Key Index
Danareksa Snapshot
Close
Chg
Ytd
Vol
(%)
(%)
(US$ m)
Asean - 5
Indonesia
5,263
(0.1)
0.7
342
Thailand
1,586
(0.4)
5.9
1,648
Philippines
7,617
(0.6)
5.3
277
Bank Negara Indonesia: Continuing to improve (BBNI IJ. Rp
6,150. BUY. TP Rp 6,750)
Malaysia
1,782
(0.8)
1.2
637
Singapore
3,419
(0.0)
1.6
887
BBNI posted Net Interest Income (NII) of IDR22.3 tn in FY14, slightly
above our full year forecast of IDR21.0 tn. Non-interest income of IDR3.4
tn in 4Q14 grew 37.7% QoQ backed by higher recurring fee income of
IDR1.9 tn as BBNI start to harvest its fee-based income from a
combination of account maintenance fee, its card business and
marketable securities with ATM charges totaled IDR1.0 tn in 4Q14 only.
Operating expenses, meanwhile, grew 10.5% to IDR16.1 tn, dominated
by personnel expenses, which accounted for 42.0% of the total operating
expenses in FY14. At the bottom line, the bank posted net profits of
IDR10.8 tn in FY14, above our full year forecast. For the time being, we
maintain our BUY call on the bank with a Target Price of IDR6,750,
implying PBV of 2.0-1.7x for 2015-16F.
China
Friday, January 30, 2015
From Research:
Regional
3,262
(1.3)
0.9
54,804
Hong Kong
24,596
(1.1)
4.2
11,594
Japan
17,606
(1.1)
0.9
13,051
Korea
1,951
(0.5)
1.8
4,875
Taiwan
9,427
(0.9)
1.3
2,623
29,682
0.4
7.9
605
4,683
1.0
(1.1)
87,546
17,417
1.3
(2.3)
8,110
India
NASDAQ
Dow Jones
Currency and Interest Rate
Rupiah
(Rp/1US$)
SBI rate
(%)
10-y Govt Indo bond
(please see our analysts’ comment inside)

Unit
Coal Production of ADRO Increased by 7.53% (BI)
PTBA Acquires Mining Service Company (BI)
Surya Semesta sees contracts slump by 30% in 2014 (TJP)
Wika Beton add 2 unit of material crusher plant to operate this year
(BI)
Wika to do right issue of Rp 10 trillion (BI)
From IDX:
Cash Announcement
Code
ADRO
AISA
Source: KSEI
Ex-Date
05-Jan-2014
05-Jan-2014
m-m
ytd
(%)
(%)
(%)
12,582
(0.8)
(1.1)
(1.6)
6.93
0.0
0.0
(0.3)
7.22
(0.2)
(0.7)
(0.6)
Hard Commodities
From Today’s Headlines:




w-w
Rate
Date Payable
16-Jan-2014
14-Jan-2014
Amount (Rp)
US$ 0.00094
8.5
Price
d-d
m-m
ytd
(%)
(%)
(%)
(27.0)
Coal
US$/ton
62
n/a
(0.6)
Gold
US$/toz
1,261
0.3
5.0
6.4
Nickel
US$/mt.ton
14,993
1.8
(1.7)
(0.5)
Tin
US$/mt.ton
19,201
(0.4)
0.9
(1.2)
Soft Commodities
Unit
Price
d-d
m-m
ytd
(%)
(%)
(%)
Cocoa
US$/mt.ton
2,787
(1.0)
(7.4)
(2.5)
Corn
US$/mt.ton
138
(0.3)
(8.1)
(13.8)
Crude Oil
US$/barrel
Palm oil
MYR/mt.ton
Rubber
49
1.4
(15.1)
(14.3)
2,198
1.4
(1.3)
(14.6)
USd/kg
139
(1.0)
(5.8)
(8.4)
Pulp
US$/tonne
930
n/a
(0.2)
2.6
Coffee
US$/60kgbag
130
(0.8)
4.8
32.4
Sugar
US$/MT
385
(1.9)
(0.4)
(1.7)
Wheat
US$/mt.ton
187
0.5
(17.5)
(13.9)
Source: Bloomberg
See important disclosure on the back of this report
PT Danareksa Sekuritas
Jl. Medan Merdeka Selatan No. 14
Jakarta 10110
Indonesia
Tel
(62 21) 350 9777, 350 9888
Fax
(62 21) 350 1709
Our Research team and sector coverage:
Agriculture: Helmy Kristanto - [email protected]; (62-21) 2955 824
Automotive: Helmy Kristanto - [email protected]; (62-21) 2955 824
Auto Component: Joko Sogie - [email protected]; (62-21) 29555 888 ext.3512
