reports
Xl Axiata Tbk PT: 1 director
A director at Xl Axiata Tbk PT bought 1,000,000 shares at 2,290.000IDR and the significance rating of the trade was 52/100. 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 last two year...
XL AXIATA reduced its risk exposure resulting in an upgrade to Slightl...
XL AXIATA (ID), a company active in the Mobile Telecommunications industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date March 22, 2022, the closing price...
- Chris Hoare
New Street: XL Axiata (Buy, TP: IDR5,000, +87%) Feedback from small g...
We had another relatively bullish call this evening Jakarta time with XL Axiata. XL (like PT Telkom) believes that the consolidation of the industry means Indonesian mobile is at a turning point, with prices likely to stabliise/recover going forward.
- Carolyn Ching
- Chong Lee Len
- Clement Ho Jia Xing
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jie Ying Chloe Tan
- Jo Yee Ng
- John Cheong Ming Chern
- Jonathan Koh
- Kong Ho Meng
- Leow Huey Chuen
- Peerawat Dentananan
- Selvi Ocktaviani
- Tham Mun Hon
- Vincent Khoo Boo Aik
Regional Morning Notes - Wednesday, February 23, 2022
REGIONAL Sector Gaming: The Genting Group’s ASEAN-listed gaming stocks are set for a winning streak with valuations gradually re-rating to price in business and dividend normalisation trends. GREATER CHINA Strategy What to expect from the Two Sessions? INDONESIA Results XL Axiata (EXCL IJ/BUY/Rp2,860/Target: Rp3,750): 4Q21: Higher-than-expected net profit; moving towards position of no.1 converged operator. MALAYSIA Results Axiata (AXIATA MK/BUY/RM3.89/Target: RM4.45): 4Q21: Above expectation...
- Selvi Ocktaviani
XL Axiata (EXCL IJ) - 4Q21: Higher-than-expected Net Profit; Moving To...
EXCL’s 4Q21 net profit came in higher despite expectation of a qoq decline. Fullyear 2021 net profit of Rp1.3t was the highest since 2013. EXCL has increased the prices of its data. It booked 11% convergence penetration from fixed broadband in 2021 and expects to scale up with LINK. EXCL still can explore maximum synergistic benefits with LINK, even though EXCL only holds minority interest. Maintain BUY with a target price of Rp3,750.
- Maskun Ramli
- Selvi Ocktaviani
- Chris Hoare
New Street: Indonesian Telcos Acceleration in wireless bodes well for...
Both XL Axiata and Indosat have reported strong growth in Q4. Consensus has growth slowing for PT Telkom. Read-across from peers suggests acceleration is more likely, implying the market leader is likely to beat expectations materially
- Selvi Ocktaviani
XL Axiata (EXCL IJ) - Earnings Accretion And Synergistic Benefits From...
Axiata Group announced its acquisition of 66% of LINK for Rp8.72t. EXCL will acquire 20% (550m) of LINK’s shares. Our calculation shows that EXCL could enjoy earnings accretion of Rp46b-118b of net profit or 3-9% additional net income in 2023. The LINK acquisition is expected to generate synergies from sharing fibre optic infrastructure and bringing additional revenue to LINK with referrals to EXCL’s 58m customers. Maintain BUY with a target price of Rp3,900.
- Akhmad Nurcahyadi
- Carolyn Ching
- Chaiwat Arsirawichai
- Chong Lee Len
- Clement Ho Jia Xing
- Jacquelyn Yow Hui Li
- Jie Ying Chloe Tan
- Jonathan Koh
- Keith Wee Teck Keong
- Leow Huey Chuen
- Peerawat Dentananan
- Selvi Ocktaviani
- Tham Mun Hon
- Xiu Li Yap
Regional Morning Notes - Monday, January 31, 2022
GREATER CHINA Economics PMI: Growth risks mount. INDONESIA Results Bank Central Asia (BBCA IJ/HOLD/Rp7,775/Target: Rp7,460): 4Q21: Net profit dropped 5.9% qoq as provision increased 51.9% qoq. Update XL Axiata (EXCL IJ/BUY/Rp3,290/Target: Rp3,900): Earnings accretion and synergistic benefits from 20% investment in LINK. MALAYSIA Results Bursa Malaysia (BURSA MK/Hold/RM6.18/Target: RM6.00): 4Q21: Results marginally above expectations. As ADV may have found a bottom coupled with valuation curren...
