Kategori: Misc Industry

What keeps Matahari’s solid performance distinct from that of its competitors is the strength of its private brands, such as the award-winning Nevada. As such, we have noticed larger sales contributions from its direct purchase items vis-à-vis consignment items. We also have witnessed that its focus on utilities expense reduction resulted in operating 1Q16 margins.

Maintain BUY with a higher TP of IDR2,300 (from IDR2,150, 16% upside) The stock has jumped by 62% since Feb 2016 due to a recovery in adex and its low valuation. We foresee higher ad revenue growth for Media Nusantara to 12.6%/10.8% in FY16F-17F respectively. This would be supported by its RCTI TV station, which.

We maintain our OVERWEIGHT call on the sector, as we believe that the sector’s recovery is visible. Our Top Pick is Media Nusantara. Based on Nielsen’s data, its prime time audience share hit 45.3% in March and it still holds the dominant position. However, Surya Citra is struggling to regain its audience share, as its.

Management aims to open six Siloam hospitals and at least three Siloam Medica clinics this year We understand that its aggressive hospital expansion this year and next year would result in longer-term profitability and a much higher market share, especially for the Siloam hospitals in third-tier Indonesian cities. However, this year’s margins may be slightly.

Mitra Keluarga has indicated that its patient volume in 1Q16 is stronger than that in 1Q15. We believe middle-income patients may slowly return to private hospitals due to the congestion and long queues at public hospitals. Despite a delay in its new hospital opening in Bintaro to 2H17, Mitra Keluarga remains our Top Pick for.

Sarana Meditama is the operator of the well-managed OMNI Hospitals in Indonesia The third new OMNI hospital in Cikarang (West Java) would commence operation in mid-April this year. OMNI Hospitals has had excellent track record of increasing revenue/inpatient and good annual growth in both total inpatient and outpatient traffic. With the recent asset revaluation in.

Despite the heated competition from more foreign players in the market, we believe Matahari would remain the winner. Its strong private brands portfolio for its target market enabled the firm to achieve margins expansion in 2015 while an excellent balance sheet and strong operating cash flow facilitated the opening of 11 stores last year. Maintain.

We maintain OVERWEIGHT on the sector as we believe the consumption recovery is happening. Furthermore, we expect sector adex to grow 12% YoY in FY16 – supported by the FMCG sector and e-commerce companies. According to Nielsen, adex grew 7% YoY last year thanks to the recovery in the local economy in 2H15. This boosted.

We remain NEUTRAL on Siloam with a lower IDR9,500 TP (from IDR13,000, 8% upside), as we note that it is not easy to attract qualified, full-time specialist doctors in a densely-populated area like Medan. This resulted in a low c.30% bed occupancy rate for its Medan hospital in the first eight months of operation. Siloam.

In Jan 2016, Media Nusantara managed to maintain its solid performance – its prime time audience share improved 6% MoM to 46.5%, driven by a strong showing from its three TV stations. Meanwhile, Trans Corp was the top gainer in prime time audience share in Jan 2016 (+26%) due to its recently-aired programme, Improvisasi Selebriti..