riset target harga
REMINDER EXCL :
*EXCL dikabarkan akan mengakuisisi AXIS, melalui equity swap. Saat ini, proses akuisisi sedang berlangsung. Jika akuisisi ini berhasil, EXCL akan menjadi operator dengan pemilik frekuensi dan jaringan terbesar di Indonesia. Setelah AXIS berhasil diakuisisi, AXIS rencananya akan di-IPOkan segera. Oleh karena itu, asing sedang melakukan akumulasi berat melalui JP Morgan, Kim Eng, dan Nomura dengan target 7000.

*REKAP RISET EXCL :
1/2/2013 Nomura neutral 6,750 1/2/2013 BNP Paribas Equity Research buy 7,000
1/2/2013 BNP Paribas Equity Research buy 7,000
1/2/2013 Goldman Sachs Buy/Neutral 6,250
3/2/2013 Danareksa sell 6,100 4/2/2013 Barclays overweight 6,500 4/2/2013 UOB Kay Hian hold 5,300 4/2/2013 OSK (Asia) Securities neutral 6,000
4/2/2013 Bahana Securities hold 6,200 4/2/2013 Daiwa Securities Co. Ltd. outperform 6,069
4/2/2013 CIMB underperform 5,500 4/2/2013 DBS Vickers hold 5,600 4/2/2013 Macquarie outperform 6,500 4/2/2013 Credit Suisse outperform 7,500


(Berita saham selengkapnya dikirim lewat email/YM Semoga Bermanfaat)



Disclaimer: This broadcast is for informational purposes and should not be construed as a solicitation or offer to buy or sell securities or related financial instruments


Adi Sarana Armada | Stepping into the spotlight ASSA IJ / ASSA.JK | OUTPERFORM - Maintained | Rp425.00 - Tgt. Rp500.00 Transport | by Soegiarto HADI,

We brought ASSA to Singapore to meet investors over two days. Though many were still unfamiliar with ASSA, its unique business model and potential stirred interest. Used car price sustainability is still a concern but we believe that it could turn out better than expected. We maintain our Outperform rating and GGM-based target price (ROE: 19.5%, LTG: 7.5%). Catalysts include faster-than-planned fleet expansion. (04 April 2013)

RISET FR CIMB 04 April 2013

1.Banks   | FY12 results recap: loan factor
OVERWEIGHT - Maintained
by Mulya CHANDRA, CFA,

Banks in our universe concluded 2012 with sterling earnings growth of 21%. It was mainly driven by strong loan growth that averaged 23% yoy and sustained NIM of 5.2-14.8%. Asset quality was stable while costs were manageable despite some seasonality. In the recent round of results, we upgraded Mandiri’s, BCA’s and BNI’s EPS estimates and target prices while dropping coverage on Bank Jabar Banten. We maintain Overweight on the sector and sector catalysts are expected from robust earnings growth for the rest of 2013. Mandiri, BCA BTN and Panin remain our sector picks.

Sector Comparison
BBKP Outperform TP 1,300
BBCA Outperform TP 12,000
BDMN Trading Buy TP 7,000
BMRI Outperform TP 12,500
BBNI Outperform TP 5,400
PNBN Outperform TP 1,200




BBRI Underperform TP 7,000
BBTN Outperform TP 2,000
BTPN Neutral TP 5,450

(04 April 2013)



2.Alam Sutera | Bonding with the debt market ASRI IJ / ASRI.JK | OUTPERFORM - Maintained | Rp1,030.00 - Tgt. Rp1,300.00 Property Devt & Invt | by Lydia TOISUTA,

ASRI’s new bond issuance should clip 1.3% pts off its cost of capital, which is the main reason for our target price upgrade. The share price has done well YTD, backed by exceptional execution. But management needs to deliver on property launches this year to sustain the gain. We shave our EPS for the bond issue. But our DCF-based target price rises because of a lowering of WACC from 12% to 11%. Although its share price has risen 72% YTD, we continue to rate ASRI an Outperform as its valuations remain relatively attractive given the prospect of RNAV growth from premium land bank acquisition and high growth earnings. Its 35% FY13-15 EPS CAGR justifies a re-rating. (04 April 2013)