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BRI Danareksa Sekuritas Equity Snapshot - September 29,2022
September 29, 2022 09:24

FROM EQUITY RESEARCH

 

Vale Indonesia: Clearer outlook for HPAL projects  (INCO.IJ IDR 6,250 BUY.TP IDR 7,600)

INCO received FID for its HPAL project and expect the facility will complete in 2025. Mining activity for this project will begin next year and expect will begin operational in 2025. Reiterate our Buy call on INCO with a higher TP of IDR7,600.

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MARKET NEWS

 

MACROECONOMY

Ferry Transport Fares to be Increased by 11% Starting October

Ministry of Transportation are increasing the inter-province crossing tariff of economy class on ferry-boat transportation mode by around 11%, starting 1 October this year. Following the increase in subsidized fuel price, the Ministry are adjusting to the needs of industry by tariff-hike, with application to be done in 23 commercial crossing area across Indonesia. Examples on increase in tariff will be: Merak-Bakauheni passenger’s rate (prev. IDR 14,4k increased to IDR16,5k (+14.5%)), Ketapang-Gilimanuk (prev. IDR 4,5k increased to IDR 5,4k (+21%)). (Bisnis)

 

CORPORATE

BMRI Reviewing Options on Corporate Action for Its Digital Banking Services

BMRI is reviewing the possibility of taking corporate actions to strengthen its digital banking services. There are 2 options being studied. (1) Opportunity to separate or spin off the Livin superapps application into a stand-alone digital bank service. (2) BMRI to conduct acquisitions to enter digital banks. According to BMRI, with the company's capital adequacy ratio above 19%, it is very possible to take corporate action with mergers and acquisitions. But it will still be calculated which option is the most optimal. (Kontan)

 

LINK Received Loan worth IDR 1.5 tn

LINK received sharia financing worth IDR 1.5 tn with 5-year tenure from BNLI. According to LINK, this transaction was aimed to support the financing of its working capital and business activities, also deemed to not having either conflict of interests and negative impact to the its financial condition. (Kontan)

 

XL Axiata – Huawei, Apply the Latest Technology to Expand Network Capacity

PT XL Axiata Tbk collaborated with Huawei to implement the latest FDD Smart 8T8R technology to improve network quality and capacity. Currently, XL Axiata has implemented the FDD Smart 8T8R network in more than 700 4G BTS in various regions in Indonesia. The results of a series of trials that have been carried out show an increase in network quality and capacity up to 2.9x. The application of this technology also implements green ICT principle.

 

According to EXCL, this FDD Smart 8T8R Technology, in addition to increasing spectrum efficiency to achieve an increase in user throughput of up to 2.0x over 4T4R technology, can also help reduce power consumption by up to 26% and increase spectrum efficiency on the network, thereby helping to reduce network operational burdens. (Company)

 

VOLTA Introducing New EV Series and Motor Ownership Program

Volta, a subsidiary of NFCX-MCAS Group, attended the Indonesia Electric Motor Show (IEMS) 2022 exhibition, which took place on 28-30 September 2022 at the Jakarta Convention Center. Volta presents variants of its superior electric motorcycle models, including the flagship Volta 401 and the models in collaboration with Bumilangit, namely the 'Virgo and the Sparklings' series and the new series, 'Mandala.' At IEMS 2022, visitors can buy Volta motorbikes with attractive ownership installment programs from various Banks and Multifinance.

 

Volta also introduced Volta Plus+, an electric motor ownership program that is more affordable and economical, starting from IDR 12,750,000* (OTR Jakarta). Volta Plus+ is also equipped with various advantages, including a lifetime battery warranty, free home charging, and operating costs that are more efficient than ordinary motorbikes with battery’s flat fee based on usage. (Company)