Search result for: "purchasing power"

We initiate coverage of Link Net (LINK) with a BUY call and a DCF derived TP of IDR6,500, implying a 27x/21x FY15F/16F P/E. Link Net is one of the leading providers’ of cable broadband and pay TV in Indonesia with a network in affluent areas. As a leader in Broadband internet industry, LINK has a.

We initiate coverage of MNC Sky Vision (MSKY) with a SELL call and a DCF derived TP of IDR1,100, implying 9.9x/8.9x FY15F/FY16F EV/EBITDA. MSKY’s performance has been poor in FY14 as subcribers growth has been muted at 2.5mn subs; and we expect only 4% additional subscribers growth in FY15F due to Indonesia economy headwinds, piracy,.

With the economy growing >5% annually and its people increasingly connected via social media (evidenced in 2014’s presidential election), we see a new generation of confident and informed consumers on the rise. Vibrant, younger Indonesians in the sizeable middle class want to satisfy their secondary needs. They are optimists, entrepreneurial, technology-dependent and express their opinions.

We reinitiate coverage of PT Ramayana Lestari Tbk (RALS) with a NEUTRAL rating and DCF-derived TP of IDR780 (implying a 15.8x FY15F P/E). RALS is the largest department store chain targeting the low- to mid-low income earners in Indonesia. Some of the key issues are: i) ubiquitous competition, ii) expansion outside Java is on hold,.

Despite 1Q15 earnings below our/consensus estimates on continued discounting at Mitra’s specialty stores division to reduce excess inventory, we observed early indicators that it might be turning around. Maintain NEUTRAL and IDR5,750 TP (3% upside). Department stores/F&B’s QoQ EBIT margins have increased 360bps/90bps, and inventory days stood at 163 days, similar to FY12. 1Q15 earnings.

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.

It’s not been good. 3Q14 was quite low especially on higher-tier, would be the worst announce week. Big vessels off. 4Q14 might be a bit better than 3Q14 but not as good as 1H14, because of short-term contracts started. Rates outlook? Below 1x – more competition. Chevron IDD some news they are postponing their work. Chevron.

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.

We initiate Spindo with BUY conviction premised on: 1) Its dominant position in domestic steel pipe market (~30% share); 2) Main beneficiaries to the nation’s rise in gas infrastructure, construction developments and higher local content requirements in the automotive sector; and 3) Super appealing 3.3x FY15F P/E with 13% ROAE and PEG of 0.1x. We.

We initiate Spindo with a BUY conviction premised on: 1) Its dominant position in domestic steel pipe market (~30% share); 2) Strong proxies to the nation’s rise in gas infrastructure, construction developments and higher local content requirements in the automotive sector; and 3) Super appealing 3.3x FY15F P/E, 15% ROAE and PEG of only 0.1x..