reports
Semen Indonesia (Persero) Tbk PT: 9 directors
A director at Semen Indonesia (Persero) Tbk PT bought 126,700 shares at 3,857.440IDR and the significance rating of the trade was 68/100. 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 company's directors over the...
- Johnny Yum
- Stevanus Juanda
Strategy - JCI Could Underperform MXAP In 2023
After the JCI’s strong outperformance in 2022, investors believe that the index is likely to underperform in 2023 against the MSCI Asia Pacific. We view 2023 as a stock picking environment for investing in the JCI. The ban on premarital sex is a step back for Indonesia. Investors are intrigued by the potential presidential candidacy of Ganjar Pranowo. We disagree with the hypothesis that China relaxing its zero-COVID policy will cause commodity prices to rise further. Our top five BUYS are BBRI,...
ITMG INDO TAMBANGRAYA MEGAH
KLBF PT KALBE FARMA TBK
INTP PT INDOCEMENT TUNGGAL PRAKARSA TBK
MYOR MAYORA INDAH
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
SMGR PT SEMEN INDONESIA (PERSERO) TBK
MAPI MITRA ADIPERKASA
ADRO PT ADARO ENERGY TBK
ROTI NIPPON INDOSARI CORPINDO
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
BBNI BANK NEGARA INDONESIA PERSER
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
ITMG INDO TAMBANGRAYA MEGAH
KLBF PT KALBE FARMA TBK
INTP PT INDOCEMENT TUNGGAL PRAKARSA TBK
MYOR MAYORA INDAH
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
SMGR PT SEMEN INDONESIA (PERSERO) TBK
MAPI MITRA ADIPERKASA
ADRO PT ADARO ENERGY TBK
ROTI NIPPON INDOSARI CORPINDO
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
BBNI BANK NEGARA INDONESIA PERSER
- Limartha Adhiputra
Semen Indonesia (SMGR IJ) - Integration Of Semen Baturaja; Margin Expa...
SMGR officially announced its pre-emptive rights issue to acquire the state’s shares in SMBR. SMGR will issue as much as 846m new shares with a ratio of 100 old:14 new shares and exercise price of Rp6,600/share. The TERP will range from Rp6,600-6,950 with potential public ownership portion dilution of up to 6.8%. The integration of SMGR and SMBR is expected to unlock Rp1.7t value creation in the next five years. We maintain BUY with a target price of Rp10,500 or its mean five-year EV/EBITDA of 9...
- Limartha Adhiputra
- Maskun Ramli
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Kong Ho Meng
- Limartha Adhiputra
- Tham Mun Hon
- Zhifeng Shen
Regional Morning Notes - Monday, December 12, 2022
GREATER CHINA Economics Inflation: Decline in PPI inflation may start to narrow. Sector Consumer: Ten further optimised measures; growth will still be the key driver. Update Jiumaojiu International Holdings (9922 HK/BUY/HK$19.94/Target: HK$22.60): Adapting to the new normal takes time. INDONESIA Update Semen Indonesia (SMGR IJ/BUY/Rp6,950/Target: Rp10,500): Integration of Semen Baturaja; margin expansion. MALAYSIA Update Sapura Energy (SAPE MK/HOLD/RM0.04/Target: RM0.05): Sustaining high rig E...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - December 2022
GREATER CHINA Strategy Alpha Picks: December Conviction Calls: The positive sentiment on the economic reopening may carry over into December and limit the extent of any consolidation. We are adding more beneficiaries of the reopening and policy easing. INDONESIA Strategy Alpha Picks: Outperformed The JCI by 3.7%: Our picks: ROTI, BBRI, BBNI, SMGR, TLKM, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Rejoining The Global Equity Uptrend: Nov 22 Alpha Picks outperformed the FBMKLCI. Dec 22 picks: ...
