 1.9 2.1 2.2 2.3 2.6 9.6 6.3 17.6 16.6 15.5 11.8 10.7 10.0 17.6 15.6
INTP IJ REDUCE 19,550 16,400 3,681 36.0 71,968 46.9 17,473 18,073 18,951 4,768 4,834 5,084 4,340 4,353 4,558 (17.7) 0.3 4.7 16.6 16.5 15.8 11.4 11.1 10.5 3.0 2.9 2.8 5.4 5.4 5.7 nc nc nc 17.7 17.9 18.3 15.0 14.7 14.3 28.3 24.4
SMCB IJ REDUCE 920 925 7,663 19.4 7,050 0.7 9,352 9,619 9,904 287 566 538 (225) 89 129 na na na na 79.4 54.7 12.1 8.9 8.2 0.9 0.9 0.9 0.0 0.9 1.4 66.6 61.7 51.5 (2.7) 1.1 1.6 (1.3) 0.5 0.8 (1.7) 0.7
SMBR IJ HOLD 285 300 9,838 23.8 2,804 2.6 1,479 1,528 1,633 340 325 345 364 300 252 10.9 (17.5) (16.0) 7.7 9.3 11.1 3.1 5.6 7.8 0.9 0.9 0.8 3.2 2.7 2.2 nc nc nc 12.8 9.7 7.6 11.9 9.0 6.1 33.1 13.7
COAL UW 97,192 126.7 130,282 129,331 131,490 19,416 17,847 15,141 13,545 12,537 10,797 12.1 (7.4) (13.9) 7.2 7.8 9.0 3.2 3.0 2.7 1.2 1.1 1.0 6.2 5.8 5.9 4.3 2.2 0.3 16.1 13.6 11.8 9.4 8.0 7.1 19.3 17.8
UNTR IJ HOLD 16,925 16,000 3,730 40.5 63,133 63.8 49,968 49,619 51,535 8,357 8,192 8,437 6,847 6,383 6,395 27.5 (6.8) 0.2 9.2 9.9 9.9 4.0 3.9 3.5 1.5 1.4 1.3 4.3 4.3 5.3 nc nc nc 17.5 14.7 13.6 10.5 8.9 8.5 21.5 20.6
ADRO IJ* BUY 498 700 31,986 43.0 15,929 19.3 39,074 40,223 38,626 5,712 5,452 3,570 2,982 2,958 1,960 40.9 (1.1) (33.7) 5.4 5.4 8.2 2.6 2.2 1.9 0.4 0.4 0.4 5.6 5.6 3.6 26.0 13.2 1.7 7.9 6.9 4.4 3.6 3.4 2.3 5.9 5.8
ITMG IJ* REDUCE 5,375 5,200 1,130 34.8 6,073 7.3 23,102 20,013 21,830 2,643 1,400 629 1,546 1,027 546 (44.9) (35.9) (44.9) 3.9 6.1 11.1 0.5 0.6 0.8 0.5 0.5 0.5 20.4 13.1 12.2 nc nc nc 13.4 8.4 4.5 8.8 5.5 2.9 19.2 13.0
PTBA IJ BUY 4,470 7,800 2,304 28.7 10,299 35.9 14,428 15,832 15,981 2,661 2,774 2,547 2,170 2,198 1,990 7.7 1.3 (9.4) 4.7 4.7 5.2 3.1 3.1 3.6 1.1 1.0 0.9 11.6 11.7 10.6 nc nc nc 24.4 22.6 18.7 14.0 12.8 10.6 29.6 25.6
HRUM IJ* REDUCE 650 500 2,704 28.8 1,757 0.5 3,710 3,644 3,518 42 29 (42) 0 (29) (95) (50) (1,000) 289 650.0 (72.2) (18.6) (7.8) (10.2) (17.9) 0.5 0.5 0.5 0.2 0.0 (0.9) nc nc nc 0.0 (0.7) (2.3) 0.0 (0.5) (1.8) 0.0 (2.6)
CONS. & TOLL ROADS N 118,354 230.3 64,550 85,995 104,429 8,556 11,084 12,947 4,146 5,374 6,099 4.6 24.7 9.2 28.5 22.0 19.4 13.6 11.7 10.5 3.5 3.1 2.8 1.0 1.3 1.4 56.7 75.3 85.4 14.3 14.6 14.7 4.0 4.4 4.2 11.0 10.3
JSMR IJ BUY 5,725 6,250 6,800 30.0 38,930 38.1 7,592 8,703 9,631 2,870 3,351 3,669 1,278 1,445 1,481 (9.0) 13.1 2.5 30.5 26.9 26.3 13.6 12.5 12.0 3.7 3.3 3.1 1.0 1.1 1.1 120.4 147.1 164.0 12.5 13.0 12.2 3.7 3.7 3.3 5.9 5.5
WIKA IJ BUY 2,815 3,100 6,149 34.9 17,310 26.7 12,150 14,875 17,597 1,297 1,718 2,050 559 785 957 (9.2) 40.6 21.8 30.9 22.0 18.0 12.6 9.7 8.2 3.9 3.3 2.8 1.0 1.4 1.7 51.7 49.7 44.7 13.2 16.2 16.9 3.4 4.3 4.5 9.7 10.8
PTPP IJ BUY 3,910 4,300 4,842 49.0 18,934 21.4 14,909 20,378 24,313 1,695 2,223 2,659 704 914 1,066 32.4 29.8 16.6 26.9 20.7 17.8 11.5 9.1 8.0 4.6 3.9 3.4 1.1 1.4 1.7 35.0 44.9 55.3 21.7 20.4 20.4 4.3 4.5 4.3 16.5 14.5
WSKT IJ BUY 1,725 1,975 13,572 34.0 23,413 48.0 15,174 20,580 24,605 1,434 1,918 2,148 818 1,116 1,174 37.9 17.3 5.2 24.3 20.7 19.7 13.8 13.6 13.3 2.6 2.4 2.2 0.7 1.0 1.0 19.1 47.5 71.6 14.1 12.1 11.6 4.4 4.1 3.7 11.0 9.0
WTON IJ BUY 1,020 1,100 8,715 28.1 8,890 18.0 2,570 4,160 5,824 258 454 620 195 349 475 (45.5) 79.5 36.1 45.7 25.5 18.7 25.1 15.5 11.7 4.0 3.6 3.2 0.7 1.2 1.6 1.6 nc nc 8.9 14.9 18.0 5.2 8.2 8.9 9.8 14.1
ADHI IJ BUY 2,485 2,550 3,561 74.2 8,849 74.6 9,817 14,680 19,059 784 1,155 1,483 395 534 690 0.9 (17.4) 29.2 13.7 16.6 12.8 10.0 9.3 6.8 1.8 1.7 1.5 1.5 1.2 1.6 nc 41.6 25.4 12.0 10.6 12.4 3.2 3.3 3.7 10.8 9.2
TOTL IJ BUY 595 940 3,410 33.7 2,029 3.5 2,338 2,618 3,400 218 266 317 197 230 255 20.4 16.7 10.9 10.3 8.8 7.9 6.3 5.1 4.3 2.3 2.0 1.8 5.0 5.8 6.8 nc nc nc 23.3 24.3 24.0 7.6 8.3 8.4 73.8 62.6
CONSUMER - DISCRE. N 144,480 114.1 76,680 84,783 95,235 8,650 9,998 11,515 6,000 7,422 8,820 (7.1) 25.5 19.9 24.1 19.5 16.4 16.1 13.4 11.3 14.7 9.1 6.7 2.1 2.4 2.8 8.2 6.8 5.5 90.5 52.0 41.7 27.7 26.9 25.3 23.7 25.5
SCMA IJ HOLD 2,750 3,250 14,622 38.2 40,209 19.1 4,253 4,573 4,983 1,997 2,192 2,408 1,519 1,674 1,848 4.4 10.2 10.4 26.5 24.0 21.8 19.3 17.4 15.7 12.7 11.1 9.7 2.8 3.1 3.4 nc nc nc 46.1 49.7 48.0 33.1 35.7 35.5 64.4 67.6
LPPF IJ BUY 15,900 19,800 2,918 79.5 46,395 56.2 9,340 10,872 12,699 2,474 2,868 3,346 1,859 2,219 2,620 31.0 19.3 18.1 25.0 20.9 17.7 16.4 13.6 11.1 31.6 15.8 9.9 1.6 1.9 2.3 nc nc nc 225.8 100.6 68.8 46.7 41.1 35.5 na na
MNCN IJ BUY 1,340 2,000 14,276 36.4 19,130 12.1 6,675 7,006 7,519 2,580 2,724 2,936 1,280 1,648 1,990 (27.3) 28.7 20.7 14.9 11.6 9.6 8.0 7.4 6.7 1.9 1.8 1.6 3.3 4.3 5.2 30.7 24.8 16.7 14.1 16.8 18.3 9.0 10.7 12.0 11.1 13.2
MPPA IJ BUY 1,635 2,750 5,378 23.7 8,793 14.9 14,286 16,331 18,267 567 738 839 451 587 666 (18.6) 30.3 13.4 19.5 15.0 13.2 9.2 7.2 5.9 2.8 2.5 2.3 2.1 2.7 3.0 nc nc nc 15.1 17.8 18.1 7.3 8.5 8.7 20.6 24.4
