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Danareksa Equity Snapshot - 12 Januari 2018
January 12, 2018 10:24

FROM EQUITY RESEARCH

Ace Hardware Indonesia: Excellent Dec 17 SSSG (ACES IJ. IDR 1,280. BUY. TP IDR 1,450)

We reiterate our BUY call on ACES with a higher TP of IDR1,450. Recent data from the management reveals a strong pick-up in Dec 2017 revenues and excellent SSSG – the highest in the last 4 years.  The strong growth has come from both the lifestyle and home improvement divisions. We consequently raise our 2018F top and bottom line forecasts by 1-2%, expecting solid performance in 1Q18 in both divisions.

 

Semen Indonesia: Running ahead of its fundamentals (SMGR IJ. IDR 10,825. SELL. TP IDR 8,600)

SMGR recorded sales of 2.5mn tons in December 2017, +13.4%yoy. We believe the stellar sales growth owes to the low base in December 2016 (-9.4%yoy). Cumulatively, SMGR recorded total sales of 28.9mn tons in 2017, +9.9%yoy, or INLINE with our forecast (101.4%). Despite the encouraging sales performance, we downgrade our recommendation on SMGR to SELL with an unchanged target price of IDR8,600 as we believe the recent increase in the share price cannot be justified from the fundamentals. SMGR is trading at 28.0x 2018F P/E, near to +2SD forward trailing PE of 29.3x.

 

Surya Semesta Internusa: Muted expectations (SSIA IJ. IDR 505. HOLD. TP IDR 540)

We reiterate our HOLD call on SSIA with a target price of IDR540. While the company expects better industrial land sales in 2018 of 15ha (from only 2.1ha in 2017), we have a more cautious target of 7.0ha. And while we expect NRCA to book slightly higher new contracts (+12.0%yoy) given support from land development at the Subang industrial estate, we believe this will not be sufficient to boost SSIA’s revenues.

 

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MARKET NEWS

Macroeconomy

  • Government: Funds for political parties ready to be distributed

Sector

  • Consumer: The government to import 500,000ton rice from Vietnam and Thailand
  • The Ministry of Communication and Informatics to speed up Palapa Ring program in FY18

Corporate

  • Telkom Indonesia to seek USD1.0bn bank loans for acquisition

 

PREVIOUS REPORTS

  • Poultry: Slight pick-up in December 2017 ASP, Plantation: Dec 17 Stockpile Closes At More Than A 2-Year High WIKA: Waiting for the loans disbursement SnapShot20180111
  • 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 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

 

TECHNICAL ANALYSIS CORNER

Market Maker

  • IHSG. 6,386. POSITIVE. TP 6,400.

Stock Shoot

  • ACST. IDR 2,610. BUY. TP IDR 3,000.

 

 

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