Prasetya Gunadi, Willy Suwanto | BCA Sekuritas Fact: Other operating income supported earnings in FY18 · Net 4Q18 profit: IDR6.9tn (+24.3% YoY, +17.1% QoQ). This brings total 12M18 net profit to IDR25tn (+21.2% YoY), representing 104% of our and consensus’ FY18 estimate. Non-interest income grew solidly, to IDR9.6tn in 4Q18 (+52%...
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...