Sarana Meditama Primed For Growth
We initiate coverage on Sarana Meditama Metropolitan with a DCF-derived IDR3,300 TP (31% upside) which implies 56x/53x FY16F/17F P/Es and recommend BUY. It is a prominent hospital operator in Greater Jakarta with its two award-winning OMNI Hospitals in Pulomas and Alam Sutera and an expansion strategy in place for two greenfield 250-bed hospitals. It focuses.
Read More...Express Transindo Run For Your Life
We initiate coverage on Express Transindo with a NEUTRAL call and DCF derived IDR300 TP. The recent cancellation of the M&A from Saratoga’s group due to uncondusive market condition has resulted into 74% YTD dropped in share price. The company’s now focus to improve their financial performance by reorganise their business, lowering gearing level, and.
Read More...Banks and Multifinance Bonds Led Indonesia Weekly Secondary Flows
Corporate flows were active on last week trading, led by multifinance and banks bonds. Total weekly flows were IDR 3,055 bn, rising from IDR1,778 bn last previous week. Trading frequency was also increasing, almost doubled from 283x last week to 493x. Trading activity last week was skewed to multifinance and banks bonds with a combined.
Read More...Trikomsel Oke Suffers Another Downgrade
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.
Read More...Express Transindo Fairytale Is Over
We initiate coverage on Express Transindo with a NEUTRAL call and DCF derived IDR350 TP. The recent cancellation of the M&A from Saratoga’s group due to uncondusive market condition has resulted into 74% YTD dropped in share price. The company’s now focus to improve their financial performance by reorganise their business, lowering gearing level, and.
Read More...Another Downgrades Week
On rating front, Pemeringkat Efek Indonesia (Pefindo) lowered PT Medco Energi Internasional, Tbk (MEDC:IJ) to idA+/stable (from idAA-/negative) along with its Shelf Registered Bond I 2012-2013, USD bond I 2011-2012 and Bond III/2012. Downgrade was driven by continued weak crude prices which resulted a weaker revenue and profitability. In 1H2015, the company realized lower revenue.
Read More...IMFI’s Coupon Rate Scaled Higher 75 bps than Previously Issued Bonds
Indomobil Finance (IMFI) has conducted book building for Shelf Registered Bond II Tranche II with the coupon rate for 1y bond at 10.25%, higher 115 bps than its previously issued bonds on last April. Meanwhile, 3y and 4y bonds were priced at 10.75% and 11% respectively. They were both higher 75 bps than the last.
Read More...Indonesia Banks Space Dominated Weekly Trading Flows
Indonesia corporate bonds were less active on last week trading amidst shorter trading days. We saw IDR 1,778 bn worth of trades only, lower 45% WoW while trading frequency was also down 28% WoW to 283x. We saw banks names mostly dominated trading activity in last week trading with a total of IDR 829 trades.
Read More...Indonesia Transportation Bolt From The Blue
Indonesia transportation sector has been impacted by the slowdown in the Indonesia economy and also fierce competition especially from Uber. However, given the under penetrated of Indonesia taxi industry, lack of investment in public transportation, lowest taxi tariffs compare to other countries, and expanding middle class; we believe an improvement in the long run. Furthermore,.
Read More...Indonesia Bond Rallied on a Surprise Move of Rupiah
Indonesia corporate bonds yield tightened sharply on last week trading with the yields fell in all maturities curve supported by a relief rally of IDR which strengthened 8.4% WOW to IDR 13,412 per US dollar. Credit yield fell in all tenor bonds and rating classes by an average of 65 bps WoW. Flows also rose.
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