RISET FR CIMB 03 MEI 2013 :
1.Monthly Market Review | Apr 13: Asia-Pacific markets
Author(s): James BARRETT, CFA,
Our Monthly Market Review is your guide to Asia-Pacific market movements over the past month. It provides performance attribution analysis for local markets and puts Asia-Pacific markets into the context of the rest of the world. In common currency, the MSCI Asia Pacific ex Japan index (up 2.6%) underperformed the MSCI World index (up 3.2%) and outperformed the US S&P 500 Composite (up 1.9%) during Apr 2013. (02 MEI 2013)
2.Metropolitan Land | A walk in the park
MTLA IJ / MTLA.JK | OUTPERFORM -Maintained | Rp620.00 - Tgt. Rp730.00
Mkt.Cap: US$483.3m | Avg.Daily Vol: US$0.37m | Free Float: 25.00%
Property Devt & Invt | Author(s): Lydia TOISUTA, Linda LAUWIRA
Asset value acceleration for MLTA relies on its FY13 property delivery. Based on cash spent in 1Q13, the company seems on track. On top of that, a wave of ASP growth has hit its middle-low end project site, providing upside to future profitability. Though 1Q13 core profit came in at 18% of our full-year forecast and 16% of consensus numbers, we view it as being in line due to upcoming contributions from MLTA’s new asset which will start operating in 2H13. We keep our forecasts, DCF-based target price and Outperform rating. The main catalysts are the start of the new asset, ASP upside and the launch of new project.
(02 MEI 2013)
3.Holcim Indonesia | Off the table
SMCB IJ / SMCB.JK | UNDERPERFORM - Downgrade | Rp3,725.00 - Tgt. Rp3,300.00
Mkt.Cap: US$2935m | Avg.Daily Vol: US$2.07m | Free Float: 22.70%
Cement | Author(s): Lydia TOISUTA, Linda LAUWIRA
(02 MEI 2013)
4.Malindo Feedmill | A speck of cloud in the sun
MAIN IJ / MAIN.IJ | OUTPERFORM -Maintained | Rp2,775.00 - Tgt. Rp3,600.00
Mkt.Cap: US$483.7m | Avg.Daily Vol: US$4.14m | Free Float: 40.90%
Food & Beverages | Author(s): Irenne ACHMAD,
(02 MEI 2013)
bosman pangaribuan bb baru:
5.Surya Semesta Internusa |Uneventful quarter
SSIA IJ / SSIA.JK | OUTPERFORM -Maintained | Rp1,580.00 - Tgt. Rp2,000.00
Mkt.Cap: US$763.7m | Avg.Daily Vol: US$3.99m | Free Float: 58.20%
Property Devt & Invt | Author(s): Lydia TOISUTA, Linda LAUWIRA
1Q13 earnings were not very inspiring as its contracting business saw more booking, thus dragging its consolidated margin down. Except for the potential listing of NRC, its contractor subsidiary, the company’s execution in the quarter was unexciting. 1Q13 core profit was broadly in line with our expectation at 21% of our full-year forecast, although it was 8% ahead of consensus. We expect stronger quarters ahead from the delivery of its industrial estate backlog. Maintain Outperform with an intact SOP-based target price. A key catalyst is the listing of its construction business.
(02 MEI 2013)
6.BW Plantation | A fragile state
BWPT IJ / BWPT.JK | NEUTRAL - Downgrade | Rp910.00 - Tgt. Rp950.00
Mkt.Cap: US$379.2m | Avg.Daily Vol: US$2.21m | Free Float: 37.00%
Plantations | Author(s): Erindra KRISNAWAN, Erisca WIRAATMADJA
7.Selamat Sempurna | Heavy equipment setback
SMSM IJ / SMSM.JK | OUTPERFORM -Maintained | Rp2,725.00 - Tgt. Rp2,850.00
Mkt.Cap: US$403.4m | Avg.Daily Vol: US$0.35m | Free Float: 41.90%
Auto Parts | Author(s): Soegiarto HADI, FRM,
(02 MEI 2013)
*FR KIM ENG :
1.Stock Focus: INKP (New huge pick tomorrow morning!)
Turning point for this stock will sustain, according to volatility chart below.
We like this with two times/stages gap up, meaning huge demand.
Maintain target = IDR1230 – 1280. Trading Buy!
(02 MEI 2013)
2.Express Transindo Utama (TAXI.IJ, Buy) - 1Q13 earnings grew tepid at 6.7% YoY, still in line with our forecast
TAXI’s share price has increased by 21% since our initiation. Nevertheless, Our current TP of IDR1,500 still translate to potential upside of 11% from yesterday’s closing price.
(02 MEI 2013)
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*FR CLSA :
1.Stock: Indocement (INTP IJ)
Mcap: US$10bn
ADTO: US$8.5m
Rec: Downgrade from BUY to O-PF (TP: Rp30,000)
(02 MEI 2013)
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