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Danareksa Equity Snapshot - 16 September 2020
September 16, 2020 09:34



Astra International: Sharp sales increase in August – as expected

As expected, domestic car sales volume (wholesales) jumped by 47.4% mom to 37,277 units in Aug 2020. In 8M20, car sales volume was 323,492 units (- 51.4% yoy). While the Government of Jakarta opted for emergency brake measures, reverting to full mobility restrictions from 14 Sept 2020 which will flatten recovery of domestic car sales, we continue to like Astra International given expectations of a further recovery in domestic car sales volume in 2021. Our TP of IDR6,700 is based on SOTP valuation.

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Indonesia records a USD2.3bn trade surplus

Indonesia recorded a trade surplus of USD2.3bn in August 2020 with exports of USD13bn and imports of USD10.7bn. Exports were down by 4.6% mom due to a 9.9% decline in oil and gas exports and 4.4% decline in non-oil and gas exports. For non-oil and gas exports, there was a 4.9% mom decline in the manufacturing sector, followed by a 2.4% decline in the agriculture sector, and a 0.3% decline in the mining and other sectors. Exports growth in the agriculture and manufacturing sectors was weaker than in July when the two sectors booked double digit positive growth: 24% mom for agri, and 17% mom for manufacturing. Imports, meanwhile, were up by 2.65% mom in August, mainly owing to a 3% mom increase in non-oil and gas imports. There was an 8.8% mom volume increase in non-oil and gas imports. The higher mom imports growth was also driven by higher imports of consumption goods and raw materials that reached 7.3% and 5% mom respectively. On a cumulative basis, Indonesia’s trade balance in Jan-Aug 2020 has reached USD11.1bn. This compares to a deficit in the same period last year of USD2.1bn. (BPS)



Technology: Indonesia has not yet imposed corporate income tax on digital foreign companies

The Ministry of Finance stated that corporate income tax on digital foreign companies was still a matter of debate in the G20 forum and OECD. Hence, the Indonesian govt has not yet imposed corporate income tax on those digital companies, although it has imposed 10% VAT on their products as stipulated in the Regulation of the Ministry of Finance (PMK). The VAT collection from digital foreign companies will be conducted in stages:

Stage I, starting from 1 August 2020: Amazon Web Service, Google, Netflix, Spotify.

Stage II, starting from 1 September 2020: Tiktok, Facebook,, Audible, Alexa, Apple, Walt Disney.

Stage III, starting from 1 October 2020: Zoom, Twitter, Shoppee, LinkedIn, McAfee, Microsoft Ireland, Novi Digital, Skype, and PT Jingdong Indonesia Pertama. (Kontan)



Waskita Karya: Secured IDR9.6tn of new contracts so far

Waskita Karya booked another IDR1.08tn of new contracts resulting the total new contracts of IDR9.6tn as of mid of Sep20. The new contracts are coming from three projects: Way Sekampung dam package IV, Jragung damn package I and Sewerage Jambi B2. The new contracts accounted for 36.9% of the FY target set at IDR25.5tn. (Investor Daily)


Wijaya Karya: Looking for IDR5.0tn for debt refinancing

Wijaya Karya plans to issue bonds and sukuk with a total value of IDR5.0tn in 4Q20. The proceeds will be used for the debt refinancing as it has a IDR5.4tn of maturing bond, Komodo bond, in Jan21. In other hand, WIKA owns IDR4.0tn of bridging loan facility from several SOE banks. WIKA has BB- ratings for Fitch Indonesia. (Investor Daily)

Comment: WIKA’s DER stood at 1.26x as of Jun20.