Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:1,030 (+12.0%)
Analyst: Chandra Pasaribu
Organic-driven growth
• Net profit up 11.3% YoY, in line
• Strong contribution from organic growth
• Renewals lead to lower rental fees
• Re-iterate BUY recommendation
Bank Negara Indonesia (BBNI IJ)
BUY / TP: IDR:6,300 (+79.0%)
Analyst: Yap Swie Cu
Bolsters defenses against pandemic fallout
• Net profit in 1Q20 rose 4.3% YoY
• FY2020F targets revised down
• We expecting a sharp 77% decline in FY2020F net profit, but re-iterate our BUY call
Erajaya Swasembada (ERAA IJ)
BUY / TP: IDR:1,380 (+15.0%)
Analyst: Chandra Pasaribu
Normality in 1Q20 not to last
• Better than expectation, but headwinds are ahead
• In better shape to face challenges
• Global handset sales down -11.7% YoY in 1Q20
• Looking good for recovery, re-iterate BUY
INDUSTRY
• Budget deficit 0.44% of GDP up to Apr 2020
• Toll road traffic down 80% during Eid Mubarak
CORPORATE
• Indofood CBP (ICBP IJ) takeover sets stage for Middle East expansion
• Adaro Energy (ADRO IJ) sets 62% dividend payout ratio
• Bangkok Bank completes acquisition of Bank Permata (BNLI IJ)
• Garuda Indonesia (GIAA IJ) grounds 70% of its fleet
INDUSTRY
• Government to lower corporate income tax
• Bank Indonesia to maintain 7DRR at 4.5%
CORPORATE
• Garuda Indonesia (GIAA IJ) asked for restructuring
• Ciputra Residence’s 1Q20 revenue to decline by 25% YoY, asks for restructuring
INDUSTRY
• Fuel consumption down during partial lockdown
• Malls and retail to resume operation on 8th Jun20
CORPORATE
• BTPN (BTPN IJ) books IDR752bn net profit in 1Q20
