Live Chat Software
Berita Dan Riset Terbaru
Company Research
Danareksa Equity Snapshot - 15 Maret 2019
March 15, 2019 10:55

FROM EQUITY RESEARCH

Adaro Energy:   Recovery in store (ADRO IJ.IDR 1,455. BUY.TP IDR 2,000)

We expect the improvement in low-CV coal prices since the beginning of the year to help Adaro Energy (ADRO) book solid coal ASP in 1H19 despite expected consolidation in coal prices in 2019. In addition, we also expect the company to book higher earnings as Kestrel will provide higher saleable coal production. Maintain BUY with an unchanged target price of IDR2,000 (based on DCF valuation).

To See the full version of this report, please Click here

 

Integra Indocabinet:  Solid export growth to continue(NOT RATED)

Integra targets strong revenues growth in FY19, as the company stands to benefit, it believes, from the trade tensions between China and the US. The company also has sizable forest concessions in Indonesia, giving it access to a rich variety of woods. These strengths, coupled with the company’s proven track-record in the industry, bode well for sustained orders from export markets going forward.

To See the full version of this report, please Click here

 

To see the full version of our snapshot, pleaseclick here

 

MARKET NEWS

 

MACROECONOMY

Bank Indonesia: Indonesia may post a trade surplus in Feb19

Bank Indonesia (BI) said that Indonesia may record a trade surplus in Feb19 due to the expectation of falling imports as BI increased its benchmark rate by 175bps in 2018 and because completed infrastructure projects should facilitate higher production and more effective distribution of raw materials. In addition, BI foresees higher exports supported by rupiah stability. The trade tensions between the US and China are seen by BI as an opportunity for Indonesia to increase exports to both countries. (Investor Daily)

 

Government: Wealth of Indonesian citizens hidden overseas may reach IDR 1,300tn

Concerning the implementation of the automatic exchange of information (AEoI) program, the government has sent financial information regarding tax to 54 countries. In exchange, the government will receive financial information from 66 countries. The government believes that this number will increase to 94 countries in the future. The government expects that this program will increase tax revenues as the tax amnesty period is over and the owner of unreported assets is subject to a fine of 200% of unpaid tax. The government believes that tax revenues of IDR 390tn may be generated. (Kontan)

 

CORPORATE

PEHA to conduct a rights issue with targeted proceeds of IDR1tn

Phapros (PEHA) plans to integrate its pharmaceutical business with hospitals and pharmacies this year. Therefore, the company will spend around IDR255bn on capex in 2019. PEHA also plans to issue new shares through a rights issue with targeted proceeds of IDR1tn. The company will distribute IDR92.6bn of dividends from FY18’s earnings (70% payout, 4.8% yield). For 2019, the company targets top and bottom line growth of 20-30% and 15-20% yoy, respectively. (Kontan, Investor Daily)

 

KKR sells IDR 871 billion of JPFA shares

KKR Jade Investments has divested its ownership in Japfa Comfeed Indonesia (JPFA). In yesterday’s crossing, KKR sold 396 million shares at a price of IDR 2,200 per share. This transaction is the second crossing this year. The previous KKR crossing was done on 20 February 2019 for 385 million shares at a price of IDR 2,200 per share. After the two crossings, KKR’s ownership in JPFA has been reduced to c.5% from 11.98% previously.