| CMNP – SERR’S TRAFFIC VOLUME BELOW EXPECTATIONS – HOLD |
12/30/2009 |
In 3Q08 PT Citra Marga Nusaphala Persada Tbk (CMNP) posted that sales increased by 19.7% YOY to IDR428.5 bn and net income soared by 18.4% YOY to IDR92.4 bn compared to IDR78 bn in the previous year.
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| PGAS – 2009 SALES VOLUME TARGET UP BY 33.3% – BUY |
12/11/2008 |
| In 3Q08 PT Perusahaan Gas Negara (PGAS) reported a 47.2% YOY increase in total sales to IDR9,021 bn and a 56.8% rise in net income to IDR2,043.3 bn. The increase in total sales was a result of an increase in gas distribution and transmission volume to customers during 3Q08 period. |
| PTBA – 2009 SELLING PRICE TO SURALAYA UP BY 57.3% – BUY |
12/4/2008 |
| In 3Q08 PT Tambang Batubara Bukit Asam Tbk (PTBA) posted sales increased by 64.9% YOY to IDR4,967.5 bn. Domestic sales went up by 59.4% YOY to IDR2,823.3 bn and export sales soared by 79.3% YOY to IDR2,127.1 bn. |
| AALI – DOWNGRADE TO SELL FROM BUY ON FEAR OF A GLOBAL ECONOMIC RECESSION – SELL |
11/26/2008 |
| In 3Q08 PT Astra Agro Lestari Tbk (AALI) reported a 62.6% YOY increase in sales to IDR6,696.8 bn, compared to IDR4,117.8 bn in 3Q07, and a 65.6% YOY increase in net income to IDR2,129.9 bn. This superb performance was a result of high CPO prices in the first seven months of this year. |
| BLTA – 0.4% COMPENSATION FOR BREAKING BONDS COVENANT – HOLD |
11/4/2008 |
In 1Q08 PT Berlian Laju Tanker Tbk (BLTA) reported an 86.4% YOY increase in sales to IDR1,566.3 bn, compared to IDR840.2 bn previous year, and a 514.6% YOY increase in net income to IDR1,103.8 bn.
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| ANTM – BUYING AT ITS LOWEST POINT – BUY |
11/4/2008 |
| In 2Q08 PT Aneka Tambang Tbk (ANTM) posted a 49% YOY decrease in net profit to IDR1,465.2 bn from IDR2,873.4 bn in 2Q07 and a 7.4% YOY drop in total sales to IDR5,570.1 bn. The decrease was mainly due to lower average selling prices of ferronickel from USD17.9 per lb in 2Q07 to USD12.6 per lb in 2Q08. |
| BLTA – 87.6% YOY GROWTH IN 2Q08 SALES – HOLD |
10/27/2008 |
In 2Q08, PT Berlian Laju Tanker Tbk (BLTA) reported an 87.6% YOY increase in sales to IDR3,235.7 bn, compared to IDR1,725.2 bn in the previous year, and a 192% YOY increase in net income to IDR1,018.6 bn.
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| BANK CIMB NIAGA (BNGA) – UPWARD PRESSURE ON COST OF FUNDS – UPGRADE TO HOLD |
10/3/2008 |
Our observation revealed that the Bank will likely to face net interest margin pressure from rising cost of funds amid a liquidity squeeze in the banking sector.
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| BANK RAKYAT INDONESIA (BBRI) – PROVEN HIGH MARGIN BUSINESS MODEL TO WITHSTAND DIFFICULT MACRO – BUY |
10/2/2008 |
BRI’s 1H08 results reflected the Bank’s healthy operating income
generating power in a challenging macro environment. We reiterate our
BUY recommendation on the counter with target price unchanged at
Rp7,700 (43% upside potential).
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| BANK DANAMON (BDMN) – ABILITY TO PASS ON RISING COST OF FUNDS – BUY |
10/2/2008 |
After a recent price retreat, we have accordingly upgraded our BUY recommendation on Danamon with target price unchanged at Rp6,600 (+35% upside).
