Kategori: Infrastructure Transportation

Despite its operational performance facing short-term headwinds from new entrants like Telkom IndiHome and MNC Play Media, we remain positive on Link Net, given: 1. Its expansion into a new city (Malang) from July, plus Medan and Batam (3Q16); 2. New re-marketing strategy and improved product quality. Maintain BUY with a higher IDR6,100 TP (from.

Tower Bersama’s 2Q16 EBITDA were in line with our/consensus numbers Net debt/EBITDA ratio remains at 5x (1Q16: 5.1x), which is close to its 6.5x covenant. Management’s decision to pay an interim dividend of IDR330bn or IDR69/share (ie higher than our IDR55/share estimate) could have resulted a tight cash condition. Thus, we maintain our NEUTRAL rating.

We think: 1. The sharp rally in the share price of 42% (+42% over the past 12 months) has priced in the mid-term positive prospects on the stock; 2. Indosat’s strong growth in 1H16 is likely to normalise going forward with the realignment of post Lebaran packages. Positive catalysts will come from the active sharing.

We continue to like Telekomunikasi Indonesia as (i) we expect a strong revenue growth on the back of strong data demand and healthy competition. We expect revenue to rise 11.6%/10.3%/9% in FY16/FY17/FY18 respectively; surpassing XL and Indosat. (ii) the stock is a proxy to foreign inflow from tax amnesty program. We view that, Telkom’s EV/EBITDA.

Tower Bersama Infrastructure, Tbk (TBIG IJ, AA-(idn)/Stabil)  releases bond prospectus this week for its Shelf Registration Bond II Tranche I with the final coupon rate of 5 year bond set at 9.25%, which is close to the lower end of its initial guidance of 8.75%-9.05%. Total issuance amounted only IDR230bn, lower than its initial target.

Indonesia airport state owned company, Angkasa Pura II, released prospectus for Bond I/2016 this week citing the final coupon which is offered closed to lower end of its guidance prices during book building period. The prices are; 5-year at 8.60% (guidance: 8.5% -8.75%) with face value of IDR1trn, 7-year at 8.8% (guidance: 8.75%-9.0%) with face.

Tower Bersama Infrastruktur, Tbk (TBIG IJ), a tower rent provider, issue bond worth IDR230bn from its indicative target IDR600bn. Investor’s coupon expectation above its target between 8.75% up to 9.5%, made this Tower Bersama Shelf Registration Bond Tranche I tenor 3-years record undersubscribed 38%. For the record, the bond has rating at level AA- (double.

Built during the Soekarno presidential era, Semanggi flyover is widely known as an iconic structure of Jakarta over the years. Located in the heart of Jakarta, the clove-shaped flyover connects the most crowded areas including Sudirman Central Business District (SCBD), Thamrin, Senayan and Kuningan within its 3-km radius. These areas cover the city’s 2 major.

Cikarang Listrindo, Tbk (POWR IJ), an electricity provider company, managed to sell off its stock as much as 1.6 billion shares, around worth IDR2.4trn through initial public offering (IPO), listed in Indonesia Stock Exchange (IDX) on Tuesday (14/06). Cikarang Listrindo sell off as much as 10% its shares at price at level IDR1,500 per shares..

We reinitiate coverage on Tower Bersamawith a NEUTRAL rating and DCF-derived TP of IDR6,450 (3% downside). We think the following factors could crimp tenancy growth and lease rates going forward: 1. The pressure on lease rentals amidst intensifying competition; 2. The consolidation of the telcosector; 3. Falling capex intensity; 4. The company’s over-leveraged balance sheet.