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Danareksa Equity Snapshot - 16 Mei 2018
May 16, 2018 10:35

FROM EQUITY RESEARCH

Indofood CBP Sukses Makmur: Growth to pick up (ICBP IJ. IDR8,200. BUY. TP IDR9,400)

Following the release of solid 1Q18 results, we foresee continued strong performance in the coming quarters that will help the FY18 top line growth to reach 8.3% yoy. At the current share price, ICBP trades at 24.1x, below the -1SD of the average 2-y PE. Maintain BUY with a TP of IDR9,400

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MARKET NEWS

Macroeconomy

  • The Indonesian debt ratio in 1Q18 is still relatively stable
  • Imports of capital goods increase 41%yoy

Sector

  • Automotive: Stable monthly car sales in April 2018
  • Infrastructure: 3 SOE contractors plan to build an elevated loop line railway in Jakarta

Corporate

  • BCA Issues Subordinated Bonds of IDR500bn
  • Unilever Indonesia: Disclosure to sell spreads’ assets amounting to IDR2.65tn

TECHNICAL ANALYSIS CORNER

Market Maker

  • IHSG. 5,838. NEGATIVE. TP 5,800.

Stock Shoot

  • ADRO. IDR1,715. BUY. TP IDR1,980.
  • INCO. IDR3,500. BUY. TP IDR3,890.

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