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| BANK MANDIRI (BMRI) – SOFTER LANDING IN A CHALLENGING MACRO ENVIRONMENT – BUY |
10/2/2008 |
| We reiterate our BUY recommendation on Bank Mandiri with target price unchanged at Rp3,700 (+40% upside). |
| BANK CENTRAL ASIA (BBCA) – BEST POSITIONED, BUT LARGELY PRICED IN – HOLD |
10/2/2008 |
| Our recent meeting with BCA’s management revealed that the Bank actually benefited from liquidity squeeze at major foreign banks operating in Indonesia |
| LSIP – 81.6% YOY INCREASE IN 1Q08 TOTAL SALES – BUY |
9/1/2008 |
| In the 2008-13 period, we expect that the Company’s total annual sales will grow at a CAGR of 16.9% and net annual profit to increase at a CAGR of 13.7%. |
| CMNP – 20.6% YOY INCREASE IN 2Q08 TOTAL SALES – HOLD |
8/25/2008 |
|
We expect revenue to grow at a CAGR of 10% during 2008-13, with EPS growth at a CAGR of 18.7%; stock offers an upside potential of 6.7% from the current level and we still maintain our HOLD recommendation. |
| RALS – EASING CONSUMER'S PURCHASING POWER – BUY |
8/11/2008 |
| RALS – EASING CONSUMER'S PURCHASING POWER – BUY |
| PTBA – BRIGHT PROSPECT OF COAL – BUY |
8/4/2008 |
| PTBA – BRIGHT PROSPECT OF COAL – BUY |
| AALI – SALES VOLUME UP 21.5% YOY IN JAN-MAY 2008 – BUY |
7/28/2008 |
| AALI – SALES VOLUME UP 21.5% YOY IN JAN-MAY 2008 – BUY |
| AALI – CHINA AND INDIA INCREASE PALM OIL IMPORTS – BUY |
7/22/2008 |
| AALI – CHINA AND INDIA INCREASE PALM OIL IMPORTS – BUY |
| INDR – 21.8% YOY INCREASE IN 1Q08 SALES – HOLD |
7/21/2008 |
| INDR – 21.8% YOY INCREASE IN 1Q08 SALES – HOLD |
| UNTR – STRONG PERFORMANCE IN JAN-MAY 2008 – BUY |
7/14/2008 |
| UNTR – STRONG PERFORMANCE IN JAN-MAY 2008 – BUY |
| PGAS – DOMESTIC GAS PRICE FORMULA NEXT MONTH – BUY |
7/7/2008 |
| PGAS – DOMESTIC GAS PRICE FORMULA NEXT MONTH – BUY |
| AALI – CHINA AND INDIA INCREASE PALM OIL IMPORTS – BUY |
6/30/2008 |
| AALI – CHINA AND INDIA INCREASE PALM OIL IMPORTS – BUY |
| BLTA – 0.4% COMPENSATION FOR BREAKING BONDS COVENANT – HOLD |
6/30/2008 |
| BLTA – 0.4% COMPENSATION FOR BREAKING BONDS COVENANT – HOLD |
| BANK NIAGA (BNGA) – MERGER WITH LIPPO UNDERWAY – DOWNGRADED TO SELL |
6/29/2008 |
| BANK NIAGA (BNGA) – MERGER WITH LIPPO UNDERWAY – DOWNGRADED TO SELL |
| PTBA – SOUTH AFRICA WILL LIMIT COAL EXPORT – BUY |
6/16/2008 |
| PTBA – SOUTH AFRICA WILL LIMIT COAL EXPORT – BUY |
| CMNP – HIKE IN FUEL PRICES – HOLD |
6/5/2008 |
| CMNP – HIKE IN FUEL PRICES – HOLD |
| KLBF – WEAK 1Q08 RESULTS – HOLD |
6/2/2008 |
| KLBF – WEAK 1Q08 RESULTS – HOLD |
| ACES – SOLID GROWTH OF FY07 SALES – BUY |
5/28/2008 |
| ACES – SOLID GROWTH OF FY07 SALES – BUY |
| AALI – 123.7% YOY INCREASE IN 1Q08 SALES – BUY |
5/27/2008 |
| AALI – 123.7% YOY INCREASE IN 1Q08 SALES – BUY |
| BANK RAKYAT INDONESIA (BBRI) – STILL GOING STRONG – BUY |
5/25/2008 |
| BANK RAKYAT INDONESIA (BBRI) – STILL GOING STRONG – BUY |
| PGAS – 49.9% YOY INCREASE IN 1Q08 TOTAL SALES – BUY |
5/22/2008 |
| PGAS – 49.9% YOY INCREASE IN 1Q08 TOTAL SALES – BUY |
| PTBA – 28.9% YOY GROWTH IN 1Q08 TOTAL SALES – BUY |
5/19/2008 |
| PTBA – 28.9% YOY GROWTH IN 1Q08 TOTAL SALES – BUY |
| UNVR – 10.7% YOY GROWTH IN FY07 TOTAL SALES – HOLD |
5/15/2008 |
| UNVR – 10.7% YOY GROWTH IN FY07 TOTAL SALES – HOLD |
| KIJA – SLOW DOWN IN 2008 REAL ESTATE BUSINESS – HOLD |
5/13/2008 |
| KIJA – SLOW DOWN IN 2008 REAL ESTATE BUSINESS – HOLD |
| BLTA – LOWER CREDIT RATINGS – HOLD |
5/9/2008 |
| BLTA – LOWER CREDIT RATINGS – HOLD |
| INDR – ANOTHER BLAST OF CRUDE OIL PRICES – HOLD |
5/6/2008 |
| INDR – ANOTHER BLAST OF CRUDE OIL PRICES – HOLD |
| BANK DANAMON (BDMN) – PREVIEW OF A CHALLENGING YEAR – HOLD |
5/4/2008 |
| BANK DANAMON (BDMN) – PREVIEW OF A CHALLENGING YEAR – HOLD |
| ANTM – APPROVAL FOR HERALD MAX AUD3.5 PER SHARE – BUY |
5/2/2008 |
| ANTM – APPROVAL FOR HERALD MAX AUD3.5 PER SHARE – BUY |
| KLBF – PROMISING ENERGY DRINK MARKET – BUY |
4/28/2008 |
| KLBF – PROMISING ENERGY DRINK MARKET – BUY |
| AALI – 150.7% YOY INCREASE IN FY07 NET PROFIT – BUY |
4/28/2008 |
| AALI – 150.7% YOY INCREASE IN FY07 NET PROFIT – BUY |
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