Kategori: Consumer Goods

On the rating action, there were two outlook revision by Pefindo this week: Intiland Development Tbk (DILD:IJ) was revised down to negative from stable and Mayora Indak Tbk (MYOR:IJ) upgraded to stable. The negative outlook on DILD was given to anticipate further weak projected capital structure and cash flow protection measures as a result of.

We initiate coverage on Indonesia’s largest herbal medicine producer Sido Muncul with a BUY call and DCF-derived TP of IDR625 (22x/21x FY16F/17F P/Es, 20% upside). Its current product mix is geared towards higher-margin products as sales volume of its lower-margin F&B products has been declining. With its raw material production capacity expansion almost completed, we.

We initiate coverage on Kalbe Farma with a BUY and DCF-derived IDR1,600 TP (33x/27x FY16F/FY17F P/Es, 19% upside). Its pricing power and economies of scale have strategically positioned it in the high margin-high volume segment and it aims to double its exports to 10% by 2020. It is also focused on creating a value-add product.

It is a good home improvement retailer, but at the current share price, exceptionally high inventory days and weak 9M15 SSSG, we believe it is overvalued. Weak 9M15 results. ACE Hardware, Tbk (ACES IJ) 9M15 sales were at 71% and 69% of our and consensus sales forecasts respectively. Likewise, net income accounted 72% and 69%.

We reinitiate coverage of Ace Hardware Indonesia, Tbk (ACES IJ) with a NEUTRAL and a DCF-derived TP of IDR640, implying 20x/18x FY15/16F P/E. This year proves challenging due to a weak IDR vs USD which might erode ACES’ lifestyle product gross margin, increasing inventory days, while its aggressive store expansion plan might further lower its.

No surprises from 6M15’s performance, as sales and net income were in line with our/consensus FY15 estimates. Maintain NEUTRAL and IDR640 TP (0% upside) for now as we remained concerned with negative SSSG and persistently increasing inventory days. Furthermore, as Ace imports 40% of its goods from outside China, the recent import tariff hike would.

Unilever Indonesia will distribute interim dividend of IDR2.56trn or 91.4% from 1H14 net profit or equivalent to IDR336/share. Dividend cum date for regular & negotiation market is scheduled on 2 December 2014. On the other hand, currently the company is focusing on the development of IDR2trn oleo chemical plant in Sei Mangkei, North Sumatera that.

Malindo Feedmill (MAIN, BUY, TP: Rp3,800) will issue 69 million new shares (5.7%) through private placement on 21 April 2014. The new shares will be issued at Rp3,500/share with Ginger Company Limited and Peak Team Company Limited as the buyers. MAIN will use the fund to support this year’s capex of Rp500 billion which will.

We are keeping MAIN as our Top Pick in the poultry sector for the following reasons: i) the company’s above-industry growth prospects, ii) strong profitability, and iii) potential improvement in gearing. Maintain BUY and IDR4,000 TP, pegged to a 15.2x FY14 P/E. The counter is currently trading at a 12.1x FY14 P/E. Above-industry growth prospects.

We believe GGRM’s fundamentals are firm given: i) its strong market share, which outpaced industry’s growth in 9M13, ii) its re-branding attempts to capture Indonesia’s young demographics, ii) the general election euphoria, which should offset the interest expense hike in its P&L due to large debt for revamping purposes. In view of the company’s solid.