Riset Saham, Selasa 14 Mei 2013

Mandiri Focus - DYAN - 14May13
Buy TP 425

An eventful year

Part of Kompas Gramedia group, Dyandra Media International (DYAN) is one of the largest event company in the country. We are expecting 30% EPS growth this year driven by higher IIMS revenue and APEC and WTO events to be held in its Bali hall.


Established exhibition portfolios. Since 1995, DYAN has been very active in exhibition organizer space with main portfolios in consumer electronics and automotive. The top 4 exhibitions have been organized annually by DYAN since 2000s. As the growth strategy, DYAN is actively rolling out well accepted exhibitions to new cities in Indonesia.

Busy 2013. The 4Q13 will be a hectic quarter for DYAN. 2013 Indonesia International Motor Show has been launched last week (95% of the space has been booked). The 2013 APEC CEO Summit and the 9th WTO Ministerial Conference will be held in its Bali Nusa Dua Convention Center. We forecast revenue will grow by 78% yoy. In 2012, 4th quarter revenue contributed to 34% of FY revenue (15% in 1st quarter).

Strategically part of Kompas Gramedia group. Being part of the largest printed media group posses several advantages for DYAN, mainly in the area of media coverage and business relation. The group is also well known for its conservativeness and good corporate governance.

Initiating coverage with BUY rating and Target Price of Rp425/share. Our TP was derived from sum-of-the-part valuation of event and property business. At our TP, the event business will be valued at 12x PE2013 (10% discount to global peers) and 1.15x current PBV for the property business. The global event companies are trading at average of 13.2x PE2013. PBV method is utilized for the property business.

Risk factors. Cyclical business, high reliability to key personnel and political stability are among the key risks. Full year revenue and net earnings will also be skewed toward the last quarter of the year.


Satriawan
Technical Analyst

DISCLAIMER
RISET FR CIMB 14 MEI 2013 :


1.Matahari Department Store | At the right place and time
LPPF IJ / LPPF.JK | OUTPERFORM - N/A | Rp13,750.00 - Tgt. Rp14,300.00
Mkt.Cap: US$4121m | Avg.Daily Vol: US$5.21m | Free Float: 47.90%
Retail | Author(s): Cindy EFFENDI,

A general merchandiser, we believe MDS has the brand, scale, management expertise and capital to capture growth opportunities from Indonesia’s macro tailwinds and favourable demographics. We initiate with Outperform and Rp14,300 target price, pegged at 25x CY14 P/E, on par with premier retailers such as Aces in view of its strong growth and clearer earnings visibility. Key catalysts should come from strong growth and margins.
(13 MEI 2013)






2.ASIAN Banks Weekly | Stay Underweight on Australian banks; KTB stock of the week
OVERWEIGHT - Maintained
Author(s): Trevor KALCIC, CFA, Lydia XU, Hans FAN, CFA

While 1H13 results were stronger than expected, we reiterate our Underweight call on Australian banks. Our chief concern is the sector’s rich valuation of 2.7x NTA for 20% ROTE. Within the sector, our preference remains NAB. Elsewhere, we downgraded Bank Tabungan Pensiunan (BTPN) to Underweight over uncertainty about Sumitomo Mitsui’s intentions. We continue to Overweight Asian banks. China, Korea and Indonesia are our top country picks while ICBC, CCB, Shinhan, BS Financial and Mandiri are our top stock picks.
(13 MEI 2013)




3.Weekly Realty Check | Malaysia “boleh”
Author(s): Donald CHUA,

Regional performances
ASEAN remains a hotspot, with Malaysian and Indonesian property stocks being the stars last week, rising 8.6% and 5.7%, respectively. UEM, SMRA and CTRP were standout stocks. HK and China property stocks were the main laggards.
(13 MEI 2013)

1.FR CIMB MTLA Outperform TP 730

2.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


3.MTLA : Project di 2013
1. Pembangunan proyek yg di bekasi
2. Nanti mau ada proyek pembangunan di cirebon
3. Proyek di lampung
4. Tahun depan ada proyek gerbang tol di puri
Msh ada kenaikkan lgi 100 - 150 lgi
(04 MARET 2013)