Search result for: "Operating income"

Express Transindo (TAXI IJ) is Indonesia’s second largest taxi operator that offers: i) a high predictability of future cash flow due to daily fixed payments, ii) robust volume-driven growth, and iii) minimum exposure to operating expenses such as fuel and maintenance. We initiate coverage with a BUY and DCF-based TP of IDR2,100, providing a potential.

We initiate coverage on Link Net, a leading cable broadband and pay TV services provider with networks in affluent areas, with a BUY and DCF-based IDR6,250 TP (20% upside), implying 30x/23.2x FY15F/FY16F P/Es. It is in a significantly advantageous position to benefit from the internet boom in Indonesia as it could bank on rising wealth,.

It has not been smooth sailing for Mitra Adiperkasa in 2015 so far. Maintain NEUTRAL, with a lower TP of IDR5,000 (5% upside). Its specialty stores’ quarterly SSSG was level in 2Q15. With the IDR weakening against the USD, we are concerned over its ability to continue passing on higher costs by lifting prices to.

In the current economic slowdown, Indonesia’s low-income segment has been the hardest hit – which was reflected in Ramayana’s 6M15 results. Its 6M15 earnings were weak after taking into consideration the seasonal factors related to Lebaran. The stock is still a SELL, with a IDR640 TP (9% downside). A positive re-rating catalyst would be economic.

With the economy growing >5% annually and its people increasingly connected via social media (evidenced in 2014’s presidential election), we see a new generation of confident and informed consumers on the rise. Vibrant, younger Indonesians in the sizeable middle class want to satisfy their secondary needs. They are optimists, entrepreneurial, technology-dependent and express their opinions.

We reinitiate coverage of PT Ramayana Lestari Tbk (RALS) with a NEUTRAL rating and DCF-derived TP of IDR780 (implying a 15.8x FY15F P/E). RALS is the largest department store chain targeting the low- to mid-low income earners in Indonesia. Some of the key issues are: i) ubiquitous competition, ii) expansion outside Java is on hold,.

We reinitiate coverage of PT Mitra Adiperkasa Tbk (MAPI) with a NEUTRAL rating and DCF-derived TP of IDR5,750 (implying a 33.8x FY15F P/E). Despite the recent very welcomed spin-off of its sports division, we believe it is not easy for MAPI to return to the good old days as specialty stores are the last fortress.

We reinitiate coverage of PT Matahari Department Store Tbk (MDS) with a BUY rating and a DCF-derived TP of IDR22,000 (implying a 32.6x FY15F P/E). We like MDS due to its: i) solid strategy positioning; ii) widening market share lead; iii) excellent supply chain network; and iv) strong free cash flow generation and healthy balance.

We reinitiate coverage of PT Matahari Department Store Tbk (MDS) with a BUY rating and a DCF-derived TP of IDR22,000 (implying a 32.6x FY15F P/E). We like MDS due to its: i) solid strategy positioning; ii) widening market share lead; iii) excellent supply chain network; and iv) strong free cash flow generation and healthy balance.

We recently visited Samudera Indonesia (SMDR IJ, Not Rated) here are the key takeaways: The company is an integrated logistic & cargo company that serves international & domestic market, Samudera has 18 subsidiaries that is divided into 3 categories; Shipping, Logistics, and Agency & Terminal, the largest contributor of revenue for the company comes from.