Indonesia Banking Industry (Mid-sized)
Analyst: Yap Swie Cu
Results summary for 1H20
• Business and earnings contraction in 2Q20
• Sluggish top-line earnings and soaring credit cost
• Strong capital back-up with mixed liquidity profile
• Valuation
Astra International (ASII IJ)
Not rated
Analyst: Chandra Pasaribu
Remaining cautious
• Auto segment: Most hard hit but it is starting to revive
• Rigid automotive market
• Capex halved and to preserve cash
• Sound fundamentals but with cautious outlook
Pembangunan Perumahan (PTPP IJ)
BUY / TP: IDR:1,160 (+14.9%)
Analyst: Muhammad Abdul Aziz
Weak results due to flattish expenses
• Booked IDR6.7tn revenue in 1H2020
• Flattish expenses dragged down the bottom line
• Still cautious balance sheet
• New-contract target trimmed
• We re-iterate our BUY call
INDUSTRY
• Auto sales up to 25k units in Jul2020
• Government to subsidy data plan for distant learning
• Total loans accelerated in Jul 2020
• Government to launch zero interest micro loans in Aug 2020
CORPORATE
• MPMX expects lower revenue by 25-30% in FY2020
• Pan Brothers to see growth of 10-15%
• Summarecon (SMRA IJ) cuts marketing sales target to IDR2.5tn
INDUSTRY
• Government to provide electricity subsidy to Dec2020
CORPORATE
• Kalbe Farma (KLBF IJ) to expect 8-10% Net profit growth