ORI ORIGIN PROPERTY
G13 GENTING SINGAPORE
00016 SUN HUNG KAI PROPERTIES LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
AMATA AMATA CORP
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
KLBF PT KALBE FARMA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
1155 MALAYAN BANKING BHD.
C52 COMFORTDELGRO CORPORATION LIMITED
SMGR PT SEMEN INDONESIA (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
AP AP THAILAND
ROTI NIPPON INDOSARI CORPINDO
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
853 MICROPORT SCIENTIFIC CORP
YNS YINSON HOLDINGS BHD
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
3690 MEITUAN DIANPING 3690 HK
SCB-R SIAM COMMERCIAL BANK PCL NVDR
UMSH UMS HOLDINGS LTD
2359 WUXI APPTEC CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
291 CHINA RESOURCES BEER HOLDINGS CO LTD
ONEE THE ONE ENTERPRISE PCL
CLI CAPITALAND INVESTMENT LTD
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
CLAS CAPITALAND ASCOTT TRUST
- Johnny Yum
- Maskun Ramli
- Johnny Yum
Strategy - Alpha Picks: Outperformed JCI By 3.7%
Our portfolio once again outperformed in Nov 22 with a 2.6% return compared with the JCI’s -1.1%. MAPI once again delivered the largest gain with a 19.5% rise. BBRI came in second with a 6.2% gain and BBNI was third with a 4.5% gain. Out of the seven names in our portfolio, only TLKM and SMGR recorded negative returns in Nov 22 with -8.8% and -5.3% returns. Our portfolio has done well and has outperformed since 1Q22. Our picks areROTI, BBRI, BBNI, SMGR, TLKM, KLBF and MAPI.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - November 2022
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: Equities would stay volatile in November, as reopening hopes play out against falling global dollar liquidity. We keep SELLs on our list, and add defensives and reopening beneficiaries. INDONESIA Strategy Alpha Picks: Another Month Of Outperformance: Our picks: ROTI, BBRI, BBNI, SMGR, TLKM, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Positioning For A More Risk-On Sentiment: Oct 22 Alpha Picks underperformed the FBMKLCI. Nov 22 p...
ORI ORIGIN PROPERTY
G13 GENTING SINGAPORE
00016 SUN HUNG KAI PROPERTIES LIMITED
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
01093 CSPC PHARMACEUTICAL GROUP LIMITED
AMATA AMATA CORP
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
KLBF PT KALBE FARMA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
1155 MALAYAN BANKING BHD.
C52 COMFORTDELGRO CORPORATION LIMITED
SMGR PT SEMEN INDONESIA (PERSERO) TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
AP AP THAILAND
ROTI NIPPON INDOSARI CORPINDO
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
853 MICROPORT SCIENTIFIC CORP
YNS YINSON HOLDINGS BHD
SIE SIA ENGINEERING CO LTD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
3690 MEITUAN DIANPING 3690 HK
SCB-R SIAM COMMERCIAL BANK PCL NVDR
2359 WUXI APPTEC CO LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
291 CHINA RESOURCES BEER HOLDINGS CO LTD
ONEE THE ONE ENTERPRISE PCL
CLI CAPITALAND INVESTMENT LTD
9961 TRIP.COM GROUP LTD
BBNI BANK NEGARA INDONESIA PERSER
CLAS CAPITALAND ASCOTT TRUST
- Johnny Yum
Strategy - Alpha Picks: Another Month Of Outperformance
Our portfolio outperformed in Oct 22 with a 4.4% return compared with the JCI’s -1.6%. MAPI recorded the biggest return at 11.2%, followed by KLBF with 9.6% and BMRI with 9.5%. Positive returns were also recorded by ENAK (+5.0%), SMGR (+3.6%) and BBNI (+2.3%). We have dropped BMRI as its valuation is now near +2SD P/B and it has delivered a total 54% return since its inclusion, as well as ENAK due to its weak 3Q22 results. We replace BMRI with BBRI which has a more attractive valuation. Our pick...
