Prasetya Gunadi, BCA Sekuritas Research Facts: Loan growth accelerated further in 4Q18 · BBNI recorded 4Q18 net profit of IDR3.6tn (+3.4% YoY, -10.6% QoQ), which is in line with our own numbers (98.5%) and 97.5% of Cons’ estimate. The growth was driven by better COC, at 1.4% in FY18, against 1.6%...
Fitch Ratings - Singapore - 15 January 2019: Fitch Ratings has downgraded Indonesia-based tanker operator PT Soechi Lines Tbk's (Soechi) Long-Term Issuer Default Rating (IDR) to 'B' from 'B+'. The Outlook on the rating is Stable. Fitch has also downgraded the rating on the USD200 million 8.375% senior unsecured notes...
Stability Over Growth FY19F JCI target: 6,560 (5.9% upside) We set our JCI target for 2019F at 6,560, derived from 9.3% FY19F EPS growth and 16.1x FY19F PE (5-year mean). Our FY19F JCI target implies a 5.9% upside from closing level...
Danareksa Equity Snapshot - December 17, 2018 Stefanus Darmagiri Gaikindo reported domestic car sales of 100,739 units in November 2018 (-5.0% mom, but +4.7% yoy). Thanks to the launch of new models and solid commodity prices,...
Danareksa Equity Snapshot - SIDO, 13 Desember 2018 Natalia Sutanto Sido Muncul is on track to book solid earnings growth in FY18-20F given: (1) additional production capacity and (2) the full commercialization of its expanded extraction plant which will support higher margins. The plan to improve distribution and penetrate export markets...
Danareksa Equity Snapshot - BJTM, 13 Desember 2018 Eka Savitri We maintain our BUY call on BJTM with a higher GGM-derived TP of IDR850 (implying 1.4x 2019F P/BV) as we roll over the valuation to next year. We like the bank for its strong foothold in East Java’s civil servants salary-basedlending...
Fitch Ratings-Jakarta-10 December 2018: Indonesian mini-market operator PT Sumber Alfaria Trijaya Tbk (Alfamart; AA-(idn)/Stable) is likely to continue to make inroads in the Philippines as the two markets have similar features, the mini-market sector is less mature and the company has a strong partner, Fitch Ratings says. Alfamart plans to...
Bank Mandiri (BMRI) – HOLD (Downgrade) Price: Rp 7,650 – Target Price: Rp 8,200 Suria Dharma, Head of Research | PT Samuel Sekuritas Indonesia Kami menurunkan rekomendasi kami menjadi HOLD dengan target...
Danareksa Equity Snapshot | Natalia Sutanto Wemaintain our BUY recommendation on GGRM with a higher TP following the strongvolume growth in 9M18. With more growth expected in 2019 on the back ofgovernment plans to maintain cigarette excise tariffs, we...
Earnings review ANTM by Andy Wibowo Gunawan | Mirae Asset Sekuritas Indonesia In 3Q18, ANTM’s nickel ore production reached 2.7mn wmt (+64.3% QoQ; +40.6% YoY) and outnumbered our estimate at 2.3mn wmt. This higher nickel ore production was due to fewer rainy days in Sulawesi (10.4 days; -43.4% QoQ). Meanwhile, ANTM’s...