Post on 03-Aug-2019
Monday, 3 September 2018
D A I LY R E P O R T
Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id
RESEARCH Equity
MARKET PREDICTION TODAY
The JCI Is Forecasted To Continue Its Weakening
On last Friday, the JCI moved in mixed which was closed slightly lower by 0.01% at 6,018.46. Asia Pacific regional bourses also weakened with a significant decline was posted by Hang Seng of 0.98%, closed at 27,888.55. The JCI only declined slightly which was supported by the rising HMSP price in last minutes before closing. Meanwhile, IDR currency weakened 0.08%, closed at the level of IDR 14,812 per USD.
Furthermore on global bourses, Dow Jones was down by 0.09% to 25,964.82 while Nasdaq increased by 0.26% closed at the level of 8,109.54. On the other side, European bourses moved lower which CAC 40 declined by 1.30% to 5,406.85 while FTSE 100 weakened by 1.11% to the level of 7.432.42. This morning, Asia Pacific regional bourses are mostly moving variously which Nikkei is opened lower. Hence, we estimate that the JCI today is potentially to continue its weakening which is influenced by the issue of lack of positive catalysts from global bourses, lower metal prices and weakening IDR trend against USD. The index movement is estimated in the range of 5,950 – 6,050 which our top stocks pick for today trading session are HMSP, BMRI and CPIN.
Analyst: Maxi Liesyaputra (maxi@bnisekuritas.co.id)
COMPANY/INDUSTRY UPDATE
PT Jasa Marga (JSMR) Will Operate Batang-Semarang Toll Road. UNDER REVIEW. Analyst: Maxi Liesyaputra.
PT Prodia Widyahusada Tbk (PRDA) Expansion Plans in 2018. NOT RATED. Analyst: Dessy Lapagu.
Global Indices Closing Change %Chg %Ytd P/EAmericasINDU Index 25,964.82 -22.1 -0.09 5.04 18.43SPX Index 2,901.52 0.39 0.01 8.52 21.01CCMP Index 8,109.54 21.174 0.26 17.47 52.94IBOV Index 76,677.53 273.44 0.36 0.36 17.95EMEAUKX Index 7,432.42 -83.61 -1.11 (3.32) 16.45CAC Index 5,406.85 -71.21 -1.30 1.77 16.70RTSSTD Index 15,618.89 99.75 0.64 14.24 6.14IBEX Index 9,399.10 -68.5 -0.72 (6.42) 13.80FTSEMIB Index 20,269.47 -225.63 -1.10 (7.25) 3.88AEX Index 558.42 -4.95 -0.88 2.54 15.13SMI Index 8,973.56 -68.5 -0.76 (4.35) 23.80Asia / PacificNKY Index 22,776.31 -88.84 -0.39 0.05 16.42HSI Index 27,888.55 -275.5 -0.98 (6.79) 10.54SHCOMP Index 2,725.25 -12.487 -0.46 (17.60) 12.82TWSE Index 11,063.94 -29.81 -0.27 3.96 14.34KOSPI Index 2,314.77 -8.11 -0.35 (6.19) 11.14JCI Index 6,018.46 -0.504 -0.01 (5.31) 20.19SET Index 1,721.58 1.15 0.07 (1.83) 17.07PCOMP Index 7,855.71 2.55 0.03 (8.21) 20.18SENSEX Index 38,645.07 -45.03 -0.12 13.47 25.34FSSTI Index 3,213.48 -12.24 -0.38 (5.57) 11.35
Description Last Previous %ChgMarket Capitalization (IDR Trillion) 6,783.26 6,783.82 -0.01Transaction Volume (Million Shares) 5,996.00 5,935.63 1.02Transaction Value (IDR Million) 7,265.00 5,407.80 34.34Stocks Value (IDR) 1,211.64 911.07 32.99Net Foreign (IDR Million) (434,743.75) 462,128.25 -194.07
Commodities Last Previous %ChgNickel (US$/Ton) 12,800.00 13,285.00 -3.65Copper (US$/Ton) 5,975.00 6,066.00 -1.50Tins (US$/Ton) 18,990.00 19,195.00 -1.07Oil (US$/BBL) (*) 69.80 70.25 -0.64Gas (US$/MMBTU) 2.58 2.73 -5.38Coal (US$/Ton) (**) 115.20 115.55 -0.30CPO MALAYSIA(RM/ton) 2,392.00 2,394.00 -0.08(*) WTI Cushing(**) McCloskey Newscatle
ADR Stocks Last (US$) % Conversition Last(US$) Change (IDR) (IDR)
Telkom - 23.67 1.07 8,920.58 3490.00
Recommendation TP (IDR)PT Jasa Marga (Persero) Tbk (JSMR) UNDER REVIEW -PT Prodia Widyahusada Tbk (PRDA) NOT RATED -
Bloomberg Code
Company/Industry Updates
Monday, 3 September 2018
D A I LY R E P O R T
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HIGHLIGHT NEWS
PT Japfa Comfeed Tbk (JPFA) will distribute interim dividends to its shareholders amounting to Rp50 per share on 24 September 2018.