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
Indonesia Daily - Thursday, November 3, 2022
Strategy: Alpha Picks: Another Month Of Outperformance: Our picks: ROTI, BBRI, BBNI, SMGR, TLKM, KLBF and MAPI. Mayora Indah (MYOR IJ/BUY/ Rp2,330/ Target: Rp2,600): 3Q22: Reduction of advertising cost translates to 236.8% yoy growth in NPAT. Upgrade to BUY. TRADERS’ CORNER Elang Mahkota Teknologi (EMTK IJ): Technical BUY Merdeka Copper Gold (MDKA IJ): Technical BUY
- Limartha Adhiputra
Cement - Coal DMO Prices And Higher Infrastructure Budget Should Boost...
Cement companies have guided for a lower sales volume in 2022 at 3-4% this year and 4-5% in 2023. We expect a 4% industry volume growth in 2023 on a higher infrastructure budget, property sector recovery and IKN construction. In 2023, we expect SMGR and INTP to benefit from low calorific value coal DMO prices of US$45-47/tonne. Therefore, we expect SMGR’s and INTP’s 2023 NPAT to grow 41% and 44% yoy respectively. Maintain OVERWEIGHT. SMGR is our top pick.
- Limartha Adhiputra
- Maskun Ramli
- Johnny Yum
Strategy - Alpha Picks: Three Quarters of Outperformance
Our portfolio outpaced the JCI in Sep 22 and delivered a 3.8% increase compared to the JCI’s 4.2% decline. SMGR rose 11.5%, KLBF rose by 9.7% and BMRI rose 6.4%. MAPI continued to be strong and rose 5.8%. For 3Q22, our portfolio rose by 10.5% compared to the JCI’s 1.9% and it has beaten the JCI for the past three consecutive quarters using the market cap weighted method that mirrors the JCI. Our picks: ROTI, ENAK, BMRI, BBNI, SMGR, TLKM, KLBF and MAPI.
- Johnny Yum
- Maskun Ramli
- Johnny Yum
- Stevanus Juanda
Strategy - JCI’s NPAT Up 50.5% yoy In 2Q22
Adding up the bottom-up NPAT recorded by 637 names in the JCI, we found that JCI’s NPAT rose 50.5% in 2Q22 and 68.7% in 1H22. Due to the higher base in 2H21, the JCI’s NPAT growth in 2H22 should be lower than that in 1H22. The transport, oil & gas and coal sectors recorded the highest NPAT growth in 1H22. For 2023, infrastructure, technology, cement, consumer and retail will be the sectors with the highest NPAT growth. Our picks: MAPI, LPPF, ERAA, ROTI, SMGR, INTP, JSMR, BUKA and BBNI.
KLBF PT KALBE FARMA TBK
INTP PT INDOCEMENT TUNGGAL PRAKARSA TBK
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
SMGR PT SEMEN INDONESIA (PERSERO) TBK
MAPI MITRA ADIPERKASA
ERAA ERAJAYA SWASEMBADA
ROTI NIPPON INDOSARI CORPINDO
BUKA BUKALAPAK.COM PT TBK
BBNI BANK NEGARA INDONESIA PERSER
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
KLBF PT KALBE FARMA TBK
INTP PT INDOCEMENT TUNGGAL PRAKARSA TBK
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
SMGR PT SEMEN INDONESIA (PERSERO) TBK
MAPI MITRA ADIPERKASA
ERAA ERAJAYA SWASEMBADA
ROTI NIPPON INDOSARI CORPINDO
BUKA BUKALAPAK.COM PT TBK
BBNI BANK NEGARA INDONESIA PERSER
- Limartha Adhiputra
Semen Indonesia (SMGR IJ) - Market Share Expansion After Acquiring Sem...
SMGR has received approval from the House of Representative to acquire Semen Baturaja in 4Q22. The acquisition is expected to add Rp1.6t-1.8t to SMGR’s annual revenue from 2023 onwards. SMGR has also confirmed its participation in supplying cement for the construction of the new capital city, which will result in higher cement sales in 2H22. We maintain BUY with a lower target price of Rp9,800.
- Limartha Adhiputra
- Maskun Ramli
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