Jumat, 03 Agustus 2012
BULLISH ON COAL VIEW. INDIA GOV ORDER TO BUY COAL - GOLDMAN SACHS.
BULLISH ON COAL VIEW. INDIA GOV ORDER TO BUY COAL - GOLDMAN SACHS.
Rekomendasi Saham
IDX: Jakarta Composite Index was corrected 37 points or 0,9%. Market was in a
consolidation phase, as we mentioned before. Assuming the index managed to
stay above 4005 level, there is no need to worry. We suggest investors to go back
to consumer stocks. Today’s trading range is between 4005 - 4023 - 4054
(support) and 4121 - 4156 - 4162 (resistance).
UNVR: There are several signs for positive direction: First, golden cross from
MacD side, second, upper gap following high demand,, and third, Fibonacci
indicates to reach IDR25250, as short-term target. TRADING BUY.
SMRA: There is no strong signal from momentum indicator for going upward. We
see a downward trend. TAKE PROFIT/EXIT.
consolidation phase, as we mentioned before. Assuming the index managed to
stay above 4005 level, there is no need to worry. We suggest investors to go back
to consumer stocks. Today’s trading range is between 4005 - 4023 - 4054
(support) and 4121 - 4156 - 4162 (resistance).
UNVR: There are several signs for positive direction: First, golden cross from
MacD side, second, upper gap following high demand,, and third, Fibonacci
indicates to reach IDR25250, as short-term target. TRADING BUY.
SMRA: There is no strong signal from momentum indicator for going upward. We
see a downward trend. TAKE PROFIT/EXIT.
Nippon Indosari Corpindo (ROTI.IJ, HOLD) - Stronger Performance Priced In
Nippon Indosari Corpindo (ROTI.IJ, HOLD) - Stronger Performance Priced In
Profit growth lags sales growth. Nippon Indosari recorded a 1H12 net profit
increase of 40% YoY to IDR72b, while revenue rose 56% YoY to IDR570b. Revenue
was in line with our estimate but net profit was below our expectation, as higher
promotion costs dragged operating margins to 16.0% (from 17.5% in 1H11). The
promotion cost to sales ratio increased to 8.1% (from 6.7% in 1H11), as
management aggressively promoted several new products through television
advertising.
Second half performance should be better than the first half. The company
indicated that performance in 2H12 would be better than in 1H12, supported by
several factors: 1) higher bread consumption owing to the occurrence of several
festivities in 2H12, like Eid-Fitr, Christmas and New Year; 2) two new plants (in
Palembang and Makassar) and an additional line of sweet bread production facility in
each of Semarang, Pasuruan, and Medan commenced operations in 2H12; and 3)
new variants of existing products will be launched in 2H12.
Continued expansion; opening three new factories next year. The company is
targeting to increase its capacity by opening three factories, in Pekan Baru,
Pontianak (west Kalimantan), and Tangerang (West Java), next year. No further
Profit growth lags sales growth. Nippon Indosari recorded a 1H12 net profit
increase of 40% YoY to IDR72b, while revenue rose 56% YoY to IDR570b. Revenue
was in line with our estimate but net profit was below our expectation, as higher
promotion costs dragged operating margins to 16.0% (from 17.5% in 1H11). The
promotion cost to sales ratio increased to 8.1% (from 6.7% in 1H11), as
management aggressively promoted several new products through television
advertising.
Second half performance should be better than the first half. The company
indicated that performance in 2H12 would be better than in 1H12, supported by
several factors: 1) higher bread consumption owing to the occurrence of several
festivities in 2H12, like Eid-Fitr, Christmas and New Year; 2) two new plants (in
Palembang and Makassar) and an additional line of sweet bread production facility in
each of Semarang, Pasuruan, and Medan commenced operations in 2H12; and 3)
new variants of existing products will be launched in 2H12.
Continued expansion; opening three new factories next year. The company is
targeting to increase its capacity by opening three factories, in Pekan Baru,
Pontianak (west Kalimantan), and Tangerang (West Java), next year. No further
MANDIRI SEKURITAS INVESTOR’S DIGEST
MANDIRI SEKURITAS INVESTOR’S DIGEST
Jasa Marga: Prof.Dr.Sedjiatmo increase its tariff by 10% to Rp5,500/car effective today (JSMR, Rp5,650, Buy, TP: Rp6,100)
· Starting today new tariffs are imposed in Prof.Dr.Sedjiatmo (14.3Km) toll road. Tariff for passenger car (vehicle type 1) up by 10% to Rp5,500/car vs. previously Rp5,000/car. The implementation of new tariff is slightly delayed from the original schedule on Jul, since the latest rate increase was Jul 12, 2010. In FY11A the toll road reached 66.5mn traffic, contributed 6.1% to JSMR’s traffic.
· Meanwhile, tariff increase in Jakarta-Cikampek (83.0Km) toll road, which should have the same schedule with Prod.Dr.Sedjiatmo, has been delayed as the toll road failed to meet the minimum service standards requirements from BPJT. However, JSMR expects the increase tariff would be applied before the Eid –al Fitr (19-20 Aug) holiday, considering this toll road is one of the most traffic during the festive season. In FY11A traffic in the toll road reached 176.4mn traffic, contributed 16.2% to JSMR’s traffic.
· We just update our TP to Rp6,100/share (previously Rp5,700/share) as we rolled over our DCF valuation to next year, while our forecast and assumptions remains unchanged. Our new TP implies to PER12-13F of 24.2-20.8x. A full note company focus report is available for more details. We maintain a buy recommendation on JSMR.
Jasa Marga: Prof.Dr.Sedjiatmo increase its tariff by 10% to Rp5,500/car effective today (JSMR, Rp5,650, Buy, TP: Rp6,100)
· Starting today new tariffs are imposed in Prof.Dr.Sedjiatmo (14.3Km) toll road. Tariff for passenger car (vehicle type 1) up by 10% to Rp5,500/car vs. previously Rp5,000/car. The implementation of new tariff is slightly delayed from the original schedule on Jul, since the latest rate increase was Jul 12, 2010. In FY11A the toll road reached 66.5mn traffic, contributed 6.1% to JSMR’s traffic.
· Meanwhile, tariff increase in Jakarta-Cikampek (83.0Km) toll road, which should have the same schedule with Prod.Dr.Sedjiatmo, has been delayed as the toll road failed to meet the minimum service standards requirements from BPJT. However, JSMR expects the increase tariff would be applied before the Eid –al Fitr (19-20 Aug) holiday, considering this toll road is one of the most traffic during the festive season. In FY11A traffic in the toll road reached 176.4mn traffic, contributed 16.2% to JSMR’s traffic.
· We just update our TP to Rp6,100/share (previously Rp5,700/share) as we rolled over our DCF valuation to next year, while our forecast and assumptions remains unchanged. Our new TP implies to PER12-13F of 24.2-20.8x. A full note company focus report is available for more details. We maintain a buy recommendation on JSMR.
Cuan Mandiri Saham
Cuan mandiri saham adalah blog info saham, yang berisi bermacam macam sumber info saham, rumor dari berbagai macam sumber.
Salam Cuan di Mandiri Saham
Salam Cuan di Mandiri Saham
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