SMGR reported a net profit of Rp472b in 1Q24, down 16.0% yoy due to a contraction in the bag cement sales volume and lower ASP caused by the application of promotional discounts. However, 1Q24 results are still within expectations. We maintain our 2024 and 2025 NPAT estimates at Rp2.6t (+18.5% yoy) and Rp3.1t (+20.2% yoy) respectively. Maintain BUY with a target price of Rp7,000. We think the share price is significantly undervalued at below -2SD to its average five-year EV/EBITDA.
TOWR booked 1Q24 EBITDA of Rp2.5t, up 4% yoy and down 1% qoq, in line with our and consensus estimates. TOWR also booked net profit growth of +6% yoy in 1Q24. 1Q24 FTTT revenue jumped 16% yoy on FTTT network expansion. Our 2024 fibre and connectivity revenue growth forecast is 24% yoy (faster than tower’s revenue) with a higher revenue contribution (32% in 2024 vs 27% in 2023). Maintain BUY with a target price of Rp1,200.
INTP’s 1Q24 net profit fell 35.9% yoy and 65.1% qoq to Rp238b, mainly due to the low sales volume season and a decline in blended ASP. The results missed our and market expectations; however it may improve in 2Q24 as economic activities return to normal. We project 2024 net profit of Rp2.0t (+3.5% yoy) and 2025 NPAT of Rp2.2t (+7.2% yoy). Maintain BUY with a lower target price of Rp8,800 (previously Rp12,000). We still like INTP as it is trading at an attractive valuation of -1.5SD EV/EBITDA.
ACES reported 1Q24 NPAT of Rp205b, up 29.3% yoy but down 26.2% qoq. The reported 1Q24 is in line with both our and consensus forecasts. 1Q24 SSSG came in at 13.2%. 1Q24 net margin of 10.3% is below the pre-pandemic level. Sales rose 17% yoy in 1Q24 and operating leverage resulted in net income rising 29.3% in 1Q24. ACES’ guidance of 7% SSSG and 10% sales growth for 2024 could be conservative. We forecast a 23.7% yoy rise in 2024 NPAT. Maintain BUY on ACES with a target price of Rp1,200.
FTI Consulting Announces Asia Leadership Appointment Roy Huang Named Head of Asia & Caribbean; Will Also Lead Growth of the Business Transformation Practice in the Region HONG KONG, May 06, 2024 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of as the Head of Asia & Caribbean, effective 3 May 2024. Based in Hong Kong, Mr. Huang will have executive responsibility for driving growth across the region through strengthening the firm’s core service capabilities and bringing the firm’s collective expertise to clients. Mr. Huang also will reinforce the B...
Ace Hardware Indonesia (ACES IJ/BUY/Rp880/Target: Rp1,200): 1Q24: NPAT up 29.3% yoy; in line with expectations. Indocement Tunggal Prakarsa (INTP IJ/BUY/Rp7,125/Target: Rp8,800): 1Q24: NPAT falls 35.9% yoy and 65.1% qoq on seasonally weak sales volumes; results below expectations. Sarana Menara Nusantara (TOWR IJ/BUY/Rp880/Target: Rp1,200): 1Q24: Moderate net profit growth of 6% yoy. Maintain BUY. Semen Indonesia (SMGR IJ/BUY/Rp4,700/Target: Rp7,000): 1Q24: Weak sales volume from bag segment ...
AdTheorent Holding Company, Inc. Announces Expiration of “Go-Shop” Period Contained in Previously Announced Merger Agreement and Receipt of Acquisition Proposal NEW YORK, May 06, 2024 (GLOBE NEWSWIRE) -- AdTheorent Holding Company, Inc. (“AdTheorent” or the “Company”) (Nasdaq: ADTH), a machine learning pioneer delivering measurable value for programmatic advertisers, today announced the expiration of the 33-day “go-shop” period pursuant to the terms of the previously announced definitive merger agreement (the “Merger Agreement”) pursuant to which Cadent, LLC (“Cadent”), a leading provider...
Aura Announces Q1 2024 Quarterly Financial and Operational Results ROAD TOWN, British Virgin Islands, May 06, 2024 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX: ORAAF) (“Aura” or the “Company”) announces that it has filed its unaudited consolidated financial statements and management discussion and analysis (together, “Financial and Operational Results”) for the period ended March 31, 2024 (“Q1 2024”). The full version of the Financial and Operational Results can be viewed on the Company’s website at or on SEDAR+ at All amounts are in thousands of U.S. dollars u...
Hallador Energy Company Reports First Quarter 2024 Financial and Operating Results TERRE HAUTE, Ind., May 06, 2024 (GLOBE NEWSWIRE) -- Hallador Energy Company (NASDAQ – HNRG) reported a net loss of $1.7 million, $(0.05) basic earnings per share, operating cash flow of $16.4 million, and adjusted EBITDA of $6.8 million for the quarter ended March 31, 2024. Brent Bilsland, President and Chief Executive Officer, stated, "Throughout the first quarter, we continued our progress on transitioning the focus of Hallador from a coal production company to an independent power producer. During the f...
Ocular Therapeutix Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) BEDFORD, Mass., May 06, 2024 (GLOBE NEWSWIRE) -- Ocular Therapeutix, Inc. (NASDAQ:OCUL) (“Ocular”), a biopharmaceutical company committed to enhancing people’s vision and quality of life through the development and commercialization of innovative therapies for wet age-related macular degeneration (wet AMD), diabetic retinopathy, and other diseases and conditions of the eye, today announced that it has agreed to grant inducement awards to (i) its newly appointed Vice President, Head of Programming & Data Oper...
KEY HIGHLIGHTS Sector Offshore Marine Bullish view remains despite recent volatility in the Middle East. Update StarHub (STH SP/BUY/S$1.18/Target: S$1.41) Favourable tailwinds as DARE+ initiatives bear fruit, with investments peaking in 2024. Wilmar International (WIL SP/HOLD/S$3.22/Target: S$3.35) 2Q24 earnings to be higher qoq and yoy. Investors can consider buying on weakness. TRADERS' CORNER Keppel DC REIT (KDCREIT SP):...
Skyward Specialty Announces Pricing of Its Secondary Offering of Its Common Stock HOUSTON, May 06, 2024 (GLOBE NEWSWIRE) -- Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD) (“Skyward Specialty” or the “Company”) a leader in the specialty property and casualty (“P&C”) market, announced the pricing of its secondary offering of 4,400,000 shares being offered by The Westaim Corporation, through its wholly-owned subsidiary, Westaim HIIG GP Inc. (the “Selling Stockholder”) at $36.50. In connection with the offering, the Selling Stockholder has also granted the underwriters a 30-day option...
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