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Danareksa Equity Snapshot - 13 Maret 2018
March 13, 2018 09:09

FROM EQUITY RESEARCH

Ace Hardware Indonesia: Solid Feb-18 performance (ACES IJ. IDR 1,300. BUY. TP IDR 1,450)

In February 2018, ACES recorded: 1) solid revenues growth of nearly +20.3% yoy (in-line with our expectations) and 2) strong SSSG driven by outer Java areas. Recently, the company opened 1 new store in Bandung Ubertos, West Java, with around 1,800 sqm of retail space. More new store openings can be expected in the coming months. We maintain our BUY call on the company with an unchanged TP of IDR1,450.

Adhi Karya: Solid performance (ADHI IJ. IDR 2,380. BUY. TP IDR 2,800)

ADHI’s 2017 earnings jumped 64.4%yoy to IDR515bn, higher than our forecast (113.1%), but in-line with consensus estimates (101.7%). The strong earnings growth was supported by 37.0%yoy higher revenues, better margins, and higher JV profits. Early this month, ADHI received IDR3.4tn from the first tranche payment from KAI for the Jakarta LRT. We have a BUY call on ADHI.

Plantation: Feb 18 Inventory Drops To A 4-Month Low (Neutral)

Malaysia’s palm oil inventory fell to 2.48mn tons in Feb 18 (+69.8% YoY, -2.8% MoM), higher than the consensus estimate of 2.39mn tons, due to lower domestic demand and lower-than-expected exports. We may see downside for the CPO price ahead as output will start to climb while exports could slow as India has just raised import duty on palm oil. Maintain neutral.

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MARKET NEWS

Macroeconomy

  • Government: Diesel fuel subsidy to increase by IDR1,000/ltr
  • Indonesia’s plan to keep power tariffs flat will cost USD588mn this year

Corporate

  • Bumi Serpong Damai: Sinarmas Land to launch Malberry cluster
  • Kimia Farma: KAEF is conducting due diligence on 6-7 companies for acquisition
  • United Tractors: Komatsu sales volume jumped 50% yoy to 405 units in January 2018

TECHNICAL ANALYSIS CORNER

Market Maker

  • IHSG. 6,500. POSITIVE. TP 6,515.

Stock Shoot

  • JSMR. IDR5,275. BUY. TP IDR5,885.
  • PGAS. IDR2,520. BUY. TP IDR2,870.

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