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
F34 WILMAR INTERNATIONAL LIMITED
BBCA PT BANK CENTRAL ASIA TBK
EXCL PT XL AXIATA TBK
DIGI DIGI COMMUNICATIONS NV
DTAC-R TOTAL ACCESS COMMUNICATION PUBLIC CO NVDR
MLT MAPLETREE LOGISTICS TRUST
BURSA BURSA MALAYSIA BHD
KLCCSS KLCCP STAPLED GROUP
JIUC JIUTIAN CHEMICAL GROUP LTD
- Akhmad Nurcahyadi
- Maskun Ramli
- Selvi Ocktaviani
Indonesia Daily - Monday, January 31, 2022
Bank Central Asia (BBCA IJ/HOLD/Rp7,775/Target: Rp7,460): 4Q21: Net profit dropped 5.9% qoq as provision increased 51.9% qoq. XL Axiata (EXCL IJ/BUY/Rp3,290/Target: Rp3,900): Earnings accretion and synergistic benefits from 20% investment in LINK. TRADERS’ CORNER Perusahaan Gas Negara (PGAS IJ): Technical BUY Pelat Timah Nusantara (NIKL IJ): Technical BUY
- Stevanus Juanda
Strategy - Impending Rise In Omicron Infections
Omicron variant infections are rising across the globe and Indonesia has recorded 509 cases. Omicron is expected to peak in Feb 22 with new cases rising to as high as 60,000 cases daily. The impact of social restrictions could be milder. Healthcare (MIKA) and pharmaceutical (KLBF, SIDO) companies could see higher demand. A correction in the JCI should offer an opportunity to buy financial (BMRI, BBNI, BBTN), retail (MAPI, ERAA), consumer (UNVR, MYOR) and telecommunications (TLKM, EXCL) stocks.
KLBF PT KALBE FARMA TBK
MYOR MAYORA INDAH
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
EXCL PT XL AXIATA TBK
MIKA MITRA KELUARGA KARYASEHAT
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
SIDO INDUSTRI JAMU DAN FARMASI SI
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
- Maskun Ramli
- Stevanus Juanda
KLBF PT KALBE FARMA TBK
MYOR MAYORA INDAH
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
EXCL PT XL AXIATA TBK
MIKA MITRA KELUARGA KARYASEHAT
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
SIDO INDUSTRI JAMU DAN FARMASI SI
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
- Chris Hoare
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
REG: Strategy: Alpha Picks - January 2022
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We expect the indices to rebound in January on better policy news flow and improving investor sentiments. Add Venus MedTech, replace JD.com with Alibaba on our BUY list. INDONESIA Strategy Alpha Picks: Drop SMRA, ERAA and Add BBNI: Our picks: UNVR, SIDO, JSMR, BMRI, TLKM, KLBF, ROTI, EXCL and BBNI. MALAYSIA Strategy Alpha Picks: Embracing The High Beta Picks: Dec 21 alpha picks portfolio significantly outperformed the FBMKLCI, cappi...
JD JD.COM INC. SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
G13 GENTING SINGAPORE
00823 LINK REAL ESTATE INVESTMENT TRUST
1023 CIMB GROUP HOLDINGS BHD
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AMATA AMATA CORP
BBNI PT BANK NEGARA INDONESIA (PERSERO) TBK CLASS B
TOP THAI OIL PUBLIC CO. LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
601899 ZIJIN MINING GROUP CO. LTD. CLASS A
002594 BYD COMPANY LIMITED CLASS A
KLBF PT KALBE FARMA TBK
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
SMRA PT SUMMARECON AGUNG TBK
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
EXCL PT XL AXIATA TBK
Y92 THAI BEVERAGE PUBLIC CO. LTD.
