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We reinitiate coverage of Ace Hardware Indonesia, Tbk (ACES IJ) with a NEUTRAL and a DCF-derived TP of IDR640, implying 20x/18x FY15/16F P/E. This year proves challenging due to a weak IDR vs USD which might erode ACES’ lifestyle product gross margin, increasing inventory days, while its aggressive store expansion plan might further lower its.

No surprises from 6M15’s performance, as sales and net income were in line with our/consensus FY15 estimates. Maintain NEUTRAL and IDR640 TP (0% upside) for now as we remained concerned with negative SSSG and persistently increasing inventory days. Furthermore, as Ace imports 40% of its goods from outside China, the recent import tariff hike would.

While we are still cautious on Indonesia’s short-term equity market outlook owing to economic and political uncertainties, we are of the view that its long-term fundamentals are intact. We foresee 2014 GDP growth dipping to 5.4% while Bank Indonesia (BI) may have to raise the BI rate to 7.75-8.25%. As short-term macroeconomic fundamentals are weak,.

Wintermar Offshore Marine (WINS) plans to have a non pre-emptive rights issue via convertible bonds and ordinary shares amounting to 340m shares, which is 9.56% of its enlarged equity. The convertible bonds issuance amounts to IDR95bn (IDR500/share; 190m shares) while the new shares amounting to IDR69bn (at least IDR461/share; 150m shares), bringing total funds of.

EXCL Poised Excel Further. XL Axiata, Tbk (EXCL IJ) remains our top pick for exposure to Indonesian telecoms given.  First, its strong management/operational execution. Second, the still-robust prospects within the telecoms sector on a proliferation of cheap and attractive low-priced handsets amid rising take-up of small screen access. Link Net Simply the best Shelf Registration.

Adaro Leader The Pack. Buy initiation; target price Rp2,900. Our Buy recommendation hinges upon ADRO’s, First, strong exposure to the domestic coal market, Second, proven record for production growth, Third, sizeable coal reserves, and Fourth, financing capability for expansion. As well as, our end-2011 DCF target price is Rp2,900, which implies 16.3x 2012F earnings. Furthermore,.

Freeport Indonesia Smelter Stunted. COVID-19 global pandemic hit the mineral and coal mining sector. Overshadowed by the Coronavirus outbreak, the mineral downstream project in the form of the construction of a smelter was hampered. A producer of copper and gold, Amman Mineral Nusa Tenggara, for example. This subsidiary of Medco Group submitted a request to.

As well as, IMPC and Lock Down. The producer and distributor of building materials, Impack Pratama Industri Tbk (IMPC IJ), is still optimistic that it will pursue its sales growth target to double digits this year. Despite the challenges of the Coronavirus COVID-19 global pandemic, IMPC hopes that sales in the domestic market can boost.

As well as, Impack Pratama Industri Strengthens Local Markets. The producer and distributor of building materials, Impack Pratama Industri Tbk (IMPC IJ), is still optimistic that it will pursue its sales growth target to double digits this.

Tobacco Company and Coronavirus COVID-19. Sliced tobacco producer Indonesian Tobacco Tbk (ITIC) has received a positive impact on the spread of Coronavirus COVID-19 in.