Search result for: "consumer goods"

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.

We maintain OVERWEIGHT on the sector as we believe the consumption recovery is happening. Furthermore, we expect sector adex to grow 12% YoY in FY16 – supported by the FMCG sector and e-commerce companies. According to Nielsen, adex grew 7% YoY last year thanks to the recovery in the local economy in 2H15. This boosted.

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.

Considering the weak purchasing power of Indonesian consumers, we believe retailers like Matahari Department Store and Matahari Putra Prima which have low leverage (net cash position), minimum imports, and targeting the resilient middle income will post decent results in 3Q15 compared to its peers. We also expect weak performance from ACE Hardware (due to its.

We expect Surya Citra and Link Net to report a good performance in 3Q15 Surya Citra will be buoyed by normalising Unilever contribution, higher audience share and margin improvement, while Link Net will be supported by higher number of new subscribers. We are cautious on Media Nusantara’s 3Q15 performance on a potential slip in audience.

While the growth of Indonesia’s media industry has slowed down to 9% (from a 21% mean in 2010-2014), media is still the most effective tool to promote consumer products, due to its long-term prospects. We believe ad spending may improve when the economy recovers. We initiate coverage on the sector with a NEUTRAL rating and.

We reinitiate coverage on Surya Citra with a BUY and DCF-derived IDR3,000 TP, implying 29.1x/25.4x FY15F/FY16F P/Es. We believe local consumer firms will face macroeconomic headwinds in the near term, resulting in an ad spend slowdown in FY15. Yet, we do not think advertisers can cut ad spend for too long given Indonesia’s attractive structural.

We reinitiate coverage on Media Nusantara Citra with a NEUTRAL call and DCF-derived TP of IDR2,100 (8% upside, 18.6x/16.0x FY15F/FY16F P/Es). Ad revenue is particularly challenging in FY15 amid economic headwinds, but we estimate that the newly-acquired I-News TV could grow at a 60% CAGR over FY15-18. We expect the group’s revenue to grow 3%/11.1%.

We initiate coverage on Surya Citra with a BUY and DCF-derived IDR3,400 TP, implying 29.0x/25.0x FY15F/FY16F P/Es. We believe local consumer firms will face macroeconomic headwinds in the near term, resulting in an ad spend slowdown in FY15. Yet, we do not think advertisers can cut ad spend for too long given Indonesia’s attractive structural.

Leveling up the consumer boom Indonesia’s continuously robust economic growth with strong structural platform has translated to strong GDP growth and rising income levels that boosted demand for consumer product. Petrochemical industry that supplies chemicals products for packaging, construction, agriculture, textiles, electronics as well as consumer goods would be definitely a key beneficiary of the.