HANA HANA MICROELECTRONICS PCL
ERAA ERAJAYA SWASEMBADA
ROTI NIPPON INDOSARI CORPINDO
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
BDMS-R BANGKOK DUSIT MEDICAL SERVICES PCL NVDR
VSI V.S. INDUSTRY BERHAD
SIDO INDUSTRI JAMU DAN FARMASI SI
SMM SEMBCORP MARINE LTD
MYEG MY EG SERVICES BHD
ART ASCOTT RESIDENCE TRUST
839 CHINA EDUCATION GROUP HOLDINGS LTD
SAPE SAPURA ENERGY BHD
GENM GENTING MALAYSIA BHD
916 CHINA LONGYUAN POWER GROUP-H
BRC BRC ASIA LTD
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2331 LI NING CO LTD
UAG UNI-ASIA GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
SENTRAL SENTRAL REIT
TIDLOR NGERN TID LOR PCL
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
291 CHINA RESOURCES BEER HOLDINGS CO LTD
CVL CIVMEC
2500 VENUS MEDTECH (HANGZHOU) INC.
- Johnny Yum
- Stevanus Juanda
Strategy - Recovery Story, Laggards And Undervalued Names
We expect the GDP recovery to further drive corporate earnings growth in 2022. Corporate earnings growth historically has an 85% correlation with JCI levels. The recovery story should continue until 1H22. We suggest investors continue focusing on laggards and undervalued names. We have set 7,400 as our 2022 year-end JCI target. The risks to our bullish view will be higher-than-expected inflation and sooner-thanexpected interest rate hikes. Top 5 picks: BMRI, UNVR, JSMR, TLKM and KLBF.
BBNI PT BANK NEGARA INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
KLBF PT KALBE FARMA TBK
MYOR MAYORA INDAH
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
EXCL PT XL AXIATA TBK
WIKA WIJAYA KARYA PERSERO
BSDE PT BUMI SERPONG DAMAI TBK
ERAA ERAJAYA SWASEMBADA
ROTI NIPPON INDOSARI CORPINDO
MIKA MITRA KELUARGA KARYASEHAT
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
PTPP PP PERSERO TBK PT
SIDO INDUSTRI JAMU DAN FARMASI SI
BUKA BUKALAPAK.COM PT TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
- Johnny Yum
- Maskun Ramli
- Stevanus Juanda
BBNI PT BANK NEGARA INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
KLBF PT KALBE FARMA TBK
MYOR MAYORA INDAH
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
EXCL PT XL AXIATA TBK
WIKA WIJAYA KARYA PERSERO
BSDE PT BUMI SERPONG DAMAI TBK
ERAA ERAJAYA SWASEMBADA
ROTI NIPPON INDOSARI CORPINDO
MIKA MITRA KELUARGA KARYASEHAT
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
PTPP PP PERSERO TBK PT
SIDO INDUSTRI JAMU DAN FARMASI SI
BUKA BUKALAPAK.COM PT TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
- Akhmad Nurcahyadi
- Johnny Yum
- Selvi Ocktaviani
- Stevanus Juanda
Strategy - Recovery Story, Laggards And Undervalued Names
We expect the GDP recovery to further drive corporate earnings growth in 2022. Corporate earnings growth historically has an 85% correlation with JCI levels. The recovery story should continue until 1H22. We suggest investors continue to focus on laggards and undervalued names. We have set 7,400 as our 2022 year-end JCI target. The risks to our bullish view will be higher-than-expected inflation and sooner-than-expected interest rate hikes. Top 5 picks: BMRI, UNVR, JSMR, TLKM and KLBF. • GDP gro...
BBNI PT BANK NEGARA INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
KLBF PT KALBE FARMA TBK
MYOR MAYORA INDAH
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
EXCL PT XL AXIATA TBK
WIKA WIJAYA KARYA PERSERO
BSDE PT BUMI SERPONG DAMAI TBK
ERAA ERAJAYA SWASEMBADA
ROTI NIPPON INDOSARI CORPINDO
MIKA MITRA KELUARGA KARYASEHAT
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
PTPP PP PERSERO TBK PT
SIDO INDUSTRI JAMU DAN FARMASI SI
BUKA BUKALAPAK.COM PT TBK
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
- Johnny Yum
Strategy - Alpha Picks: Drop SMRA, ERAA And Add BBNI
After four consecutive months of outperformance, our portfolio underperformed in Dec 21 by delivering a -1.0% return, compared with a 1.2% rise in the JCI. In 4Q21, our portfolio outperformed the JCI by delivering an 8.4% return vs the index’s 4.7%. We drop SMRA and ERAA to reduce our portfolio exposure to small caps. We add BBNI due to the potential 40% NPAT growth in 2022 and -1SD P/B valuation. Our picks are: UNVR, SIDO, JSMR, BMRI, TLKM, KLBF, ROTI, EXCL and BBNI.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
KLBF PT KALBE FARMA TBK
BMRI PT BANK MANDIRI (PERSERO) TBK
UNVR PT UNILEVER INDONESIA TBK
EXCL PT XL AXIATA TBK
ROTI NIPPON INDOSARI CORPINDO
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
SIDO INDUSTRI JAMU DAN FARMASI SI
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