Kategori: Trade Services

We downgrade our call to NEUTRAL (from Buy) with a lower IDR3,300 TP (3% upside) as SCTV’s audience share declined further to 8.8% in Mar 2016 – the lowest since 2011. Also, we think the recovery in the media industry may not benefit Surya Citra in the near term due to its low audience share..

We see an improvement in Matahari’s inventory days at end-2015 while its balance sheet remains strong. Maintain BUY as the company focuses on the middle-income segment and we see lessening margin pressure from its inventory clearance in 2Q16. However, we revise down our TP to IDR2,000 TP (22% upside) as we cut FY16F-17F net income.

Revealed that despite margin pressure from 4Q15’s clearance sales, Matahari managed to improve its inventory days by end-FY15 and targets to reach 70 inventory days within the next few years. It also aims to keep its costs manageable by improving labour productivity per store and closing two unprofitable hypermart stores this year. We noticed its.

The street was over exuberant with the 5.5% SSSG in Jan 2016 due to the Chinese New Year and distribution of benefits from Kartu Jakarta Pintar (KJP) in Jan 2016. However, we observe that the supermarket division recorded a lower SSSG of -7% in Jan 2016 (vs Dec 2015: -3.8%), with early indication pointing to.

We maintain our BUY call on Surya Citra, with a higher IDR3,700 TP (from IDR3,300, 22% upside). We expect the industry to recover as a result of better FY16 consumption. In such an event, the company may have an advantage due to its strong audience share, which could lead to better rates. We also anticipate.

Pemeringkat Efek Indonesia (Pefindo) has affirmed PT Bank Pembangunan Daerah Jawa Barat & Banten Tbk or Bank BJB (BJBR:IJ) ratings at ‘idAA-‘ with its outlook was revised to stable from negative. The similar rating also affirmed for its outstanding bond VII/2011. The outlook upgrade is driven by the sustainable recovery in Bank BJB’s asset quality..

Year 2015 has been very challenging for Mitra Adiperkasa (MAPI) We downgrade MAPI to SELL with TP of IDR3,000 (from 5,000, 14% downside), implying 41x/20x FY16F/17F PE. While MAPI has done its best to reduce its excess inventory and replacing its interest bearing debt with a zero coupon bond in 6M15, we believe it is.

The supermarket sector has seen a challenging year so far, but our analysis shows that, as at 9M15, Matahari Putra is the only player in the high margin-high volume strategy position. Maintain BUY with a lower IDR2,900 TP (from IDR4,100, 30% upside) to account for lower store openings. With all 10 of its high-volume Hypermart.

9M15 net sales met 72%/73% of our/consensus of FY15F sales targets Upgrade to NEUTRAL as we believe it is nearing its IDR 640 TP (2% upside). Excluding other operating income and applying a normal effective corporate tax rate, Ramayana’s 9M15 core profit was 97%/94% of our/consensus FY15F net income numbers. The supermarket division has not.

Pemeringkat Efek Indonesia (Pefindo) downgraded PT Trikomsel Oke, Tbk (TRIO:IJ)’s rating to idBB+ from idBBB. The company’s Mandatory Convertible Bond (MCB) I/2012 rating was also downgraded to idBB from idBBB-. The rating outlook was put on credit watch on negative implication. The rating downgrade reflects increasing refinancing risk for its short-term debt following the company’s.