Riset Saham, Selasa 16 April 2013

RISET FR CIMB 16 APRIL 2013 :

1.Cement | Leadership restored
OVERWEIGHT - Maintained
by Lydia TOISUTA,

The market is likely to react positively again to SMGR’s best sales volume in 1Q13. Near term, there could be selling pressure from a macro-tightening bias although this may not be as severe as in 2011. We expect high utilisation rates and ASPs to provide sector catalysts. Maintain Overweight on the cement sector. Unlike 2011, the cement sector has better bargaining power on the back of high demand; the boom in high-rise buildings; and major multi-year projects. Our top pick is SMGR. (15 April 2013)





2.ASIA PACIFIC Sector Note
ASIAN Banks Weekly | Confusing China macro data; BOQ stock of the week
OVERWEIGHT - Maintained
by Trevor KALCIC, CFA, Lydia XU, Hans FAN, CFA

The past week saw a slew of macro data from China. The most notable points were the slightly weaker-than-expected GDP data and a surge in Total Social Financing (TSF) in the face of middling economic conditions. Our caution on Australian banks continues with a downgrade of Bank of Queensland to Neutral. We are Overweight on Asian banks. China, Korea and Indonesia are our top country picks and ICBC, CCB, Shinhan, BS Financial and Mandiri are our top stock picks. (15 April 2013)



3.ASIA Sector Note
Weekly Realty Check | S-REITs’ 1Q preview
by Donald CHUA, Siew Ling TAN

We preview 1Q13 results for S-REITs in this week’s Realty Check. We expect stable performances with some dilution from recent equity issuances. REITs with un-hedged yen exposure could suffer forex losses while industrial REITs should report asset-value gains. We retain our Underweight position on S-REITs on valuations. We believe Singapore developers offer better value; our top picks are OUE, UOL and GLP. We make no changes to our regional picks: Indonesia and Thailand remain our Overweight markets.
(15 April 2013)




RISET FR CIMB 15 APRIL 2013 :


1.ASEAN Strategy Note
ASEAN Strategy Weekly Key Calls |Indonesia rate hikes in the cards
by Chiou Yi CHANG,

We downgrade our calls on ASEAN planters (CPO price cuts), Ezra (earnings miss) and CPF (long-term overhang and H7N9 risks) this week. Our Indonesia economist raises rate hike expectations for FASBI and BI policy rates; FX reserves have fallen and inflationary expectations are up, as are long bond yields. Our Indonesia strategy team advocates a closer look at defensives this month – PGAS, JSMR, INDF, KLBF are top picks.

PGAS Outperform TP 5,550
INDF Outperform TP 9,000
JSMR Outperform TP 7,300
KLBF Outperform TP 1,300

(12 April 2013)