Morning Notes

STRATEGY
Enjoy The Ride On The Way Up     UOBKayhian












Finally Takes 51% Stake in Pertagas
Morning Notes
COMPANY UPDATE : Perusahaan Gas Negara (PGAS IJ)












Morning Notes

COMPANY UPDATE : Bank Negara Indonesia (BBNI IJ)
BBNI should have good prospects in 2019 as we expect net income to grow 17% and
loans to grow 16% yoy, underpinned by higher economic growth.
    UOBKayhian












15% Net Income Growth In 2019, Trading At -1SD To Forward PE
Morning Notes
COMPANY UPDATE : Astra International (ASII IJ)












Morning Notes

COMPANY RESULTS : ACES IJ
9M18: Persistently Strong Performance
ACES’ monthly SSS remained strong, growing 13.3% yoy in 9M18 and driving 22.3% sales growth and 32.5% net income growth in 9M18.
    UOBKayhian












Earnings To Play Catch-up in 4Q18
Morning Notes
Company Update : Ciputra Development (CTRA)












Morning Notes

Update - United Tractors (UNTR IJ)
Positive Earnings Surprise Likely In 3Q15     UOBKayhian












E-Commerce, Health & Beauty, Fee Income And 1,200 New Stores
Morning Notes
Strategy - Sumber Alfaria Trijaya (AMRT IJ)












Morning Notes

Strategy - Fast Food Indonesia (FAST IJ)
Promising Outlook Dampened By A Weak Rupiah And High Operating Costs     UOBKayhian












Liquidity: Early Signs Of Improvement?
Morning Notes
Sector - Banking












Morning Notes

Results - XL Axiata
2Q14: Successfully Assimilates Axis     UOBKayhian












4W Dealership Business Could Be Operating At Breakeven Level; Switch To
UNTR
Morning Notes
Update - Astra International (ASII IJ)












Morning Notes

Update - XL Axiata (EXCL IJ)
More Spectrum At The Price Of Higher Gearing     UOBKayhian












Facing A Challenging Year
Morning Notes
Sector - Property












Morning Notes

Update - Telekomunikasi Indonesia (TLKM IJ)
Enhancing Yield; Unlocking Hidden Assets     UOBKayhian












Resumes Expansion After Resolving Network Quality Issues
Morning Notes
Update - Indosat (ISAT IJ)












Morning Notes

Sector - Cement
11M13 sales volume came in at 53.3mt (+6.4% yoy), accounting for 92% of our full-year target...     UOBKayhian












Despite United Tractors (UNTR) expecting a recovery in Komatsu sales volume
particularly from non-mining sectors as well as better coal sales volume in 2014......
Morning Notes
Update - United Tractors (UNTR IJ)












Morning Notes

Update - Semen Indonesia (SMGR IJ)
Semen Padang Site Visit: Plays a Vital Role For Sumatra And Overseas Markets...     UOBKayhian












Domestic Car Sales Grow Strongly By 10.5% yoy In 10M13...
Morning Notes
Update - Astra International (ASII IJ)












Morning Notes

Update - Cement
10M13: Total Sales Volume Up 6.4% yoy...     UOBKayhian












9M13 Results Round-up...
Morning Notes
Result - Cement












Morning Notes

Sector - Plantation
9M13 Results Wrap-up...     UOBKayhian












9M13: Weak Results Due To Disappointing Ferronickel Business...
Morning Notes
Result - Aneka Tambang (ANTM IJ)












Morning Notes

Update - Bumi Serpong Damai (BSDE IJ)
9M13: Earnings Above Expectation Due To Higher Forex Gains...     UOBKayhian












9M13: Net Profit Declines On Higher Cost And Forex Loss...
Morning Notes
Update - Astra Agro Lestari (AALI IJ)












Morning Notes

Update - Ciputra Development (CTRA IJ/BUY/Rp1,080/Target: Rp1,310)
9M13 marketing sales comes in at Rp7.5t, or 75% of full-year target. 2014
marketing sales may be flattish..
    UOBKayhian












9M13 marketing sales of Rp2.9t account for 86% of 2013 target ...
Morning Notes
Update - Ciputra Surya (CTRS IJ/BUY/Rp2,325/Target: Rp3,025)












Morning Notes

Update - BW Plantation (BWPT IJ/BUY/Rp900/Target: Rp980)
Raising funds through non-preemptive rights issue to strengthen capital
structure for expansion...
    UOBKayhian












