Riset Saham, Selasa 21 Mei 2013

RISET FR CIMB 21 MEI 2013 :


1.Indonesia Strategy Flash Note
Strategy   | Sending the right signal
OVERWEIGHT - Maintained
Author(s): Erwan TEGUH, Peter P. SUTEDJA, CFA

The decision of picking a credible technocrat to fill the vacant finance minister post should boost market confidence to a certain extent. More importantly, this could also send an early signal that the President is willing to make difficult decisions. We view the appointment of Mr Chatib Basri as market positive as he is well known by investors and the general public. If his appointment is followed by the passing of long-awaited fuel subsidy cuts, the market will have further catalysts to re-rate. Maintain Overweight on the market with YE13 index target of 5,250. Top cyclical picks are ASII, BMRI and CTRA.

Key Cyclical Picks :
ASSA     OUTPERFORM     TP 500
ASRI.     OUTPERFORM     TP1,300
ASII.      OUTPERFORM     TP8,350
BMRI.      OUTPERFORM     TP12,500
BBTN.     OUTPERFORM     TP2,000
BSDE.      OUTPERFORM     TP2,350
CTRA.       OUTPERFORM     TP1,850
SSIA.       OUTPERFORM     TP2,000
TOTL.       OUTPERFORM     TP1,350

(20 May 2013)


2.ASIA PACIFIC Sector Note
ASIAN Banks Weekly   | Thai and Singapore upgrades; Maybank stock of the week
OVERWEIGHT - Maintained
Author(s): Trevor KALCIC, CFA, Lydia XU, Hans FAN, CFA

Southeast Asia was back in focus over the past week, with upgrades from Neutral to Overweight for both the Thai and Singapore banking sectors. We continue to Overweight Asian banks and our top country picks are China, Korea, Indonesia, Thailand and Singapore. Our top stock picks are ICBC, CCB, Shinhan, Mandiri, SCB and DBS.

(20 May 2013)

3.Astra International   | The best play on fuel price hike?
ASII IJ / ASII.JK | OUTPERFORM - Maintained | Rp7,050.00 - Tgt. Rp8,350.00
Mkt.Cap: US$29252m | Avg.Daily Vol: US$25.52m | Free Float: 49.00%
Autos | Author(s): Peter P. SUTEDJA, CFA,

We maintain that the low-cost green car (LCGC) regulation will be passed when the government decides on its subsidised fuel price policy. This is the key catalyst for Astra’s share price. Astra has underperformed the market by 27% YTD, after underperforming by 10% in 2012. Pinning our hopes on the passing of LCGC regulations, our call on Astra remains an Outperform while our target price is unchanged, still based on 15x CY14 P/E, 1 s.d. above its three-year mean.
(20 May 2013)

4.Weekly Realty Check   | SG property trends, post results
Author(s): Donald CHUA, Siew Ling TAN

We review Singapore property stocks this week as most companies have reported earnings. Among developers, M&As and asset recycling are on the rise and could dictate stock prices. The theme for S-REITs remains liquidity over valuations and how far yields can be stretched. We retain our Neutral call on SG property stocks, but are now more positive on the sector compared to three months ago. We make no changes to our regional picks with ASEAN as our preferred region (Malaysia, Thailand and Indonesia).
(20 May 2013)