Banking: Eka Savitri - [email protected]; (62-21) 29555 888 ext. 3509
Cement: Helmy Kristanto - [email protected]; (62-21) 2955 824
Coal: Stefanus Darmagiri – [email protected]; (62-21) 29555 888 ext.3530
Construction: Joko Sogie - [email protected]; (62-21) 29555 888 ext.3512
Consumer: Jennifer Frederika Yapply - [email protected]; (62-21) 29555 888 ext.3508
Heavy Equipment: Stefanus Darmagiri – [email protected]; (62-21) 29555 888 ext.3530
Media: Lucky Ariesandi, CFA – [email protected]; (62-21) 29555 888 ext.3520
Metal Mining: Stefanus Darmagiri – [email protected]; (62-21) 29555 888 ext.3530
Pharmaceutical: Armando Marulitua – [email protected]; (62-21) 29555 888 ext.3503
Property: Anindya Saraswati - [email protected]; (62-21) 29555 888 ext. 3506
Retail: Anindya Saraswati - [email protected]; (62-21) 29555 888 ext. 3506
Strategy: Helmy Kristanto - [email protected]; (62-21) 2955 824
Telecommunication: Lucky Ariesandi, CFA – [email protected]; (62-21) 29555 888 ext.3520
Transportation: Joko Sogie - [email protected]; (62-21) 29555 888 ext.3512
Utilities: Helmy Kristanto - [email protected]; (62-21) 2955 824
Our Sales team:
Ermawati A. Erman - [email protected]; (62 21) 29555 888 ext. 3151
Asfarita Andalusia - [email protected]; (62 21) 29555 888 ext. 3134
Novrita E. Putrianti - [email protected]; (62 21) 29555 888 ext. 3128
Ehrliech Suhartono - [email protected]; (62 21) 29555 888 ext. 3132
Yunita L. Nababan - [email protected]; (62 21) 29555 888 ext. 3145
Bram Taarea – [email protected]; (62 21) 29555 888 ext. 3127
Martin Joshua - [email protected]; (62 21) 29555 888 ext. 3126
Laksmita Armandani - [email protected]; (62 21) 29555 888 ext. 3125
Muhammad Hardiansyah - [email protected]; (62 21) 29555 888 ext. 3109
Upik Yuzarni – [email protected]; (62 21) 29555 888 ext. 3137


Friday, 30 January 2015
BANKING/FY14 RESULT
Bank Negara Indonesia
BUY
Target Price, IDR
6,750
Upside
9.8%
BBNI IJ/BBNI.JK
Last Price, IDR
No. of shares (bn)
6,150
18.6
Market Cap, IDR bn
114,689
(US$ mn)
3M T/O, US$mn
9,115
9.8
Last Recommendation
30-Dec-14
19-Dec-14
05-Sep-14
BUY
BUY
BUY
IDR 6,750
IDR 6,750
IDR 6,300
FY14 Result, A/F, % (ABOVE)
FY14, IDR bn
Net Int. Income
22,376
PPOP
16,988
Net profit
10,783
A/F, %
106.8
110.4
108.5
Key Chart: LDR & NPL
Our
6,750
589
1.8
BBNI posted Net Interest Income (NII) of IDR22.3 tn in FY14, slightly above our full year forecast
of IDR21.0 tn. Non-interest income of IDR3.4 tn in 4Q14 grew 37.7% QoQ backed by higher
recurring fee income of IDR1.9 tn as BBNI start to harvest its fee-based income from a
combination of account maintenance fee, its card business and marketable securities with ATM
charges totaled IDR1.0 tn in 4Q14 only. Operating expenses, meanwhile, grew 10.5% to IDR16.1
tn, dominated by personnel expenses, which accounted for 42.0% of the total operating
expenses in FY14. At the bottom line, the bank posted net profits of IDR10.8 tn in FY14, above
our full year forecast. For the time being, we maintain our BUY call on the bank with a Target
Price of IDR6,750, implying PBV of 2.0-1.7x for 2015-16F.
