Category: Research

What to Expect in 2024

FY24 Outlook: The road to JCI 8,000 JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection. Despite our 5% FY24 EPS growth forecast, we see support from more social aid, better liquidity and the next govt’s growth policies. We retain our FY24-end JCI target of […]

Daftar sektor saham di BEI

Mulai 25 Januari 2021, Bursa Efek Indonesia telah mengimplementasikan klasifikasi baru atas sektor dan industri perusahaan tercatat yang bernama Indonesia Stock Exchange Industrial Classification (IDX-IC) Terdapat 12 sektor saham yang telah diklasifikasikan. Berikut ini daftar saham per sektor: 1. IDXENERGY( Sektor Energi) IDX-IC Energy Sektor energi mencakup : ● Perusahaan yang menjual produk dan jasa terkait […]

Lowering Bond Issuance Target

The government keeps holding bond auctions amid rising risk-off sentiment. As scheduled, the government will have another government bond auction today, targeted to issue Rp20tn (maximum issuance: Rp30tn) or lower than the previous auction target of Rp23tn (max.: Rp34.5tn). The government will offer two SPN series, i.e., 3-mo and 1-yr tenors, and reopen five fixed-rate […]

ID Cement – Strong Start To The Year

Ryan SANTOSO, Fauzan DJAMAL, Andrey WIJAYA – RHB Sekuritas ♦️ Domestic cement sales increased by 8% YoY (-8.4% MoM) to 5.3m tonnes in January. The lower MoM sales volume was attributable to the rainy season’s seasonality. Bulk cement sales increased 16.1% YoY, compared to a low base last year due to people movement restrictions (PSBB). […]

HEAL IJ: Conference Call KTA; Maintain BUY

Vanessa Karmajaya, Michael Setjoadi – RHB Sekuritas Link to report: ♦️ Management guided for flat revenue growth and 28-30% EBITDA margins in 2022, given minimal contributions from COVID-19 cases – largely in line with our assumptions. HEAL aims to open 3-4 hospitals nationwide annually and is considering a number of hospitals for acquisition targets. […]

Astra International (ASII, Maintain BUY, TP IDR 8,100) – Seasonally lower car sales in Jan22

(Ignatius T. Prayoga – BRI DS) – Gaikindo reported domestic car sales of 87,783 units in Jan22 (-9.2%mom, 65.9%yoy). – The market share of ASII decreased to 50.7% in Jan22 compared to 53.1% in previous month mainly due to decrease of Toyota car sales (-30.0%mom), but still supported by Daihatsu car sales improvement (+16.0%mom). We […]

Key Takeaways of FOMC Jan Minutes Meeting

(Helmy Kristanto – BRIDS) 1. Inflation risk continue to rise on the upside, and coupled with strong labour market, an increase in rate would soon be appropriate, with expectation of rate hike in the next FOMC meeting (15-16 March). Moreover, if the inflation remain elevated, Fed will remove policy accommodation at a faster pace.2. Rate hike will […]