may 3, 2017 - mirae asset · holcim indonesia (smcb/not rated) ... semen baturaja (smbr/not rated)...
TRANSCRIPT
Mirae Asset Sekuritas Indonesia
Table 1. Summary of listed cement companies’ revenue ()
(in IDRbn) 1Q16 4Q16 1Q17 YoY QoQ
SMGR 6,021 7,052 6,399 6.3% -9.3%
INTP 3,929 4,015 3,376 -14.1% -15.9%
SMCB 2,456 2,552 2,159 -12.1% -15.4%
SMBR 297 480 328 10.2% -31.7%
Source: Company data, Mirae Asset Sekuritas Indonesia Research
Mimi Halimin +62-21-515-1140 [email protected]
To subscribe to our Daily Focus, please contact us at [email protected]
Cement: Summarizing 1Q17 earnings results
With all cement companies listed on the Indonesia Stock Exchange (IDX) having
now released their 1Q17 financial results, we provide a summary of each below:
Semen Indonesia (SMGR/Hold/TP IDR8,000)
For 1Q17, SMGR posted revenue of IDR6.4tr (+6.3% YoY, -9.3% QoQ). However,
SMGR’s main business, cement, still reported negative revenue growth (-1.2%
YoY). As for the bottom line, SMGR booked IDR746.5bn in net profit (-27.8% YoY; -
53.1% QoQ). (Please refer to our report titled SMGR’s 1Q17 review: Hard time
persists for further details).
Indocement Tunggal Prakarsa (INTP/Sell/TP IDR13,000)
INTP’s 1Q17 revenue came in at IDR3.4tr (-14.1% YoY; -15.9% QoQ). COGS came
in higher than expected, causing gross profit margin to shrink to 34.5% (from
43.2% in 1Q16 and 40.0% in 4Q16). For the bottom line, 1Q17 net profit slumped
48.7% YoY to only IDR491.6bn. (Please refer to our report titled INTP’s 1Q17
review: Weaker than expected for further details).
Holcim Indonesia (SMCB/Not rated)
For 1Q17, SMCB posted revenue of IDR2.2tr (-12.1% YoY; -15.4% QoQ). As for the
bottom line, SMCB booked a net loss of IDR116.5bn.
Semen Baturaja (SMBR/Not rated)
SMBR’s 1Q17 revenue came in at IDR327.8bn (+10.2% YoY; -31.7% QoQ) with net
profit still grew 13.2% YoY to IDR32.1bn. Although SMBR’s 1Q17 performance
was better than that of any other listed cement company on a YoY basis, its
performance weakened QoQ. In particular, we note that SMBR’s 1Q17 net profit
declined 62.0% QoQ.
Overall, we think the cement industry is still in the midst of hard times, given weak
1Q17 performances. The property market remained stagnant, limiting cement
consumption growth. Tough competition amid oversupply also persisted,
compressing cement companies’ ASP. These two components (volume and price)
compressed cement companies’ revenues. On the COGS side, rising coal prices
were an additional burden, squeezing margins. All in all, we maintain our
Underweight recommendation on the cement sector. Risks to our call are: 1) a
stronger-than-expected property market recovery, 2) cement industry
consolidation, and 3) government intervention supportive to the property and
cement industries.
May 3, 2017
Market Index
Last Trade Chg (%) MoM YoY
JCI 5,675.8 -0.2 1.4 18.1
MSCI Indonesia 26.5 0.6 2.2 13.9
MSCI EM 988.2 0.9 1.5 19.3
HANG SENG 24,696.1 0.3 1.5 19.0
KOSPI 2,205.4 0.6 1.7 11.0
FTSE 7,250.1 0.6 -1.1 16.5
DJIA 20,949.9 0.2 1.3 17.8
NASDAQ 6,095.4 0.1 3.3 27.9
Valuation
2017F P/E (x) P/B (x) ROE (%)
JCI 16.2 2.5 18.3
Key Rates
Last Trade Chg (bps) MoM YoY
BI 7-Day RR 4.75 0 0 -50*
3yr 6.60 -1 -17 -75
10yr 7.05 0 1 -64 *since introduced in Aug 2016
FX
Last Trade Chg (%) MoM YoY
USD/IDR 13,312.00 -0.1 0.0 1.3
USD/KRW 1,137.80 0.0 2.0 0.0
USD/JPY 111.99 0.1 1.0 5.1
USD/CNY 6.90 0.0 0.1 6.4
Commodities
Last Trade Chg (%) MoM YoY
WTI 47.7 -2.4 -6.0 0.9
Gold 1,256.8 0.0 0.3 -2.3
Coal 79.0 -5.8 -2.2 54.9
Palm Oil 2,730.0 0.2 -6.0 3.6
Rubber 169.5 0.0 -5.0 17.9
Nickel 9,450.0 1.2 -5.7 0.1
Copper 5,802.0 1.2 0.9 17.9
Tin 19,960.0 0.3 -1.4 15.6
JCI Index VS MSCI Emerging Markets
650
800
950
1,100
3,500
4,500
5,500
05/13 05/14 05/15 05/16 05/17
(pt) JCI MSCI EM (pt)
650
800
950
1,100
3,500
4,500
5,500
04/13 01/14 10/14 07/15 04/16
(pt) JCI MSCI EM (pt)
PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.
