Two Directors at Sumber Alfaria Trijaya Tbk PT bought/sold 7,801,100 shares at between 2,077.101IDR and 2,113.476IDR. The significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the...
GREATER CHINA Sector Internet Growth potential and AI development trends following emergence of DeepSeek. Property Policy implementation and development remain the key focus and catalyst. INDONESIA Strategy Catching A Falling Knife Or Opportunity To Buy? We Say Buy Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TL...
We think the current trajectory of the JCI presents a buying opportunity as: a) it is now trading at -2SD PE, similar to the levels seen during the pandemic, although the current situation may not be as severe; b) GDP is still expected to rise above 5%; and c) many programmes are driven by the government. We add defensive names with strong growth and attractive valuations to our recommendations. Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TLKM and ISAT.
Strategy: Catching A Falling Knife Or Opportunity To Buy? We Say Buy: Our picks are BBCA, BBTN, CMRY, ICBP, KLBF, CTRA, AMRT, PGEO, TLKM and ISAT. We have a lower end-25 target of 7,500 for the JCI. TRADERS’ CORNER Unilever Indonesia (UNVR IJ): Technical BUY Merdeka Copper Gold (MDKA IJ): Technical BUY
AMRT plans to open 1,500-2,000 stores with SSSG of 4-6% per annum. The expansion will focus on Java ex-Greater Jakarta and Outside Java. Margins are likely to expand, driven by the opening of higher-margin stores, expansion of high-margin product portfolio (RTD beverages and Bean Spot Coffee), and improving operating expense efficiency. We expect 2024 and 2025 NPAT to rise 9.7% and 18.0% respectively at a three-year CAGR of 16.5%. Initiate coverage with BUY and a target price of Rp3,400. • AMRT ...
SUMBER ALFARIA TRIJAYA (ID), a company active in the Food Retailers & Wholesalers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date March 22, 2022, the closing price was IDR 1,400.00 and its p...
GREATER CHINA Update Cathay Pacific Airways (293 HK/BUY/HK$7.06/Target: HK$7.77): Look towards 2022 for traffic and earnings recovery. Upgrade to BUY. Meituan (3690 HK/HOLD/HK$256.00/Target: HK$242.00): Finalising SAMR’s penalty; outlook remains choppy on soft 3Q21 guidance and further regulations. Sunny Optical (2382 HK/BUY/HK$200.20/Target: HK$240.20): Takeaways from management update. INDONESIA Update Sumber Alfaria Trijaya (AMRT IJ/BUY/Rp1,290/Target: Rp1,600): Achieves strong SSSG despite ...
Despite the social restrictions (PKPM), AMRT booked SSSG of >16% yoy in July and high single-digit growth in Aug 21. We foresee a better business outlook for AMRT due to the relaxation of PKPM and an improvement in people mobility, as well as a recovery in purchasing power. Potentially higher inflation and higher VAT rate should have a minimum impact on margin. For 2022, we expect earnings to grow by 16% yoy. Upgrade to BUY with a higher target price of Rp1,600 (24% upside).
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
With BUKA soon to be listed, our first takeaways are: a) Aside from marketplace commissions, BUKA generates its revenue from the Mitra programme and Buka Pergadaian − revenue grew 30% in 2020; b) a sizeable amount of cost still comes from vouchers and subsidies, although the incentives have been reduced; c) IT outsourcing, Internet and data storage are now the second-largest expense; and d) offering price translates to >50x price to sales, assuming 2021 sales rises by 30%. Maintain OVERWEIGHT.
GREATER CHINA Economics PMI: Slip-ups in manufacturing recovery. Sector Automobile: Weekly: PV sales dropped 5% yoy and 26% mom in Jun 21; maintain MARKET WEIGHT; top picks: Zhongsheng, Yongda, Nexteer and CATL. INDONESIA Update Sumber Alfaria Trijaya (AMRT IJ/HOLD/Rp1,245/Target: Rp1,360): Expect net profit to grow 44.2% yoy in 2021. MALAYSIA Strategy Alpha Picks: More Time Needed For Catalysts To Emerge: Jun 21’s alpha picks portfolio underperformed the FBMKLCI, dragged by Mr DIY and Press M...
In 2021, we expect AMRT’s net profit to grow 44.2% yoy to Rp1.53t due to revenue growth of 10.1% yoy, lower interest expenses, higher GPM of 20.5% and lower opex/sales ratio of 19.1%. In the next three years, there are three potential growth drivers: a) potential gross margin expansion, b) potentially lower/stagnating opex/sales ratio, and c) potential growth of fee-based income. Downgrade to HOLD with a higher target price of Rp1,360 (9.2% upside).
With ESG investing likely to account for one-third of global investments, we try to look for ESG names. Nickel and copper products will eventually be used in electric vehicles. Hospital and pharmaceuticals would positively contribute to population health. Telecommunications, technology, retail and financial could be low emission sectors with social benefits in job creation, access to information and enhancement of quality of life. Our ESG picks: INCO, KLBF, MIKA, MYOR, MAPI, AMRT, BMRI, BBTN, TL...
We looked at Shopee’s parent Sea and found that: a) Indonesia’s Internet economy is expected to see a 23% CAGR to US$124b in 2025, b) Shopee’s e-commerce revenue surged 160% in 2020 driven by a 128% yoy rise in orders, c) digital lending will be the next growth driver, and d) the gaming business grew 77% in 2020. Indonesia’s retailers are positioned to capitalise on e-commerce. Maintain OVERWEIGHT on the sector with MAPI, ERAA and AMRT as our picks.
Strategy: Rebound! What Names Are Still Attractively Priced? The JCI is likely to structurally rally beyond its historical high. Our picks are BMRI, BBNI, CTRA, UNVR, ROTI, ASII, KLBF, WIKA, and AMRT. TRADERS’ CORNER Indocement Tunggal Prakarsa (INTP IJ): Technical BUY Bank BTPN Syariah (BTPS IJ): Technical BUY
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