Assets quality over growth
Loans grew a softer 10.8% YoY to IDR277.6tn as of December 2014. The corporate segment still
accounted for the largest chunk of the bank’s total loans portfolio at 43.1% as of December 2014.
In terms of assets quality, the bank’s gross NPLs declined to 1.96% as of December 2014,
indicating the prioritization of assets quality over growth at the present time. For special mention
loans, the proportion declined to 2.6% as of December 2014 from 3.6% in September 2014, as the
management continued to improve its credit approval process and collection management. The
management also emphasized that the “reformation” phase has been completed over seven years
since 2008 and that, going forward, it expects a smooth transformation as the bank moves toward
becoming the BNI financial services group.
Soft deposits growth
Deposits grew a lackluster 7.5% YoY to IDR313.9 tn as of December 2014, supported by higher
growth in TD, which grew a brisk 21.2% YoY to IDR111.4 tn as of December 2014. Nonetheless,
the CASA proportion was maintained at 64.5% as of December 2014 compared to 62.0% as of
September 2014. According to the bank’s management, the bank let go of some of its TD
customers who asked for special rates in order to maintain its blended CoF. As a result, the LDR
rose slightly to 86.7% as of December 2014.
Consensus
Target Price, IDR
EPS 2015F, IDR
PB 2015F, x
Continuing to improve
Cons
6,563
617
1.7
% Diff
3
-5
1
Eka Savitri
(62-21) 2955 5777 ext 3509
[email protected]
Margins still solid
The Net Interest Margin (NIM) was maintained at 6.2% in FY14, pretty much flat compared to
FY13’s figure, despite the higher blended CoF which was up by around 100 bps to 3.4% in FY14.
Recurring fee income of IDR1.9 tn in 4Q14 backed by higher contribution from account
maintenance, card business, marketable securities and ATM fees totaling IDR1.0 tn in 4Q14 only.
Operating expenses, meanwhile, grew by just 10.5% YoY to IDR16.1 tn, still dominated by
personnel expenses of IDR6.8 tn. Consequently, the Cost to Income Ratio (CIR) improved to 48.7%
in FY14 or down from 51.1% in FY13.
Net interest income, IDR bn
PPOP, IDR bn
PBT, IDR bn
Net income, IDR bn
EPS, IDR
EPS growth, %
Dividend yield, %
ROE, %
PBV, x
PER, x
BVPS, IDR
Source: Company, Danareksa Sekuritas
Danareksa research reports are also
available at Reuters Multex and First
Call Direct and Bloomberg.
2013
19,058
13,926
11,278
9,054
486
29
2.4
19.9
2.4
12.7
2,552
2014
22,376
16,988
13,524
10,783
578
19
2.2
19.9
1.9
11.5
3,272
2015F
22,960
16,878
13,732
10,981
589
10
2.4
17.7
1.8
10.4
3,394
2016F
25,821
19,059
15,503
12,397
665
13
2.2
18.2
1.6
9.3
3,926
2017F
29,395
21,216
17,634
14,102
756
14
2.5
17.9
1.4
8.1
4,531
30 January 2015
Bank Negara Indonesia
Exhibit 1. BBNI’s FY14 result (IDR bn unless stated)
FY14
FY13 YoY 4Q14 3Q14
NII
22,376 19,058 17.4 5,982 5,640
PPOP
16,988 13,926 22.0 4,500 4,225
PBT
13,524 11,278 19.9 3,931 3,386
Net Profit
10,783
9,054 19.1 3,172 2,675
4Q13
5,238
3,195
3,165
2,518
YoY
14.2
40.8
24.2
26.0
QoQ
6.1
6.5
16.1
18.5
FY14F
20,959
15,386
12,432
9,942
A/F
106.8
110.4
108.8
108.5
Source: Company, Danareksa Sekuritas
Exhibit 2. Balance Sheet (IDR bn unless stated)
Dec 14
Sep 14
Total assets
416,574
408,047
Government bonds
43,830
42,514
Loans
277,622
267,942
CASA
202,461
191,205
Deposits
313,893
308,327
Other funding
20,547
21,030
Dec 13
386,655
41,432
250,638
199,983
291,890
28,172
YoY
7.7
5.8
10.8
1.2
7.5
(27.1)
QoQ
2.1
3.1
3.6
5.9
1.8
(2.3)
Source: Company
Exhibit 3. Key Ratios (%)
Dec 14
NPL
2.0
LDR
86.7
CAR
16.2
NIM
6.3
CoF
3.4
CIR
48.7
ROAE
19.9
Sep 14
2.2
85.0
16.2
6.5
3.2
47.3
19.6
Dec 13
2.2
84.1
15.1
6.3
2.4
51.1
19.9
Source: Company
2
30 January 2015
Bank Negara Indonesia
3
Coal Production of ADRO Increased by 7.53% (BI)
Adaro Energy (ADRO) increased its coal production for 7.53% (yoy) or 56.21mn tons from previous position of
52.27mn tons. This result is higher than early 2014 projection of 54-56mn tons. Around 14.45mn tons wer
produced in 4Q2014. This year ADRO aims for 56-58mn tons coal production. Last year’s coal sales was also higher
than the total of industry volume for 57.2mn tons.
