Search result for: "DOC"

PT Ciputra Development, Tbk (CTRA IJ), company with large landbank at prime locations to support future growth, issues Medium Term Notes (MTN) worth SGD150mn with interest rate at level 4.85% per annum, and will be due in 2021. The proceed will be used for the redemption of company’s MTN issued in 2015, debt refinancing and.

PT Nusa Raya Cipta, Tbk (NRCA IJ) and PT Jasa Marga, Tbk (JSMR IJ) are building the construction of Subang-Patimbang toll road, to realize the 41 km freeway. The project development initiative document, incorporated by the NRCA-JSMR consortium and is in the process, while the evaluation is targeted to be completed in the near.

Despite a weakened IDR and DOC price capping headwinds, Malindo deserves attention at this juncture. This is due to: 1. Its attractive valuation – it is currently trading at 10-9x FY16F-17F P/E, close to -2SD from its 5 years mean of 15x; 2. 4Q16 to be another strong quarter – average broiler and DOC prices.

The were two rating action over the week; 1) Fitch rating upgraded Japfa Comfeed Indonesia, Tbk’s (JPFA IJ) to AA-(idn)/Stable from A+(idn)/Negative and 2) Gajah tunggal, Tbk (GJTL IJ) suffered another rating downgrade at Moodys’ with its rating slashed to B3 from B2 with negative outlook. Similar to S&P, the downgrade was caused mainly by.

With the recent initial soft-launching of the third OMNI Hospital, located in Cikarang area, it is on track to double its portfolio to four hospitals by mid-2017, from just two in 2015. The existing two OMNI hospitals in Pulomas and Alam Sutera are seeing the combined bed occupancy rate increase steadily to 69.1% in 1Q16..

Encouraging track record with new hospitals Mitra Keluarga Karyasehat’s (Mitra Keluarga) Kalideres hospital in the West Jakarta region, opened in Aug 2015, achieved breakeven EBITDA just four months after starting operations. March marks the first month it is net income-positive. It aims to start building its next hospital in Bintaro’s Section 3 Greater Jakarta area.

Management aims to open six Siloam hospitals and at least three Siloam Medica clinics this year We understand that its aggressive hospital expansion this year and next year would result in longer-term profitability and a much higher market share, especially for the Siloam hospitals in third-tier Indonesian cities. However, this year’s margins may be slightly.

We remain NEUTRAL on Siloam with a lower IDR9,500 TP (from IDR13,000, 8% upside), as we note that it is not easy to attract qualified, full-time specialist doctors in a densely-populated area like Medan. This resulted in a low c.30% bed occupancy rate for its Medan hospital in the first eight months of operation. Siloam.

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.

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.