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Danareksa Equity Snapshot - MPPA 24 Maret 2017
March 24, 2017 10:07 WIB

Matahari Putra Prima: Below expected 4Q16 results (MPPA. IDR1,150. SELL. TP IDR1,100)

  • The 2016 result was rather weak. Besides facing sluggish demand, the company recorded higher opex, mainly due to higher rental costs. The result was also hit by a higher-than-expected overall tax rate in 2016. We are still looking for further details on the reason for this. 
  • Going forward, we think the hypermarket business will continue to struggle from continued soft purchasing power given the expectation of flattish economic growth and rising inflation. Stiff competition will also be a challenge for the hypermarket business. As such, the general outlook does not look that great this year. Meanwhile, the management recently revealed plans to reduce the prices of more than 5,000 SKU which MPPA sells throughout Indonesia to boost sales. Nonetheless, we don’t think this initiative will have much of an impact.
  • The stock is also trading expensive at 51x PE 2017 and we reaffirm our SELL call.
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Danareksa Equity Snapshot - INDF 24 Maret 2017
March 24, 2017 09:38 WIB

Indofood Sukses Makmur: INDF 4Q16 earnings: Lower earnings on one-off in the non-operating

(INDF IJ. IDR8,075. BUY. TP IDR9,650)

  • INDF reported 4Q16 earnings of Rp904bn (down 29.6% yoy and 10.4% qoq), due to one-off non-operating items, which led to FY16 net profits of Rp4.1tn (+39.6% yoy), still in line with our forecast.
  • ICBP, which contributed around 50% of INDF’s revenues, reported a lower-than-expected FY16 top line. As a result, INDF’s top line was only 97% of our full year forecast. 
  • We will provide more details following the upcoming analyst meeting.

… read more 20170324 INDF

Danareksa Equity Snapshot - 24 Maret 2017
March 24, 2017 09:37 WIB


Bank Central Asia: Premium Performance

(BBCA IJ. IDR16,600. BUY. TP IDR18,300)

We reiterate our BUY call on BBCA given its competitive edge which enabled the bank to book better-than-expected FY16 results albeit sluggish loans growth. Our FY17, FY18 and FY19 net earnings forecasts are revised up by 19.8%, 20.2% and 18.9%, respectively. We also raise our TP to IDR18,300, implying 3.5x FY17 PB.

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  • Banking: BI issues new regulation concerning the trading of Negotiable Deposit Certificates


  • Mayora Indah: Targets 10% revenues growth in 2017
  • Semen Indonesia is awaiting the results of the strategic environmental assessment


Market Maker

  • JCI Index. IDR5,563. NEUTRAL. Target IDR5,560

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