Catur Sentosa Adiprana (CSAP IJ)
Analyst: Chandra Pasaribu
Not rated
Progressing towards modern retail
• From distribution to modern retail
• Mitra 10 main driver for growth
• 5 new stores to come in 2H19
• Need to increase scale
Modernland Realty (MDLN IJ)
Analyst: Chelene Indriani
Not rated
Better outlook
• Improving first half marketing sales achievement YoY
• More residential project launching in the second half
• Robust industrial land sales in Modern Cikande
• Starting to monetize on Modern Bekasi
• Valuation
Bank CIMB Niaga (BNGA IJ)
Analyst: Yap Swie Cu
Not rated
Resilient under challenging time
• Slight margin improvement
• Limited business expansion
• Continuous improvement in loan quality
• Valuation
ECONOMY
• Bank Indonesia to cut rate to 5.5%
CORPORATE
• XL Axiata (EXCL IJ) to prepare 5G
• PGN (PGAS IJ) to adjust gas price to comply with new regulation
• Tower Bersama (TBIG IJ) to participate in Indosat tower divestment
• BSD (BSDE IJ) 1H19 net profit jumped 450% YoY
INDUSTRY
• Market expects no change in interest rate
• IMEI registration to be implemented in all SIM based device
CORPORATE
• BRI Agro (AGRO IJ) to hold a rights issue in September
• Bank Mayapada (MAYA IJ) to launch a rights issue in 4Q19
• BCA (BBCA IJ) to manage Alipay and Wechat Pay transactions starting early 2020
• Semen Baturaja (SMBR IJ) to add another cement plant
INDUSTRY
• Auto sales back to normal levels
CORPORATE
• Waskita (WSKT IJ) plans to divest 9 toll roads
• Alam Sutera Realty (ASRI IJ) plans to issue global bond
• Bank Jatim (BJTM IJ) to raise capital next year