Raising funds through non-preemptive rights issue to strengthen capital
structure for expansion...
Morning Notes
Update - BW Plantation (BWPT IJ/BUY/Rp900/Target: Rp980)












Morning Notes

Sector - Cement
9M13: Volume Sales Continue To Slow Down...     UOBKayhian












Key Takeaways From The Asian Gem Corporate Day...
Morning Notes
Update - Ciputra Property (CTRP IJ)












Morning Notes

Update - Vale Indonesia (INCO IJ/HOLD/Rp2,475/Target: Rp2,500)
Continues to control cost and expects higher production in 2013; nickel
price outlook remains challenging...
    UOBKayhian












We remain positive on the domestic car market thanks to less pressure on
near-term interest rate hikes and new car models...
Morning Notes
Sector - Automobile












Morning Notes

Update - Ciputra Property (CTRP IJ/BUY/Rp810/Target: Rp1,140)
Still optimistic about booking marketing sales of Rp1.7t in 2013, although it
may decline to Rp1.2t in 2014. Maintain BUY...
    UOBKayhian












The 170-unit Sheffield is sold out within hours of its launch. ASP in Serpong
improves to Rp11.5m psm. Maintain BUY...
Morning Notes
Update - Bumi Serpong Damai (BSDE IJ/BUY/Rp1,440/Target: Rp2,025)












Morning Notes

Sector - Banking
Another tightening measure on mortgage. Maintain MARKET WEIGHT...     UOBKayhian












8M13 marketing sales hit Rp5.6t, 80% of full-year target of Rp7t. ASP
continues to increase as demand in Serpong is still strong. Upgrade to BUY...
Morning Notes
Update - Bumi Serpong Damai (BSDE IJ/BUY/Rp1,570/Target: Rp2,025)












Morning Notes

Update - Aneka Tambang (ANTM IJ/HOLD/Rp1,510/Target: Rp1,500)
Low single-digit consumption growth and high nickel inventory may cap
nickel prices...
    UOBKayhian












Facing macroeconomic headwinds; downgrade to MARKET WEIGHT...
Morning Notes
Sector - Banking












Morning Notes

Update - Alam Sutera Realty (ASRI IJ/BUY/Rp610/Target: Rp870)
Launches Suvarna Jati sub-clusters Dhana and Elysia; 2013 marketing
sales target is achievable...
    UOBKayhian












8M13 total sales volume hits 36mt (+6.5% yoy), accounting for 61% of
2013 target. Downgrade Holcim Indonesia to HOLD...
Morning Notes
Sector - Cement












Morning Notes

Update - Astra International (ASII IJ/BUY/Rp6,350/Target: Rp7,900)
Maintain our positive view as domestic cars remain resilient as interest
rate is still below 9.5%, and the launch of LCGC will improve market share...
    UOBKayhian












1H13: Earnings within expectations. Relatively flat loan growth due to
slowdown in loans to Bulog...
Morning Notes
Results - Bank Bukopin (BBKP IJ/BUY/Rp590/Target: Rp830)












Morning Notes

Update - Alam Sutera Realty (ASRI IJ/BUY/Rp460/Target: Rp610)
8M13 marketing sales still on track with forecast. 2013 net margin may
deteriorate due to forex loss. Maintain BUY with a revised TP of Rp610...
    UOBKayhian












Raising the BI rate to 7% may lead to slowing property demand albeit not
significant. Maintain OVERWEIGHT with ASRI and SMRA as our top picks...
Morning Notes
Sector - Property












Morning Notes

Results - Timah (TINS IJ/HOLD/Rp1,290/Target: Rp1,450)
1H13: Weak refined tin sales drag down earnings...     UOBKayhian












1H13: Net profit of Rp612b (+77% yoy), in line with our expectation...
Morning Notes
Results - Summarecon Agung (SMRA IJ/BUY/Rp760/Target: Rp1,140)












Morning Notes

Sector - Property
Maintain OVERWEIGHT on compelling valuation as the sector now trades
at a substantial discount to RNAV. Top picks are ASRI and BSDE...
    UOBKayhian












Maintain OVERWEIGHT as 7M13 sales volumes and 1H13 results are still on
track with our forecast. Top pick is INTP as it has the lowest downside risk....
Morning Notes
Sector - Cement












