DAILY RESEARCHAs of March 3, 2015
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Waskita Karya (WSKT) – BUY (Initiate)
Price: Rp1,820 – Target Price: Rp2,300
Propitious time to carry on last year performance
- Singing a different tune.
- Extra room to wiggle.
- My way or the highway!.
Indo Tambangraya Megah (ITMG) – HOLD (Maintain)
Price: Rp16,700 – Target Price: Rp17,725
2014 results meets expectations
- EBIT declined 24% in 2014.
- Offsetting lower coal prices by reducing stripping ratio.
- Discounted to peers due to shorter mine life.
Semen Indonesia (SMGR) – SELL (Maintain)
Price: Rp14,675 – Target Price: Rp12,000
- Government optimism vs. SMGR’s rationale.
- Three major obstacles: financing, land clearing and bureaucracy.
Nippon Indosari Corpindo (ROTI) – BUY (Maintain)
Price: Rp1,250 – Target Price: Rp1,435
- FY14 sales and profit growth likely at low end of range.
- Worst case scenario with Yamazaki appears averted.
- Remains the fastest growing among peers; Maintain BUY.