Key points from the report:
· Waskita is one of the big 4 SOE contractors. WSKT is the fastest growing contractors with a new order book YoY growth of +46% in 13CL, in-line with guidance.
WSKT is the purest play on construction among the big 4 SOE contractors with construction services contributing 90%+ of revenue. WSKT focus has been pre-cast concrete factory which it has successfully expanded into helping margin expansion in the 1Q13 and expected to continue. We forecasts margin to expand to 10.4% in 13CL from 8.6% in FY12.
WSKT is on-track to deliver this with 21% of new order book filled as of April 2013. We expect infrastructure spending to remain strong in 2013, positive for the sector.
We initiate with a BUY, target price 1,100 implying 29% upside. Our valuation is based on a 17x 2014 P/E in-line with average regional peers.
From ES: BBRI
Target : 10200
Pendapatan bunga bersih naik menjadi 9,93 T
Laba operasional naik +13,76 persen menjadi 5,86 T
Laba bersih naik +20,12 persen menjadi 5,09 T
Proyeksi full year 2013
PBV 2013F 3,1 x
EPS 2013F 21,66 T
PEr 2013 F Rp. 11,62 x
TOTL
Target price 2013F 1440
Kinerja Q1 2013
Net revenue +70 persen
Operating profit naik +135 persen menjadi 61,36 M
Net profit naik +73 persen
Proyeksi full year 2013
Net Revenue menjadi Rp 2,34 T
Operating profit menjadi Rp 245,46M
Net profit menjadi 214,08 M
BV rp 245
EPS Rp 63
PER 22,94x
PBV 5,88x
SMRA
Target price 2013F rp 3300
Kinerja kuartal 1/2013
Net revenue +4,4 persen
Operating profit naik +74,8 persen
Net profit naik +117 persen
Proyeksi full year 2013
Net revenue menjadi 3,4 T
Operating profit menjadi 1,47 T
Net profit naik +117 persen
EPS rp 118
Per 16,1
PBC 5,1
WIKA
Target price 2013 F 2850
Kinerja kuartal 1/2013
Net Revenue +50,3 persen
Operating profit naik +82 persen
Net Profit naik +75 persen
Proyeksi full year 2013
Net Revenue RP 10,4 T
Operating profit 1,09 T
EPS rp 105
Per 24,1
PBV 5,1 x
All buy Recomendation....
REMINDER ALL ABOUT MTLA :
1.FR CIMB :
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
3.MTLA ( PD ) TP IDR 750 : Eyes on the middle class
§ Metland Puri will be the revenue driver in 2014.
§ New hotels and mall will push its recurring income portion.
§ Initiate BUY with TP of Rp750/share, 33% discount to end FY12F RNAV of Rp1,127/share
4.MTLA : Project di 2013
1. Pembangunan proyek yg di bekasi
2. Nanti mau ada proyek pembangunan di cirebon
3. Proyek di lampung
4. Tahunn depan ada proyek gerbang tol di puri
Msh ada kenaikkan lgi 100 - 150 lgi
5.Kinerja Bagus
(04 maret 2013)
4.RUPST/LB MTLA Tgl 16 MEI
5.MTLA laba Q1 2013 Rp50,11m vs Rp42,62m
1.Astra Graphia | Monetising its businesses
ASGR IJ / ASGR.JK | OUTPERFORM - Maintained | Rp1,710.00 - Tgt. Rp2,100.00 Ind Goods & Services | by Erisca WIRAATMADJA, Peter P. SUTEDJA, CFA
ASGR’ 2012 earnings were in line with our expectations and consensus. The recent launch of BBM Money and continued strong growth in its existing businesses should the pave way for the stock's re-rating. 2012 core net profit formed 104% of our full-year forecast and 103% of consensus forecast. We nudge up our FY13-14 earnings and increase our target price, still based on DCF but now on a lower WACC of 13% given the higher gross gearing of the company (LTG 8%). Its target price implies P/Es of 15.1x FY13 and 12.7x FY14. Maintain Outperform with AMI positive newsflow as catalyst.
(01 Maret 2013)
2.FR KIM ENG
Astra Graphia (ASGR.IJ, Buy) - Stong Result As Expected
❖ On the back of Astra Graphia’s strong FY12 result, and we roll over our valuation basis to FY13, we raise our TP to IDR2,125 (from IDR1,840). Our new TP pegs the stock at 13.8x FY13F PER. Reiterate BUY.
