Indonesia Automotive
Analyst: Vincent Yunnaraga
1Q19 review: Declining industry volume
• 4W sales grew MoM but 3M19 volume still below its previous year
• Rejuvenating market share
• Xpander and Livina still providing challenge
• Outlook: maintain NEUTRAL rating with a BUY call on ASII
Ramayana Lestari (RALS IJ)
Analyst: Vincent Yunnaraga
HOLD-UPF / TP: IDR1,550 (-12.7%)
Mar-19: Flat monthly SSSG
• Mar-19: Leveled monthly SSSG
• …followed by moderate monthly sales figures
• Gross margin continues to improve
• Maintain HOLD-UPF call with unchanged TP
Indonesia Strategy
Analyst: Chandra Pasaribu
Another trade surplus in Mar19
• Following another surplus in Mar19
• Low trade deficit in oil and gas
• Non OG export up +13.0% mom but down -9.2% yoy
• Still too soon for interest cut
INDUSTRY
• Hutchison 3 Indonesia issue new shares
CORPORATE
• Shareholders of Lippo Karawaci (LPKR IJ) has approved USD730mn rights issue
CORPORATE
• Hanson International (MYRX IJ) targets to raise IDR8.78tn
• Astra Otoparts (AUTO IJ) to distribute dividend of IDR174bn
• United Tractors (UNTR IJ) distributed DPS of IDR1,193 in 2019
• Ilham Habibie to take 50.3% Muamalat shares
INDUSTRY
• Telkomsel to increase advertising revenue
• 4W auto sales reached 90k units in Mar-19
CORPORATE
• BSD’s (BSDE IJ) 1Q19 marketing sales at IDR1.56tn
