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Country:
Indonesia
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Indonesia

Recent Reports

BEST - Industrial Estate Co Benefits from FDI Flow into Indonesia - 40% Upside - BUY - Archived 9/20/2013
BEST - Well-positioned Landbank Supports Value and Growth - BUY
MYOR - Indo Food Co Provides Undervalued Exposure to the Indo Consumer - BUY - Archived 6/3/2013
MYOR - Indo Snack Giant Sees Strong Growth With Solid Governance and Balance Sheet - BUY
KIMIA - Recent Fund Raising and Expansion Plans - BUY - Archived 5/15/2013
KIMIA - Indo Pharma Co Part of Govnt Plans to Merge and Expand - BUY
Kalbe - Solid Play on Indonesian Healthcare Growth - BUY - Archived 5/9/2013
Rising CAPEX a Catalyst For Long-term Growth
IMAS - Indonesian Auto Distributor Set to Benefit from Consumer Growth - BUY - Archived 12/11/2012
We initiate coverage of Indomobil Sukses  “IMAS”- an auto-distributor of Nissan, Infiniti, Volkswagen, and Heavy Duty trucks in Indonesia; Nissan makes up over 40% of profits.
Kalbe - Strong Pharma Co in SE Asia - Pressure from Rising Oil - Archived 3/25/2011
These notes from a conference call with Kalbe management highlight the strong growth opportunities at the company.
Kalbe Pharma - Mgmt Discussion of Issues and Opportunities - Archived 12/8/2010
This recent call with Kalbe Farma discusses issues and opportunities for the company.
INDOFOOD - CONSUMER PLAY IN INDONESIA - BUY - Archived 8/24/2009
Indofood is one of the major food processing companies in Indonesia, they have a diverse product portfolio (noodles, flour, palm oil, milk), which provides solid exposure to the Indonesian consumer opportunity.

BUMI RESOURCES (BUMI.JK) - LARGEST ENERGY EXPORTER IN SOUTHEAST ASIA - BUY - Archived 7/16/2009
We believe that BUMI is well-positioned for upside in the medium and long-term.  Our bullish stance on the stock is based on the attractive location of their mines, recent weakness of the stock, capex spending on ports and equipment, possible acquisition of BHP and Newmont assets, diversification into gold and copper and strong energy demand in China, India and locally.

ACES – 144.6% YOY INCREASE IN 3Q08 NET INCOME – BUY - Archived 2/16/2009
In 3Q08 PT Ace Hardware Indonesia Tbk (ACES) reported robust financial results.  Sales jumped by 47.6% YOY to IDR919.8 bn compared to only IDR623 bn in the same period previous year due to an aggressive store opening during the year.  As of October 2008, the Company has opened 13 stores with total area of 27,041 square meters.

AALI – CPO PRICE MAY RISE TO MYR2,000 PER TON – UPGRADE TO BUY FROM SELL - Archived 1/19/2009
PT Astra Agro Lestari Tbk (AALI) will cut capital expenditures for the acquisition of plantation area this year and change its focus to the maintenance of existing plantations.
BLTA – FIRM TREND IN VLCC’S RATE – HOLD - Archived 1/9/2009
In 3Q08 PT Berlian Laju Tanker Tbk (BLTA) reported an 88.6% YOY increase in sales to IDR5,048.7 bn, compared to IDR2,677.5 bn previous year, and a 236.4% YOY increase in net income to IDR1,746.4 bn mainly due to the consolidation of Chembulk financial performance, as we were expecting.
CMNP – SERR’S TRAFFIC VOLUME BELOW EXPECTATIONS – HOLD - Archived 12/30/2008
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.
PGAS – 2009 SALES VOLUME TARGET UP BY 33.3% – BUY - Archived 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 - Archived 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 - Archived 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 - Archived 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.
ANTM – BUYING AT ITS LOWEST POINT – BUY - Archived 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 - Archived 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.
BANK CIMB NIAGA (BNGA) – UPWARD PRESSURE ON COST OF FUNDS – UPGRADE TO HOLD - Archived 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.
BANK RAKYAT INDONESIA (BBRI) – PROVEN HIGH MARGIN BUSINESS MODEL TO WITHSTAND DIFFICULT MACRO – BUY - Archived 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).
BANK DANAMON (BDMN) – ABILITY TO PASS ON RISING COST OF FUNDS – BUY - Archived 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).
BANK MANDIRI (BMRI) – SOFTER LANDING IN A CHALLENGING MACRO ENVIRONMENT – BUY - Archived 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 - Archived 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 - Archived 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 - Archived 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 - Archived 8/11/2008
RALS – EASING CONSUMER'S PURCHASING POWER – BUY
PTBA – BRIGHT PROSPECT OF COAL – BUY - Archived 8/4/2008
PTBA – BRIGHT PROSPECT OF COAL – BUY
AALI – SALES VOLUME UP 21.5% YOY IN JAN-MAY 2008 – BUY - Archived 7/28/2008
AALI – SALES VOLUME UP 21.5% YOY IN JAN-MAY 2008 – BUY
AALI – CHINA AND INDIA INCREASE PALM OIL IMPORTS – BUY - Archived 7/22/2008
AALI – CHINA AND INDIA INCREASE PALM OIL IMPORTS – BUY
INDR – 21.8% YOY INCREASE IN 1Q08 SALES – HOLD - Archived 7/21/2008
INDR – 21.8% YOY INCREASE IN 1Q08 SALES – HOLD
UNTR – STRONG PERFORMANCE IN JAN-MAY 2008 – BUY - Archived 7/14/2008
UNTR – STRONG PERFORMANCE IN JAN-MAY 2008 – BUY
PGAS – DOMESTIC GAS PRICE FORMULA NEXT MONTH – BUY - Archived 7/7/2008
PGAS – DOMESTIC GAS PRICE FORMULA NEXT MONTH – BUY
AALI – CHINA AND INDIA INCREASE PALM OIL IMPORTS – BUY - Archived 6/30/2008
AALI – CHINA AND INDIA INCREASE PALM OIL IMPORTS – BUY
BLTA – 0.4% COMPENSATION FOR BREAKING BONDS COVENANT – HOLD - Archived 6/30/2008
BLTA – 0.4% COMPENSATION FOR BREAKING BONDS COVENANT – HOLD
BANK NIAGA (BNGA) – MERGER WITH LIPPO UNDERWAY – DOWNGRADED TO SELL - Archived 6/29/2008
BANK NIAGA (BNGA) – MERGER WITH LIPPO UNDERWAY – DOWNGRADED TO SELL
PTBA – SOUTH AFRICA WILL LIMIT COAL EXPORT – BUY - Archived 6/16/2008
PTBA – SOUTH AFRICA WILL LIMIT COAL EXPORT – BUY
CMNP – HIKE IN FUEL PRICES – HOLD - Archived 6/5/2008
CMNP – HIKE IN FUEL PRICES – HOLD
KLBF – WEAK 1Q08 RESULTS – HOLD - Archived 6/2/2008
KLBF – WEAK 1Q08 RESULTS – HOLD
ACES – SOLID GROWTH OF FY07 SALES – BUY - Archived 5/28/2008
ACES – SOLID GROWTH OF FY07 SALES – BUY
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Coverage