ACES IJ REDUCE 790 650 17,150 40.0 13,549 7.3 4,698 5,086 5,647 648 704 787 559 608 674 1.4 8.9 10.9 24.3 22.3 20.1 17.7 15.8 13.7 4.8 4.1 3.5 0.8 0.9 1.0 nc nc nc 21.6 19.9 18.9 17.4 16.2 15.5 27.2 28.5
HERO IJ REDUCE 1,075 650 4,184 13.4 4,497 0.0 15,118 16,906 19,439 (215) (113) 72 (29) 57 191 na na na na 78.3 23.6 51.5 22.6 12.2 0.8 0.8 0.8 0.0 0.0 0.0 7.1 7.7 13.2 (0.5) 1.0 3.3 (0.3) 0.6 2.0 (0.5) 1.0
RALS IJ REDUCE 565 640 7,096 40.5 4,009 1.1 7,774 8,038 8,534 218 246 282 311 333 369 (12.3) 6.8 11.1 12.9 12.1 10.9 4.6 4.0 3.4 1.2 1.1 1.0 3.9 4.1 4.6 nc nc nc 9.1 9.3 9.8 6.7 7.0 7.4 18.9 20.4
MAPI IJ BUY 3,830 4,750 1,660 44.0 6,964 3.3 12,760 14,054 16,027 399 608 778 34 242 380 (53.7) 605.4 57.4 185.5 26.3 16.7 10.6 8.1 6.7 2.2 2.0 1.8 0.0 0.6 0.9 80.7 67.2 59.3 1.3 7.9 11.4 0.4 2.5 3.7 0.6 4.6
ECII IJ REDUCE 700 700 1,334 25.0 934 0.1 1,776 1,917 2,121 (17) 31 67 15 54 82 (88.0) 245.5 52.6 60.3 17.4 11.4 na 12.2 6.2 0.5 0.5 0.5 0.2 0.6 0.9 nc nc nc 0.9 3.0 4.4 0.8 2.7 3.9 1.2 4.0
CONSUMER - STAPLES OW 1,104,656 415.1 346,896 380,892 424,517 48,566 52,638 59,726 32,189 36,512 41,690 3.8 12.4 13.9 34.3 30.3 26.5 25.4 23.8 20.8 20.3 18.4 16.6 2.0 2.3 2.6 (13.6) 7.1 6.5 53.9 50.0 51.4 24.2 22.8 24.1 65.2 64.6
HMSP IJ BUY 93,975 115,000 4,653 7.5 437,240 107.5 88,712 97,119 107,376 14,004 14,253 16,717 10,389 11,161 12,806 (2.3) 6.5 14.5 41.8 39.3 34.3 28.7 28.3 24.3 12.7 12.8 12.8 2.4 2.5 2.9 (50.3) nc nc 43.6 32.6 37.5 26.7 22.5 25.7 61.6 61.7
UNVR IJ BUY 35,625 46,000 7,630 15.0 271,819 61.4 36,115 40,257 45,540 7,976 8,943 10,108 5,885 6,612 7,489 2.5 12.4 13.3 46.2 41.1 36.3 32.9 29.7 26.3 55.4 48.0 41.5 2.0 2.3 2.6 (8.6) nc nc 123.8 125.1 122.6 40.0 41.0 40.9 135.4 132.7
GGRM IJ BUY 54,975 65,000 1,924 23.5 105,777 59.1 69,029 73,916 81,379 8,963 9,718 10,751 5,445 5,950 6,674 1.4 9.3 12.2 19.4 17.8 15.8 11.2 10.4 9.5 2.9 2.6 2.4 1.5 2.4 2.7 45.2 42.7 40.8 15.6 15.4 15.8 8.8 8.7 9.0 10.5 10.7
KLBF IJ HOLD 1,355 1,480 46,875 43.3 63,516 68.4 17,786 19,300 20,943 2,549 2,812 3,080 1,949 2,167 2,400 (5.6) 11.2 10.7 32.6 29.3 26.5 20.3 17.7 16.1 6.1 5.5 4.9 1.5 1.7 1.9 nc nc nc 19.7 19.7 19.6 15.0 15.1 15.1 24.0 24.6
INDF IJ BUY 5,700 6,600 8,780 49.9 50,048 45.8 64,352 70,849 78,078 6,801 7,610 8,547 2,084 3,454 4,196 (46.4) 65.7 21.5 24.0 14.5 11.9 7.0 5.9 5.1 2.0 1.8 1.6 2.0 3.3 4.1 58.1 38.7 27.2 8.1 12.8 14.3 2.4 3.8 4.4 5.0 8.7
ICBP IJ BUY 14,300 16,800 5,831 19.5 83,383 27.0 32,115 35,481 39,775 3,936 4,507 5,071 3,082 3,543 4,039 18.4 15.0 14.0 27.1 23.5 20.6 18.0 15.9 14.0 5.3 4.7 4.2 1.6 1.9 2.1 nc nc nc 20.6 21.1 21.4 11.7 12.1 12.4 28.6 27.9
MYOR IJ BUY 26,475 31,000 894 66.9 23,678 0.5 14,886 16,395 18,557 1,697 1,773 1,917 1,161 1,122 1,218 187.6 (3.4) 8.6 20.4 21.1 19.4 12.1 11.3 10.4 4.7 4.0 3.4 1.0 0.9 1.0 48.7 37.2 27.5 25.9 20.8 19.2 10.7 9.7 9.9 15.5 14.6
TSPC IJ BUY 1,815 2,000 4,500 21.9 8,168 0.5 8,220 9,160 10,888 640 713 785 575 622 672 (0.7) 8.1 7.8 14.2 13.1 12.2 8.4 7.5 6.8 1.8 1.7 1.5 3.2 3.4 3.7 nc nc nc 13.4 13.4 13.1 9.7 9.8 9.6 21.2 19.8
SIDO IJ BUY 500 630 15,000 19.0 7,500 2.5 2,268 2,424 2,719 495 530 598 424 455 517 1.4 7.1 13.3 17.9 16.7 14.7 11.3 10.3 8.9 2.5 2.2 2.0 1.1 1.3 1.2 nc nc nc 15.1 14.4 14.5 14.1 13.5 13.6 23.0 22.0
ROTI IJ BUY 1,200 1,450 5,062 29.3 6,074 1.4 2,189 2,693 3,343 389 458 575 265 322 416 40.3 21.6 29.2 22.9 18.9 14.6 12.4 10.4 8.6 5.2 4.3 3.5 1.1 1.3 1.7 39.2 17.6 18.2 25.0 25.2 26.7 11.1 11.4 12.7 16.3 19.7
KAEF IJ BUY 915 1,350 5,554 10.0 5,082 3.5 5,070 5,754 6,599 342 422 524 279 327 367 19.1 17.1 12.1 18.2 15.5 13.9 14.4 12.1 12.8 2.5 2.3 2.0 1.4 1.6 1.9 7.7 15.4 79.6 14.8 15.4 15.4 9.0 9.4 7.6 15.1 13.8
MIKA IJ SELL 2,195 1,900 14,551 18.0 31,939 0.0 2,038 2,301 2,645 560 622 704 558 636 699 4.3 10.3 9.3 56.3 51.0 46.7 45.7 42.7 38.1 10.1 9.9 9.3 1.5 1.5 1.5 nc nc nc 23.3 20.4 21.0 19.7 17.5 18.0 65.2 61.2
SILO IJ BUY 9,025 14,700 1,156 29.2 10,434 37.6 4,116 5,242 6,675 215 276 350 94 142 197 49.7 63.0 28.8 111.4 68.4 53.1 17.7 13.9 10.7 6.0 5.6 5.1 0.1 0.2 0.3 20.6 32.8 34.5 5.5 7.9 10.1 3.2 4.5 5.4 4.7 6.3
INDUSTRIAL ESTATES N 24,208 44.7 12,775 11,841 13,561 4,286 4,883 5,636 3,576 4,065 4,776 18.6 13.7 17.5 6.8 6.0 5.1 6.0 5.6 4.7 1.1 1.0 0.9 2.8 3.3 3.7 15.7 16.2 14.9 18.8 17.9 17.7 13.2 12.9 12.9 20.2 19.1
DMAS IJ BUY 203 290 48,198 10.0 9,784 2.1 2,175 1,375 1,711 1,859 1,520 1,705 1,799 57.7 12.2 5.5 6.4 5.7 5.4 6.1 4.9 4.3 1.3 1.1 1.0 4.7 5.2 5.5 nc nc nc 22.0 21.2 19.4 18.9 19.3 18.5 26.0 25.6
KIJA IJ BUY 226 270 20,662 68.9 4,670 11.8 2,810 3,031 3,291 756 851 952 283 431 600 (31.1) 52.6 39.1 16.5 10.8 7.8 8.4 7.4 6.5 1.0 1.0 0.9 1.8 2.8 3.9 62.2 56.5 48.4 6.4 9.2 11.7 3.1 4.3 5.4 4.1 5.8
