Kategori: Misc Industry

We upgrade Media Nusantara to BUY (from Neutral) with an IDR2,150 TP (from IDR1,850, 31% upside) on the back of an expected recovery in the local economy in 1H16 an anticipated rate card improvement and lessened discount, given RCTI’s strong audience share. We believe the stock’s valuations are attractive enough, given potential FY16/FY17 earnings growth.

Media Nusantara was the top gainer in prime time audience share in Dec 2015 (+8% MoM), driven by a good performance of its RCTI station (+14% MoM) which could further lead to a potential improvement in rate card. Surya Citra’s audience share in prime time grew by 2% MoM mostly due to the performance of.

We upgrade the media sector to OVERWEIGHT (from Neutral) on the economy’s potential recovery, driven by government support in boosting consumption. The media industry’s long-term growth outlook remains strong, as TV dominates the ad spend market. Meanwhile, online companies have helped improve the growth of media operators via aggressive ad spending on TV stations. We.

Fitch Ratings Indonesia has assigned A- (idn) on PT Sinar Mas Multifinance (SMMF) for its National Long-Term Rating. The Outlook is Stable.  Its outstanding IDR500bn unsecured bond maturing on 10 April 2018 was also assigned at ‘A-(idn). The ratings indicate its synergies with its shareholder Sinar Mas Multiartha Tbk (SMMA:IJ), due  to small portion of Sinar.

Tower Bersama Infrastructure’s Tbk (TBIG:IJ) rating was downgraded to Ba3 from Ba2 by Moody’s. Moody’s also cut the rating on its USD 300 million notes issued by TBG Global Pte Ltd, a wholly owned TBIG’s subsidiaries, to the same level. The outlook rating is stable. TBIG’s leverage which surged to 6.3x as a result of.

Media Nusantara was the top gainer in prime time audience share in Nov 2015 (+18% MoM), driven by its RCTI station (+33% MoM). Surya Citra’s audience share in prime time declined by 4% in November, but it has been able to maintain its first position in non-prime time audience share, thanks to Indosiar TV station.

Some Indonesia State Owned Enterprise (SOE)s who have stated to release bond next year were; Jasa Marga, Tbk (JSMR:IJ), Wijaya Karya, Tbk (WIKA:IJ), Semen Indonesia, Tbk (SMGR:IJ) and PP Properti, Tbk (PPRO:IJ). In the purposed state budged 2016, WIKA would receive IDR 3 trn from state capital to work on some infrastructure projects. The company.

We initiate coverage on Siloam with a NEUTRAL and a DCF-derived IDR13,000 TP (10% upside), implying 22x/17x FY16F/17F EV/EBITDA. Siloam is the largest private hospital operator by bed capacity and, with Lippo Karawaci’s support and a planned non pre-emptive rights issue, it can easily further outgrow its IDX-listed peers. However, there is a potential delay.

On rating front, PT Trikomsel Oke, Tbk (TRIO:IJ) suffered another downgrade from Pemeringkat Efek Indonesia (Pefindo) as its rating was slashed to ‘idCCC’ from ‘idBB+’ given its inability to service financial obligations. The downgrade is based on Trikomsel announcement after its meeting with SGD bondholder. Trikomsel stated that is unlikely to be in a position.

We initiate coverage on Siloam with a NEUTRAL and a DCF-derived IDR13,000 TP (10% upside), implying 22x/17x FY16F/17F EV/EBITDA. Siloam is the largest private hospital operator by bed capacity and, with Lippo Karawaci’s support and a planned non pre-emptive rights issue, it can easily further outgrow its IDX-listed peers. However, there is a potential delay.