Unilever Indonesia (UNVR IJ)
HOLD-OPF / TP: IDR:2,700 (+2.3%)
Analyst: Laras Nadira
Trapped in a storm
• Lower royalties drove earnings gain, in line
• Keeping selling price competitive
• Strategies to rebuild momentum in FY2024
• Re-iterate HOLD with lower TP
Bank Rakyat Indonesia (BBRI IJ)
BUY / TP: IDR:6,800 (+32.0%)
Analyst: Yap Swie Cu
Results in 1Q24 hit by soaring credit cost
• Solid upper-line earnings
• Profit dragged by soaring credit cost
• More conservative guidance given
• Slight change in 2024F net profit estimation. Re-iterate BUY
Mitratel (MTEL IJ)
BUY / TP: IDR:820 (+40.2%)
Analyst: Chandra Pasaribu
Improves operating leverage
• Strong result, in line with expectation
• Diversification and rise in operating leverage
• Unchanged guidance
• Re-iterate BUY
INDUSTRY
• Menkominfo to auction 5G spectrum
CORPORATE
• BBTN's 1Q24 net profit increases 7.4% YoY
• Hanhwa Life to acquire NOBU
• SIDO’s earnings in 1Q24 beat our/consensus expectation
• GOOD holds back on ASP increase
• DRMA posted a correction in 1Q24 earnings, and distribute final dividend FY23
INDUSTRY
• BI to increase benchmark rate at 6.25%
CORPORATE
• UNTR continues to diversify its revenue
• UNVR’s sales dipped by 5% YoY, earnings were in-line
• KEJU expect double digit growth for FY24
• ASGR to distribute FY23 final dividend
• RAJA booked solid earnings in 1Q24
• BBRI's 1Q24 net profit rises 2.5% YoY
INDUSTRY
• Data traffic up +17% during Eid-Fitr celebration
CORPORATE
• META to extend tender offer
• HMSP to distribute dividend IDR8.0tn or 99.5% of FY23's net profit
• MFIN decides not to pay dividend this year
• AALI to set a capex for FY24, and distribute FY23 final dividend
