KEY HIGHLIGHTS

Results

Gudang Garam (GGRM IJ/BUY/Rp72,000/Target: Rp83,000)

2017: 16% yoy EPS growth; but street is forecasting 8.5% yoy 2018 EPS growth.

At A Glance

Corporate

Bank Rakyat Indonesia: Subsidiary to IPO in May 18.

Kota Satu Properti: Planning to raise Rp50b by issuing 500 new shares through IPO.

Panca Mitra Multiperdana: Aims to raise Rp800b through IPO.

Telekomunikasi Indonesia: To acquire 51% shares of Swadharma Sarana Informatika through its subsidiary.

Vale Indonesia: Allocates capex of US$95m for 2018.

Sector

Banking: Consumption credit becomes the backbone for banks’ loan growth in 1Q18.

Regards,
Indonesia Research
UOB Kay Hian Sekuritas | UOB Plaza, Thamrin Nine 36th Floor | Jl. MH Thamrin Kav 8 – 10 | Jakarta 10230
Tel: (6221) 2993 3888 | Fax: (6221) 2300326
Email: researchindonesia

id180405.pdf