riset saham jumat 10 mei 2013

RISET FR CIMB 10 MEI 2013 :

1.Ramayana Lestari   | Another step forward
RALS IJ / RALS.JK | OUTPERFORM -Maintained | Rp1,500.00 - Tgt. Rp1,800.00
Mkt.Cap: US$1094m | Avg.Daily Vol: US$2.14m | Free Float: 30.80%
Retail | Author(s): Erwan TEGUH,

While sales fell short, this was more than made up by better margins as Ramayana rejigged its supermarket strategy once again. Net profit forms 8% of our FY13 forecast and consensus, in line given the high seasonality of its earnings. Ramayana stood out with operating margin expansion vs. retail peers’ declines from wages and rents. We maintain Outperform, EPS and target price. Catalysts are expected from sales improvements for supermarkets or any M&A talks once again.



2.Adhi Karya   | Taking a step back momentarily
ADHI IJ / ADHI.JK | NEUTRAL -
Downgrade | Rp3,150.00 - Tgt. Rp3,300.00
Mkt.Cap: US$583.2m | Avg.Daily Vol: US$3.37m | Free Float: 46.00%
Construction | Author(s): Lydia TOISUTA, Linda LAUWIRA

The recent downward revision of management’s guidance has been factored into consensus and our FY13 forecasts. However, its share price performance, which has been unusually strong, may face headwinds from a dilutive right issue and monorail’s execution risk We leave our forecast unchanged but downgrade our rating to Neutral from Outperform due to limited upside in the near term. Our target price is kept at Rp3,300, based on 11.5x CY14 P/E which is a 15% discount to contractors’ mid-cycle P/E.



3.Vale Indonesia   | One for the money
INCO IJ / INCO.JK | TRADING BUY - Maintained | Rp2,800.00 - Tgt. Rp3,100.00
Mkt.Cap: US$2859m | Avg.Daily Vol: US$1.74m | Free Float: 19.10%
Mining | Author(s): Erindra KRISNAWAN, Erisca WIRAATMADJA
bosman pangaribuan bb baru:
4.Autos   | No brakes on the cars
OVERWEIGHT - Maintained
Author(s): Peter P. SUTEDJA, CFA,

4M13 car and motorcycle wholesales continued to exceed our. Toyota regained its market share following aggressive discounting. A mid-term boost for Astra may come from the approval of the LCGC. We maintain our Overweight rating on the sector. Our top pick is Astra, whose Rp8,350 target price is still based on 15x CY14 P/E, +1 s.d. above its three-year mean. The catalyst is the removal of the fuel subsidy overhang and approval of the LCGC bill.



5.Indosat   | Good momentum
ISAT IJ / ISAT.JK | OUTPERFORM - Upgrade | Rp5,800.00 - Tgt. Rp7,400.00
Mkt.Cap: US$3240m | Avg.Daily Vol: US$1.17m | Free Float: 20.70%
Telco - Mobile | Author(s): Kelvin GOH, CFA,

Indosat’s annualised 1QFY13 was broadly in line with expectations despite coming in at 88% of our FY13 estimate and 87% of consensus as we expect stronger quarters ahead. Revenue and EBITDA growth rates were robust, at 16% and 12% yoy, respectively, given a low base. Indosat expects little opex pressure despite higher capex because it is not leasing many new towers. We upgrade Indosat to Outperform from Neutral with an unchanged target price (DCF, WACC: 12.4%) while tweaking our forecasts following its recent de-rating, revelation of little opex pressure, and low competitive risks. Likely re-rating catalysts are continued strong EBITDA growth.