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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.

We maintain our BUY call on Surya Citra, with a higher IDR3,700 TP (from IDR3,300, 22% upside). We expect the industry to recover as a result of better FY16 consumption. In such an event, the company may have an advantage due to its strong audience share, which could lead to better rates. We also anticipate.

Media Nusantara was the top gainer in prime time audience share in Dec 2015 (+8% MoM), driven by a good performance of its RCTI station (+14% MoM) which could further lead to a potential improvement in rate card. Surya Citra’s audience share in prime time grew by 2% MoM mostly due to the performance of.

We upgrade the media sector to OVERWEIGHT (from Neutral) on the economy’s potential recovery, driven by government support in boosting consumption. The media industry’s long-term growth outlook remains strong, as TV dominates the ad spend market. Meanwhile, online companies have helped improve the growth of media operators via aggressive ad spending on TV stations. We.

The rating reflects company’s strong performance as one of the largest Indonesia independent multi-finance company. The outlook upgrade was underpinned by Fitch’s expectation that BFI Finance Tbk (BFIN:IJ) will continue to sustain sound financial performance with strong balance sheet to withstand market volatility and macroeconomic headwinds. BFI Finance’s solid financial performance during 9M15 was driven.

We initiate coverage on Express Transindo with a NEUTRAL and a DCF-derived IDR200 TP. The Saratoga M&A cancellation on non-conducive market conditions resulted in a 74% YTD drop in share price. Its focus now is on improving the financial performance via a business reorganisation, lowering gearing levels and improving receivables collection. We opine for slower.

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.

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.

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.

Due to the weak economy and seasonal factors, Matahari Putra’s 6M15 sales fell below our/consensus forecasts. Thus, we cut our DCF-based TP to IDR4,100 (from IDR4,650, 41% upside) on lower SSSG and its store expansion plan. However, we maintain BUY, as it remains the healthiest, largest hypermarket chain operator in Indonesia. Its robust operations lifted.