PTBA Acquires Mining Service Company (BI)
Bukit Asam (PTBA) acquires 95% of PT Satria Bahana Satria (SBS) shares for Rp 48mn through its subsidiary, PT
Bukit Multi Investama (BMI).This acquisition is part of company’s strategy to minimize production cost. Also this
acquisition through BMI is assumed to be aligned with PTBA effort to diversify its business
Surya Semesta sees contracts slump by 30% in 2014 (TJP)
Surya Semesta Internusa (SSIA) had seen new contracts in the construction business slump by about 31 percent
from Rp4.61tn in 2013 to around Rp3.2tn last year. Surya Semesta’s property business also contracted last year,
with marketing sales slumping 41% around 22.8ha in 2014. The lackluster sales were because of a shortage of
saleable land and problems arising from land claims.
Wika Beton add 2 unit of material crusher plant to operate this year (BI)
Wika Beton (WTON) is constructing additional plants in South Lampung and Central Sulawesi in addition to justofficially-operated a Rp113.5bn material crusher plant in Cigudeg, Bogor, and expected to be operated this year.
Additional material crusher plants are built in order to fill split stone demand which expected to increase along
with government infrastructure plan.
Wika to do right issue of Rp 10 trillion (BI)
Wijaya Karya (WIKA) recently has just submitted additional funding proposal through right issue mechanism
amounting Rp10 trillion to Indonesian Government. This additional capital will be used to fund additional 35,000
MW power plants, toll road, fresh water supplies project, and oil and gas related projects.
In the interest of timeliness, this product was not edited
Equity
Valuation
Danareksa Universe
Auto
Astra International
Gajah Tunggal
Selamat Sempurna
Banks
BCA
BNI
BRI
Bank Tabungan Negara
Bank Mandiri
Bank Tabungan Pensiunan
Cement
Holcim
Indocement
Semen Indonesia
Construction
Jasa Marga
Wijaya Karya
Pembangunan Perumahan
Adhi Karya
Waskita Karya
Wika Beton
Consumer
Indofood CBP
Indofood
Kalbe Farma
Kimia Farma
Unilever
Nippon Indosari Corpindo
Mandom
Heavy Equipment
Hexindo Adiperkasa
United Tractors
Mining
Adaro Energy
Timah
Vale Indonesia
Aneka Tambang
Bukit Asam
Indo Tambangraya Megah
Harum Energy
Plantation
Astra Agro Lestari
Sampoerna Agro
PP London Sumatra
Salim Ivomas Pratama
Property
Alam Sutera
Bumi Serpong Damai
Metropolitan Land
Surya Semesta Internusa
Lippo Karawaci
Telco & Infrastructure
XL Axiata
Indosat
Telkom
Sarana Menara Nusantara
Tower Bersama
MNC Sky Vision
Tranportation
Blue Bird
Utility
PGN
Retail
Mitra Adi Perkasa
Ramayana
Ace Hardware
Rating
BUY
BUY
BUY
Price (Rp)
Price
Mkt Cap
Target
Rp Bn
7,750
1,445
4,750
8,300
2,000
5,300
HOLD
BUY
BUY
BUY
BUY
BUY
13,325
6,150
