Bank Central Asia (BBCA IJ)
HOLD / TP: IDR:30,200 (+8.4%)
Analyst: Yap Swie Cu
Strong FY2019 performance as expected
• Excellent core earnings performance
• Soaring provision expenses, but credit cost still lowest among peers
• Keeping a conservative stance
• Re-iterate HOLD
Bank Danamon (BDMN IJ)
HOLD / TP: IDR:4,000 (+7.0%)
Analyst: Yap Swie Cu
FY2019 result falls short on high credit cost
• Bottom-line profit was below estimation, but PPOP was in line
• Aggressive provisioning to improve loan-loss coverage
• Outlook for 2020
• Re-iterate HOLD
Sarana Menara Nusantara (TOWR)
BUY / TP: IDR:1,030 (+17.0%)
Analyst: Chandra Pasaribu
Another round of acquisition
• Winning tower acquisition from XL
• Earnings upgrade
• We re-iterate our BUY call
INDUSTRY
• BI to reduces 7DRR rate to 4.75%
• Coal exports to face major challenge
CORPORATE
• BNI (BBNI IJ) appoints new CEO
INDUSTRY
• State budget deficit to reach IDR36tn in Jan 2020
• Government to excise sweet ready-to-drink products
• Cement sales down 5.8% YoY in Jan 2020
• Draft bill places retail expansion in government hands
CORPORATE
• Danamon (BDMN IJ) posts FY2019 net profit of IDR4.1tn
• Bank Mandiri (BMRI IJ) to distribute 60% of 2019’s net profit as dividends
CORPORATE
• Tower Bersama (TBIG IJ) to allocate capex of IDR2.0tn
• PGN (PGAS IJ) teams up with WnD of China
• Wijaya Karya (WIKA IJ) booked 21.25% net profit growth in 2019
