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Danareksa Equity Snapshot - 12 Maret 2018
March 12, 2018 10:35


Aneka Tambang: Recovery in the net profit (ANTM IJ. 850. HOLD. TP U/R)

Aneka Tambang (ANTM) reported net profit of IDR468bn in 4Q17 (+184.2% qoq). The net profit was above consensus and our expectation mainly attributable to better-than-expected on the sales volume of ferronickel and gold sales volume. Maintain HOLD recommendation while reviewing our previous target price of IDR700 (based on DCF valuation).

Bukit Asam: Strong earnings on higher coal prices (PTBA IJ. 2,890. BUY. TP U/R)

Bukit Asam (PTBA) reported net profit of IDR1,851bn in 4Q17 (+105.2% qoq and +93.9% yoy). This was due to a) higher coal prices to increase coal ASP and b) higher coal production. The results were above consensus and our forecast owing to better-than-expected on revenue and the gross margin. Maintain BUY recommendation while reviewing our previous target price of IDR2,900.

Coal Mining: Finally domestic coal price capped at USD70/tonne (Overweight)

The Ministry of Energy and Mineral Resources (MEMR) has capped domestic coal price sold to power producers at USD70/tonne for two years. This policy will have negative impact to the coal mining companies as this will lower their profitability. Based on sensitivity analysis using DMO scenarios, the policy will lower earnings of coal mining companies under coverage by 7.3 % - 18.0% for 2018 and 2019.  Top-picks will be PTBA and ADRO.

Plantation: Closer Look At The Role of BPDPKS (Neutral)

We met with Mr. Dono Boestami, President Director of Oil Palm Plantation Fund Management Agency (BPDPKS), and discussed several issues in the palm oil industry, including the Indonesia biodiesel program and smallholders’ replanting program.

Pembangunan Perumahan: Earnings grew 42%yoy; in-line  (Neutral)

PTPP booked 2017 earnings growth of 42.0%yoy to IDR1.5t. The result accounted for 102.2% of our target and 101.1% of consensus’; in-line. The strong earnings growth supported by 30.6%yoy revenues growth and IDR438bn of other income. Order book in 2017 reached IDR89.0tn (+24.1%yoy; FY16: IDR71.7tn), supported by IDR48.4tn carry over contracts. We have a BUY call on PTPP with a TP of IDR4,000.

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  • Government: Village fund for 2019 to increase by 30%


  • Gudang Garam: To develop a new airport involving a IDR5tn investment
  • PP Property to develop various project
  • Ramayana Lestari Sentosa: Feb 2018 gross sales up 7.8% yoy
  • Waskita aims to complete 11 toll road segments
  • XL Axiata (EXCL) to refinance Rp2.6tn worth of debts


Market Maker

  • IHSG. 6,433. POSITIVE. TP 6,490.

Stock Shoot

  • ADHI. IDR2,420. BUY. TP IDR2,510.
  • ADRO. IDR2,170. BUY. TP IDR2,500.
  • BBCA. IDR23,300. BUY. TP IDR24,700
  • EXCL. IDR2,750. BUY. TP IDR3,100
  • PGAS. IDR2,390. BUY. TP IDR2,860.
  • PPRE. IDR386. BUY. TP IDR403.

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