United Tractors (UNTR IJ)
BUY / TP: IDR:34,850 (+32.9%)
Analyst: Chandra Pasaribu
Tailwind from coal price
• Strong operational numbers
• Higher coal price to improve profitability
• Earnings upgrade, new TP
• Re-iterate BUY recommendation
Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:1,980 (+60.3%)
Analyst: Chandra Pasaribu
Attractive post-acquisition value
• Paying IDR16.7tn for the deal
• Value added from operating efficiency and lower cost of debt
• Acquisition impact to start in FY2022
• BUY re-iterated
Bank Central Asia (BBCA IJ)
BUY / TP: IDR:40,800 (+17.5%)
Analyst: Yap Swie Cu
Low credit cost boosts profit
• Resilient core earnings
• Eased credit cost
• Superior fundamentals proven. Reiterate BUY
INDUSTRY
• OJK to issue blueprint for digital transformation in banks
CORPORATE
• TLKM to partner with Space X
• BRMS to develop zinc and lead mining
• BBCA recorded only 0.2% transaction done in branch offices
CORPORATE
• IRRA marketed ADS Oneject syringe
• NOBU sets exercise price at IDR1,205
• ARCI to increase gold reserves
INDUSTRY
• Automotive sector starts to plateau
• Industry cigarette production grew 6.2%
CORPORATE
• ADHI new contract reached IDR11.33tn
• BACA not yet appoint standby buyer for rights issue