11,700
1,000
10,975
3,980
12,100
6,750
13,150
1,400
12,400
5,450
HOLD
BUY
BUY
1,960
22,875
14,400
2,300
28,300
18,800
BUY
BUY
BUY
BUY
BUY
HOLD
7,150
3,675
3,800
3,695
1,670
1,345
7,600
4,000
4,100
3,900
1,650
1,350
BUY
BUY
HOLD
BUY
SELL
BUY
BUY
14,700
7,375
1,845
1,300
35,375
1,370
18,000
13,800
7,600
1,900
1,550
26,000
1,700
19,300
HOLD
BUY
3,900
18,200
3,650
23,300
BUY
BUY
BUY
HOLD
BUY
HOLD
HOLD
985
1,180
3,495
1,070
11,325
15,650
1,600
1,280
1,400
4,700
1,100
15,500
21,500
1,750
BUY
BUY
HOLD
BUY
23,200
1,910
1,825
695
27,100
2,600
2,090
850
BUY
BUY
BUY
HOLD
BUY
595
1,995
445
1,080
1,140
700
2,100
620
1,040
1,200
BUY
HOLD
BUY
BUY
SELL
HOLD
4,960
4,095
2,860
4,030
9,650
1,715
5,450
3,820
3,250
4,525
6,600
1,710
BUY
10,975
12,200
BUY
5,075
6,650
BUY
BUY
BUY
5,850
810
745
6,250
910
920
Net profit, Rp bn
2015
2016
EPS (Rp)
2015
EPS Growth
2016
3,139,127
202,194
229,846
309.3
351.6
329,019
313,748
5,036
6,838
1,021,742
328,528
114,689
288,629
10,568
256,083
23,244
184,641
15,019
84,208
85,414
124,243
48,620
22,598
18,401
6,656
16,245
11,722
524,641
85,715
64,756
86,485
7,220
269,911
6,935
3,619
71,164
3,276
67,888
133,332
31,506
8,788
34,728
10,206
26,094
17,683
4,326
63,588
36,534
3,610
12,452
10,992
83,106
11,691
36,652
3,373
5,082
26,309
452,390
42,331
22,252
288,288
41,118
46,286
12,115
27,461
27,461
123,026
123,026
28,236
9,711
5,748
12,777
25,124
23,976
730
419
81,035
18,714
10,981
26,786
1,199
21,218
2,137
12,525
923
5,741
5,861
4,779
1,742
843
762
419
618
396
18,573
3,408
5,942
2,481
312
5,972
248
210
6,144
220
5,924
9,730
2,607
651
2,240
194
2,031
1,888
119
5,510
2,770
464
1,055
1,221
5,943
1,254
2,369
290
464
1,565
20,368
329
312
16,211
1,702
1,629
184
1,253
1,253
11,088
11,088
1,376
352
409
615
29,427
28,096
895
437
91,666
21,363
12,397
30,574
1,441
23,420
2,472
15,375
1,213
6,595
7,567
5,645
1,959
1,004
936
530
725
491
21,062
3,968
6,572
2,895
379
6,717
306
226
6,734
260
6,475
11,016
2,662
765
2,753
400
2,170
2,064
202
5,938
2,832
550
1,133
1,423
6,634
1,516
2,617
322
415
1,763
24,337
717
588
18,544
2,121
2,042
324
1,554
1,554
10,313
10,313
1,698
543
444
711
460.2
592
209
291
752.3
742
589
1,086
114
909
366
725
120
1,559
988
126
256
137
157
232
64
45
232
584
563
53
56
783
49
1,045
1,344
262
1,588
150
82
87
225
20
934
1,671
44
211
1,759
245
155
77
81
64
135
38
99
72
149
39
57
161
167
320
26
501
501
457
457
53
212
58
36
539.0
694
257
303
851.0
856
665
1,239
137
1,004
423
890
158
1,792
1,276
148
288
164
193
294
75
56
263
680
623
62
68
880
61
1,126
1,474
309
1,736
169
83
103
277
42
998
1,827
75
227
1,798
291
166
90
90
77
150
43
88
82
178
84
108
184
208
367
46
621
621
425
425
66
327
63
41
2015
PER (x)
EV / EBITDA (x)
2016
2015
2016
11%
14%
15.5
13.7
18%