Adhi Karya (ADHI IJ)
1Q17 review: On the right path
Adhi Karya (ADHI) delivered moderate earnings growth in 1Q17, an improvement from
the weak performances it exhibited last year. For the quarter, the company witnessed a
jump in each of its revenue (+69.3% YoY), gross profit (+87.6% YoY), operating profit
(+162.5% YoY), and net profit (+79.1% YoY) (see Table 1). However, these figures are
quite slow compared to the 1Q17 triple-digit growth achievements of Waskita Karya
(WSKT/Buy/TP IDR3,300) and Wijaya Karya (WIKA/Buy/TP IDR3,200) (please refer to
our WSKT 1Q17 review “Strong head start to linger” and WIKA 1Q17 review “Prizing
the overachiever”).
ADHI’s 1Q17 top and bottom lines met 11.6% and 2.6% of our full-year 2017F
estimates, respectively (see Table 2). These figures were in-line with the seasonal run-
rate of 10-13% (top line) and 2-5% (bottom line) in the first quarter. We would also like
to recap that ADHI’s soft performance in 2016 serves as a low base effect for this year
(please refer to our ADHI 4Q16 review “Disappointment leads to low base effect” for
more details). Hence, we assume this quarter’s high growth is as expected.
Solid new contract signings in the midst of weak property market
We like ADHI’s new contract signings in 1Q17 as it remained strong in the midst of soft
property market during the period (71.7% of the company’s new contracts came from
high-rise buildings; see Figure 4). In 1Q17, ADHI booked new contracts worth IDR3.7tr
(+60.9% YoY; 17.1% of its management’s FY17 target; see Figure 2 and 3). Its most
notable new contracts were Pancoran Riverside Apartment (IDR435bn), Nagrak flats
tower 6-10 North Jakarta (IDR215.4bn), Medan-Kualanamu-Tebing Tinggi Package 1A
toll road (IDR299.7bn), and Mojo sugar plant revitalization (IDR204.5bn). Given its good
start in new contract signings, we retain our forecast of IDR35.9tr worth of new
contracts (including LRT) to be signed by ADHI in FY17.
LRT project to begin its sizable recognition in 2H17
As a quick reminder, ADHI signed the contract for the 43.5-km LRT Jabodebek LRT
phase 1 project (Cawang-Cibubur, Cawang-Kuningan-D. Atas, and Cawang-Bekasi Timur)
worth IDR23.3tr in Feb 2017. The progress itself has been lingering at c.15% completion
rate (allocation since late-2015), which we think to be quite slow when compared to
WSKT’s Palembang LRT, which already reached c.40% completion rate (allocation since
mid-2016). Hence, we believe ADHI’s earnings would remain moderate in 1H17 given
that the revenue recognition from its LRT project in the period would be minimum. It is
worth noting that the funding scheme itself has not met full finalization as it still needs
to pass the House of Representatives’ approval prior to PMN (Penanaman Modal
Negara) disbursement to KAI (Kereta Api Indonesia). Hence, we retain our assumptions
that the LRT project will meet its crystal clear direction by end-1H17 and begin its
sizable revenue recognition starting in 2H17.
