Kategori: Misc Industry

We initiate coverage on Mitra Keluarga (MIKA) with a DCF-derived TP of IDR3,150, implying a 67x/60x FY16/17F P/E and a 14% upside return; thus we assign it a BUY recommendation. MIKA is the best-in-class among community hospitals with the highest margins and strongest operating cash flow generation among Indonesian listed hospitals. We believe in its.

We initiate coverage on Indonesia’s hospital sector with an Overweight Despite Indonesia’s growing healthcare spending, its hospital sector is still largely underserved compared to its ASEAN peers. With the increasing middle income class and the push of the Indonesian Government for a universal healthcare coverage, the structural growth opportunity for Indonesia’s hospital sector is tremendous.

We initiate coverage on Sarana Meditama Metropolitan with a DCF-derived IDR3,300 TP (31% upside) which implies 56x/53x FY16F/17F P/Es and recommend BUY. It is a prominent hospital operator in Greater Jakarta with its two award-winning OMNI Hospitals in Pulomas and Alam Sutera and an expansion strategy in place for two greenfield 250-bed hospitals. It focuses.

We expect Surya Citra and Link Net to report a good performance in 3Q15 Surya Citra will be buoyed by normalising Unilever contribution, higher audience share and margin improvement, while Link Net will be supported by higher number of new subscribers. We are cautious on Media Nusantara’s 3Q15 performance on a potential slip in audience.

Trans Corp, according to Nielsen data, was the top gainer in all time audience shares in September (+4% MoM to 17.1%) due to its Trans7 station, which managed to improve the group’s performance. Surya Citra’s audience share rose 2% MoM to 29.2%, supported by Indosiar’s new TV and sports shows like Bintang Pantura, Piala Presiden.

We initiate coverage on MNC Sky Vision with a SELL and DCF-derived IDR1,100 TP, implying 11.5x/10.7x FY15F/FY16F EV/EBITDA. FY14 performance has been poor as subs growth has been muted (2.5m subs). We expect only 4.0% additional subs growth in FY15 on domestic economic headwinds, piracy and a clean-up of subs. We see competition remaining fierce.

While the growth of Indonesia’s media industry has slowed down to 9% (from a 21% mean in 2010-2014), media is still the most effective tool to promote consumer products, due to its long-term prospects. We believe ad spending may improve when the economy recovers. We initiate coverage on the sector with a NEUTRAL rating and.

We reinitiate coverage on Surya Citra with a BUY and DCF-derived IDR3,000 TP, implying 29.1x/25.4x FY15F/FY16F P/Es. We believe local consumer firms will face macroeconomic headwinds in the near term, resulting in an ad spend slowdown in FY15. Yet, we do not think advertisers can cut ad spend for too long given Indonesia’s attractive structural.

We reinitiate coverage on Media Nusantara Citra with a NEUTRAL call and DCF-derived TP of IDR2,100 (8% upside, 18.6x/16.0x FY15F/FY16F P/Es). Ad revenue is particularly challenging in FY15 amid economic headwinds, but we estimate that the newly-acquired I-News TV could grow at a 60% CAGR over FY15-18. We expect the group’s revenue to grow 3%/11.1%.

Due to the currently weak Indonesian economy, Matahari Department Store (MDS)’ 6M15 net income is below our and consensus forecast after considering seasonality. However, we still like MDS as it is a well-run company with the right middle income segment focus. Considering its expansion plan of opening 12 new stores is on track and the.