Search result for: "Java"

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.

During 1Q15 Ramayana (RALS) experienced consecutive quarters of negative operating income and negative SSSG which may set the tone for FY15. Although the supermarket division had positive operating income, the 3.2% gross margin decline YoY in its department stores and higher opex resulted in below our and consensus earnings. We downgrade RALS to SELL (from.

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 Putra Prima (MPPA) with a BUY rating and a DCF-derived TP of IDR4,650 (implying a 37.8x FY15F P/E). We like MPPA due to its: i) margin expansion and higher asset turnover; ii) expected higher customer traffic from store reformatting to its quality new G7 format; iii) focused, targeted marketing;.

Adhi Karya, Tbk (ADHI IJ, Neutral, TP: IDR2,720) has booked IDR6.3Trn of new contracts in 11M14 that consist of building projects (59.4%), roads & bridges (21.1%), and other infrastructure projects. Most of its projects were still dominated by private projects (43.1%), while the Government portion was at 42.2%, and SOE portion was 14.5%. ADHI’s management.

Management of PT Semen Indonesia (SMGR IJ, BUY, TP: IDR18,150) is seeking bank loan of IDR1-2trn to fund 2015’s planned capex of IDR5trn. One of its plans is to build 3m tonnes cement plant in Rembang, Central Java. Meanwhile, the company is still in feasibility studies phase in building 600,000 – 1m tonnes cement plant.

Background First lited on the IDX in 1993, PT Rukun Raharja Tbk (RAJA) originally operated primarily as port logistics company; this was seen by its initial 99% shares acquisition of PT Sarana Timur Nusantara (PT CSN) a port services company that specializes in landing craft tanks, tug boats, and barges. By 2010, RAJA started its.

Management of PT Pembangunan Perumahan (PTPP IJ, Under Review) has announced that the company will build precast production facilities through subsidiary PT PP Pracetak. The investment will be around IDR200bn. The facilities will be built in Cilegon (West Java), Sadang (West Java), and Bakauhuni (Sumatera). Management expect the construction period will take about 2 years..

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.