Construction
Company Report
May 2, 2017
(Maintain) Hold
Target Price (12M, IDR) 2,390
Share Price (5/2/17, IDR) 2,210
Expected Return 8.1%
Consensus OP (17F, IDRtr) 1.3
EPS Growth (17F, %) 134.4
P/E (17F, x) 10.7
Industry P/E (17F, x) 14.0
Benchmark P/E (17F, x) 16.2
Market Cap (IDRbn) 7,869.5
Shares Outstanding (mn) 3,560.8
Free Float (mn) 1,744.8
Institutional Ownership (%) 61.0
Beta (Adjusted, 24M) 1.0
52-Week Low (IDR) 1,830
52-Week High (IDR) 2,900
(%) 1M 6M 12M
Absolute -6.8 2.3 -15.0
Relative -8.7 -2.7 -33.0
PT. Mirae Asset Sekuritas Indonesia
Property
Franky Rivan
+62-21-515-1140 (ext. 124)
FY (Dec.) 12/13 12/14 12/15 12/16 12/17F 12/18F
Revenue (IDRbn) 9,799.6 8,653.6 9,389.6 11,063.9 19,462.9 26,629.9
Operating profit (IDRbn) 864.2 642.0 579.2 659.2 1,463.9 1,932.6
OP Margin (%) 8.8 7.4 6.2 6.0 7.5 7.3
Net profit (IDRbn) 406.0 329.1 463.7 313.5 734.6 812.4
EPS (IDR) 114.0 92.4 130.2 88.0 206.3 228.1
BPS (IDR) 410.0 460.8 1,449.7 1,528.5 2,109.2 2,285.0
P/E (x) 19.4 23.9 17.0 25.1 10.7 9.7
P/B (x) 5.4 4.8 1.5 1.4 1.0 1.0
ROE (%) 27.8 20.1 9.0 5.8 9.8 10.0
ROA (%) 4.2 3.1 2.8 1.6 2.3 2.3
Note: Net profit refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Sekuritas Indonesia Research
60
80
100
120
140
5/1
6
6/1
6
7/1
6
8/1
6
9/1
6
10
/16
11
/16
12
/16
1/1
7
2/1
7
3/1
7
4/1
7
5/1
7
JCI ADHI(D-1yr=100)
PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.
Macro update April inflation: Rising prices
April consumer prices beat consensus forecast
According to data released by the Central Bureau of Statistics (BPS), inflation for the
month of April came in at 4.17% YoY (vs. 3.61% YoY in March), beating the consensus
estimate (4.08% YoY). Consumer prices picked up 0.09% MoM in April (vs. -0.02% MoM
in March). Regarding the main contributors to monthly price inflation,
housing/water/electricity/gas/fuel prices increased 0.93% MoM (vs. +0.30% MoM in
March); clothing prices increased 0.49% MoM (vs. +0.18% MoM in March), and
transportation & communication prices increased 0.27% MoM (vs. -0.13% MoM in
March), whereas unprocessed food prices declined by 1.13% MoM (vs. -0.66% MoM in
March). Core inflation—excluding administered prices and volatile foods—came in at
3.28% YoY (vs. 3.30% YoY in March).
Electricity tariff adjustment was the main contributor to April’s inflation
According to BPS, the biggest contributor to April’s inflation was the electricity tariff
adjustment for households (900VA). The state electricity company PLN began adjusting
tariffs for 900VA household customers in 1Q17, with tariffs diverging for subsidized (i.e.,
low-income) vs. non-subsidized customers. Electricity tariff hikes (30%) are being phased
in gradually for non-subsidized customers.
Adjusting to rising price environment
We do not think inflation will overshoot going forward, as the core inflation trend
remains stable (see Figure 3). In our view, the central bank is unlikely to tighten its
monetary policy in the near term, which should keep the market liquid. However, we
believe April inflation should provide some relief for consumer names. We believe higher
inflation will provide validation for ASP hikes by consumer companies, and think
consumers are able to absorb higher prices given the continuous rise in household
income in recent years. We recommend that investors take another look at consumer
plays with strong brand awareness and pricing power. Our picks within the consumer
area are: Unilever Indonesia (UNVR/Buy/TP: IDR 52,700), Indofood CBP Sukses Makmur
(ICBP/ Under Review), Gudang Garam (GGRM/Under Review), Ramayana Lestari Sentosa
(RALS/Trading Buy/TP: IDR1,470), and Astra International (ASII/Not Rated).
