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SMGR - Weak start

Semen Indonesia (SMGR) – HOLD (Upgrade)

Price: Rp13,125 – Target Price: Rp12,000

Weak start

  • Weak sales volumes in 4M15.
  • Retain our 2015 cement demand assumption.
  • Upgrade to Hold with lower downside.


Seasonally low performance

Bank Rakyat Indonesia (BBRI) – BUY (Maintain)

Price: Rp12,750 – Target Price: Rp14,500

Seasonally low performance

  • Better NIM and ample liquidity.
  • Expect slower pace NPL from consumer and micro segment.
  • Getting closer to customers.

ACES - Slow but steady

ACE Hardware Indonesia (ACES) – BUY (Maintain)

Price: Rp685 – Target Price: Rp840

Slow but steady

  • 4M14 SSSG remained negative but improving.
  • Expecting a better 2H15.
  • Maintain BUY.


RALS - Purse strings remain tight

Ramayana Lestari Sentosa (RALS) – HOLD (Maintain)

Price: Rp775 – Target Price: Rp720

Purse strings remain tight

  • Weak ex-Java market.
  • 4M15 sales are 8% below initial estimates.
  • Cutting estimates.


UNTR - Unsurprising 1Q15 results

United Tractors (UNTR) – HOLD (Maintain)

Price: Rp23,550 – Target Price: Rp21,800

Unsurprising 1Q15 results

  • One time gain drives profits.
  • Revenue performance remains weak.
  • Better TTA and construction contractor need further verification.