Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:2,100 (+56.1%)
Analyst: Yap Swie Cu
Maintains stable earnings in Aug
• Stable Aug earnings
• Business expansion supported core earnings
• Controllable credit cost
• Maintain earnings projection and BUY call
Indosat (ISAT IJ)
HOLD-OPF / TP: IDR:7,400 (+6.7%)
Analyst: Chandra Pasaribu
New beginning after merger
• Merging Indosat and Hutchison 3 Indonesia
• Post-merger financial impact
• Translating into new values
• We retain a wait-and-see stance – Maintain a HOLD-OPF rating
Ace Hardware Indonesia (ACES IJ)
BUY / TP: IDR:1,620 (+17.2%)
Analyst: Laras Nadira
MoM sales growth emerges positive
• SSSG shows slight improvement
• Sales improved MoM but slid YoY
• Opening new stores
• Re-iterate BUY call
INDUSTRY
• State budget revenue on track with spending behind
CORPORATE
• PTBA to re-float treasury stocks
• PTPP to participate in PSN auction
• Shareholders approve BBCA’s stock split plan
• NOBU to launch a rights issue
• BUKA enters five stocks indexes including LQ45
CORPORATE
• MARK on growth trajectory
• PZZA to continue its store expansion
• BINA to raise IDR1.2tn in a rights issue
• AMRT prepare capex of IDR3tn
• MAPI launch Index Living Mall
INDUSTRY
• BKPM to ban export nickel pig iron
• Bank Indonesia to expect 5% GDP growth in 3Q21
• Sector's loan grows 1.16% YoY in Aug
CORPORATE
• KRAS to further invest through its joint venture
• ZYRX targets revenue growth of 150%
