Search result for: "purchasing power"

PP Properti, Tbk (PPRO IJ) heavily build residential project in Cikarang, West Java with the aim market workers Jababeka industrial area. Subsidiary company of Perusahaan Pembangunan, Tbk (PTPP IJ) will manage the dwelling area of 4.6 Ha in Jababeka in 2017. PP Properti Financial Director, Indaryanto said, the development includes the construction of six residential.

Bank Central Asia, Tbk (BBCA IJ), the largest private bank, saw its loan growing by 5.8% yoy to IDR386.1trn in 9M16). Its bad loan as reflected by its non-performing loan (NPL) ratio which doubled to 1.5% from 0.7% a year earlier, therefore its loan-loss provision rose was up 47.8% yoy to IDR11.3trn. The management saw.

What keeps Matahari’s solid performance distinct from that of its competitors is the strength of its private brands, such as the award-winning Nevada. As such, we have noticed larger sales contributions from its direct purchase items vis-à-vis consignment items. We also have witnessed that its focus on utilities expense reduction resulted in operating 1Q16 margins.

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.

Kalbe’s source of growth is its consumer health and nutritionals divisions, which collectively contribute c.47% of total sales. We are less concerned with its pharmaceutical division (contributes c.25% of total sales) as we see Kalbe can alter its product mix for the BPJS sales, resulting in relatively stable margins for this division. Considering its very.

Despite the heated competition from more foreign players in the market, we believe Matahari would remain the winner. Its strong private brands portfolio for its target market enabled the firm to achieve margins expansion in 2015 while an excellent balance sheet and strong operating cash flow facilitated the opening of 11 stores last year. Maintain.

The street was over exuberant with the 5.5% SSSG in Jan 2016 due to the Chinese New Year and distribution of benefits from Kartu Jakarta Pintar (KJP) in Jan 2016. However, we observe that the supermarket division recorded a lower SSSG of -7% in Jan 2016 (vs Dec 2015: -3.8%), with early indication pointing to.

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.

We initiate coverage on Indonesia’s largest herbal medicine producer Sido Muncul with a BUY call and DCF-derived TP of IDR625 (22x/21x FY16F/17F P/Es, 20% upside). Its current product mix is geared towards higher-margin products as sales volume of its lower-margin F&B products has been declining. With its raw material production capacity expansion almost completed, we.

We initiate coverage on Kalbe Farma with a BUY and DCF-derived IDR1,600 TP (33x/27x FY16F/FY17F P/Es, 19% upside). Its pricing power and economies of scale have strategically positioned it in the high margin-high volume segment and it aims to double its exports to 10% by 2020. It is also focused on creating a value-add product.