❖ ASGR successfully maintained operating cash flow at IDR24b in FY12, Capital expenditure also showed no significant increase. The reduction in total loan and absence of significant capital expenditure resulted in ASGR maintaining its net cash position in FY12.
❖ Media reports have quoted management as saying it is eyeing revenue of IDR3t in FY13 (45% YoY growth). We think management’s target is little too optimistic and would prefer to maintain our FY13F revenue forecast at IDR2.4t (16% YoY growth).
(01 Maret 2013)
3.FR CLSA
In the banks we like BBCA & Mandiri who are developing mobile banking. Other beneficiaries are Astra Graphia (ASGR IJ) & Permata (BNLI IJ).
MSCI : Global Standard Indices :
Add : BSDE, ICBP, LPKR.
Deleted : NONE !
MSCI : Small Cap Indices : Add : ACES, ARNA, BRMS, DKFT, CTRS, CNKO, SMMT, MYRX, IDKM, MTLA, NIRO, LSIP, SUGI, TSPC, TELE, TOTL, WIKA.
Deleted : UNSP, BTEL ADMG
From UOB KayHian
Alam Sutera Realty (ASRI)
Positive Feedback From Non-deal Roadshow
We received positive feedback from clients at our recent non-deal roadshow. ASRI’s 4M13 marketing sales hit Rp1.7t, or 30% of its 2013 target. ASRI is launching an office project at Kav. 12 in 2Q13 and an investor has expressed interest to buy the entire building. Land selling prices in Serpong and Pasar Kemis increased to Rp13m psm and Rp3m psm respectively. Maintain BUY. Target price: Rp1,290.
What’s New
Investors are still confident in Indonesia’s property market.
4M13 marketing sales of Rp1.7t.
Strong demand for office tower in Jakarta’s CBD.
Gearing level will go down in 2Q13.
Stock Impact
ASRI’s 2013 target sales in line with our forecast.
ASP improved, backed by strong demand in both Serpong and Pasar Kemis projects.
The GWK-Bali project is expected to be launched in 2016.
Additional revenues from the divestment of Cibitung landbank.
No fund raising in the medium term.
Valuation/Recommendation
Reiterate BUY and target price of Rp1,290. The stock is trading at a low 14.1x 2013F PE and a high P/B of 3.8x with a ROE of 35%. Our target price is Rp1,290, based on a 30% discount to our RNAV of Rp1,845/share.
*AGAIN…………. !!! STOCK FOKUS : INKP New Huge pick tomorrow morning
Sorry, this is INKP daily chart (white and green color).. IDR1970
(FR KIM ENG – 15 MEI 2013 selengkapnya email)
*REMINDER INKP :
(ZP) Indah Kiat - A potentially awakening GIANT... (Immediate TP of Rp2,000/sh - 45% UPSIDE)
Looking at the share price performance over the past week, we feel that indeed this giant (INKP IJ) is waking up from its long sleep, if not overslept.
The crossovers between 50-day and 200-day moving averages with huge volumes also support our view that this is just the beginning of a further share price turnaround.
We quote from Investopedia with regards to this crossovers: "On the other hand, when two averages with relatively long time frames cross over (50 and 200, for example), this is used to suggest a long-term shift in trend."
http://www.investopedia.com/
Interesting to point how crossovers of 50-day and 200-day moving averages of Gajah Tunggal (GJTL IJ), which started on 16 April - approximately one month ago, has done to its share price. Chart attached.
Flag pattern on the daily chart points to IDR 2,000/sh target price. Recent high of 1570 minus recent low of 990 (opt to be more conservative, otherwise may use 900) = 580. Recent consolidation resistance levels at 1410 – 1420. IF it breaks 1420, then target should be 2000 (1420 + 580).
DB's global (ex-LatAm) average for Paper and Forest Products for is 20.4x FY13 PER, while Asia average is 16.5x FY13. Report attached. Pulp price has also been on the upside for the most part 2013.
Looking at the above facts, we would feel that our initial target of IDR 2,000/sh (8x FY13 PER, conservative approach) should be easily achievable in the short-term.
2Q13 results, when it is released in July 2013, will be important in determining our next target price.
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