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Danareksa Equity Snapshot - 10 Januari 2018
January 10, 2018 09:19

FROM EQUITY RESEARCH

Automotive: Motorcycle sales set to recover in 2018 (Neutral)

The Indonesian Motorcycles Industry Association (AISI) said that motorcycle sales reached 415,996 units (-24.4% mom, -5.0% yoy) in December 2017. Cumulatively, sales slipped 0.8% yoy to 5.89mn units in 2017. In 2018, AISI is anticipating a recovery in motorcycles sales of 2 – 3% yoy to 6.0 – 6.1mn units. We maintain our Neutral stance on the automotive sector given the intensifying competition in the 4W market

Cement: Ending 2017 on a high note (Underweight)

Thanks to strong cement sales in December 2017 (5.9mn tons, +7.7%yoy), domestic cement sales reached 66.5mn tons in 12M17, +7.5%yoy. This is inline with our forecast of 7%yoy growth. Pricing wise, we note that at the level of building material stores, the prices of Tigaroda and Gresik have tended to be flat in January 2018 (+1.2%mom and +0.4%mom, respectively). But while prices seem to be stabilizing, the cement sector is still trading at a lofty valuation of 44.2x 2018F P/E – unjustifiable in our view.

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MARKET NEWS

Macroeconomy

  • Ministry of Finance to review e-commerce based tax

Sector

  • Property: DKI Jakarta Government to annul right to build license for reclamation projects

Corporate

  • Sampoerna Agro (SGRO) to allocate Rp600bn for FY18 capex
  • Semen Indonesia to focus on cost efficiency

 

PREVIOUS REPORTS

  • Banking: Rise and Shine, Mitra Adiperkasa:  Stellar performance will continue SnapShot20180109
  • 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. 6,373. POSITIVE. TP 6,385.

Stock Shoot

  • PPRO. IDR 202. BUY. TP IDR 225.

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