Morning Notes

Sector - Telecommunications
Different shades of forex impact......     UOBKayhian












BI plans to tighten liquidity by increasing the reserve requirement.
Maintain OVERWEIGHT...
Morning Notes
Sector - Banking












Morning Notes

Sector - Property
1H13 results and marketing sales remain in line with our expectations.
Maintain OVERWEIGHT. Top picks are ASRI and BSDE...
    UOBKayhian












1H13: Net profit declines on weak CPO ASP and rising costs. We cut our
net profit forecast on lower CPO production and margin assumptions...
Morning Notes
Results - London Sumatra Indonesia (LSIP IJ/BUY/Rp1,140/Target: Rp1,550)












Morning Notes

Astra Agro Lestari (AALI IJ/BUY/Rp17,200/Target: Rp23,300)
Despite rising sales volume, we expect a weak net profit in 1H13 due to
lower ASP. However, nucleus FFB production should recover in 2H13.
    UOBKayhian












1H13: Undermined By Aggressive Expansion...
Morning Notes
Bank Jabar Banten (BJBR IJ)












Morning Notes

Bank Danamon (BDMN IJ)
1H13: Shift In Asset Mix...     UOBKayhian












1H13 results expected to have remained solid; sector net profit grows 17%
yoy to Rp43t in 5M13...
Morning Notes
Sector - Banking












Morning Notes

Container Shipping
1H13 results preview: Big losses for 2Q13 are not surprising...     UOBKayhian












Feedback from marketing roadshow on ASEAN banks...
Morning Notes
Sector Banking












Morning Notes

Banking – Indonesia
Rates Are Increasing...     UOBKayhian












Early Mover In Responding To Rates Upcycle; Increasing Stake In Subsidiaries...
Morning Notes
Bank Central Asia (BBCA IJ)












Morning Notes

Wintermar Offshore Marine (WINS IJ)
Rolling Out Ahead of Schedule...     UOBKayhian












CGA Site Visit: New Market And New Cash Cow...
Morning Notes
Update - Aneka Tambang (ANTM IJ)












Morning Notes

Cement – Indonesia
Limited Impact From Rising Fuel Prices...     UOBKayhian












High Inventory Level To Cap Nickel Price Recovery...
Morning Notes
Metal Mining – Indonesia












Morning Notes

Update - United Tractors (UNTR IJ)
Higher Komatsu Sales Volume From The Construction Sector...     UOBKayhian












No Signs Of Slowing Demand Yet...
Morning Notes
Update - Bumi Serpong Damai (BSDE IJ)












Morning Notes

Astra International (ASII IJ)
Potential Rate Hike And Competition To Impact Car Sales...     UOBKayhian












Flat Komatsu Sales Volume In April...
Morning Notes
Update – United Tractors (UNTR IJ)












Morning Notes

Cement – Indonesia
Riding On Upbeat Sentiment Of Property Sector...     UOBKayhian












Investment Loan Growth Momentum Slows; Fundamentals Remain Intact...
Morning Notes
Sector - Banking












Morning Notes

Update - Alam Sutera Realty (ASRI IJ)
Positive Feedback From Non-deal Roadshow...     UOBKayhian












Banks Are Connecting Their Networks, Allowing Interbank Transfer Via ATMs...
Morning Notes
Sector - Banking












Morning Notes

Plantation
1Q13 Results Wrap-up...     UOBKayhian












1Q13: Deteriorating Margins Due To Wage And Royalty Fee Hikes...
Morning Notes
Update – Holcim Indonesia (SMCB IJ)












Morning Notes

Bank Central Asia (BBCA IJ)
1Q13: Solid Results...     UOBKayhian












Thriving On Indonesia’s Oil-service Cabotage...
Morning Notes
Update - Wintermar Offshore Marine (WINS IJ)












Morning Notes

Bank Danamon (BDMN IJ)
1Q13: Slowdown In Automobile Financing...     UOBKayhian












Key Takeaways From Analyst Meeting...
Morning Notes
Update – Alam Sutera Realty (ASRI IJ)












Morning Notes

Update - Astra International (ASII IJ)
Continues To Be The Market Leader In Cars And Motorcycles...     UOBKayhian












1Q13 Marketing Sales Up 213% yoy On Jump In Land Plot Sales...
Morning Notes
Update - Bumi Serpong Damai (BSDE IJ)












