Live Chat Software
Berita Dan Riset Terbaru
Riset Perusahaan

Danareksa Equity Snapshot - 24 Februari 2017
February 24, 2017 09:48 WIB

Sector

  • Consumer: Government launches non-cash food vouchers worth Rp110,000/month

Corporate

  • Ace Hardware Indonesia: plans 13 new store openings in 2017
  • Bank Mandiri is trying to clean up its nonperforming loans
  • Japfa Comfeed Indonesia: to supply chickens to McDonald’s
  • Mega Manunggal Property eyes Rp307.69bn rights issue
  • Surya Semesta Internusa to acquire 500ha of land bank in Subang

To see the full version of our snapshot, please click here


Danareksa Equity Snapshot - WIKA 23 Februari 2017
February 23, 2017 09:29 WIB

Wijaya Karya: 2016 net income up by 62%yoy

(WIKA.IJ. IDR2,480. BUY. TP IDR3,900)

  •   WIKA’s 2016 net income grew by 61.9%yoy to IDR1.0tr (FY15: IDR625bn), above our expectation (111.7%) and the consensus (122.4%) of IDR906bn and IDR827bn, respectively. The figure is also higher than the management’s guidance of IDR940bn.
  •   On a qoq basis, the 4Q16 net income of IDR610bn surged 160.2%yoy (4Q15: IDR235bn) and 320.9%qoq (3Q16: IDR145bn). The strong result owes to a higher gross margin.
  •   Margins improved. The gross margin in 2016 reached 14.2% or higher than 12.1% in the previous year.
  •   FY16 revenues grew by 15.0%yoy to IDR15.7tr, or slightly higher than our target of IDR14.8tr (106%), but below the consensus of IDR17.4tr (89.8%). However, the result is in-line with the management’s new target of IDR15.6tr. Note that the management reduced its target by 20% from the initial target set at the beginning of the year of IDR19.4tr due to delays in the signing of the contract for the Jakarta – Bandung HSR project.
  •   Total debt as of Dec16 reached around IDR6.7tr, or higher than the previous year’s IDR3.5tr. However, WIKA booked net cash in Dec 16 due to the rights issue in 4Q16. WIKA also recorded higher interest coverage in 2016 at 4.78x (FY15: 3.51x).
  •   WIKA booked new contracts of IDR53.6tr in 2016, higher than the management’s target of IDR52.8tr. This is up by 112.5%yoy from Rp25.2tr of new contracts booked in 2015. The strong 2016 new contracts were supported by IDR15.8tr of works from the high speed railway (HSR) project.
  •   For 2017, WIKA targets new contracts of IDR43.2tr, 18.1% lower than in 2016 due to the HSR project being recorded in 2016. Excluding the HSR project, the target shows 16.9%yoy growth. Revenues in 2017 are targeted to reach IDR25.8tr or up 64.7%yoy with net income reaching IDR1.2tr or up 20.5%yoy.
  •   We are reviewing our forecast and recommendation on WIKA given the strong 2016 result. 
Download artikel selengkapnya(858.50 Kb)

Danareksa Equity Snapshot - 23 Februari 2017
February 23, 2017 09:28 WIB

Sector

  • Banking: government may end banking secrecy policies
  • Cigarette: sales volume to show a similar trend this year
  • Financial: Government plans to limit foreign ownership in insurance companies
  • Retail: Growing smartphone sales
  • Retail: Minimarts dominate modern retail transactions

Corporate

  • Bank Negara Indonesia: launched “BNI Digination”
  • Intiland Development to explore the opportunity to launch the Second Phase of South Quarter apartments this year
  • Metropolitan to develop Cyber City
  • Timah: Timah Properti plans to develop projects worth IDR5tn in several cities

 

To see the full version of our snapshot, please click here

TECHNICAL ANALYSIS CORNER

Market Maker

  • JCI Index. IDR5,358. POSITIVE. Target IDR5,370

Stock Shoot

 

  • AKRA IJ. IDR6,350. BUY. TP IDR6,900-7,100

To see the full version of our technical analysis corner, please click here