Live Chat Software
Berita Dan Riset Terbaru
Company Research
Danareksa Equity Snapshot - 09 Januari 2018
January 09, 2018 15:40

FROM EQUITY RESEARCH

Banking: Rise and Shine (Overweight)

The expectation of higher consumer spending in the pre-election year and substantial government-infrastructure projects are two key drivers for a pick-up in loans growth this year. In addition, we expect limited downside on assets quality considerations as most banks have already undertaken aggressive loans restructuring and conservatively employed a higher LLC ratio in the past two years. This will provide more room for lower credit costs in FY18F in our view. All in all, 13.5% loans growth and 174bps credit cost expectations for our banking universe should translate into 16% net profits growth and a decent ROAE of 16.1%. BBRI and BBTN are our top picks in the sector. OVERWEIGHT.

Mitra Adiperkasa:  Stellar performance will continue (MAPI IJ. IDR 6,375. BUY. TP IDR 8,100)

The key growth revenue drivers for MAPI, based on our recent visit, will be from 1) MAPI’s Fashion specialty stores, 2) Active, and 3) F&B, which we expect to result a +15% yoy consolidated revenue growth in 2018.  There will be no further store openings or downsizing in the department store division but recent Debenhams and Lotus closures will give a boost for EBITDA margins expansion in 2018. We retain our BUY call for MAPI at TP IDR8,100.

 

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

MARKET NEWS

Macroeconomy

  • Bank Indonesia recorded higher foreign reserves
  • Government budget deficit declines

Sector

  • Consumer: Association estimates higher growth of packaging sales
  • Mortgage lending up by 13.6%yoy in November 2017

Corporate

  • Nusa Raya Cipta aims for IDR3.7tn new contracts in 2018
  • Sampoerna Agro (SGRO) targets 10% sales growth in FY18
  • Summarecon allocates IDR2.4tn of capex in 2018

 

Previous Report

  • Plantation: Temporary Suspension of Malaysia CPO Export Duty, Summarecon Agung:  Looking forward to a better year SnapShot20180108
  • 2018 Danareksa Compendium:  A Sanguine Proposition SnapShot20180105
  • Media: December 2017: Better all time audience shares SnapShot20180104
  • Bank Negara Indonesia:  Running Ahead of Its Fundamental SnapShot20180102
  • Pembangunan Perumahan: Set to grow further SnapShot20171222

 

TECHNICAL ANALYSIS CORNER

Market Maker

  • IHSG. 6,385. POSITIVE. TP 6,409.

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