Macro update
May 3, 2017
PT.Mirae Asset Sekuritas Indonesia
Economy
Taye Shim
+62-21-515-3281
Mangesti Diah Sulistiani
+62-21-515-1140 (ext. 127)
mangesti@ miraeasset.co.id
April inflation by component
Source: BPS, Mirae Asset Sekuritas Indonesia Research
2.99
5.02
4.09
2.61
3.98
2.78
3.16
3.61
3.3
2.80
4.78
5.19
2.88
3.73
2.79
5.12
4.17
3.28
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5 March
April
(YoY, %)
May 3, 2017
4
Indonesia Daily Focus
Mirae Asset Sekuritas Indonesia
Local flash
Economy: Indonesia records inflation of 0.09% in April. After seeing deflation a
month earlier owing to the harvest season, the country recorded monthly inflation of
0.09 percent in April on account of increases in the prices of most commodities.
Inflation in April brought annual inflation to 4.17 percent year-on-year (yoy), the
Central Statistics Agency (BPS) announced on Tuesday. "I think inflation at 0.09
percent in April remained in line with what the government is trying to manage
because there will be bigger challenges in May and June," said BPS head Suhariyanto.
(Jakarta Post)
MAIN: Malindo's net profit shrank by 52%. The performance of PT Malindo Feedmill
Tbk (MAIN) in the first quarter of 2017 is less encouraging. Net profit declined by 52%
year on year (yoy) to IDR24.63 billion from IDR52.16 billion. Signal weakening
performance has been seen from the sales. Based on the financial statements, Tuesday
(2/4), revenue at IDR1.27 trillion, down 2% yoy from IDR1.3 trillion in the same period
last year. (Kontan)
MAPI: Mitra Adiperkasa profits jumped by 409%. PT Mitra Adiperkasa Tbk recorded
profit attributable to owners entity of IDR57.42 billion in 1Q17, soared up to 409%
from IDR11.28 billion in the same period in the previous year. The achievement is in
line with the increase in net revenue. Revenue in the first quarter of 2017 reached
IDR3.61 trillion, up 14.2% from IDR3.16 trillion in the first quarter of 2016. (Bisnis
Indonesia)
TPIA: Shareholders approves TPIA rights issue. The General Meeting of Shareholders
of PT Chandra Asri Petrochemical (TPIA) has finally approved the addition of Capital
with Preemptive Rights (HMETD) or rights issue. This funding agenda includes
company's effort to comply the free float rule of the Indonesia Stock Exchange. "The
proceeds will be used by the Company as a capital expenditure in line with the
Company's medium-term business plan to increase its production capacity and
diversify its product portfolio," said Harry Muhammad Tamin, Head of Investor
Relations TPIA. (Kontan)
LPKR: Sluggish in property, Lippo Karawaci profit slump in 1Q17. PT Lippo Karawaci
Tbk (LPKR) posted first-quarter net profit of IDR142.66 billion, down 54.17% from
IDR311.28 billion in the first quarter of 2016. This is in line with the revenue in 1Q17
amounting to IDR2.54 trillion. This figure decreased by 2.48% compared to the first
quarter of 2016 amounting to IDR2.60 trillion. (Kontan)
ERTX: Eratex 1Q17 profit plummeted due to higher expenses. PT Eratex Djaja Tbk
only able to posted a net profit of USD319,757 in 1Q17, drop by 49% compared to the
same quarter last year which was USD604,129. In fact, ERTX achieves revenue growth
in the first quarter to USD18.9 million. Corporate Secretary of PT Eratex Djaja Tbk,
Juliarti Pudji, said this is due to the factory expansion project this year. As is known,
ERTX plans to increase its production capacity to 7.2 million pieces of clothing per year.