16%
183%
14%
12%
11%
11%
13%
11%
9%
17%
7%
12%
8%
5%
27%
10%
37%
29%
56%
47%
32%
13%
20%
18%
18%
31%
10%
27%
8%
7%
13%
7%
6%
-7%
40%
23%
-148%
-1%
-13%
-53%
11%
4%
18%
8%
33%
-25%
15%
-36%
14%
32%
-38%
24%
-153%
-152%
6%
35%
3%
71%
62%
62%
3%
3%
28%
112%
9%
17%
17%
17%
23%
4%
13%
15%
13%
14%
21%
10%
16%
23%
31%
15%
29%
18%
12%
19%
23%
27%
17%
24%
13%
16%
11%
17%
21%
12%
23%
8%
10%
18%
9%
13%
2%
18%
23%
106%
7%
9%
69%
8%
2%
19%
7%
17%
12%
21%
10%
11%
-11%
13%
19%
118%
89%
14%
25%
15%
76%
24%
24%
-7%
-7%
23%
54%
9%
14%
13.1
13.1
6.9
16.3
12.6
18.0
10.4
10.8
8.8
12.1
10.9
14.7
16.3
14.7
14.6
26.0
27.9
26.7
24.2
15.9
26.0
29.6
28.2
25.2
13.1
34.9
23.1
45.2
27.9
17.2
11.6
14.9
11.5
13.7
12.1
13.5
15.5
52.5
12.1
9.4
36.3
11.5
13.2
7.8
11.8
9.0
14.0
9.3
14.7
11.6
10.9
15.8
22.2
128.5
71.4
17.8
24.2
30.1
65.9
21.9
21.9
11.1
11.1
20.5
27.6
14.1
20.7
11.2
11.2
5.6
15.7
11.1
15.6
9.3
9.4
7.3
10.9
9.4
12.0
12.4
12.8
11.3
22.0
24.8
22.5
19.7
12.6
22.2
23.9
24.9
21.6
11.8
29.9
19.2
40.2
22.6
16.0
10.6
12.6
10.5
12.1
11.8
11.5
12.6
25.5
11.3
8.6
21.5
10.7
12.9
6.6
11.0
7.7
12.5
7.7
13.3
10.5
12.2
14.0
18.6
59.0
37.8
15.5
19.4
26.3
37.4
17.7
17.7
11.9
11.9
16.6
17.9
12.9
18.2
PBV (x)
2015
2016
#VALUE!
#VALUE!
10.6
10.8
5.2
9.4
NA
NA
NA
NA
NA
NA
9.0
8.2
8.7
9.4
12.9
15.0
11.0
10.7
8.3
13.7
16.3
19.2
17.2
7.4
23.9
16.5
32.0
15.4
9.3
5.0
7.2
4.9
6.2
4.8
6.5
6.5
16.8
8.7
4.1
5.6
6.2
7.9
5.0
6.1
4.6
10.5
8.8
12.3
7.8
5.0
12.0
6.4
6.6
3.8
5.6
12.0
14.9
10.0
12.0
12.0
7.5
7.5
#VALUE!
8.9
7.1
#VALUE!
9.1
9.3
4.7
8.9
NA
NA
NA
NA
NA
NA
7.9
6.5
7.3
8.8
11.3
13.9
9.2
9.0
7.1
12.0
13.2
17.0
15.0
6.6
20.5
13.8
28.5
12.9
8.6
4.2
5.9
4.1
5.5
4.3
5.8
5.3
12.5
8.0
3.7
4.4
5.6
7.4
4.3
5.3
4.0
9.2
7.5
10.8
7.2
5.1
10.2
5.7
5.9
3.5
4.9
10.3
13.8
8.4
9.9
9.9
8.1
8.1
#VALUE!
7.4
6.4
#VALUE!
2015
2016
2.8
2.5
2.3
2.3
0.8
4.8
2.5
3.6
1.8
2.5
0.8
2.2
1.7
2.8
1.4
3.0
3.2
4.2
3.8
3.8
5.9
3.3
5.0
4.7
7.9
5.3
2.2
8.2
3.5
50.9
5.9
2.5
1.7
1.2
1.7
1.4
1.0
1.6
1.5
0.8
2.8
1.8
1.1
1.7
3.1
1.1
1.6
0.7
1.9
1.6
2.4
1.6
1.7
1.6
3.5
2.9
1.4
3.6
6.3
3.8
6.0
6.2
6.2
3.0
3.0
3.1
3.4
1.6
4.5
2.0
2.0
0.7
4.1
2.1
3.0
1.6
2.0
0.7
1.9
1.4
2.5
1.3
2.7
2.7
3.6
3.5
3.3
4.7
2.7
4.2
4.0
7.0
4.6
2.0
7.1
3.1
46.6
4.8
2.3
1.5
1.1
1.5
1.3
1.0
1.5
1.4
0.8
2.5
1.7
1.2
1.5
2.9
1.0
1.4
0.7
1.7
1.4
2.1
1.4
1.6
1.5
3.2
2.8
1.3
3.3
5.0
3.2
5.3
4.9
4.9
2.7
2.7
2.7
2.9
1.5
3.7
Net Gearing
ROE
2015
2015
19.2
33.5
75.3
net cash
NA
NA
NA
NA
NA
NA
30.0
net cash
12.3
113.5
8.9
17.1
92.7
40.0
net cash
net cash
14.8
net cash
net cash
21.0
43.4
2.6
net cash
net cash
37.0
10.2
2.5
62.8
net cash
net cash
net cash
net cash
31.8
net cash
37.6
75.3
net cash
27.7
net cash
29.1
124.1
132.4
net cash
107.9
98.7
117.0
47.8
net cash
84.7
net cash
#VALUE!
