Trade Balance
Analyst: Chandra Pasaribu
Surplus from decline in imports
• Provides room for lower interest
• …but raises concern on long term growth
• Lower trade deficit of USD1.8bn up to Aug19
Sarana Menara Nusantara (TOWR IJ)
Analyst: Chandra Pasaribu
BUY / TP: IDR:850 (+22.3%)
Possible tower divestment
• Indosat and XL Axiata to divest tower asset
• Lesson from the past
• Maintain BUY
Nippon Indosari Corpindo (ROTI IJ)
Analyst: Anindya Saraswati
Not rated
Strong volume growth
• Dominate the mass production segment
• Extensive distribution coverage
• Entering new markets
• Valuation
CORPORATE
• Smartfren (FREN IJ) and Hutchison to add 5,000 and 8,000 BTS in FY19
• Astra International (ASII IJ) to introduce Calya-Sigra facelift
• Kalbe Farma (KLBF IJ) obtain HLX10 production license from China
INDUSTRY
• Minimum wage to increase by 7-8% for FY20
• Lower sales volume from Semen Indonesia Group
• Government encouragement for construction sector
• Tobacco excise tax increase by 23%
CORPORATE
• BRI (BBRI IJ) considers executing Duniatex’ collaterals
INDUSTRY
• Government to maintain electricity tariff in FY20
• Hutchison Tri Indonesia and Smartfren to set aggressive targets
• Cement volume was flat mom in Aug19
• Dunitatex unit fails to fulfill bonds interest and principal payment
CORPORATE
• Adhi Karya (ADHI IJ): Update new contracts