Morning Notes

Sector - Banking
Continued Increase In LDR...     UOBKayhian












4Q12 Earnings Round-up: Property And Banking Shine...
Morning Notes
Strategy - Indonesia












Morning Notes

Result - Ace Hardware Indonesia (ACES IJ)
2012: Results Above Expectations But Demanding Valuation...     UOBKayhian












The lower sales volume that led to higher inventory level...
Morning Notes
Plantation - 2012 Results Wrap-Up












Morning Notes

Update - Ciputra Surya (CTRS IJ)
2012: Earnings Below Expectations But Strong Fundamentals Intact...     UOBKayhian












2012: Better -than- expected Results
Morning Notes
Update - Ciputra Development (CTRA IJ)












Morning Notes

Update – Bank Central Asia (BBCA IJ)
2012: Solid Results Within Expectations...     UOBKayhian












An Attractive SME Player...
Morning Notes
Update - Bank Bukopin (BBKP IJ)












Morning Notes

Strategy
Sector Highlight: Property...     UOBKayhian












2012: Saved By Gain On Fair Value Adjustment On Investment...
Morning Notes
Update - Aneka Tambang (ANTM IJ)












Morning Notes

Update – Bumi Serpong Damai (BSDE IJ)
Rising Appetite To Monetise Assets...     UOBKayhian












2012: Net Profit Doubles...
Morning Notes
Update - Alam Sutera Realty (ASRI IJ)












Morning Notes

Update - Bank Jabar Banten (BJBR IJ)
2012: Concern On Loans Quality......     UOBKayhian












Banking On Strong ASP Increases...
Morning Notes
Update - Alam Sutera Realty (ASRI IJ)












Morning Notes

Result - London Sumatra Indonesia (LSIP IJ)
4Q12: Weak Results On Lower CPO Prices...     UOBKayhian












2012: Net Profit Improves 31% yoy
Morning Notes
Results – Holcim Indonesia (SMCB IJ)












Morning Notes

Banking - Bank Central Asia (BBCA IJ)
Share Rally Overextended; Downgrade To HOLD...     UOBKayhian












4Q12 Results Preview: Weak CPO Prices To Weigh On Earnings...
Morning Notes
Update - Astra Agro Lestari (AALI IJ)












Morning Notes

Update - Ciputra Development (CTRA IJ)
2013 Sales To Be Driven By More Projects From Subsidiaries...     UOBKayhian












CPO Prices Capped By Strong Production And High Inventory...
Morning Notes
Sector - Plantation












Morning Notes

Update - Bumi Serpong Damai (BSDE IJ)
Bright Prospects; Undemanding Valuations...     UOBKayhian












Loan Growth Shows Recovery...
Morning Notes
Update - Bank Rakyat Indonesia (BBRI IJ)












Morning Notes

Update - BW Plantation (BWPT IJ)
Huge Immature Area To Support Growth...     UOBKayhian












Tonasa Site Visit: More Capacity To Meet Demand...
Morning Notes
Update - Semen Gresik (SMGR IJ)












Morning Notes

Sector - Banking
The Lucrative Micro Segment...     UOBKayhian












Takeaways From Results Briefing...
Morning Notes
Result - Indosat












Morning Notes

Update - Bumi Serpong Damai
3Q12: Improving Margins...     UOBKayhian












3Q12: Results Largely In Line...
Morning Notes
Results - Alam Sutera Realty












Morning Notes

Update - Garuda Indonesia
3Q12: Takeaways From Analyst Briefing......     UOBKayhian












3Q12: Steady Growth In Subscriber Base And ARPU...
Morning Notes
Update - Telekomunikasi Indonesia












Morning Notes

Update - Bank Jabar Banten
3Q12: Loan Growth Beats Expectation...     UOBKayhian












Anticipating Stabilisation In ARPU...
Morning Notes
Update - Indosat












Morning Notes

Update - Bank Negara Indonesia
3Q12: Focusing On Rupiah Loans...     UOBKayhian












3Q12: LTV Rule Impacts Loan Growth...
Morning Notes
Update - Bank Danamon












Morning Notes

Sector - Cement
9M12 Domestic Sales Up 15% yoy; Still On Track...     UOBKayhian












Working Capital Loan Growth Softens...
Morning Notes
Sector - Banking












Morning Notes

Update - London Sumatra Indonesia
Benefitting From A Recovery In Rubber Prices...     UOBKayhian