(Kontan)
SIDO: Sido Muncul ready for expansion into Philippine market. PT Industri Jamu &
Farmasi Sido Muncul Tbk (SIDO) is targeting revenue growth this year by 15%. This
target is driven by the addition of production capacity and the strengthening of export
sales to Philippines. Last year, SIDO managed to book IDR2.56 trillion in revenue. This
figure is up 15.4% compared to last year's IDR2.12 trillion. (Kontan)
May 3, 2017
5
Indonesia Daily Focus
Mirae Asset Sekuritas Indonesia
Technical analysis
Tasrul +62-21-515-1140 [email protected]
Jakarta Composite Index (JCI) – Consolidation
Summary
Item Data Item Data
Close (May 2, 2017) 5,675.8 (-0.2%) Normal trading range 5,654-5,707
Average index performance (%) 3.23 Target
Period 48 - Daily 5,707
r-squared 0.9045 - Weekly 5,729
Volatility (+/-, %) 0.42 - Monthly 5,806
Volatility (+/-, point) 24.1 Stop loss 5,654
Source: Mirae Asset Sekuritas Indonesia Research
Figure 1. Daily trend - Uptrend
Source: Mirae Asset Sekuritas Indonesia Research
Created w ith AmiBroker - advanced charting and technical analysis softw are. http://w w w .amibroker.com
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
5,707
5,670
^JKSE - Daily 5/2/2017 Open 5703.87, Hi 5714.34, Lo 5675.81, Close 5675.81 (-0.2%) Upper Band = 5,782.83, Channel_prd = 5,719.29, Lower Band = 5,655.75, VWAP = 5,673.92, VWAP = 5,654.39, VWAP
5,675.81
5,673.92
5,655.75
5,654.39
5,584.83
5,719.29
5,782.83
16 23 30 Feb 6 13 20 27 Mar 6 13 20 27 Apr 10 17 25 May Optimization Trading System - ©2010
^JKSE - Volume = 6,007,262,208.00, Avg.Volume = 6,489,360,384.00
6,007,262,208
6,489,360,384
May 3, 2017
6
Indonesia Daily Focus
Mirae Asset Sekuritas Indonesia
Figure 2. Daily MFI optimized, W%R optimized & RSI optimized
Source: Mirae Asset Sekuritas Indonesia Research
Figure 3. Daily, target : 5,707 Figure 4. Weekly, target : 5,729 Figure 5. Monthly,target : 5,806
x
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Created w ith AmiBroker - advanced charting and technical analysis softw are. http://w w w .amibroker.com
^JKSE - MFI Smoothed = 15.57
15.5714
^JKSE - Will%R Smoothed = -30.94
-30.943
^JKSE - RSI Smoothed = 33.66
33.6619
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
5,707
5,670
^JKSE - Daily 5/2/2017 Open 5703.87, Hi 5714.34, Lo 5675.81, Close 5675.81 (-0.2%) VWAP = 5,654.39, VWAP = 5,584.83, VWAP = 5,673.92
5,675.81
5,673.92
5,654.39
5,584.83
14 21 28 Dec 13 19 27 2017 9 16 23 30 Feb 6 13 20 27 Mar 13 20 27 Apr 10 17 25 May Optimization Trading System - ©2010
^JKSE - Volume = 6,007,262,208.00, Avg.Volume = 6,489,360,384.00
6,007,262,208
6,489,360,384
Created w ith AmiBroker - advanced charting and technical analysis softw are. http://w w w .amibroker.com
5,689
^JKSE [ ^JKSE ] - Daily - 5/2/2017 Open: 5,704 High: 5,714
Prev. Avg. Price: 5,689
Volatility (+) : 0.0032
Volatility (-) : -0.0033
V-Ratio : 0.96
UpperBand: 5,706.84
LowerBand: 5,669.74
