Search result for: "Operating income"

3Q14 net profit reached USD222m (+14.7% q-o-q), bringing 9M14 figure to USD592m (-7.8% y-o-y), in line, comprising 70%/75% of ours/consensus FY14 target. The q-o-q net profit increase is mainly due to forex gain of USD34m in 3Q14 (vs forex loss of USD11m in 2Q14). We see that gross margin squeeze on higher gas cost to.

We initiate coverage on Spindo with a DCF-derived TP of IDR370 which represents a 100% potential return upside and recommend a BUY. Our TP implies a 7.0x FY15F earnings. Main triggers: i) its dominance in the domestic steel pipe market with a 30% share; ii) the company being a beneficiary of the nation’s growing gas.

Throughout 1H14, PT Pembangunan Perumahan (PTPP IJ, Under review) booked IDR4.6trn of revenue (+10.2% y-o-y) and IDR147bn of net profit (+2.2% y-o-y). The results are in-line with our forecast as well as consensus’ where top line and bottom line account for 32% & 22% respectively from our FY14F projection (Vs. 31% & 27% from consensus)..

While we are still cautious on Indonesia’s short-term equity market outlook owing to economic and political uncertainties, we are of the view that its long-term fundamentals are intact. We foresee 2014 GDP growth dipping to 5.4% while Bank Indonesia (BI) may have to raise the BI rate to 7.75-8.25%. As short-term macroeconomic fundamentals are weak,.

BSDE remains our sector Top Pick, as we favour its: i) abundant cash that provides flexibility to finance its current and future developments, ii) large landbank – mainly in Greater Jakarta and in new areas like Palembang and Manado, and iii) growing recurring income. Our IDR2,400 TP is derived by applying a 40% discount to.

Bank Permata’s key strengths are its two main shareholders, Standard Chartered Bank (SCB) and Astra International, Tbk (ASII IJ). Both have a joint ownership of 89.12% in Bank Permata, Tbk (BNLI IJ). SCB is a British multinational bank operating in over 70 countries and has a credit rating of A+ by S&P. Whereas, Astra is.

UNTR’s FY12 net profit came in at IDR5.78trn (-2% y-o-y), which was 4.5% above estimate and in line with our forecast. Its FY12 consolidated sales totaled IDR55.95trn (+2% y-o-y, +27% q-o-q), 2.1% above our estimate, which we deem in line. We are upgrading UNTR to NEUTRAL based on the following reasons: i) we see upside.

Upon a limited audit review of their financial statements for purposes of bond issuance in FY13, PTPP finally released its 9M12 financial statements yesterday. The company posted 9M12 revenue of IDR3.9trn (up 34% y-o-y, 95% q-o-q), arriving at IDR106bn worth of net profits (up 73% y-o-y, 63% q-o-q). Top-line financial statement items are in-line with.

We are re-instating coverage on TOTL with a BUY and IDR1,060TP The company is currently trading at 17.7x and 13.4x 2012E & 2013E PER compared to the industry at 18.8x and 14.3x. We like TOTL’s operations for the following reasons: 1) robust order book growth on the back of loyal customer base, 2) direct contracting.

A challenging quarter 1H12 core income come below our estimate at IDR89bn (-2% y-o-y or -2% q-o-q); reached 37% of our FY12 forecast, while top line come barely in line with our forecast at IDR1.6trn (+17% y-o-y or +3% q-o-q), reached 45% of our FY12 forecast. Basically 1H12 top line performance was in tandem with.