BEST IJ REDUCE 254 300 9,647 41.8 2,450 10.5 681 563 743 411 321 444 225 159 326 (42.5) (29.3) 104.9 10.9 15.4 7.5 7.6 11.2 8.4 0.8 0.8 0.7 1.2 1.0 1.6 23.9 39.5 43.3 7.6 5.1 9.7 5.4 3.2 5.9 6.6 3.9
SSIA IJ BUY 650 720 4,705 68.6 3,058 14.2 5,282 6,065 6,939 845 937 1,095 579 618 716 39.4 6.8 15.9 5.3 4.9 4.3 3.4 3.2 2.8 1.0 0.8 0.7 3.8 4.0 4.7 10.3 10.0 9.5 20.0 18.2 18.2 8.8 8.2 8.5 18.6 16.5
LPCK IJ BUY 6,100 8,300 696 57.8 4,246 6.1 1,828 2,183 2,589 900 1,063 1,284 970 1,152 1,334 15.0 18.7 15.8 4.4 3.7 3.2 4.3 3.7 3.0 1.2 0.9 0.7 0.0 0.0 0.0 nc nc nc 30.8 27.4 24.5 18.7 16.8 15.7 33.9 29.7
INDUSTRY - Various 13,291 28.4 49,489 97,435 39,757 (1,061) 77 2,047 (2,367) (1,701) 1,315 na na na na na na 3.9 3.7 3.4 0.8 0.7 0.7 2.9 0.9 1.0 90.5 86.6 38.6 3.5 5.9 6.0 0.7 1.9 2.5 0.8 2.7
KRAS IJ* REDUCE 290 275 15,775 20.0 4,575 1.3 19,341 21,695 0 (2,555) (1,693) 0 (3,047) (2,730) 0 na na na na na na na na na 0.2 0.2 0.2 0.0 0.0 0.0 83.6 112.8 0.0 (16.9) (11.8) (12.7) (7.0) (5.1) (4.7) (8.9) (6.1)
ATIC IJ BUY 650 800 1,875 1.5 1,219 0.0 2,626 2,964 3,375 178 217 263 60 110 146 (12.7) 65.0 32.1 18.2 11.1 8.4 7.1 6.0 5.2 1.6 1.5 1.3 1.6 1.3 2.3 52.4 50.7 47.1 12.4 14.8 17.1 2.8 4.4 5.2 6.4 9.8
SRIL IJ BUY 295 500 18,593 43.9 5,485 25.3 8,388 9,860 11,073 1,596 1,877 2,156 696 963 1,176 25.6 32.3 0.0 7.5 5.7 5.7 6.0 4.9 4.1 1.4 1.1 1.1 1.4 1.8 1.8 138.1 104.2 80.9 20.1 21.1 21.4 6.9 7.9 8.8 8.4 9.6
MLPL IJ BUY 200 550 10,065 68.0 2,013 1.8 19,134 22,097 25,298 (280) (324) (373) (75) (43) (7) na na na na na na 5.2 7.4 7.9 0.2 0.3 0.3 14.2 0.0 0.0 nc 1.1 6.1 (0.9) (0.5) (0.1) (0.3) (0.2) (0.0) (0.9) (0.6)
LAND TRANSPORTATION UW 14,533 6.1 7,845 22,802 15,612 1,621 1,802 1,918 902 958 982 0.6 6.3 2.4 16.1 15.2 14.8 8.1 7.5 7.2 3.4 3.0 2.7 2.4 2.6 2.6 48.2 54.6 61.4 21.6 19.7 17.8 11.4 10.9 9.5 15.9 13.7
BIRD IJ REDUCE 5,600 4,700 2,502 15.0 14,012 0.7 5,552 6,250 6,988 1,197 1,298 1,354 840 870 877 (0.0) 3.6 0.7 16.7 16.1 16.0 8.2 7.7 7.3 3.5 3.1 2.8 2.4 2.5 2.5 43.0 48.9 55.4 22.2 20.2 18.2 11.7 11.3 9.7 16.1 13.9
TAXI IJ REDUCE 86 120 2,146 49.0 185 5.3 953 1,009 1,074 200 238 255 6 19 22 (95.0) 228.6 14.9 31.6 9.6 8.4 4.0 3.8 3.7 0.2 0.2 0.2 0.6 1.9 2.2 197.5 214.0 239.7 0.7 2.2 2.4 0.2 0.6 0.6 0.2 0.7
ASSA IJ BUY 99 130 3,398 37.4 336 0.0 1,340 1,552 1,779 224 266 308 55 69 83 29.0 24.0 20.5 6.1 4.9 4.1 3.7 3.7 3.5 0.4 0.4 0.3 4.9 6.1 7.4 186.8 206.4 214.4 6.4 7.6 8.6 2.1 2.4 2.6 2.3 2.5
METALS N 38,776 103.5 31,900 30,216 32,767 2,684 4,195 6,925 897 2,017 4,149 (60.1) 124.9 105.7 43.2 19.2 9.3 9.0 6.6 4.7 0.7 0.6 0.6 1.9 3.0 3.0 29.5 26.6 23.6 3.3 5.2 8.3 1.7 3.2 5.4 1.9 3.5
INCO IJ* BUY 1,445 2,500 9,936 20.5 14,358 12.8 10,486 11,310 12,230 1,442 2,175 2,891 980 1,552 2,117 (53.6) 59.2 36.6 14.7 9.3 6.8 4.0 2.9 2.4 0.6 0.5 0.5 4.1 6.5 6.3 nc nc nc 4.2 6.1 8.0 3.1 4.7 6.6 4.5 6.6
ANTM IJ BUY 311 764 24,031 74.2 7,474 51.8 11,890 13,290 14,812 (8) 281 826 (449) (172) 228 (76.5) (63.2) (237.9) na na na 19.1 13.0 7.6 0.4 0.4 0.4 0.0 0.0 0.6 38.7 46.7 49.5 (3.1) (1.0) 1.3 (1.8) (0.6) 0.8 (2.2) (0.7)
TINS IJ REDUCE 510 411 7,448 35.0 3,798 1.9 5,632 5,616 5,725 60 28 29 16 14 (31) (97.9) (13.2) (319.9) 243.5 280.4 (127.5) 13.0 11.7 10.8 0.7 0.7 0.7 0.2 0.2 0.0 39.4 39.3 41.9 0.3 0.3 (0.6) 0.2 0.2 (0.3) 0.2 0.2
PSAB IJ* BUY 1,135 2,000 5,292 7.4 6,006 2.4 3,892 4,959 5,628 1,274 1,856 2,717 448 841 1,597 59.8 83.6 96.3 15.5 8.5 4.3 5.9 4.2 2.6 1.3 1.0 1.0 0.0 0.0 0.0 82.5 57.4 36.4 10.8 13.8 23.5 3.6 6.2 12.2 5.1 8.2
MDKA IJ* BUY 2,000 2,200 3,570 35.8 7,139 34.5 0 0 868 (84) (145) 462 (98) (218) 238 58.3 na na na na na na na na 4.0 4.5 4.0 0.0 0.0 1.0 7.7 75.0 53.5 (9.0) (10.4) 11.3 (4.6) (6.9) 6.5
OIL & GAS N 90,896 140.6 66,063 75,903 84,807 9,896 12,837 14,902 6,507 7,955 9,248 (34.2) 22.3 16.3 14.0 11.4 9.8 10.2 8.0 7.2 2.3 2.1 1.8 3.6 4.2 4.9 15.4 15.9 11.4 14.9 15.4 15.5 6.5 7.1 7.6 10.8 11.1
PGAS IJ* REDUCE 2,490 2,500 24,242 43.0 60,361 70.1 40,166 43,022 46,380 8,302 8,425 9,606 5,821 6,277 7,419 (42.5) 4.1 22.4 11.1 10.7 8.7 6.4 5.9 4.9 1.4 1.3 1.2 4.9 5.1 6.3 nc nc nc 14.1 12.7 14.1 6.6 6.4 7.6 10.7 9.3
AKRA IJ BUY 7,150 7,000 3,949 40.1 28,236 68.8 19,344 23,231 27,077 1,345 2,043 2,014 1,047 1,495 1,535 28.1 42.8 2.7 26.9 18.8 18.3 18.5 13.0 12.6 4.6 3.9 3.4 1.5 2.1 2.2 40.9 40.9 24.1 18.2 22.3 19.6 7.1 9.1 8.3 12.1 15.8
MEDC IJ* BUY 690 1,300 3,332 49.0 2,299 1.8 6,553 9,651 11,351 249 2,369 3,282 (361) 183 295 (391.9) (150.9) 0.0 NA 12.5 12.5 8.5 4.2 4.0 0.2 0.2 0.2 (6.3) 3.2 3.1 108.5 124.5 156.0 (3.0) 1.4 2.2 (1.0) 0.4 0.7 (1.4) 0.6
PLANTATIONS N 56,799 52.1 39,836 41,439 41,634 5,264 5,822 6,202 2,051 2,659 3,691 (65.3) 29.7 38.8 27.7 21.4 15.4 11.5 10.4 8.6 1.8 1.7 1.6 1.5 1.9 2.6 54.1 60.2 58.4 5.4 7.3 9.7 3.1 3.9 5.0 4.1 4.9