5,675.81
5,669.74
5,706.84
Apr May
^JKSE - Volume = 6,007,262,208.00
6,007,262,208
Created w ith AmiBroker - advanced charting and technical analysis softw are. http://w w w .amibroker.com
5,689
5,654
5,729
^JKSE [ ^JKSE ] - Weekly - 5/7/2017 Open: 5,704 High: 5,714
Prev. Avg. Price: 5,689
Volatility (+) : 0.0142
Volatility (-) : -0.0123
V-Ratio : 1.15
UpperBand: 5,769.51
LowerBand: 5,618.41
5,675.81
5,618.41
5,769.51
2017 Apr
^JKSE - Volume = 6,007,262,208.00
6,007,262,208
Created w ith AmiBroker - advanced charting and technical analysis softw are. http://w w w .amibroker.com
5,689
5,806
5,571
^JKSE [ ^JKSE ] - Monthly - 5/31/2017 Open: 5,704 High: 5,714
Prev. Avg. Price: 5,689
Volatility (+) : 0.0411
Volatility (-) : -0.0414
V-Ratio : 0.99
UpperBand: 5,922.63
LowerBand: 5,453.37
5,675.81
5,453.37
5,922.63
2016 2017
^JKSE - Volume = 6,007,262,208.00
6,007,262,208
May 3, 2017
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Indonesia Daily Focus
Mirae Asset Sekuritas Indonesia
Chart 6. JCI Vs. USD/IDR Chart 7. JCI performance (absolute vs. relative)
Source: Bloomberg, Mirae Asset Sekuritas Indonesia Note: Relative to MSCI EM Index
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Chart 8. Foreigner’s net purchase (EM) Chart 9. Energy price
Note: The latest figure for India are April 28th, 2017
Source: Bloomberg, Mirae Asset Sekuritas Indonesia Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Chart 10. Non-ferrous metal price Chart 11. Precious metal price
Source: Bloomberg, Mirae Asset Sekuritas Indonesia Source: Bloomberg, Mirae Asset Sekuritas Indonesia
13,100
13,300
13,500
13,700
4,800
5,000
5,200
5,400
5,600
5,800
1/31 2/28 3/28 4/25
(IDR) (pt) JCI (L) USD/IDR (R)
-0.2
0.2 1.2
17.9
-1.0 -0.4 -1.2
-2.4 -4
0
4
8
12
16
20
1D 1W 1M 1Y
Absolute Relative(%, %p)
116
357
64
-6
7
-173
1,020
1,380
371
85 48
-171 -400
-200
0
200
400
600
800
1,000
1,200
1,400
1,600
Korea Taiwan Indonesia Thailand Philippines India
1 Day 5 Days (USDmn) (USDmn) (USDmn) (USDmn)
75
80
85
90
95
100
105
110
1/31 2/28 3/28 4/25
CPO WTI Coal(D-3M=100)
80
85
90
95
100
105
110
115
1/31 2/28 3/28 4/25
(D-3M=100) Copper Nickel Tin
90
95
100
105
110
1/31 2/28 3/28 4/25
Silver Gold Platinum(D-3M=100)
May 3, 2017
8
Indonesia Daily Focus
Mirae Asset Sekuritas Indonesia
Table. Key valuation metrics
Company Name Ticker Price Market Cap Price Performance (%) P/E(X)* P/B(X)* ROE(%)*
(IDR) (IDRbn) 1D 1W 1M 1Y FY16 FY17 FY16 FY17 FY16 FY17
Jakarta Composite Index JCI 5,676 6,211,001 -0.2 0.2 1.9 17.3 16.2 14.1 2.5 2.3 18.2 19.9
FINANCIALS
Bank Central Asia BBCA 17,900 441,325 0.8 2.4 8.2 36.6 18.5 19.3 3.4 3.4 20.4 18.9
Bank Mandiri Persero BMRI 11,675 272,417 -0.2 2.4 -0.2 22.3 19.6 13.5 1.8 1.7 10.3 12.6
Bank Rakyat Indonesia Persero BBRI 13,050 321,933 1.2 1.0 0.6 27.0 10.9 11.5 1.9 2.0 20.2 18.2
Bank Negara Indonesia Persero BBNI 6,425 119,818 0.8 4.5 -0.8 43.1 9.1 9.0 1.2 1.3 13.9 14.6
