Jasa Marga (JSMR IJ)
BUY / TP: IDR:5,300 (+40.2%)
Analyst: Chandra Pasaribu
Performs strong turnaround
• Strong result turnaround
• Surpasses pre-Covid-19 toll road revenue
• More clarity on JTT spin-off
• BUY maintained
Trade Balance
Analyst: Chandra Pasaribu
Record high monthly surplus
• Exports were still up +3.1% MoM
• Imports down -10.0% MoM
• Trade surplus hits record high of US$7.6bn
• Takes a more defensive stance
Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,430 (+58.0%)
Analyst: Yap Swie Cu
Accelerates asset monetization
• Strong revenue booking continued in 1Q22
• Decline in gross margin and rising sales & marketing activities dragged on bottom-line profit
• Healthy balance sheet and cash flow; vast land bank secured
• Earnings estimate for 2022F revised up
• Re-iterate BUY
INDUSTRY
• Government to lift CPO export ban
• Government to adjust electricity tariff
CORPORATE
• KLBF distribute 51.5% of 2021's net profit as dividend
• ROTI to expand the business to chocolate spread and chocolate milk
• BRIS plans for rights issue
• BBTN receives USD100mn of funding
• BBHI targets IDR10tn loan disbursement this year
INDUSTRY
• Energy subsidy expected to reach above IDR300tn
• Auto sales to slow down -15.9% MoM
CORPORATE
• ITMG to post lower coal production
• KLBF to collaborate with Ecossential Foods Corp
• FILM record-breaking numbers with its newest film
• BBNI forms a venture capital firm and rep office in Amsterdam
• BBRI expects loan acceleration in 2Q22
INDUSTRY
• Motorcycle sales down -7.1% YoY in Apr22
CORPORATE
• BBRI allocates IDR4.5tn capex for IT
• GOOD targets IDR9.6tn in net sales for this year
• BMH’s net profit grew 166% YoY in FY21
• MIKA plans to open three new hospitals
• GGRM’s sales volume reached 91.1bn sticks in FY21