AALI IJ BUY 16,800 22,500 1,575 20.3 26,456 23.7 13,566 13,873 15,215 1,569 1,804 2,087 638 978 1,645 (74.5) 53.4 68.3 41.5 27.1 16.1 13.4 12.1 10.8 2.4 2.2 2.0 1.1 1.7 2.8 65.4 74.7 73.9 5.7 8.5 13.3 3.2 4.3 6.6 3.8 5.0
SIMP IJ BUY 298 600 15,816 21.6 4,713 1.2 13,243 13,632 13,840 1,470 1,534 1,484 235 267 380 (72.1) 13.8 42.3 20.1 17.6 12.4 4.2 4.2 4.3 0.3 0.3 0.3 1.5 1.7 2.4 44.9 50.7 53.9 1.7 1.9 2.6 0.8 0.8 1.2 1.1 1.3
LSIP IJ BUY 1,315 1,870 6,823 40.4 8,972 24.7 3,988 4,117 4,384 622 659 726 548 573 617 (40.2) 4.6 7.6 16.4 15.6 14.5 9.4 9.0 8.3 1.2 1.2 1.1 2.4 2.6 2.8 nc nc nc 7.5 7.6 7.8 6.2 6.3 6.5 8.9 8.6
DSNG IJ BUY 487 740 10,599 34.1 5,161 0.4 4,366 4,783 4,941 431 536 592 171 247 306 (73.7) 44.2 24.0 30.2 20.9 16.9 15.1 13.2 12.4 2.2 2.0 1.8 0.8 1.2 1.5 132.3 136.0 134.1 7.4 10.0 11.4 2.3 3.1 3.5 3.4 4.3
ANJT IJ* REDUCE 1,610 1,000 3,336 10.1 5,370 0.1 1,746 1,930 0 175 223 0 18 85 0 na na na na 64.0 41.0 10.6 9.3 0.0 1.5 1.5 1.5 1.2 1.6 1.6 14.6 17.0 0.0 0.4 1.6 0.0 (0.7) 0.6 0.0 0.3 1.4
SGRO IJ BUY 1,800 1,970 1,890 33.0 3,402 2.0 2,928 3,105 3,255 441 504 568 252 282 316 (25.8) 11.8 11.8 13.5 12.0 10.8 7.6 7.0 6.5 1.1 1.0 1.0 3.7 4.1 4.6 64.6 71.7 76.0 8.3 8.9 9.5 4.4 4.6 4.8 5.3 5.3
TBLA IJ BUY 510 630 5,342 45.6 2,724 0.2 5,251 5,237 6,526 557 562 745 189 227 427 (59.8) 20.3 88.0 14.4 12.0 6.4 7.2 7.0 5.8 1.1 1.0 0.9 1.4 1.7 3.1 147.0 148.6 138.7 7.6 8.6 14.6 2.5 2.8 4.8 3.3 3.5
POULTRY N 64,071 27.4 68,492 77,643 87,631 4,809 6,368 7,750 2,434 3,697 4,953 22.0 51.9 34.0 26.3 17.3 12.9 14.3 11.6 9.3 3.9 3.3 2.8 0.8 1.1 1.6 53.3 48.5 39.5 14.9 19.5 22.0 7.8 10.8 12.8 9.9 13.7
CPIN IJ BUY 3,280 3,500 16,398 44.5 53,785 22.5 32,909 38,526 44,678 3,416 4,268 5,341 1,885 2,810 3,746 7.9 49.1 33.3 28.5 19.1 14.4 15.1 12.4 9.9 4.4 3.7 3.1 0.9 1.0 1.5 39.1 34.4 25.9 16.2 20.9 23.3 8.8 11.9 14.1 11.2 15.3
JPFA IJ BUY 695 550 10,661 42.5 7,409 3.3 30,705 33,937 37,146 1,198 1,742 1,953 519 653 901 na na na na 11.3 8.2 8.6 6.7 6.1 1.4 1.3 1.1 0.0 1.6 2.2 138.9 133.8 121.6 10.1 11.6 14.3 3.3 3.9 5.1 4.3 4.9
MAIN IJ BUY 1,285 1,700 2,239 58.7 2,877 1.6 4,878 5,181 5,807 195 357 456 29 234 306 na 553.5 31.0 80.5 12.3 9.4 12.7 8.4 7.0 2.0 1.8 1.5 0.2 1.6 2.1 99.2 91.9 81.8 2.3 15.1 17.4 0.8 6.0 7.6 1.1 7.8
PROPERTY UW 135,416 270.4 47,048 52,448 57,334 16,222 17,929 19,870 10,251 11,752 13,515 (27.0) 14.6 15.0 13.2 11.5 10.0 9.8 8.9 8.1 2.0 1.8 1.5 1.3 1.5 1.7 38.7 40.3 36.6 16.1 15.8 15.8 6.4 6.4 6.5 12.2 11.7
BSDE IJ BUY 1,650 2,020 19,247 35.4 31,757 26.7 6,609 7,856 8,978 3,226 3,701 4,248 2,545 2,876 3,386 (36.4) 13.0 17.7 12.5 11.0 9.4 10.2 9.1 7.9 1.8 1.6 1.4 0.8 0.9 1.1 21.3 24.1 20.6 15.4 15.2 15.5 8.1 7.8 8.2 13.4 12.4
LPKR IJ REDUCE 1,040 1,130 23,078 94.7 24,001 88.9 9,156 11,116 10,785 2,237 2,841 2,900 1,257 1,894 2,081 (50.7) 50.7 9.9 19.1 12.7 11.5 12.2 10.1 9.8 1.5 1.3 1.2 1.3 2.0 2.2 49.9 51.2 45.5 7.8 11.0 11.0 3.2 4.3 4.3 5.4 7.3
PWON IJ HOLD 447 490 48,160 47.8 21,527 27.6 4,909 5,535 6,483 2,499 2,820 3,283 1,693 1,946 2,360 (32.7) 14.9 21.3 12.7 11.1 9.1 8.5 7.6 6.6 2.8 2.3 1.9 1.0 1.2 1.4 33.0 31.2 24.6 24.5 22.9 22.7 9.3 9.2 9.7 18.7 17.3
SMRA IJ BUY 1,465 1,820 14,427 67.7 21,135 50.1 6,150 6,724 7,485 1,948 2,146 2,384 1,259 1,382 1,540 (9.1) 9.7 11.4 16.8 15.3 13.7 11.4 10.5 9.5 2.8 2.4 2.1 1.3 1.4 1.5 56.9 55.6 50.2 21.2 19.7 18.8 7.3 6.9 6.7 13.9 12.6
CTRA IJ BUY 1,280 1,400 15,331 69.5 19,623 15.8 7,232 8,141 9,403 2,119 2,301 2,523 1,285 1,390 1,523 (3.0) 8.2 9.6 15.3 14.1 12.9 9.0 8.4 7.9 2.3 2.0 1.8 1.0 1.1 1.2 18.3 20.9 25.4 16.1 15.2 14.6 5.2 5.0 4.9 13.8 12.7
ASRI IJ REDUCE 325 300 19,649 48.5 6,386 38.8 3,491 3,667 3,952 1,782 1,790 1,938 899 1,004 1,206 (18.1) 11.8 20.0 7.1 6.4 5.3 6.7 6.7 6.2 0.9 0.8 0.7 2.8 3.5 4.4 88.6 82.3 73.5 13.8 13.8 14.7 5.1 5.2 5.8 7.2 7.4
APLN IJ REDUCE 305 220 20,501 27.1 6,253 3.3 5,594 5,769 6,132 1,349 1,351 1,469 609 649 683 (28.8) 6.7 5.2 10.3 9.6 9.2 5.6 6.3 5.8 0.9 0.8 0.8 1.9 2.1 2.2 46.6 64.2 61.5 9.2 9.2 8.9 2.4 2.3 2.1 6.5 5.9
CTRP IJ REDUCE 348 365 6,256 44.7 2,177 1.8 2,360 1,934 2,205 643 519 592 412 301 353 2.8 (27.0) 17.4 5.3 7.2 6.2 7.1 9.3 8.7 0.5 0.4 0.4 5.7 4.1 4.9 70.2 80.4 81.7 9.2 6.3 7.1 4.2 2.7 2.9 5.8 3.6
PPRO IJ HOLD 182 180 14,044 35.0 2,556 17.4 1,545 1,707 1,913 419 460 532 293 309 383 79.7 5.5 23.8 8.7 8.3 6.7 7.2 7.3 6.0 1.2 1.1 0.9 3.4 3.6 4.5 30.3 42.8 32.2 18.1 13.4 14.9 8.0 6.0 6.1 14.7 9.8
SHIPPING N 5,639 8.3 1,931 2,083 2,347 423 593 738 366 473 622 42.1 29.4 31.4 15.4 11.9 9.1 35.7 27.9 26.0 1.4 1.1 0.9 3.6 4.7 5.9 78.2 63.2 48.8 23.6 23.8 29.0 8.6 10.9 15.7 14.9 10.0
SOCI IJ BUY 470 630 7,059 15.0 3,092 7.7 134 163 170 42 56 59 38 45 45 (20.4) 21.6 (4.1) 6.2 5.1 5.3 58.0 46.0 43.3 0.9 0.8 0.7 4.2 4.8 5.7 65.5 62.9 58.4 10.3 13.6 23.9 3.6 6.2 12.2 14.7 9.8