Bank Tabungan Negara Persero BBTN 2,300 24,357 0.0 -1.3 1.3 30.7 13.3 12.1 1.0 1.2 7.6 10.1
CONSUMER
HM Sampoerna HMSP 3,820 444,335 0.0 -1.8 -2.1 -3.8 34.8 32.6 13.0 12.5 38.6 38.2
Gudang Garam GGRM 67,150 129,203 1.1 4.6 2.5 -6.2 18.4 17.0 3.1 2.9 17.3 17.8
Indofood CBP Sukses Makmur ICBP 8,550 99,709 -2.6 1.8 4.9 11.8 27.8 25.6 5.7 5.0 21.8 21.0
Indofood Sukses Makmur INDF 8,425 73,975 0.6 5.0 5.3 19.9 18.3 16.4 2.4 2.3 14.7 14.4
Kalbe Farma KLBF 1,515 71,016 -4.4 -4.1 -1.6 13.1 30.9 27.8 6.0 5.3 20.6 19.2
Unilever Indonesia UNVR 45,300 345,639 1.8 -0.5 4.6 4.7 46.3 48.2 62.9 62.7 134.1 137.3
AGRICULTURAL
Astra Agro Lestari AALI 14,350 27,619 -0.3 -1.0 -3.7 -7.3 14.8 14.2 1.9 1.6 14.1 11.1
PP London Sumatera Indonesia LSIP 1,395 9,518 0.0 1.8 -4.8 -6.7 20.0 12.2 1.6 1.2 7.9 9.8
Sawit Sumbermas Sarana SSMS 1,720 16,383 -1.7 3.3 3.9 -6.5 22.5 22.3 3.9 4.1 18.3 18.4
INFRASTRUCTURE
XL Axiata EXCL 3,080 32,919 -4.0 2.7 0.7 -11.3 60.8 73.2 1.2 1.5 2.1 1.6
Jasa Marga JSMR 4,620 33,531 -0.4 3.4 0.0 -15.4 15.6 17.4 2.3 2.2 15.7 13.1
Perusahaan Gas Negara PGAS 2,410 58,422 -0.8 0.0 -4.7 -4.0 15.3 10.6 1.5 1.3 9.8 12.6
Tower Bersama Infrastructure TBIG 5,900 26,735 0.9 -2.1 8.3 2.2 17.4 20.7 14.3 8.4 83.6 49.3
Telekomunikasi Indonesia TLKM 4,410 444,528 0.9 -0.2 6.8 27.8 20.3 19.4 4.7 4.6 24.3 24.0
Soechi Lines SOCI 372 2,626 -3.1 -0.5 -3.1 -20.9 8.2 5.6 0.9 N/A 15.9 10.1
Garuda Indonesia GIAA 358 9,267 -2.7 -3.2 4.7 -14.4 31.7 21.3 2.6 2.6 8.6 13.2
BASIC-INDUSTRIES
Semen Indonesia SMGR 8,800 52,197 -0.3 1.1 -2.2 -7.9 12.0 13.6 1.9 1.7 16.3 12.7
Charoen Pokphand Indonesia CPIN 3,200 52,474 0.3 -3.0 0.0 -13.7 22.6 15.6 3.6 3.1 16.5 21.1
Indocement Tunggal Prakarsa INTP 16,150 59,452 -4.7 0.9 -2.7 -15.2 14.6 17.0 2.2 2.1 15.5 12.7
Japfa Comfeed Indonesia JPFA 1,400 15,975 -4.4 -8.2 -9.4 55.6 7.7 8.4 1.9 1.6 28.6 20.2
MINING
Indo Tambangraya Megah ITMG 18,625 21,045 -2.6 -0.9 -7.8 139.5 10.4 7.7 1.5 1.6 15.0 20.1
Adaro Energy ADRO 1,720 55,016 -3.1 -6.5 -1.7 140.6 12.0 10.8 1.3 1.2 11.1 11.4
Aneka Tambang ANTM 685 16,461 -1.4 -2.1 -6.2 -9.3 298.3 59.7 1.2 0.9 0.4 2.6
Vale Indonesia INCO 2,260 22,456 1.8 5.1 -5.4 25.2 N/A 33.9 1.1 0.9 0.1 2.5
Tambang Batubara Bukit Asam PTBA 12,350 28,456 -0.3 -0.8 -6.4 75.2 13.1 9.3 2.5 2.2 20.5 24.9
TRADE
United Tractors UNTR 26,000 96,984 -3.3 -3.4 -1.9 73.3 15.8 15.1 1.9 2.2 12.7 14.9
AKR Corporindo AKRA 6,650 26,601 -1.1 0.8 6.4 4.7 23.5 21.3 3.5 3.4 15.7 16.5
Global Mediacom BMTR 540 7,667 0.9 0.0 3.8 -55.4 41.8 N/A 0.9 N/A 2.0 N/A
Matahari Department Store LPPF 14,800 43,185 1.4 11.3 12.3 -22.1 21.9 19.4 23.8 15.6 136.4 86.2
Media Nusantara Citra MNCN 1,845 26,339 1.1 3.1 -0.3 -16.1 17.7 14.6 2.7 2.4 15.4 17.0
Matahari Putra Prima MPPA 975 5,244 3.2 5.4 -11.8 -35.4 211.4 31.9 3.3 2.1 1.6 5.0
Surya Citra Media SCMA 2,830 41,379 -1.0 -1.4 4.8 -13.7 27.2 23.0 11.9 10.1 45.7 46.6
