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ACES - BUY on improving demand outlook

ACE Hardware Indonesia (ACES) – BUY (Maintain)

Price: Rp705 – Target Price: Rp840

BUY on improving demand outlook

  • Improving demand outlook compensates for short-term risk on margins.
  • Inventory high but manageable.
  • Maintain BUY.

 

SMGR - Slower growth on price intervention

Semen Indonesia (SMGR) – SELL (Downgrade)

Price: Rp14,100 – Target Price: Rp12,000

Slower growth on price intervention

  • Lower costs will not offset price decrease.
  • Gloomy growth outlook.

 

MAPI - Ending with a whimper

Mitra Adiperkasa (MAPI) – HOLD (Maintain)

Price: Rp5,400 – Target Price: Rp5,475

Ending with a whimper

  • In-line FY14 sales, but Dec’14 SSSG soft.
  • 4Q14 gross margin remain under pressure.
  • Scaling back expansion.
  • Maintain HOLD.

 

Samuel Investment Guide (Equity outlook 2015) – Cycling up the hills

Indonesia Strategy – Neutral (Maintain)

JCI Index: 5,160 – JCI Target: 5,600

Cycling up the hills

  • 2014 review
  • What is the impact of lower oil price?
  • Political situation will stabilize
  • 2015 JCI target price is 5,600

Consumer Sector - Waiting on a growth revival

Consumer Sector – Neutral (Maintain)

Waiting on a growth revival

  • This time is different.
  • Exchange rate is the key.
  • Top sector picks: KLBF, ROTI and ULTJ