TMAS IJ BUY 1,765 3,000 1,141 13.5 2,014 0.5 1,700 1,810 2,056 378 520 659 332 425 571 63.7 28.2 34.3 6.1 4.7 3.5 5.1 3.8 2.9 2.6 1.8 1.3 4.1 5.3 7.1 99.5 64.6 35.5 50.7 45.4 43.6 18.8 21.0 24.8 23.4 25.3
WINS IJ HOLD 132 190 4,038 42.3 533 0.1 97 111 120 2 17 20 (4) 3 7 (118.9) (182.5) 96.4 (9.2) 11.2 5.7 21.9 13.9 12.3 0.2 0.2 0.2 (1.6) 1.3 2.6 71.5 59.6 44.3 (2.0) 1.7 3.4 (0.8) 0.7 1.4 (1.2) 1.0
TELCOS OW 461,712 226.8 198,093 223,225 246,852 42,543 48,548 55,773 17,097 23,051 28,654 17.6 34.8 24.3 27.0 20.0 16.1 9.5 8.5 7.5 4.7 4.1 3.5 2.3 2.7 3.2 75.7 52.4 36.6 18.7 21.5 22.8 8.0 8.9 10.0 15.2 17.1
TLKM IJ BUY 3,205 3,750 100,800 48.8 323,064 189.7 102,143 113,031 124,788 32,141 36,256 41,388 15,778 17,773 20,468 7.8 12.6 15.2 20.5 18.2 15.8 9.1 8.1 6.9 4.3 3.9 3.5 3.2 3.6 4.1 8.4 3.4 (2.5) 22.1 22.6 23.6 10.4 10.7 11.5 20.4 21.4
EXCL IJ BUY 3,600 4,200 8,541 33.6 30,749 8.9 22,754 23,798 25,507 1,186 1,393 1,691 (128) 351 1,024 na na na na na na 6.6 5.8 5.3 2.2 2.2 2.1 0.0 0.0 0.0 168.7 134.3 118.9 (0.9) 2.5 7.0 (0.2) 0.6 1.8 (0.3) 1.1
TBIG IJ HOLD 5,650 6,500 4,797 47.8 27,100 9.0 3,437 3,801 4,229 2,637 2,915 3,243 1,056 1,289 1,593 (18.8) 22.0 23.0 25.7 21.0 17.0 15.8 15.2 16.2 9.3 6.7 5.0 0.8 1.0 1.2 647.2 481.2 365.6 30.7 37.3 33.9 4.5 5.1 5.8 4.9 5.5
TOWR IJ BUY 4,495 5,000 10,203 67.3 45,862 1.9 4,415 4,845 5,315 2,493 2,866 3,274 986 1,591 2,133 17.3 61.3 34.1 46.5 28.8 21.5 14.1 12.4 10.8 8.2 6.4 5.0 0.0 0.0 0.0 112.9 64.3 25.4 19.2 25.0 26.2 5.4 8.4 11.2 8.3 13.6
ISAT IJ BUY 5,225 6,800 5,434 20.7 28,392 3.6 26,249 28,395 30,758 2,953 3,799 4,637 (1,187) 1,334 2,545 40.3 19.0 43.9 NA 21.3 11.2 4.0 3.4 2.7 2.3 2.0 1.6 0.0 1.4 2.7 138.9 90.1 90.1 (9.1) 10.0 16.1 (2.2) 2.5 4.9 (3.8) 4.7
TELE IJ BUY 705 1,180 7,123 23.0 5,022 9.0 20,524 29,578 34,851 758 905 1,074 382 462 592 25.2 21.0 28.3 13.0 10.7 8.4 9.2 8.5 9.5 1.8 1.6 1.4 1.9 2.3 3.0 64.1 74.4 74.4 14.4 15.4 17.4 6.5 6.5 7.6 6.1 7.0
ERAA IJ BUY 525 850 2,900 39.7 1,523 4.7 18,569 19,777 21,403 375 412 466 210 252 299 (0.6) 19.8 18.7 7.2 6.0 5.1 6.1 5.5 4.7 0.5 0.5 0.4 5.5 6.6 7.8 33.4 31.2 26.8 7.0 7.9 8.9 3.3 3.8 4.3 5.1 5.9
Market N 3,768,096 2,968 1,688,418 1,863,094 2,044,613 302,016 337,220 379,287 203,859 234,283 269,948 (7.5) 13.7 15.2 18.5 16.1 14.0 12.2 11.2 9.8 8.4 7.4 6.6 2.2 2.4 2.6 14.9 18.7 16.2 31.0 28.4 28.4 11.9 11.6 12.1 25.5 25.5
Note: *USD reporting
OW: Overweight, N: Neutral, UW: Underweight
ROIC (%)ROAA (%)Revenue (IDRb) Opt. profit (IDRb) Net profit (IDRb) EPS growth (%) PER (x) EV/EBITDA (x) P/BV (x) Yield (%) Net gearing (%) ROAE (%)
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FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker Corporate Date Time
BBRI IJ Bank Rakyat Indonesia 1/26/2016 -
BBNI IJ Bank Negara Indonesia 1/29/2016 -
BDMN IJ Bank Danamon 1/29/2016 -
BJTM IJ Bank Pembangunan Daerah Jawa Timur 1/29/2016 -
JSMR IJ Jasa Marga 2/5/2016 -
EXCL IJ XL Axiata 2/5/2016 -
BMRI IJ Bank Mandiri 2/9/2016 16:00
ITMG IJ Indo Tambangraya Megah 2/16/2016 16:00
LPPF IJ Matahari Department Store 2/17/2016 -
AALI IJ Astra Agro Lestari 2/23/2016 16:00
BBTN IJ Bank Tabungan Negara 2/24/2016 16:00
ASII IJ Astra International 2/24/2016 -
UNTR IJ United Tractors 2/24/2016 -
INCO IJ Vale Indonesia 2/24/2016 -
LSIP IJ PP London Sumatera Indonesia 2/25/2016 -
WSKT IJ Waskita Karya 2/25/2016 -
ADHI IJ Adhi Karya 2/25/2016 -
ANJT IJ Austindo Nusantara Jaya 2/25/2016 -
HERO IJ Hero Supermarket 2/26/2016 -
JPFA IJ Japfa 2/26/2016 -
IMAS IJ Indomobil Sukses International 2/26/2016 -
SMBR IJ Semen Baturaja 2/26/2016 -
SIMP IJ Salim Invomas Pratama 2/26/2016 -
SMGR IJ Semen Indonesia 2/29/2016 -
ANTM IJ Aneka Tambang 2/29/2016 -
PTBA IJ Tambang Batubara Bukit Asam 3/1/2016 09:00
ANTM IJ Aneka Tambang 3/1/2016 -
TBIG IJ Tower Bersama Infrastructure 3/2/2016 -
BBCA IJ Bank Central Asia 3/3/2016 -
PTPP IJ PP Persero 3/3/2016 -
PGAS IJ Perusahaan Gas Negara 3/3/2016 16:00
BTPN IJ Bank Tabungan Pensiunan Nasional 3/3/2016 -
TLKM IJ Telekomunikasi Indonesia 3/4/2016 -
MPPA IJ Matahari Putra Prima 3/4/2016 -
TINS IJ Timah Persero 3/4/2016 -
KAEF IJ Kimia Farma 3/4/2016 -
SMCB IJ Holcim Indonesia 3/7/2016 16:00
ADRO IJ Adaro Energy 3/8/2016 16:00
BJBR IJ Bank Pembangunan Daerah Jawa Barat 3/8/2016 -
WTON IJ Wijaya Karta Beton 3/10/2016 -
KRAS IJ Krakatau Steel 3/11/2016 -
WINS IJ Wintermar Offshore 3/11/2016 -
INTP IJ Indocement Tunggal Perkasa 3/16/2016 16:00
TOTL IJ Total Bangun Persada 3/16/2016 -
WIKA IJ Wijaya Karya 3/17/2016 -
BSDE IJ Bumi Serpong Damai 3/17/2016 -
HMSP IJ H M Sampoerna 3/17/2016 16:00
INDF IJ Indofood Sukses Makmur 3/18/2016 -
AKRA IJ AKR Corporindo 3/18/2016 -
GIAA IJ Garuda Indonesia 3/21/2016 -
SRIL IJ Sri Rejeki Isman 3/23/2016 -
PWON IJ Pakuwon Jati 3/24/2016 -
LPCK IJ Lippo Cikarang 3/24/2016 -