PT Gudang Garam Tbk (GGRM) recorded profit a growth which could be distributed to the owner of the parent entity of 13.7% as of 30 June 2018 to Rp3.55 trillion or Rp1,847 per share compared to a profit of Rp3.12 trillion or Rp1,624 per share in previous year.
In the first half of 2018 (1H18), PT Elnusa Tbk (Elnusa) recorded consolidated revenues of Rp2.9 trillion or grew by 47% compared to revenues of Rp1.9 trillion in the same period of previous year.
PT Tunas Baru Lampung Tbk (TBLA) received the first biodiesel export demand of 20,000 tons.
PT Gudang Garam Tbk (GGRM) has budgeted Rp10 trillion for the construction of Kediri Airport in East Java. Until now, the total investment funds that have been issued by GGRM reaching Rp1 trillion.
(Source: IQ Plus)
Net Foreign BUY/-SELL Accumulation
USD/IDR Currency and JCI
5,000
5,200
5,400
5,600
5,800
6,000
6,200
6,400
6,600
6,800
-60,000,000
-50,000,000
-40,000,000
-30,000,000
-20,000,000
-10,000,000
0
10,000,000
2/01
/201
89/
01/2
018
16/0
1/20
1823
/01/
2018
30/0
1/20
186/
02/2
018
13/0
2/20
1821
/02/
2018
28/0
2/20
187/
03/2
018
14/0
3/20
1821
/03/
2018
28/0
3/20
185/
04/2
018
12/0
4/20
1819
/04/
2018
26/0
4/20
184/
05/2
018
14/0
5/20
1821
/05/
2018
28/0
5/20
186/
06/2
018
22/0
6/20
1829
/06/
2018
6/07
/201
813
/07/
2018
20/0
7/20
1827
/07/
2018
3/08
/201
810
/08/
2018
20/0
8/20
1828
/08/
2018
Accumulation JCI Index
12,500
13,000
13,500
14,000
14,500
15,000
5,000
5,200
5,400
5,600
5,800
6,000
6,200
6,400
6,600
6,800
JCI Index USDIDR
No Stock Top Value (IDR)1 BBCA IJ 554,885,800,000 2 BBRI IJ 449,271,800,000 3 AKRA IJ 447,672,900,000 4 PTBA IJ 443,301,800,000 5 TLKM IJ 383,756,200,000
No Stock Top Volume (Shares)1 RIMO IJ 1,059,225,300.00 2 MYRX IJ 849,238,200.00 3 TRAM IJ 312,994,100.00 4 IIKP IJ 231,884,100.00 5 BUMI IJ 185,949,800.00
No Top Gainers % Change1 AKSI IJ 252 MOLI IJ 24.713 SDRA IJ 18.674 BAJA IJ 18.645 TCPI IJ 16.28
No Top Losers % Change1 DART IJ -252 SKYB IJ -12.73 LPLI IJ -12.674 ARII IJ -12.615 HDFA IJ -11.54
No Leading Movers % Change1 HMSP IJ 2.682 TPIA IJ 4.763 BBNI IJ 2.304 TCPI IJ 16.285 BMRI IJ 0.73
No Lagging Movers % Change1 ASII IJ -3.012 BBCA IJ -1.103 UNVR IJ -1.024 TLKM IJ -0.575 BDMN IJ -2.51
Monday, 3 September 2018
D A I LY R E P O R T
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RESEARCH Equity
COMPANY/INDUSTRY UPDATE
News: PT Jasa Marga (JSMR) Will Operate Batang-Semarang Toll Road
JSMR through its subsidiary PT Jasamarga Semarang Batang (JSB) plans to complete the construction Batang-Semarang toll road in the beginning of November 2018. Until end of August 2018, the construction progress was 86.12%. JSB management expects to commence Batang-Semarang toll road operation in the beginning of 2019.
