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BRI Danareksa Sekuritas Equity Snapshot - September 28,2022
September 28, 2022 08:49



Jasa Marga: Inline result(JSMR.IJ IDR 3,470 BUY.TP IDR 5,400)

JSMR 1H22 result is pretty much inline with our forecast and consensus. The company booked higher operating revenue due to the combination of tariff adjustment as well as improvement in traffic volume during Lebaran holiday. As such, we maintain our net FY22 earnings estimate. Maintain BUY

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ASII to Weigh Options for Life Insurance Unit

PT Astra International is considering options for its life insurance unit including a potential sale that could value the business at as much as USD 500 mn., according to people with knowledge of the matter.


ASII is working with a financial adviser on a review of PT Asuransi Jiwa Astra, also known as Astra Life, said the people, who asked not to be identified as the process is private. In addition to a full sale, other options under consideration include a partial sale and setting up a joint venture. A deal could also involve a so-called bancassurance partnership, in which an insurer could sell its products in a bank’s branches and other retail channels for a set period.


Astra is seeking a valuation of USD 300-500 mn. for the life insurance firm in a transaction. Discussions are at an early stage and Astra could still decide to keep the asset, they added. A representative for ASII declined to comment. (Bloomberg)


Comment: We understand from the financial disclosures of Astra international that it holds significant stake in GOTO via its insurance businesses of Astra. We will continue check if Astra International TBk will continue have stake in GOTO. (Niko-BRIDS)


BRPT on Preparing Green-Energy Holding

BRPT are currently preparing holding-company to synergize all its renewable-energy business unit. Management still has not provide any further comment as it is still on process with the Financial Services Authority

(OJK). Previously on March 2022, Green Era which is part of the conglomeration acquired 33.3% of Star Energy Geothermal from BCPG Thailand, completing the previous BRPT ownership at the company for 66.6%. (Kontan)


Grab targets Group Adjusted EBITDA breakeven by 2H 2024

Grab Holdings Limited is targeting to achieve breakeven on a Group Adjusted EBITDA basis by the second half of 2024, as it accelerates its path to profitability. For the 2H22, Group Adjusted EBITDA is expected to be USD 380 mn, a 27% improvement compared to the 1H22. With a focus on sustainable growth, Grab also expects Group revenues to grow strongly between 45% to 55% yoy in 2023 on a constant currency basis. Grab also expects to reach breakeven for its Digibank operations by 2026.


Grab has expanded its pilot monthly subscription program, GrabUnlimited, to five countries - Indonesia, Malaysia, Singapore, Thailand and the Philippines. For a flat monthly fee, users enjoy benefits and deals across various services on the Grab superapp, including mobility, food and parcel deliveries. (GRAB)


Comment: Tech companies taking a strong turn towards achieving profitability. We think GRAB expects fundraising activities to be subdued going forward as investor appetite becomes very risk averse towards

growth sectors such as tech. GRAB comforts investors by also announcing a target for EBITDA profitability. GOTO’s on demand services are being guided to reach contribution margin positive by 1Q23. SEA Limited on the other hand is undergoing major reorganizations worldwide but without giving guidance for the year. (Niko-BRIDS)


MLPL Releases LPPF Shares of IDR 1.19 tn

MLPL relinquished part of its shareholding in LPPF, releasing 300 mn. shares at a price of IDR 3,970/share, implying total value of transaction at IDR 1.19 tn. This sale was made on September 23, 2022. With this

divestment, MLPL's share ownership percentage becomes 8.8% (previously: 21.57%). There are 3 sellers in this transaction (MLPL subsidiary), PT Cahaya Investama (IDR 397 bn), PT Surya Cipta Investama (IDR

397 bn), PT Reksa Puspita Karya (IDR 397 bn). (Kontan)


UNTR Distributes Interim Dividend IDR 3.05 tn

UNTR plans to distribute an interim dividend of IDR 3.05 tn for FY22. The interim dividend of IDR 818 per share are planned to be distributed to UNTR shareholders on October 24, 2022, with cum date set by the

management at October 4, 2022. UNTR net profit achievement as of 1H22 are at IDR 10.3 tn and unrestricted retained earnings at IDR 63.4 tn, with total equity of IDR 81.9 tn. (Investor Daily)