Despite a possible financial burden to fuel its business expansion, we believe ASRI’s earnings outlook remains bright. Maintain BUY...
Morning Notes
Update - Alam Sutera Realty












Morning Notes

Update - Astra Agro Lestari
Expect Recovery In FFB Production Growth In September...     UOBKayhian












July Loan Growth On Track...
Morning Notes
Sector - Banking












Morning Notes

Update - Mitra Adiperkasa
1H12: Higher Same-store Sales Growth...     UOBKayhian












8M12 Domestic Sales Up 12.6% yoy; Still On Track
Morning Notes
Sector - Cement












Morning Notes

Update - Garuda Indonesia
Concern over rupiah weakness is overblown. Maintain BUY...     UOBKayhian












Concern over rupiah weakness is overblown. Maintain BUY...
Morning Notes
Update - Garuda Indonesia












Morning Notes

Strategy - The Impact Of A Rupiah De-rating And Rising Interest Rates
No significant impact from a greater rupiah volatility and higher interest rate environment. The winner is SGRO and the loser is ASRI...     UOBKayhian












Fundamentals Still Sound, Deserve Upgrades In Target Prices...
Morning Notes
Sector - Cement












Morning Notes

Updated - London Sumatra Indonesia
1H12: Strong Net Profit qoq But Lower yoy...     UOBKayhian












1H12 Round-up: Good Results As Expected...
Morning Notes
Sector - Property












Morning Notes

Sector - Banking
Strong 1H12 Results, Within Expectations...     UOBKayhian












Expect Earnings Recovery In 2H12...
Morning Notes
Update - Vale Indonesia












Morning Notes

Update - Garuda Indonesia
2Q12: Gains Market Share; Stronger 2H Beckons...     UOBKayhian












1H12: Books Strong Mortgage Loan Growth...
Morning Notes
Updated - Bank Central Asia












Morning Notes

Update - Bank Jabar Banten
1QFY13: Gradual turnaround, but fully priced in...     UOBKayhian












2Q12: Quarterly Improvement Pointing The Way Forward
Morning Notes
Updated : Bank Rakyat Indonesia












Morning Notes

Updated : Astra Agro Lestari
1H12: Lower Net Profit yoy Growth But Higher qoq...     UOBKayhian












1H12 Marketing Sales Still On Track..
Morning Notes
Sector : Property












Morning Notes

Update - Astra Agro Lestari
2Q12 Results Preview: Strong Net Profit But Lower yoy.....     UOBKayhian












Enjoys bright prospects in the home improvement business, strong SSS growth, steady earnings growth and solid balance sheet.
Morning Notes
Initiate Coverage - ACE Hardware Indonesia












Morning Notes

Update - Sampoerna Agro
2Q12 Results Preview: Expect Quarterly CPO Production To Recover..     UOBKayhian












Expect Quarterly Improvement In 2Q12 Results.....
Morning Notes
Update - Bank Central Asia












Morning Notes

Sector - Banking
Lower Liquidity On Robust Loan Growth ...     UOBKayhian












Morning Notes
Regional Morning Notes : Thursday, July 12, 2012












Morning Notes

Update - Mitra Adiperkasa
1H12 Update: Ongoing Expansion With High SSS Growth...     UOBKayhian












REGIONAL
Sector
Plantation Page 2
Malaysian palm oil inventory lower than expected and the dry weather affecting
soybean crop would lead to higher edible oil prices. Maintain OVERWEIGHT.
CHINA
Economics
Inflation Page 5
CPI falls to 2.2%. We expect more easing to come.
Trade Page 6
China’s import gr...
Morning Notes
Regional Morning Notes : Wednesday, July 11, 2012












Morning Notes

Indonesia Daily - Tuesday, July 10, 2012
Adira Dinamika Multi Finance: Disburses Rp16.4t loan in 1H12. Indofood CBP: To venture into beverage industry. Banking: Excess liquidity in Jun 12 drops by Rp40.35t.......     UOBKayhian












Indeks diperkirakan akan cenderung melemah dalam 2-3 hari kedepan sebelum kemudian melanjutkan penguatan. Support indeks berada pada level 4000-4040.
Morning Notes
Indonesia Ritel : Senin, 9 Juli 2012