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July 03, 2009 10:23:15AM
Semen Gresik (Persero) Tbk
(BUY - Rp5,050)
- Construction of A New Plant in Padang
We maintain our DCF TP of Rp6,000/share thus re-iterating our BUY call on the counter. Supporting our positive bias is also counter´s attractive multiples, FY09 P/E of 10.9x and 6.5x, which are the cheapest in its sector whilst it also still trading 16.8% - 20.7% discount to market´s 13.1x and 8.2x, respectively.
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June 18, 2009 10:22:28AM
United Tractors Tbk
(HOLD - Rp10,200)
- 5M09 Volume: Still a Mix Performance
Our above simulation yields new DCF TP of Rp10,500/share. As such, the counter only warrants a HOLD rating. Multiple wise, UNTR is trading at attractive FY09 P/E of 9.1x and EV/EBITDA of 4.4x, which is still 28.3% - 44.3% lower than market multiples of 12.7x and 7.9x, respectively.
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June 17, 2009 11:45:32AM
Cement
(Overweight)
- 5M09 National Sales: Weak as Expected
Given sector´s strong earning prospect, we maintain an OVERWEIGHT rating on Indonesia
cement sector. Presently, the sector is offering lucrative upside potential of 18.9% from our
average TPs of Rp4,400/share, implying FY09 P/E of 11.2x and EV/EBITDA of 6.9x which
are still 16.9% - 31.3% below their 4-year historical average of 16.3x and 8.3x, respectively. Our top pick in the sector is SMCB (BUY - Rp1,500/share)
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June 17, 2009 11:42:31AM
Hexindo Adiperkasa Tbk
(BUY - Rp2,325)
- New Orders from Sinarmas and Thiess
Our above simulation yields indicative DCF TP of Rp3,150/share, implying FY09 P/E of
3.5x and EV/EBITDA of 2.2x. BUY call is still warranted for the counter.
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June 17, 2009 11:38:47AM
Indocement Tunggal Prakasa Tbk
(BUY - Rp6,700)
- Salvaged by Efficiencies
We upgrade our recommendation to BUY with new DCF TP of Rp7,900/share. Presently,
INTP is still trading at attractive multiples of FY09 P/E of 11.3x and EV/EBITDA of 6.8x
which are still 28.3% - 40.2% below their 4-year historical average of 18.9x and 9.4x,
respectively.
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| [More Report] |
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Index |
|
Chg |
% |
|
| DJIA |
8,280.74
|
223.32
|
2.63
|
| FTSE100 |
4,234.27
|
106.44
|
2.45
|
| HANGSENG |
18,127.35
|
50.70
|
0.28
|
| NASDAQ |
1,796.52
|
49.20
|
2.67
|
| NIKKEI225 |
9,774.83
|
101.32
|
1.03
|
| STTIMES |
2,303.17
|
17.65
|
0.76
|
|
|
Currency |
IDR |
Chg |
% |
|
| USD-IDR |
10,230.00 |
10.00
|
0.10
|
| SGD-IDR |
7,053.71 |
2.03
|
0.03
|
| GBP-IDR |
16,754.69 |
12.29
|
0.07
|
| JPY-IDR |
106.58 |
0.15
|
0.14
|
| EUR-IDR |
14,309.72 |
12.97
|
0.09
|
| AUD-IDR |
8,147.17 |
5.92
|
0.07
|
|
|
Jenis Reksadana |
NAV
02/07/09
|
|
| Trim Kapital |
3,799.6609 |
| Trim Kapital Plus |
1,345.3514 |
| Trim Kombinasi 2 |
1,022.7889 |
| Trim Stabil |
1,440.4106 |
| Trim Tetap 2 |
1,154.5254 |
| Syariah Saham |
747.8280 |
| Syariah Berimbang |
1,098.5328 |
| Syariah Sukuk |
1,174.4628 |
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