Nippon Indosari (ROTI IJ)
Analyst: Anindya Saraswati
Not rated
Better-than-expected 9M19 results
• Net sales grew a solid 24.0% YoY
• Significant profitability gains
• Revised up target for FY19F and FY20F
Smartfren Telecom (FREN IJ)
Analyst: Chandra Pasaribu
Not rated
Believe in unlimited offering
• Unlimited package offering to win market share
• Capex guidance of IDR1-2tn per year
• Growing EBITDA but still in red at the bottom
• Valuation
Blue Bird (BIRD IJ)
Analyst: Fransiska Sintia
BUY / TP: IDR:3,200 (+37.3%)
Smooth road ahead
• Better competitive landscape
• Diversifying into shuttle services
• Expect recovery in 2H19
• Re-initiate coverage with a BUY call and a TP of IDR3,200
INDUSTRY
• Cigarette excise tariff for 2020
• Ministry of Finance issue regulation to anticipate wider budget deficit
CORPORATE
• BTN (BBTN IJ) targets 8% YoY loan growth in 2020
INDUSTRY
• Operator likely to retain spectrum frequency in case of acquisition
• Telkomsel to invest in 22,000 BTS in FY19
CORPORATE
• Wijaya Karya (WIKA IJ) to develop toll road in Bandung
• Bank Mandiri (BMRI IJ) and BTN (BBTN IJ) to issue debt securities in 2020
POLITICS
• Five development goals – Jokowi second term
