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Danareksa Equity Snapshot - 17 Mei 2018
May 17, 2018 09:18

FROM EQUITY RESEARCH

Garuda Maintenance Facility:  Operationally still sound (GMFI IJ. IDR330. BUY. TP IDR480)

Garuda Maintenance Facility (GMFI) reported 1Q18 net profits of USD7mn (-27.3% yoy, -42.5% qoq). While the revenues are in-line, the net profits are below our forecast on higher expenses which squeezed the margins. We still like the company given its plans to become a top-10 MRO company globally through organic and inorganic expansion. Maintain BUY with a target price of IDR480 (based on DCF valuation).

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MARKET NEWS

Macroeconomy

  • Government to provide more tax incentives

Sector

  • Consumer: DKI Jakarta plans to sell its stake in DLTA
  • Pharmaceutical: New regulation to increase local content to at least 20% of raw materials used

Corporate

  • Kawasan Industri Jababeka (KIJA) targets FY18 revenues of Rp2.25tn
  • Pembangunan Perumahan: Issued IDR150bn of perpetual bond
  • Telkomsel and Erajaya to launch Halo Device Plan
  • Wika Gedung: 1Q18 new contracts of IDR2.4tn are 31% of the full year target

 

TECHNICAL ANALYSIS CORNER

Market Maker

  • IHSG. 5,841. POSITIVE. TP 5,855.

Stock Shoot

  • ADRO. IDR1,800. BUY. TP IDR1,996.
  • PTPP. IDR2,250. BUY. TP IDR2,620.

 

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