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Danareksa Equity Snapshot - 23 April 2019
April 23, 2019 10:10

FROM EQUITY RESEARCH

Garuda Maintenance Facility:  Growth strategy to support future earnings (GMFI IJ. IDR 240 BUY.TP IDR 330 )

Garuda Maintenance Facility (GMFI) reported net profits of USD3mn (-15.4% qoq, -59.0% yoy) in 1Q19. While the revenues are within our expectation, the net profit is below our estimate and the consensus due to lower-than expected margins. Nonetheless, the company’s continuous expansion through organic and inorganic growth should support earnings going forward, we believe. Maintain BUY with a target price of IDR330 (based on DCF valuation).

 

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PerusahaanGasNegara:  Sector restructuring to Unlock PGN volume growth (PGAS IJ. IDR 2,290 BUY.TP IDR 2,700)

PGN as the national gas subholding under Pertamina, is the direct beneficiary of Government’s policies to make gas as a primary energy source,and expecting volumes to grow steady minimum +3% per annum. Sole provider of pipeline network wih Pertagas opens the door for stronger wholesale and retail gas transmission,and become worthy partner for Pertamina. We initiate coverage on PGAS recommending BUY, TP: Rp2,700 with moderate upside as current valuation is undemanding at 14.4x PE.

 

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MARKET NEWS

 

CORPORATE

Adhi Karya: New contracts in 1Q19 reached 8.6% of the full year target

Adhi Karya (ADHI) booked IDR3.0tn of new contracts in 1Q19. This figure is 8.6% of the full year target of IDR35.0tn (+42.3%yoy, FY18: IDR24.6tn). (Kontan)

 

Waskita Karya: 1Q19 new contracts are 7.6% of the full year target

Waskita Karya (WSKT) booked new contracts in 1Q19 of IDR4.27tn or 7.55% of the management’s full year target. The company targets new contracts in 2019 of IDR56.0tn. Meanwhile, WSKT’s subsidiary, Waskita Toll Road (WTR) is eyeing three new toll road projects this year, namely: Balikpapan- Penajam, Semarang – Demak, and Mojokerto – Gempol. WSKT also plans to divest six toll roads this year. (Kontan).

 

WOOD targets 50% yoy revenues growth in 2019

WOOD is targeting FY19 top line growth of 50% yoy supported by export markets which provide around 70% of the company’s total revenues. At the bottom line, the company is optimistic that it can record a 10-12% net margin. For 2019, the company has earmarked IDR200-250bn on capex, financed from internal cash and bank loans. (Bisnis Indonesia)