TBLA IJ Tunas Baru Lampung 3/24/2016 -
MDLN IJ Modernland Realty 3/24/2016 -
LPKR IJ Lippo Karawaci 3/24/2016 -
SCMA IJ Surya Citra Media 3/24/2016 -
TOWR IJ Sarana Menara Nusantara 3/24/2016 -
ROTI IJ Nippon Indosari Corpindo 3/24/2016 -
SIDO IJ Industri Jamu dan Farmasi Sido Muncul 3/24/2016 -
SILO IJ Siloam International Hospitals 3/24/2016 -
BIRD IJ Blue Bird 3/24/2016 -
KLBF IJ Kalbe Farma 3/28/2016 -
GGRM IJ Gudang Garam 3/29/2016 -
CPIN IJ Charoen Pokphand Indonesia 3/30/2016 -
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FULL YEAR 2015 EARNINGS RELEASE (ESTIMATED) Ticker Corporate Date Time
GJTL IJ Gajah Tunggal 3/30/2016 -
MYOR IJ Mayora Indah 3/30/2016 -
SMRA IJ Summarecon Agung 3/30/2016 -
UNVR IJ Unilever Indonesia 3/30/2016 -
KIJA IJ Kawasan Industri Jababeka 3/30/2016 -
ISAT IJ Indosat 3/30/2016 -
MEDC IJ Medco Energi International 3/30/2016 -
CTRA IJ Ciputra Development 3/30/2016 -
SSIA IJ Surya Semesta Internusa 3/30/2016 -
PSAB IJ J Resources Asia Pasifik 3/30/2016 -
TMAS IJ Pelayaran Tempuran Emas 3/30/2016 -
MNCN IJ Media Nusantara Citra 3/30/2016 -
MAIN IJ Malindo Feedmill 3/30/2016 -
ASRI IJ Alam Sutera 3/30/2016 -
HRUM IJ Harum Energy 3/30/2016 -
CASS IJ Cardig Aero Service 3/30/2016 -
ERAA IJ Erajaya Swasembada 3/30/2016 -
TELE IJ Tiphone Mobile Indonesia 3/30/2016 -
TAXI IJ Express Transindo Utama 3/30/2016 -
ASSA IJ Adi Sarana Armada 3/30/2016 -
SOCI IJ Soechi Lines 3/30/2016 -
PPRO IJ PP Properti 3/31/2016 -
DMAS IJ Puradelta Lestari 3/31/2016 -
MIKA IJ Mitra Keluarga Karyasehat 3/31/2016 -
MDKA IJ Merdeka Copper Gold 3/31/2016 -
ATIC IJ Anabatic Technologies 3/31/2016 -
Source: Bloomberg, Bahana
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AGM & EGM SCHEDULE Corporate Actions Ticker Corporate Date Time
AEGM KREN IJ Kresna Graha Sekurindo 6/15/2015 14:00
AEGM ASDM IJ Asuransi Dayin Mitra 6/15/2015 08:00
AEGM GSMF IJ Equity Development Investment 6/15/2015 10:30
AEGM SRAJ IJ Sejahteraraya Anugrahjaya 6/15/2015 10:00
AEGM PTSP IJ Pioneerindo Gourmet International 6/15/2015 10:00
AEGM CLPI IJ Colorpak Indonesia 6/15/2015 10:00
AEGM UNSP IJ Bakrie Sumatera Plantations 6/15/2015 10:00
AEGM DGIK IJ Nusa Konstruksi Enjiniring 6/15/2015 09:00
AEGM INTD IJ Inter Delta 6/15/2015 10:00
AEGM APII IJ Arita Prima Indonesia 6/15/2015 09:00
AGM ARGO IJ Argo Pantes 6/15/2015 10:00
AEGM MGNA IJ Magna Finance 6/15/2015 14:00
AGM RICY IJ Ricky Putra Globalindo 6/15/2015 09:30
AGM JPRS IJ Jaya Pari Steel 6/16/2015 10:00
AGM SRSN IJ Indo Acidatama 6/16/2015 14:00
AGM KONI IJ Perdana Bangun Pusaka 6/16/2015 09:00
AEGM AISA IJ Tiga Pilar Sejahtera Food 6/16/2015 10:00
AGM GDST IJ Gunawan Dianjaya Steel 6/16/2015 09:00
AEGM MBTO IJ Martina Berto 6/16/2015 10:00
AEGM ADMG IJ Polychem Indonesia 6/16/2015 14:00
AGM BTON IJ Betonjaya Manunggal 6/16/2015 09:30
AEGM OKAS IJ Ancora Indonesia Resources 6/16/2015 10:00
AGM POOL IJ Pool Advista Indonesia 6/16/2015 11:00
AEGM POLY IJ Asia Pacific Fibers 6/16/2015 10:30
AGM ALDO IJ Alkindo Naratama 6/16/2015 13:30
AEGM RIMO IJ Rimo Catur Lestari 6/17/2015 14:00
AEGM RANC IJ Supra Boga Lestari 6/17/2015 14:00
AEGM ALTO IJ Tri Banyan Tirta 6/17/2015 11:30 Source: Bloomberg
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Actual and upcoming IPOs, 2013-2015
No Code Date Company name Industry Amount Public (IDRbn) (%)
1 BBRM 01/08/13 Pelayaran Nasional Bina Buana Shipping 138 13.2
2 HOTL 01/10/13 Saraswati Griya Lestari Hotel 102 15.5
3 SAME 01/11/13 Sarana Meditama Metropolitan Hospital Management 72 13.6
4 MAGP 01/16/13 Multi Agro Gemilang Plantations 440 66.7
5 TPMA 02/20/13 Trans Power Marine Transportation 91 9.0
6 ISSP 02/22/13 Steel Pipe Industry of Indonesia Pipes manufacturer 856 29.6 7 DYAN 03/25/13 Dyandra Media International Entertainment 449 22.4
8 ANJT 05/08/13 Austindo Nusantara Jaya Plantation 400 10.0
9 NOBU 05/20/13 Bank Nationalnobu Banking 808 52.5
10 MPMX 05/29/13 Mitra Pinasthika Mustika Automotive 1,455 21.7
11 DSNG 06/14/13 Dharma Satya Nusantara Plantations 509 13.0
12 SRIL 06/17/13 Sri Rejeki Isman (Sritex) Textile 1,344 30.1 13 ACST 06/24/13 Acset Indonesia Construction 375 31.0
14 SRTG 06/26/13 Saratoga Investa Sedaya Finance 1,492 10.0
15 NRCA 06/27/13 Nusa Raya Cipta Construction 260 12.3
16 SMBR 06/28/13 Semen Baturaja Cement 1,309 23.8
17 ECII 07/03/13 Electronic City Indonesia Retail 1,350 25.0
18 BBMD 07/08/13 Bank Mestika Dharma Banking 593 20.0 19 MLPT 07/08/13 Multipolar Technology IT 180 18.0
20 VICO 07/08/13 Victoria Investama Finance 150 16.3
21 CPGT 07/09/13 Cipaganti group Transportation 69 10.0
22 NAGA 07/09/13 Bank Mitraniaga Banking 80 27.3
23 BMAS 07/11/13 Bank Maspion Banking 246 20.0 24 SILO 09/12/13 Siloam Hospital Hospital 1,405 13.5
