Monthly Snapshot
Analyst: Alditya Galih Ramadhan
Sales of 4W fell short of estimates
• Uptick in 4W sales MoM but they remain below estimates
• Price mark-ups continue in FY2024
• Bumpy road foreseen for ICE due to strict fuel use and higher taxes
• Outlook: Bodes poorly for sector in 1H24, but BUY on ASII and AUTO
Indonesia Banking Industry
Analyst: Yap Swie Cu
Soft 1Q24 results expected
• Muffled top-line income
• Robust lending expansion was led by BMRI
• Spiking credit cost at BBRI
• High interest rate and deterioration of buying power to remain as major challenges
Sarana Menara Nusantara (TOWR IJ)
BUY / TP: IDR:1,045 (+22.2%)
Analyst: Chandra Pasaribu
Inflection seen in rental rates
• Cost outpaced revenue growth, below expectation
• Consolidation of tower revenue
• Limited room for accelerated debt repayment
• Our new downgraded TP is IDR1,045 (US$0.07), re-iterate BUY
CORPORATE
• PGAS seeking alternative source of gas
• TLKM 1Q24 unimpressive
• PRDA to distribute 60% of FY23’s net profit as dividend
• PBID aims at 10% YoY sales growth
• DMAS reaches 31% marketing sales target
• Rumor of new strategic investor boosts BRIS share price
• HRUM to issue convertible bonds for Eternal Tshinghan
• INDY to raise funds via senior notes worth USD675mn
CORPORATE
• TLKM sees data demand growth during Eid-Fitr
• PTBA to increase stake in power plant
• SPTO set capex of IDR100bn for expansion
• GRPM purchase land at IDR30.6bn from BMRI auction
• SDRA to raise IDR3.2tn in a rights issue
• INDY to target 50% revenue streams from non-coal in FY25
INDUSTRY
• Fluctuation in consumer confidence index (CCI)
• Foreign denominated deposits decelerate in Feb
CORPORATE
• TMAS to aim at revenue of IDR5.0tn
• WIKA to divest asset worth of IDR7.0tn
• KLBF plans to conduct a buyback
• TINS to target a top-line growth of +75% YoY in FY24
• ARCI to halt the mining production in North Sulawesi
• BBRI optimistic to meet KUR distribution target
