Wijaya Karya (WIKA IJ)
BUY / TP: IDR:1,740 (+108.4%)
Analyst: Muhammad Abdul Aziz
Joint entity to lift bottom line
• Lower revenue booked in FY2019
• Bottom-line leveraged by non-operational
• Increase in gearing but still maintained
• Re-iterate BUY call with lower TP of IDR1,740
Semen Indonesia (SMGR IJ)
Not rated
Analyst: Chandra Pasaribu
Top player preserves liquidity
• Consolidation-led growth
• Bracing against headwinds from Covid-19
• Liquidity is the key to survival
• Looking less attractive
Indocement (INTP IJ)
HOLD UPF / TP: IDR:12,000 (-3.2%)
Analyst: Chandra Pasaribu
Expecting headwinds from slower demand
• Beating our forecast numbers
• Management raised concerns over Covid-19 pandemic
• Downgrading our forecast
• Upgrade to HOLD UPF due to steep price correction
INDUSTRY
• Government to budget IDR405.1tn to fight Covid-19
• Growth prospects remains under pressure
• Indonesia’s total lending grew 5.5% YoY at end Feb 20
CORPORATE
• INCO to postpone 20% divestment
• Matahari Dept Store (LPPF IJ) to close stores for 14 days
CORPORATE
• Telkom Indonesia (TLKM IJ) to conduct buyback
• Gudang Garam (GGRM IJ) books 40% jump in FY19 net profit
• Maybank Indonesia (BNII IJ) to distribute IDR4.83 per share dividend
• Erajaya’s (ERAA IJ) FY2019 result – ahead of expectation
• Bakrie Brother (BNBR IJ) consortium seek funding of USD2.2bn
INDUSTRY
• Covid-19 virus to affect construction sector
• Consumption potentially under pressure
• Financing companies to relax instalment
• Demand electricity Java-Bali to decline
CORPORATE
• Surya Semesta Internusa (SSIA IJ) FY19 net profit jumps 145% YoY
