Sarimelati Kencana (PZZA IJ)
HOLD-OPF / TP: IDR:730 (+9.0%)
Analyst: Chandra Pasaribu
Feeling the pressure
• Below expectation
• Enough lines of defense
• Aiming at ex-Java market
• Re-iterate HOLD-OPF
Erajaya Swasembada (ERAA IJ)
BUY / TP: IDR:765 (+23.4%)
Analyst: Chandra Pasaribu
Further diversification
• Remains upbeat for 4Q21
• Expansion in core business
• New business line-ups
• Maintain BUY
Indofood CBP (ICBP IJ)
BUY / TP: IDR:12,200 (+44.4%)
Analyst: Laras Nadira
Maintain resilient growth
• Maintain sales growth across all divisions
• EBIT margin improvement
• Anticipate growth in FY2022
• Re-iterate BUY call
CORPORATE
• Five SOE to issue rights
• BNBA to raise IDR621bn in rights issue
CORPORATE
• SSMS to benefit from high CPO price
• MTEL to grow faster than the industry
• INDF booked net profit of IDR8.0tn
• BUKA booked a net loss of IDR1.13tn
• MPPA to raise IDR890.1bn through rights issue
• BBCA targets up to 6% loan growth in 2022
INDUSTRY
• Uncertainty in excise tariff announcement
CORPORATE
• ARNA to add another production line
• LPKR targets IDR5.2tn pre-sales next year, outlook upgraded
• MPPA’s e-commerce sales grew 167% YoY
• Cimory to raise funds worth IDR3.66tn from IPO
