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Danareksa Equity Snapshot - 18 Februari 2018
February 14, 2018 13:52

FROM EQUITY RESEARCH

Bank Tabungan Negara:  A bright future ahead (BBTN IJ. IDR 3,760. BUY. TP 4,000)

We continue to like BBTN, noting the bank’s resilient business model for the housing-related segment. Going forward, subsidized mortgages will remain the main growth driver with a IDR2.5trn government budget for this year’s interest rate subsidy scheme (SSB). In turn, this should translate into strong 19.5% yoy growth in subsidized mortgage lending in our estimate. The bank’s CAR should not be the concern, given the lower risk weight of 20% on subsidized mortgage. BBTN is one of our top picks in our banking universe. Maintain BUY with a TP of IDR4,000.

Kalbe Farma: On track to meet expectations (KLBF IJ. IDR 1,620. HOLD. TP 1,700)

The guidance provided by Kalbe for its FY17 revenues and net profits is in line with our forecast and the consensus estimates.  Going forward, the company remains optimistic it can record higher growth in 2018 despite facing challenges such as higher raw material prices. Maintain HOLD.

Media Nusantara: Unaudited top and bottom line results: in-line (MNCN IJ. IDR 1,590. BUY. TP 1,750)

MNCN recorded +6.0% yoy and +5.1% yoy unaudited net profits and revenues growth in 2017, in-line with our estimate. The key revenues growth driver was advertising and content, a result of significant in-house production and library monetization. This also pushed down direct costs, which further improved MNCN’s profitability in 2017. We reiterate our BUY call on the stock. 

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MARKET NEWS

Macroeconomy

  • Directorate general of customs prepares revisions

Corporate

  • Bumi Serpong Damai: allocates IDR4tn capex
  • Indosat announces completion of the refarming process for its 2.1GHz frequency
  • Pembangunan Perumahan: Booked IDR2.3tn of new contracts in Jan 18
  • Wijaya Karya Bangunan Gedung: Allocates IDR675bn on this year’s capex
  • XL Axiata to allocate Rp7.0tn on this year’s capex

TECHNICAL ANALYSIS CORNER

Market Maker

  • IHSG. 6,578. POSITIVE. TP 6,585.

Stock Shoot

  • PTBA. IDR 3,270. BUY. TP IDR 3,480.
  • WIKA. IDR 2,000. WIKA. TP IDR 2,390.

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