Selamat hari raya nyepi 2015

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PGAS - Weaker margins raise concerns

Perusahaan Gas Negara (PGAS) – HOLD (Downgrade)

Price: Rp 5,075 – Target Price: Rp 5,250

Weaker margins raise concerns

  • Depressed energy prices pressure margins.
  • Additional impairments possible.
  • No longer a USD hedge.
  • Downgrade to HOLD.


Retail Sector - Brighter days ahead

Retail Sector – Neutral (Upgrade)

Brighter days ahead

  • Retailers’ monthly sales picking up.
  • Leading indicators point to sustained recovery.
  • Raise to Neutral.


ICBP – No surprises

Indofood CBP Sukses Makmur (ICBP) – HOLD (Maintain)

Price: Rp14,800 – Target Price: Rp12,700

No surprises

  • Noodle margin increased YoY, but contracted sequentially.
  • Strong recovery in Dairy segment.
  • Demanding valuation.


INTP – Hold at best

Indocement Tunggal Prakasa (INTP) – HOLD (Maintain)

Price: Rp21,650 – Target Price: Rp21,500

Hold at best

  • Raise 2015-16 earnings on better margin.
  • 2M15 sales – lower on seasonal factors and rainy season.
  • Retain Hold rating with 0.7% downside to new TP of Rp21,500.

WINS – 4Q14 shows further margin decline

Wintermar Offshore Marine (WINS) – HOLD (Maintain)

Price: Rp605 – Target Price: Rp590

4Q14 shows further margin decline

  • 4Q14 result shows increasing margin pressure.
  • Massive capex reductions in global oil and gas industry.
  • Estimating EPS to decline by 17% in FY15.