Tower Bersama (TBIG IJ)
HOLD-OPF / TP: IDR:2,500 (+6.8%)
Analyst: Chandra Pasaribu
Erosion from renewals
• Below expectation
• Moderate operation matrix
• Earnings downgrade
• Re-iterate HOLD-OPF call
United Tractors (UNTR IJ)
BUY / TP: IDR:34,700 (+17.1%)
Analyst: Chandra Pasaribu
New guidance rolled out
• Heavy equipment more optimistic
• Moderate growth in mining contracting
• More capex needed in gold
• Earnings downgrade – Re-iterate BUY
Erajaya Swasembada (ERAA IJ)
HOLD-OPF / TP: IDR:424 (+5.0%)
Analyst: Chandra Pasaribu
Cost of expansion
• Continue to be dragged by expansion costs
• Slower handset sales partly offset by growth of new ventures
• Higher costs lead to earnings downgrade
• Maintain HOLD-OPF
CORPORATE
• GGRP to target revenue of USD972mn in FY22
• ELSA to set capex at IDR500bn
• PZZA has disburse 90% of its capex
• CAMP lowered its FY22 sales target
• SMDR and KLBF has completed synergized transaction
• VTNY to raise IDR422bn from IPO
• Gozco reduces stake in BBYB
INDUSTRY
• Gaikindo remains optimistic on car demand
CORPORATE
• ADHI to acquire new contract of IDR19.1tn
• PGAS to spent capex of IDR1.5tn
• CENT to acquire 289 towers worth IDR631bn
• UNVR to distribute an interim dividend of IDR69/shares
• ALTO close its factories in Sukabumi
• KINO targets double-digit growth next year
• BBCA distributes IDR35/share interim dividend
• BBTN targets double digit lending growth post rights issue
CORPORATE
• WSKT to further divest five toll roads
• GEMS to target coal production of 40mn tonne
• ASLC to open new outlet in Medan
• UNTR strong heavy equipment sales
• IPTV to conduct private placement
• DNAR to fulfill free float requirement next year
