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BRI Danareksa Sekuritas Equity Snapshot - 13 Januari 2021
January 13, 2021 09:12



Telkom Indonesia: Sustainable layers of growth – Call takeaways (TLKM.IJ.IDR. 3,510 BUY TP. IDR. 4,600)

Telkom offered a positive preview of the 4Q20 performance. Tsel improved in 4Q amassing the data opportunities, Indihome and Consumer segment are found in a sustainable growth path, while recovery is due in the Enterprise segment. The group will experience cost hiccup in 4Q20 affecting FY20 margins but should not affect our view. Maintain strong BUY.

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Nickel: President of the Philippines orders a halt in mining activities in a southern island

The President of the Philippines ordered a halt in all mining activities on an island in a southern province due to reports that the Tumbagan Island in Languyan in the province of Tawi-Tawi has been completely devastated by mining activities.  Nonetheless, the President’s order does not include the country’s mining hub in the Caraga region. (Source: Reuters)



EMTK: To seek approval for 9.75% NPRI

As the company plan to seek approval from EGM in 18th February 2021 to undertake a NPRI of 9.75% of new shares, implying dilution of 8.8% and raising IDR10.2tn at this price. The use of proceed is still vague at this point, but the figure is enough to take SCMA to go private, as with the rumor. We also view that SCMA the take private rumor is not far fetch and as we mentioned in the report the likelihood is a private placement rather than Pre-Emptive one. Source Company


TOWR gives guidance on its 2021 revenues growth and capex

TOWR will allocate CAPEX of around Rp3.25tn for 2021 excluding inorganic corporate actions. This should support 8% yoy revenues growth in 2021. "About 40% of the capital expenditure will be used for non-tower business development such as tower fiberization and connectivity”. (Investor Daily)

Comment: TOWR will close the year with ~47,000km of fiber intended for towers and other fiber connectivity. The latest capex allocation implies TOWR will continue to roll-out fiber in 2021. This bodes well with expected higher demand in fiber capacity in the coming years. Moreover, if the news is confirmed, the budgeted capex of Rp3.25tn is a strong sign that TOWR receives high actual orders from telcos which is expected to support the revenues growth in 2021. Our 2021 revenues growth target is about 150bps higher than the revenues growth guidance provided by TOWR’s Deputy CEO. Maintain BUY with a TP of IDR1,400.



The vaccination program starts today: A more detailed timeline

As the Food and Medicine Oversight Board (BPOM) has released the EUA and confirmed a 65% efficacy rate for Sinovac’s vaccines, the vaccination program will start today, with the President of the Republic of Indonesia as the first official beneficiary. The vaccination will be shown on air today. The Ministry of Health stated that there will be around 1.5 million healthcare workers who are targeted to be vaccinated in Jan-Feb this year. Around 566k of them will be vaccinated in January and the other 914k will be vaccinated in February. Since 3 January the govt has started to distribute 1.2 million doses of vaccines for healthcare workers. These healthcare workers include: healthcare and assistance officers, support staff, and on-the-job education medical students in various healthcare facilities.

After healthcare workers, the vaccination program will be held for public officers (17.4 million people) and the elderly (21.5 million people). Vaccines from Pfizer and Astrazeneca will arrive in April and have been tested for beneficiaries aged above 59 years old. Hence, the vaccination timeline for the elderly is from March to April.

Yesterday the raw materials for 15 million doses of Sinovac’s vaccine arrived. This is the third stage of vaccines delivery from Sinovac, after 1.2 million finished vaccine products arrived on 6 Dec 2020, and 1.8 million finished vaccine products arrived on 31 Dec 2020.

For the storage of the vaccines, Bio Farma stated that it had prepared production facilities for 250 million doses of vaccines from Sinovac per year. It has also prepared cold storage for the vaccines to be stored at 2-8 degree Celsius. Currently there are 10 cold rooms with each room having capacity of 8 million doses. Hence, the total cold room capacity may reach around 80 million doses of vaccines. Bio Farma plans to start vaccines production on 14 January 2021.

Source: Kontan, BRI Danareksa Sekuritas