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TB Bukit Asam (PTBA) – Lower than expectation

27 April 2013 By Yualdo Yudoprawiro

TB Bukit Asam (PTBA) – HOLD (Maintain)

Price: Rp15,000 – Target Price: Rp13,450

Lower than expectation

  • 1Q13 revenue fell 8% YoY to Rp2.78 trillion while net income fell 43% to Rp493 billion.
  • 1Q13 performance was below our estimates with revenue and net income each represents 21% and 17% from our estimates.
  • Sales volume went up 15.4% YoY, in-line with our estimate. However, COGS also rose 14% YoY partly due to the rising railway tariff. [Read more...]
Filed Under: Mining, Research

Ulasan Ekonomi Harian

25 April 2013 By Lana Soelistianingsih

 

  • Pasar Asia hari ini kemungkinan akan menguat mengikuti index  futurenya. Sedangkan untuk IDR kami
    perkirakan melemah menuju kisaran antara Rp.9.725 s.d Rp.9.730 per USD.

  • Isu ekonomi: 1). Keputusan pemerintah untuk menaikkan harga BBM subsidi yang
    berlarut-larut membuat stok BBM subsidi mulai langkah terutama di luar Pulau
    Jawa. Pengalaman pembatasan impor sapi dan hortikuluta membuat tekanan inflasi
    yang tidak perlu karena tidak mengantisipasi kelangkaan; 2). Permintaan pesanan
    untuk manufaktur AS turun 5,6% mom pada Maret dari 4,3% mom pada Februari.
    Penurunan ini diperkirakan membuat sektor manufaktur AS melambat. Pertumbuhan
    ekonomi AS Q1-2013 akan diumumkan esok. Kemungkinan masih cukup baik diatas 2%
    yoy.
Filed Under: Research

Kalbe Farma (KLBF) – Excellent FY12 result

5 April 2013 By Yualdo Yudoprawiro

Kalbe Farma (KLBF) – BUY (Upgrade)

Price: Rp1,250 – Target Price: Rp1,450

Excellent FY12 result

  • FY12 revenue grew 25% YoY to Rp13.6 trillion while net income grew 17% to Rp1.7 trillion.
  • FY12 performance was in-line with our estimates with revenue and net income each represents 105% and 104% from our estimates.
  • Revenue growth was supported by all divisions where Distribution division contributed the highest growth, followed by Nutritional, Pharma, and Consumer Health. [Read more...]
Filed Under: Consumer Goods Industry, Research