25 APII 10/29/13 Arita Prima Indonesia Pipe Manufacture 61 25.6
26 KRAH 11/08/13 Grand Kartech Manufacturing 45 16.9
27 IMJS 12/10/13 Indomobil Multi Jasa Auto finance 225 10.4
28 LEAD 12/11/13 Logindo Samudramakmur Marine services 357 19.8
29 SSMS 12/12/13 Sawit Sumbermas Sarana Plantations 1,005 15.8 30 SIDO 12/18/13 Sido Muncul Pharmaceutical 870 10.0
2013 total 16,735
31 PNBS 01/15/14 Bank Panin Syariah Banking 475 49.3
32 ASMI 01/16/14 Mitra Maparya Insurance 109 29.0
33 CANI 01/16/14 Capitol Nusantara Transporation 42 25.0
34 BINA 01/16/14 Bank INA Banking 125 24.8
35 BALI 03/13/14 Bali Towerindo Sentra Construction 35 14.7
36 WTON 04/08/14 Wika Beton Construction material 1,207 30.0 37 BLTZ 04/10/14 Graha Layar Prima Entertainment 223 31.3
38 MDIA 04/11/14 Intermedia Capital Entertainment 541 15.0
39 LRNA 04/15/14 Eka Sari Lorena Transport Transportation 135 20.0
40 DAJK 05/14/14 Dwi Aneka Jaya Kemasindo Paper manufacture 470 40.0
41 LINK 02/06/14 Link Net Telecommunication 487 10.0
42 CINT 06/27/14 Chitose Internasional Manufacture 99 34.0 43 MGNA 07/07/14 Magna Finance Finance 74 70.0
44 BPII 07/08/14 Batavia Prosperindo Internasional Finance 75 100.0
45 MBAP 07/10/14 Mitrabara Adiperdana Coal 319 22.0
46 TARA 07/11/14 Sitara Propertindo Property 424 40.0
47 DNAR 07/11/14 Bank Dinar Bank 55 22.2
48 BIRD 11/05/14 Blue Bird Transportation 2,438 100.0 49 SOCI 12/03/14 Soechi Lines Shipping 582 15.0
50 IMPC 12/17/14 Impack Pratama Industri Packaging 570 31.0
51 IBFN 12/22/14 Intan Baruprana Finance Finance 192 21.0
52 AGRS 12/22/14 Bank Agris Banking 99 100.0
53 GOLL 12/23/14 Golden Plantation Plantation 230 21.8
2014 total 9,016
54 Airasia Indonesia Airlines 1,800 20.0
55 Andira Agro Plantations 56 Asia Mangan Group Mining 458 55.0
57 Bank DKI Banking
58 Bank Kesejahteraan Ekonomi Banking
59 Bank Muamalat Banking
60 Bank Sumatera Utara Banking 800
61 Bank Syariah Mandiri Banking 62 Daya Mitra Telekomunikasi Telecommunication 49.0
63 Daya Mandiri Resources Indonesia Coal mining
64 GMF Aero Asia Target Aero services
65 Indoprima Gemilang Auto-parts
66 Infomedia Nusantara Services
67 Intan Baruprana Finance Multi-finance 68 Kawasan Berikat Nusantara Industrial estates
69 Krakatau Wijatama Steel manufacture
70 Pacific Agro Sentosa Plantations 1,000
71 Pegadaian Indonesia Finance
72 Pelita Cengkareng Paper Packaging manufacture
73 Perkebunan Nusantara III, IV and VII Plantations 74 Pertamina Drilling Services Indonesia Oil-related
75 Pertamina Hulu Energi Oil-related
76 Pertamina Gas Gas distribution
77 Pertamina Geothermal Energy Electricity
78 PLN Batam Electricity
79 Pos Indonesia Logistics 80 Pos Logistik Logistics
81 Puradelta Lestari Property 2,760
82 Semen Batam Cement
83 Siba Surya Logistics 500
84 Sriboga Raturaya Restaurant 500
2015 total 7,818
Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)
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Actual and upcoming rights issues, 2011-2013 No Code Ex-rights date Company name Industry Amount (IDRbn)
1 BMRI
01/26/11 Bank Mandiri Banks 11,684 2 AMRT 01/24/11 Sumber Alfaria Trijaya Retail 1,039
3 BBKP 01/20/11 Bank Bukopin Banks 1,066
4 PBRX 01/24/11 Pan Brothers Textile 433
5 EPMT 02/01/11 Enseval Putra Megatrading Pharmacy distribution 300
6 ABDA 04/28/11 Asuransi Bina Dana Arta Insurance 144
7 INDS 05/16/11 Indospring Automotive components 188
8 UNTR 06/03/11 United Tractors Heavy equipment 6,100
9 DOID 06/27/11 Delta Dunia Makmur Mining contracting 1,200
10 BVIC 06/27/11 Bank Victoria Banks 199
11 IMAS 07/01/11 Indomobil Sukses Internasional Automotive 2,770
12 KREN 07/08/11 Kresna Graha Securindo Financial 106
13 APIC 07/05/11 Pasific Strategic Financial Financial 286
14 LPPS 07/06/11 Lippo Securities Finance 206
15 BDMN 09/28/11 Bank Danamon Banks 4,998
16 AISA 10/02/11 Tiga Pilar Sejahtera Food Consumer 702
17 AMAG 10/04/11 Asuransi Multi Artha Guna Insurance 215
18 KIJA 10/14/11 Kawasan Industri Jababeka Construction 1,509
19 BEKS 10/21/11 Bank Pundi Indonesia Banks 500
20 CFIN 10/24/11 Clipan Finance Financing 469
21 PNLF 11/03/11 Panin Financial Financial 499
22 DKFT 12/02/11 Central Omega Resources Mining 984
23 PWON 12/09/11 Pakuwon Jati Property 1,304
24 PSAB 12/23/11 J Resources Asia Pasifik Trading 1,444
25 MDLN 12/23/11 Moderland Realty Property 802
26 MASA 12/28/11 Multistrada Arah Sarana Automotive components 1,500
2011 total 40,647 27 FREN 02/16/12 Smartfren Telecom Telecommunication 1,336
28 BSIM 06/25/12 Bank Sinarmas Banks 305
29 AMRT 03/12/12 Sumber Alfaria Trijaya Retail 1,030
30 KIAS 02/24/12 Keramika Indonesia Asosiasi Ceramics, Glass, Porcelain 863
31 RAJA 05/08/12 Rukun Raharja Energy 230
32 SUGI 05/11/12 Sugih Energy Energy 2,427
33 NISP 05/30/12 Bank OCBC NISP Banks 1,507