Analyst Opinion:
We believe that the operation of Batang-Semarang toll road will impact positively to JSMR’s performance growth. The toll road will be connected with Semarang-Solo toll road which connecting two main cities in Central Java. Parts of Semarang-Solo toll road which have been in operations are section 1, 2 and 3 from Semarang to Salatiga. We are optimistic on JSMR’s performance in the long-term along with the company’s action in developing a number of new toll roads accompanied by toll road tariff increase in every two years. We will review our JSMR performance target in FY18 and consider a new target price (TP) of the company. Meanwhile, JSMR stock currently is traded at PER and PBV of 12.5x and 1.9x. Recommendation: UNDER REVIEW.
Analyst: Maxi Liesyaputra (maxi@bnisekuritas.co.id)
News: PT Prodia Widyahusada Tbk (PRDA) Expansion Plans in 2018
Analyst Opinion:
The Company plans to add 5-7 more outlets for expanding in Bengkulu, Central Java and outer Jakarta region until the end of 2018. In total, PRDA currently operates around 288 outlets and 141 clinic laboratories. As of 1H18, the Company had absorbed capital expenditure (capex) of Rp334 billion from its full year capex plan of Rp350 billion this year. The 60% of capex had been used for expanding the outlets network, around 16% for services development and the remaining 24% for working capital. We see that the demand on lab clinic is still growing on the back of the raising customers’ demand for healthcare services. Currently, PRDA stock is traded at PE of 17.9x and PBV of 1.98x while its peers average has PE of 50.7x and PBV of 2.79x. The stock price has been depreciated by 22.2% as of YTD2018. Recommendation: NOT RATED.
PRDA 6M16 3M18 12M17 PRDA 6M16 3M18 12M17Revenue (IDR bn) 713 356 1,500 Cash (IDR bn) 958 1,000 988EBITDA (IDR bn) 88 46 209 LT-Debt (IDR bn) 245 353 338EPS (IDR) 64.92 34.67 160.85 Total Equity (IDR bn) 1,400 1,400 1,400P/E (x) 44.36 105.57 23.00 ROA (%) 3.37 1.72 8.16P/BV (x) 1.89 2.47 2.54 ROE (%) 4.26 2.34 11.06
Analyst: Dessy Lapagu (dessy@bnisekuritas.co.id)
Monday, 3 September 2018
D A I LY R E P O R T
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RESEARCH Equity
TARGET PRICE
Monday, 3 September 2018
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RESEARCH Equity
TARGET PRICE
Monday, 3 September 2018
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RESEARCH Equity
RESEARCH TEAM Phone : +62 21 25543946 (Hunting) Fax : +62 21 57935831 Email : research@bnisekuritas.co.id Website : www.bnisekuritas.co.id
Norico Gaman (Head of Research Division) norico@bnisekuritas.co.id Ext: 3934 Investment Strategy
Maxi Liesyaputra (Head of Equity Research Department) maxi@bnisekuritas.co.id Ext: 3968 Construction, Property, Infrastructure, Cement
Ariawan (Head of Fixed Income Research Department) ariawan@bnisekuritas.co.id Ext: 2098 Fixed Income Market, Corporate & Government Bond
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Dessy Lapagu (Equity Analyst) dessy@bnisekuritas.co.id Ext: 2051 Poultry, Crops, Fishery, Retail, Coal Mining, Pharmaceutical
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Indah Lestari Permata H. (Research Analyst/Assistant) indah.lestari@bnisekuritas.co.id Ext: 2073 Data Administrator
Monday, 3 September 2018
D A I LY R E P O R T
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RESEARCH Equity
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RESEARCH Equity
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