Aneka Tambang Tbk PT (ANTM.JK) Add to my Watch List
Astra Agro Lestari (AALI) Add to my Watch List
Astra International (ASII.JK) Add to my Watch List
Axiata Group Bhd (AXIA.KL) Add to my Watch List
Bakrie Telecom (BTEL.JK) Add to my Watch List
Bank Central Asia (BBCA) Add to my Watch List
Bank Danamon (BDMN) Add to my Watch List
Bank Mandiri (BMRI) Add to my Watch List
Bank Niaga (BNGA) Add to my Watch List
Bank Rakyat (BBRI) Add to my Watch List
Bekasi Fajar Industrial Estate PT (BEST.JK) Add to my Watch List
Bumi Resources (BUMI) Add to my Watch List
Dankos Laboratories (DNKS) Add to my Watch List
Energi Mega Persada Tbk (ENRG.JK) Add to my Watch List
Excelcomindo Pratama Tbk (EXCEL.JK) Add to my Watch List
Gudang Garam (GGRM) Add to my Watch List
HM Sampoerna (HMSP) Add to my Watch List
INCO (INCO) Add to my Watch List
Indo Banking (Banks) Add to my Watch List
Indocement (INTP) Add to my Watch List
Indomobil Sukses Internasional Tbk PT (IMAS.JK) Add to my Watch List
Indosair Karya Media (IDKM) Add to my Watch List
Indosat (ITT.N) Add to my Watch List
Kalbe Farma Tbk PT (KLBF.JK) Add to my Watch List
Kalbe Pharma (KLBF.JK) Add to my Watch List
Kimia Farma (KAEF.JK) Add to my Watch List
Komatsu Indonesia (KOMI) Add to my Watch List
MATARI PUTRA PRIMA (MPPA) Add to my Watch List
Mayora Indah Tbk PT (MYOR.JK) Add to my Watch List
Medco Energi International (MEDC.JK) Add to my Watch List
PT Ace Hardware Indonesia Tbk (ACES) Add to my Watch List
PT Barito Pacific (BRPT) Add to my Watch List
PT Berlian Laju Tanker (BLTA) Add to my Watch List
PT Citra Marga Nusaphala Persada (CMNP) Add to my Watch List
PT Indofood Sukses Makmur (INDF) Add to my Watch List
PT Indorama Syntetics Tbk (INDR) Add to my Watch List
PT Kawasan Industri Jababeka Tbk (KIJA) Add to my Watch List
PT Perusahaan Gas Negara (PGAS) Add to my Watch List
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (LSIP) Add to my Watch List
PT Sari Husada Tbk (SHDA) Add to my Watch List
PT Tambang Batubara Bukit Asam (PTBA) Add to my Watch List
PT Truba Alam Manunggal Engineering Tbk (TRUB) Add to my Watch List
PT United Tractors Tbk (UNTR) Add to my Watch List
PT. Hexindo Adiperkasa Tbk (HEXA) Add to my Watch List
Ramayana Lastari (RALS) Add to my Watch List
Semen Gresik (SMGR) Add to my Watch List
Surya Citra Media Tbk PT (SCMA) Add to my Watch List
Telekomunikasi Indonesia Tbk PT (TLK) Add to my Watch List
Tempo Scan (TSPC) Add to my Watch List
Unilever (UNVR) Add to my Watch List