34 TRIO 06/26/12 Trikomsel Oke Retail 267
35 SMMT 06/26/12 Golden Eagle Energy Energy 410
36 ITTG 07/05/12 Leo Investments Financial 102
37 MCOR 07/06/12 Bank Windu Kentjana International Banks 105
38 SUPR 08/16/12 Solusi Tunas Pratama Towers 648
39 BEKS 09/07/12 Bank Pundi Indonesia Banks 300
40 MDRN 10/29/12 Modern International Retail 528
41 BBNT 11/19/12 Bank Tabungan Negara Banks 1,868
42 COWL 11/20/12 Cowell Development Construction 906
43 BNLI 11/30/12 Bank Permata Banks 1,996
44 INPC 11/30/12 Bank Arta Graha International Banks 501
45 MYOH 12/18/12 MYOH Technology Telecommunication 610
46 BIPP 12/10/12 Bhuwanatala Indah Permai Property 171
47 HOME 12/11/12 Hotel Mandarine Regency Property 103
48 CNKO 12/14/12 Exploitasi Energi Indonesia Coal 2,355
49 SRAJ 12/19/12 Sejahteraraya Anugrahjaya Shipping 1,439
50 INCF Amstelco Indonesia Financial 5,091
2012 total 25,098 51 CENT 02/01/13 Centrin Online Retail 685
52 TKGA 03/08/13 Toko Gunung Agung Retail 480
53 TRIM 04/08/13 Trimegah Securities Finance 276
54 AUTO 04/25/13 Astra Otoparts Misc. Industry 2,988
55 BBNP 05/13/13 Bank Nusantara Parahyangan Banking 296
56 DNET 06/03/13 Dyviacom Intrabumi Trade 7,000
57 BKSW 06/04/13 Bank QNB Kesawan Banking 649
58 KPIG 06/11/13 MNC Land Construction 2,443
59 HERO 06/14/13 Hero Supermarket Retail 2,980
60 INDS 07/01/13 Indospring Trade 357
61 JKON 07/02/13 Jaya Konstruksi Manggala Pratama Construction 457
62 AGRO 07/04/13 Bank Rakyat Indonesia Agroniaga Banking 450
63 BNII 07/05/13 Bank International Indonesia Banking 1,501
64 WEHA 07/08/13 Panorama Transportasi Infrastructure 75
65 INDX 07/08/13 Tanah Laut Infrastructure 69
66 BACA 08/07/13 Bank Capital Indonesia Banking 204
2013 total 20,910
Grand total 86,655 Source: various media (Bloomberg, Kontan, Bisnis Indonesia, Investor Daily, Jakarta Globe, Jakarta Post, Kompas, Indonesian Finance Today)
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For stocks and sectors in Indonesia covered by Bahana Securities, the following rating system is in effect:
Stock ratings are based on absolute upside or downside, which is the difference between the target price and the current market price. Unless otherwise specified, these ratings are set with a 12-month horizon. It is possible that future price volatility may cause a temporary mismatch between upside/downside for a stock based on the market price and the formal rating. "Buy": the price of the security is expected to increase by 10% or more. "Hold": the price of the security is expected to range from an increase of less than 10% to a decline of less than 5%. "Reduce": the price of the security is expected to decline by 5% or more.
Sector ratings are based on fundamentals for the sector as a whole. Hence, a sector may be rated “Overweight” even though its constituent stocks are all rated “Reduce”; and a sector may be rated “Underweight” even though its constituent stocks are all rated “Buy”. “Overweight”: positive fundamentals for the sector. “Neutral”: neither positive nor negative fundamentals for the sector. “Underweight”: negative fundamentals for the sector.
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Bahana Securities market making Bahana Securities may from time to time make a market in securities covered by this research.
The Name of the Credit Rating Agency group, etc
The name of the Credit Rating Agency group: Fitch Ratings ("Fitch")
The name and registration number of the Registered Credit Rating Agency in the group:
Fitch Ratings Japan Limited (FSA commissioner (Rating) No.7)
How to acquire information related to an outline of the rating policies and methods adopted by the person who determines Credit Ratings
The information is posted under “Outline of Rating Policies” in the section of “Regulatory Affairs” on the website of Fitch Ratings Japan Limited
(http://www.fitchratings.co.jp)
Assumptions, Significance and Limitations of Credit Ratings Ratings assigned by Fitch are opinions based on established criteria and methodologies. Ratings are not facts, and therefore cannot be described as being
"accurate" or "inaccurate". Credit ratings do not directly address any risk other than credit risk. Credit ratings do not comment on the adequacy of market
price or market liquidity for rated instruments. Ratings are relative measures of risk; as a result, the assignment of ratings in the same category to entities
and obligations may not fully reflect small differences in the degrees of risk. Credit ratings, as opinions on relative ranking of vulnerability to default, do not
imply or convey a specific statistical probability of default.
In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be
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