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Danareksa Equity Snapshot - 13 Februari 201
February 13, 2018 09:25

FROM EQUITY RESEARCH

Bumi Serpong Damai: Indications of a strong first quarter (BSDE IJ. IDR 1,760. BUY. TP 2,000)

We reiterate our BUY call on BSDE with a target price of IDR2,000. The stock still has upside potential, we believe, given expectations of encouraging marketing sales in 1Q18 which are expected to reach IDR1.6tn, equivalent to 22.2% of this year’s targeted marketing sales (IDR7.2tn, -0.5%yoy compared to 2017’s achievement). The marketing sales in 1Q18 should be driven by commercial land plot sales and the proceeds from three product launches in January and February 2018. BSDE currently trades at a 71.4% discount to NAV, higher than its historical +1SD discount of 70.0%.

Puradelta Lestari: Cautiously optimistic (DMAS IJ. IDR 188. BUY. TP 240)

DMAS yesterday said that it targeted marketing sales of IDR1.25tn in 2018. The marketing sales will still be mostly contributed by the industrial estates segment. In terms of area, however, DMAS only expects to record 40ha of land sales, lower than 2017’s achievement of 59.1ha. Nonetheless, we retain our industrial land sales target of 60ha as we expect the company to beat its target considering: (i) plenty of inquiries remaining (100-130ha), (ii) marketing sales in January 2018 of 14ha. Maintain BUY.

Plantation: Jan 18 Stockpile Down From a 2-Year High (Neutral)

Malaysia’s palm oil inventory declined unexpectedly to 2.55mn tons in Jan-18 (+65.3% YoY, -6.7% MoM), way below the consensus figure of 2.73mn tons, due to stronger-than-expected exports. We may see short-term strength in CPO prices on: 1) seasonality factors and 2) the temporary suspension of CPO export duty in Malaysia. Maintain neutral.

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MARKET NEWS

Macroeconomy

  • Government: 2019 state budget will focus on five national priorities

Sector

  • Automotive: 2W domestic sales in January 2018 reached 428,879 units, +1.8%yoy
  • Energy: ESDM to reduce number of regulations from 51 to 29
  • Industrial estate: Jakarta’s governor to revise the zonation regulation

Corporate

  • Erajaya Swasembada: Receives fresh bank loans of IDR1.47tn
  • Waskita Realty acquired 350ha of land bank
  • Wijaya Karya: Targets 2018 earnings to reach IDR1,96tn

TECHNICAL ANALYSIS CORNER

Market Maker

  • IHSG. 6,523. POSITIVE. TP 6,550.

Stock Shoot

  • ASII. IDR 8,200. BUY. TP IDR 8,700.
  • BHIT. IDR 135. BUY. TP IDR 146.
  • INDF. IDR 7,775. BUY. TP IDR 9,000.
  • PTBA. IDR 3,090. BUY. TP IDR 3,480.
  • RALS. IDR 1,170. BUY. TP IDR 1,300.

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