18.9
19.1
11.5
32.3
21.0
22.1
18.6
25.0
9.4
19.5
16.7
20.0
9.1
21.2
23.2
17.2
14.1
15.4
27.1
22.4
20.5
17.1
29.7
22.3
21.0
25.1
16.1
124.3
23.3
15.3
15.2
8.0
15.7
10.2
8.1
12.4
10.0
1.6
22.7
18.5
3.1
14.9
24.5
14.5
13.9
8.2
14.4
18.9
16.6
14.2
16.9
10.1
17.1
2.3
2.0
21.8
29.8
18.2
9.5
32.3
32.3
28.7
28.7
15.7
13.0
11.8
23.8
The leaders on Danareksa coverage
Code
Price as on
29-Jan-15
28-Jan-15
Chg, %
w-w, %
m-m, %
YTD, %
Rating
Hexindo Adiperkasa
HEXA
3,900
3,620
7.7
5.7
11.3
11.3
HOLD
Lippo Karawaci
LPKR
1,140
1,090
4.6
7.0
11.8
11.8
BUY
Tower Bersama
TBIG
9,650
9,400
2.7
0.8
(0.5)
(0.5)
SELL
Metropolitan Land
MTLA
445
435
2.3
2.8
-
-
BUY
Aneka Tambang
ANTM
1,070
1,050
1.9
1.4
0.5
0.5
HOLD
Waskita Karya
WSKT
1,670
1,640
1.8
6.7
13.6
13.6
BUY
MNC Sky Vision
MSKY
1,715
1,685
1.8
3.6
7.2
7.2
HOLD
Indo Tambangraya Megah
ITMG
15,650
15,400
1.6
2.1
1.8
1.8
HOLD
Adhi Karya
ADHI
3,695
3,640
1.5
1.4
6.2
6.2
BUY
XL Axiata
EXCL
4,960
4,890
1.4
3.3
2.0
2.0
BUY
Price as on
29-Jan-15
28-Jan-15
Chg, %
w-w, %
m-m, %
YTD, %
Rating
Sources: Bloomberg
The laggards on Danareksa coverage
Code
Harum Energy
HRUM
1,600
1,670
(4.2)
(7.8)
(3.6)
(3.6)
HOLD
Perusahaan Gas Negara
PGAS
5,075
5,225
(2.9)
(5.6)
(15.4)
(15.4)
BUY
Nippon Indosari Corpindo
ROTI
1,370
1,400
(2.1)
(1.8)
(1.1)
(1.1)
BUY
Mitra Adi Perkasa
MAPI
5,850
5,975
(2.1)
1.7
15.3
15.3
BUY
Astra Agro Lestari
AALI
23,200
23,675
(2.0)
(3.3)
(4.3)
(4.3)
BUY
Vale Indonesia
INCO
3,495
3,560
(1.8)
(0.3)
(3.6)
(3.6)
BUY
Surya Semesta Internusa
SSIA
1,080
1,100
(1.8)
(3.6)
0.9
0.9
Bukit Asam
PTBA
11,325
11,525
(1.7)
(3.6)
(9.4)
(9.4)
BUY
Ace Hardware
ACES
745
755
(1.3)
-
(5.1)
(5.1)
BUY
PP London Sumatra
LSIP
1,825
1,845
(1.1)
(2.9)
(3.4)
(3.4)
BUY
Sources: Bloomberg
HOLD
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