Siloam International Hospital SILO 14,200 18,469 3.6 0.5 1.4 65.4 150.3 129.1 4.5 5.7 3.5 4.6
PROPERTY
Bumi Serpong Damai BSDE 1,775 34,163 -0.8 -2.5 -5.8 0.9 18.8 14.4 1.6 1.5 9.1 10.5
Adhi Karya ADHI 2,210 7,869 -2.2 -3.5 -6.8 -15.0 23.6 13.4 1.4 1.3 5.9 10.0
Alam Sutera Realty ASRI 346 6,799 -0.6 0.0 -4.4 -13.1 13.6 8.0 1.0 0.9 7.5 11.3
Ciputra Development CTRA 1,215 22,551 -5.1 -6.5 -1.2 -1.0 19.9 16.9 2.2 1.6 9.8 11.5
Lippo Karawaci LPKR 790 18,231 0.0 1.9 9.0 -21.4 18.6 16.3 0.9 0.9 5.0 6.1
Pembangunan Perumahan PTPP 2,970 18,414 -6.6 -7.5 -10.3 -14.9 23.1 12.8 2.4 1.7 14.4 14.5
Pakuwon Jati PWON 635 30,581 1.6 4.1 3.3 25.7 16.3 15.1 3.1 2.9 21.0 19.8
Summarecon Agung SMRA 1,350 19,476 -0.7 -2.9 0.7 -9.7 61.3 42.3 3.1 2.8 5.1 7.1
Wijaya Karya WIKA 2,320 20,810 -2.1 -2.1 -3.7 -2.9 14.4 16.5 1.8 1.6 12.9 10.4
Waskita Karya WSKT 2,350 31,898 -1.7 -2.1 -0.8 -0.8 17.3 13.2 3.1 2.0 16.6 16.7
MISCELLANEOUS
Astra International ASII 9,000 364,352 1.8 -1.6 4.3 34.3 22.1 18.4 3.0 3.0 14.2 16.4
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
*Note: Valuation metrics based on Bloomberg consensus estimates
May 3, 2017
9
Indonesia Daily Focus
Mirae Asset Sekuritas Indonesia
Sector performance
Top 10 market cap performance
Name Index Chg (%) Ticker Price Market Cap (IDRbn) Chg (%)
Agricultural 1,819.8 -1.1 BRAM IJ 12900 5,805 19.72
Mining 1,499.3 -1.9
INKP IJ 2360 12,912 13.46
Basic-Industry 602.4 -1.2 KREN IJ 450 8,194 5.63
Miscellaneous Industry 1,515.8 0.6 SDRA IJ 1100 5,580 4.76
Consumer Goods 2,436.9 0.1 SILO IJ 14200 18,469 3.6
Property & Construction 498.8 -1.3
MPPA IJ 975 5,244 3.17
Infrastructure 1,146.6 0.3 AISA IJ 2290 7,371 3.15
Finance 895.9 0.4 NIKL IJ 4010 10,119 2.82
Trade 915.4 -0.8 TOWR IJ 3980 40,608 2.6
Composite 5,675.8 -0.2 RALS IJ 1305 9,260 2.35 Source: Bloomberg
Top 5 leading movers Top 5 lagging movers
Name Chg (%) Close Name Chg (%) Close
UNVR IJ 1.8 45,300 SMBR IJ -10.8 3,150
TLKM IJ 0.9 4,410 UNTR IJ -3.4 26,000
BBRI IJ 1.2 13,050 KLBF IJ -4.4 1,515
BBCA IJ 0.9 17,900 INTP IJ -4.7 16,150
ASII IJ 0.6 9,000 ICBP IJ -2.6 8,550 Source: Bloomberg
Economic Calendar
Time Currency Detail Forecast Previous
5:45am NZD Employment Change q/q 0.8% 0.8%
5:45am NZD Unemployment Rate 5.1% 5.2%
5:45am NZD Labor Cost Index q/q 0.5% 0.4%
6:01am GBP BRC Shop Price Index y/y -0.8%
6:30am AUD AIG Services Index 51.7
All Day JPY Bank Holiday
2:00pm EUR Spanish Unemployment Change 21.3K -48.6K
2:55pm EUR German Unemployment Change -10K -30K
3:30pm GBP Construction PMI 52.1 52.2
4:00pm EUR Prelim Flash GDP q/q 0.5% 0.4%
4:00pm EUR PPI m/m 0.1% 0.0%
Tentative EUR German 10-y Bond Auction 0.21|1.4
7:15pm USD ADP Non-Farm Employment Change 178K 263K
8:45pm USD Final Services PMI 52.5 52.5
9:00pm USD ISM Non-Manufacturing PMI 56.1 55.2
9:30pm USD Crude Oil Inventories -3.6M
Note: Time is based on Indonesian local time
Source: Forex Factory
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