Perusahaan Gas Negara (PGAS IJ)
HOLD-OPF / TP: IDR:1,280 (+3.6%)
Analyst: Chandra Pasaribu
Feels cost pressure
• Still below expectation
• Gas cost increase, ASP stays flat
• Non-operating items to hurt bottom line
• Maintain HOLD-OPF with new TP IDR1,280
Trade Balance
Analyst: Chandra Pasaribu
Surplus shrinks further
• Export slowdown from global demand
• Imports down MoM but up YoY
• Surplus narrows notably
• More evidence of domestic growth
Mitratel (MTEL IJ)
BUY / TP: IDR:820 (+31.2%)
Analyst: Chandra Pasaribu
Inorganic-driven result
• Better than expected result
• Improved economies of scale
• Downgrade TP to IDR820
• Re-iterate BUY
INDUSTRY
• 4W sales corrected up to Feb 24
• Banks expect resilient 1Q24 results
CORPORATE
• SMGR booked net income of IDR2.2tn in FY23
• Gold-related firms to ride commodity rally
• CNMA’s top-line jumped by 18.9% YoY in FY23
• Regional banks consolidation to continue
• Government anticipate 193mn people to return home during Eid
CORPORATE
• GHON to aim at revenue growth of 7%
• MTEL records net income of IDR2.0tn in FY24
• ZONE to ride Ramadhan momentum
• MAPI to extend and grow the range of brands
• SGRO to set capex of IDR400-700bn in FY24
• CUAN to partner with Australian entity
• BMRI to distribute IDR529.34 per share dividend
CORPORATE
• UNTR acquiring geothermal company
• PGAS to set capex at USD361mn
• BBTN to raise dividend payout to 25% next year
• CMRY’s net profit grew 17.1% YoY in FY23
• AUTO to boost EV sparepart production