Tower Bersama (TBIG IJ)
HOLD-UPF / TP: IDR:1,460 (-2.7%)
Analyst: Chandra Pasaribu
Result was on the weaker side
• Slightly below expectation in non-operating portion
• Continues to rely on organic growth
• Higher cash flow improves gearing
• Re-iterate HOLD-UPF, new TP IDR1,460
Bank Central Asia (BBCA IJ)
BUY / TP: IDR:34,700 (+19.3%)
Analyst: Yap Swie Cu
Stellar 3Q20 results
• Beating our projection on robust core earnings performance and lower-than-expected credit cost
• Impressive core earnings performance
• Improving NPL ratio, loan restructuring within expectation
• Re-iterate BUY recommendation, projection is under review
Bank Mandiri (BMRI IJ)
BUY / TP: IDR:7,200 (+24.7%)
Analyst: Yap Swie Cu
Results for 9M20 were above expectation
• Stronger 9M20 result stems mainly from lower credit cost
• Lower-than-expected credit cost comes amid fairly stable loan quality
• Slightly greater-than-expected core earnings
• Projection is under review – Re-iterate BUY recommendation
INDUSTRY
• Proposed increase in tobacco excise rates in 2021
CORPORATE
• BJBR posted IDR1.2tn net profit in 9M20
• ASII net income down -49% YoY in 9M2020
CORPORATE
• ANTM to increase ownership in Weda Bay
• PBRX rating downgrade by Moody’s
• BMRI posts IDR14.0tn net profit in 9M20
INDUSTRY
• Gaikindo to expect incentive from Government
• Waiting for the certainty of cigarette excise rates
CORPORATE
• UNVR’s 9M20 sales rose slightly
• LPPF’s revenue slumped 57.5% through 9M20
• SIDO distributes interim dividends
