Bekasi Fajar Industrial Estate (BEST IJ)
Analyst: Chelene Indriani
Not rated
On the move
• Shifting to high gears to chase marketing sales in 2H19
• Expecting FY19 top line to be supported by current backlog
• Shifting tenancy mix to cater more logistic tenants
• New industrial estate is on the talk
• FY19 guidance and valuation
Sarimelati Kencana (PZZA IJ)
Analyst: Research Team
Not rated
Conservative business approach
• 0.2% reduction in franchise fee
• Securing supply chain
• Progressive business expansion
• Valuations
Bank Mandiri (BMRI IJ)
Analyst: Yap Swie Cu
BUY / TP: IDR9,200 (+15.4%)
1H19 results: In-line, roll forward valuation
• In line results
• Business expansion and manageable opex support top-line earnings
• Limited margin compression
• Improving loan quality and coverage level…
• ... with a note
• Valuation
INDUSTRY
• System maintenance caused error for some Bank Mandiri’s customer accounts
CORPORATE
• PTPP (PTPP IJ) new contract to reach IDR14.8tn
• United Tractors (UNTR IJ) gold mining realization was 44% in May19
• Chandra Asri (TPIA IJ) to form joint venture with Mubadala
• Wijaya Karya (WIKA IJ) to issue perpetual bonds of IDR5tn
• HM Sampoerna (HMSP IJ) is still sluggish
ECONOMY
• BI to lower 7DRR to 5.75%
• LPS sets restructuring premium rate at 0%-0.007%
CORPORATE
• Lippo Karawaci (LPKR IJ) booked IDR835bn marketing sales in 1H19
• Buyung Poetra (HOKI IJ) to add a new production facility
INDUSTRY
• Fitch Ratings downgraded PT Agung Podomoro Land (APLN IJ) to CCC-
CORPORATE
• BCA (BBCA IJ) denied rumor on additional loans to Krakatau Steel (KRAS IJ)
