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Danareksa Equity Snapshot - 11 Januari 2018
January 11, 2018 09:54


Poultry: Slight pick-up in December 2017 ASP (Neutral)

December 2017’s DOC and broiler ASP picked up slightly on a monthly basis thanks to continued government efforts to stabilize supply and demand in addition to the better seasonal demand in December. The government has been seeking to set floor and ceiling prices for broilers to further stabilize ASP, which we think would benefit poultry players in the near term as a momentum play, but the regulation has not been devised yet. We remain NEUTRAL on the sector. 

Plantation: Dec 17 Stockpile Closes At More Than A 2-Year High (Neutral)

Malaysia’s palm oil inventory climbed to 2.73mn tons in Dec 17 (+63.9% YoY, +7.0% Mom), exceeding the consensus figure of 2.69mn tons, due to lower-than-expected exports. In 1Q18, we expect the CPO price to gain ground supported by a better outlook for exports given the suspension of CPO export duty in Malaysia and Lunar New Year re-stocking coupled with the seasonally lower production period. Maintain neutral.

WIKA: Waiting for the loans disbursement (WIKA IJ. IDR 1,770. BUY. TP IDR 2,100)

The Jakarta Bandung high speed train project is expected to receive USD700mn of loans from China Development Bank in the near future. The bank has provided a commitment to provide 75% of the total investment needed of around USD5.9bn. The disbursement of the loans is expected to speed up the construction of the project. For the project, WIKA has obtained IDR15.8tn worth of contracts to construct around 35km of track from a total length of 142km. Maintain BUY.

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  • Government allocates IDR297.8tn for poverty alleviation program
  • Revolving funds to be distributed outside Java
  • World Bank raises its estimate for global growth


  • Jasa Marga: 2018 capex set at IDR44.0tn or 40% higher than last year
  • Pembangunan Perumahan: 2017 net income expected to reach IDR1.7tn, up 66%yoy


  • Automotive: Motorcycle sales set to recover in 2018, Cement: Ending 2017 on a high note SnapShot20180110
  • Banking: Rise and Shine, Mitra Adiperkasa:  Stellar performance will continue
  • Plantation: Temporary Suspension of Malaysia CPO Export Duty, Summarecon Agung: Looking forward to a better year
  • 2018 Danareksa Compendium:  A Sanguine Proposition
  • Media: December 2017: Better all time audience shares


Market Maker

  • IHSG. 6,371. NEGATIVE. TP 6,366.

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