Inflation
Analyst: Chandra Pasaribu
Sense of normality
• Feb inflation of 0.10% reported despite new restrictive measures
• Manufacturing remains confident despite slower growth
• Tourism and transport sectors still have a long way to go
• Seeing to the horizon with better clarity
Perusahaan Gas Negara (PGAS IJ)
BUY / TP: IDR:2,200 (+29.0%)
Analyst: Chandra Pasaribu
Benefits from disrupted coal supply
• Coal supply disrupted by bad weather
• Upstream lifting records temporary drop
• Rokan pipeline to operate in 2H2021
• Re-iterate BUY rating
Bank Niaga (BNGA IJ)
Not rated
Analyst: Yap Swie Cu
High credit cost drags on 2020 profit
• Minimal pressure in core earnings
• Soaring credit cost as risk increased
• Cautious outlook for 2021
• Valuation
INDUSTRY
• IIMS virtual to book transaction of IDR14bn
• Lower car price
CORPORATE
• BJBR to raise IDR1.4tn from rights issue
INDUSTRY
• 21 car models will be exempted luxury tax
• Investment loans expansion remains sluggish
CORPORATE
• BISI to grow revenue by 20% in FY2021
CORPORATE
• ASII – FY2020 result hit hardly by Covid-19
• ASSA receives IDR275bn loans from BTPN
• KFC plans to roll-out 25 new outlets this year
