Media Nusantara Citra Keep Up The Momentum
Maintain BUY with a higher TP of IDR2,300 (from IDR2,150, 16% upside) The stock has jumped by 62% since Feb 2016 due to a recovery in adex and its low valuation. We foresee higher ad revenue growth for Media Nusantara to 12.6%/10.8% in FY16F-17F respectively. This would be supported by its RCTI TV station, which.
Read More...Big Surprise From VIVA
We maintain our OVERWEIGHT call on the sector, as we believe that the sector’s recovery is visible. Our Top Pick is Media Nusantara. Based on Nielsen’s data, its prime time audience share hit 45.3% in March and it still holds the dominant position. However, Surya Citra is struggling to regain its audience share, as its.
Read More...Siloam International Requires Long-Term Investment Horizon
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.
Read More...BNTT’s Rating Raised One Notch; BVIC’s Outlook Lowered to Negative
On the rating front, Pemeringkat Efek Indonnesia (Pefindo) has upgrade the rating on BPD East Nusa Tenggara (BNTT) by one notch to idA/Stable fromA-Stable, driven by improved capitalization, better profitability and strong position in the captive market. Risk lies on the bank’s limited access to third party fund and pressure on asset quality. On other.
Read More...Indonesia 1Q Corporate Issuance Climbs 11% QoQ
Indonesia corporate bonds issuance in the 1Q16 reached IDR13.68trn, up by 11% compared similar period last year. Issuances were mainly stem from banks and multifinance sectors unlike previous year. The biggest issuer was recorded by Bank Rakyat Indonesia (BBRI:IJ) (idAAA/Stable) which has issued IDR4.65trn in early February followed Eximbank (idAAA/Stable) with IDR4trn issuance size. In.
Read More...Surya Citra Media Hopes For a Swift Recovery
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..
Read More...ACE Hardware Huge Inventory Iceberg Ahead
Investors have been buying an inventory growth story and lower ROE since FY12. As ACE’s inventory growth has always exceeded its sales growth since FY11, there might be inventory write-offs or aggressive discounts given in the future to reduce its excessively high c.200 inventory days (as at end-FY15). Furthermore, due to its high inventory, the.
Read More...Mitra Keluarga Karyasehat, Still The Best Listed Hospital Chain In Indonesia
Mitra Keluarga has indicated that its patient volume in 1Q16 is stronger than that in 1Q15. We believe middle-income patients may slowly return to private hospitals due to the congestion and long queues at public hospitals. Despite a delay in its new hospital opening in Bintaro to 2H17, Mitra Keluarga remains our Top Pick for.
Read More...Pefindo Affirmed 2 Multifinance’s Rating; Waskita’s Rating Cut to A-/Stable
Pemeringkat Efek Indonesia (Pefindo) has lowered rating on Waskita to A-/Stable from A/Stable driven by the expectation of higher leverage and weakening cash flow protection as a result of aggressive expansion into toll road business which will be funded mostly by debt. However, the company still has strong position in domestic construction industry, improving margin.
Read More...Coupon Rate for New Issuances Gets Lower on Strong Demand
Indonesia primary market this week was active with at least three issuers offering new bonds, they are; Siantar Top (A/Stabil), Maybank Finance (AA+/Stabil) dan OCBC NISP (AAA/Stabil). Strong demand during the bookbuiding and lower govvies yield in the secondary market have pushed issuers to lower coupon rates. Maybank Finance priced their 3 year and 5.
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