HOLD-UPF / TP: IDR1,765 (-2.2%)
Feb-19: Slower pace sales figures
• Feb-19 showing further decay from preceding month
• Slower sales in Feb-19 but improving on yearly basis
• Less aggressive on store expansion in 2019
• Riding on the development of online channel sales
• Fairly valued; downgrade to HOLD-UPF
Indonesia Strategy
Analyst: Chandra Pasaribu
Surplus from declining non oil import
• A surplus in Feb19
• Export was down by -10.0% mom and -11.3% yoy
• Import drops faster than export at -18.6% mom and -14.0% yoy
• More room to keep benchmark rate
Analyst: Joshua Michael
Feb 2019 sales volume: Below expectations
• Lower domestic volume achievement than last year
• Bulk sales tend to normalize
• Export volume continued to impress
• INTP: +1.4% YoY growth in Feb-19
• SMGR: +2.5% YoY growth in Feb-19
• Maintain NEUTRAL outlook
CORPORATE
• Waskita Karya (WSKT IJ) will received IDR13tn from Hutama Karya toll road project and IDR3.5tn from LRT Palembang
• Pefindo upgraded AKR Corporindo (AKRA IJ) bonds outlook from stable to positive
• Semen Indonesia (SMGR IJ) lent IDR3.1tn to Semen Indonesia Industri Bangunan for tender offer purpose
• Agung Podomoro Land (APLN IJ) invest IDR1tn in Ciawi Vimala Hills
• Jasa Marga (JSMR IJ) posted IDR2.2tn net income in FY18
INDUSTRY
• Gas demand to increase in 2024
• New Avanza vehicle orderbook achieved 18k units in 2 months
CORPORATE
• Phapros (PEHA IJ) to hold rights issue amounting to IDR1tn in 2H2019
• Citra Marga Nusaphala Nusantara (CMNP IJ) aims IDR13tn fund from right issue
• Astra Financial sets a target of 5% growth for financing companies
• Astra Financial targets IDR1.2tn financing in GIIAS
CORPORATE
• BRI’s (BBRI IJ) consumer loans grew 12% YoY in Feb 2019
• Jasa Marga (JSMR IJ) aims IDR1tn from KIK-Dinfra
• PTPP (PTPP IJ) booked IDR 1.5tn net profit in FY18 – Slightly below consensus
