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May 06, 2008 07:10:09AM
Semen Cibinong Tbk
(Rp940 - BUY)
- 1Q08 Result: Growth Story Still Intact
With share price plunging by 44.7% YTD, we see great value in the company with 123.4% upside potential to our
current target price of Rp2,100 (WACC = 10.3%, LT growth = 5.0%). Using more conservative scenario of a
10.5% risk free rate and a 5.0% risk premium, we arrive at new higher WACC of 11.7% and lower TP of
Rp1,600, still leaves a lucrative 70.2% upside potential from the current share price level of Rp940. Trading at an
attractive FY08 P/CF of 7.4x (vs SMGR = 10.9x and INTP = 13.3x), we iterate our BUY call on the counter.
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May 05, 2008 09:21:16AM
Indofood Sukses Makmur Tbk
(Rp2,300 - BUY)
- 1Q08 Result: Within Expectation
Valuation wise, the counter currently trades at FY08E P/E and EV/EBITDA of 12.6x and 6.7x, respectively.
Compared to historical P/E, current P/E is deemed as attractive as historical P/E is around 16.5x. With attractive
valuation, positive outlook and huge discount from target price (currently INDF is trading at 30% discount to
TP), we maintain our BUY recommendation with DCF TP of Rp3,250 per share.
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May 05, 2008 09:18:54AM
Bank Niaga Tbk
(Rp720 - BUY)
- 1Q08: Growth, but Far from Satisfactory
BNGA´s ability to post growth from top to bottom should be applauded, however, there are too much surprises
that ruffled our feathers. The first, growth in interest expense, although funding growth was lower than loan
growth, that are faster than interest income = squeeze in NII. The second surprise, BNGA´s bold step to add its
bond portfolio, although this may become a positive if bond market rebounds. Lastly, higher than expected
personnel expenses growth (23% vs our estimate of 15%). All of these are very likely to have an adverse effect
on our revised earnings, hence an earnings downgrade is on the way. These factors may also have had a role in
the lagging share price. Our revision is also likely to see a major slash in target price (currently Rp1,100), but a
cut is still likely to result in an attractive upside from current share price for the simple reason that current
share price is very low. Currently the counter is trading at 2008 PBV of 1.5x.
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May 02, 2008 02:38:15PM
Indocement Tunggal Prakasa Tbk
(Rp5,600 - BUY)
- 1Q08 : Worries on Fuel Unjustified
Ability to increase selling price amid continuous improvement in cost saving efforts formed the solid ground on
the counter´s 1Q08 performance and we expect this will continue through out the year. In addition, INTP´s
certified emission reduction (CER) program is also a surprise catalyst that we have yet included in our model, a
possible additional income of Rp4.9bn - Rp140.0bn. We are maintaining our BUY recommendation on the
counter with target price of Rp8,850 per share, implying to a FY08 EV/ton of US$126.
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May 02, 2008 02:33:46PM
United Tractors Tbk
(Rp12,050 - BUY)
- 1Q08 Strong performance in All Corners
We are optimistic on UNTR´s prospects this year due to expected robust demand in the heavy equipment as
well continued growth in its coal mining business. With earnings bound for upward revision, our current target
price of Rp14,800 per share leaves an attractive potential upside from current price level of Rp12,050 per share.
Currently, UTNR is trading at FY08 EV/EBITDA of 8.8x, we iterate our BUY call on the counter.
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| [More Report] |
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|
Index |
|
Chg |
% |
|
| DJIA |
12,866.78
|
52.43
|
0.41
|
| FTSE100 |
6,179.20
|
91.60
|
1.46
|
| HANGSENG |
25,063.17
|
386.62
|
1.52
|
| NASDAQ |
2,451.24
|
32.25
|
1.30
|
| NIKKEI225 |
13,655.34
|
287.92
|
2.06
|
| STTIMES |
3,162.03
|
9.85
|
0.31
|
|
|
Currency |
IDR |
Chg |
% |
|
| USD-IDR |
9,235.00 |
7.00
|
0.08
|
| SGD-IDR |
6,754.19 |
5.61
|
0.08
|
| GBP-IDR |
18,039.65 |
21.99
|
0.12
|
| JPY-IDR |
89.70 |
0.08
|
0.09
|
| EUR-IDR |
14,283.77 |
11.76
|
0.08
|
| AUD-IDR |
8,686.44 |
14.90
|
0.17
|
|
|
Jenis Reksadana |
NAV
09/05/08
|
|
| Trim Kapital |
4,219.7758 |
| Pundi Reksa Rupiah |
1,635.9563 |
| Trim Kombinasi |
3,259.0284 |
| Trim Kombinasi 2 |
1,175.9200 |
| Trim Dana Stabil |
1,529.4103 |
| Trim Dana Tetap |
2,170.0489 |
| Syariah Saham |
1,310.7000 |
| Syariah Berimbang |
1,376.7000 |
|
|
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