Astra International (ASII IJ) - Indonesians still buying lots of cars and motorcycles. No cash for clunkers here!
Reported net profit of Rp7.1tn in 9m09, in line with expectation and accounts for 76% of our full year forecast.
The net profit of Rp7.1tn is still 4% lower than last year but seen continuation of recovery on qoq basis. Pre-tax profit was up 11% qoq and net profit up 25% qoq
BCA (BBCA IJ) - Conservative lending giant feeling more optimistic on consumer spending
As reported earnings were 100.8% of our 09CL estimate. After adjusting for one time items and a lower than anticipated provision BCA’s earnings were 76% of 09CL core estimates.
BCA is aggressively growing consumer loans (+13% QoQ) in a serious bid to become the leading consumer bank in Indonesia. Mortgage market share increased 40bps to 9.8% and continues to increase with BCA originating over Rp400bn per month. Single digit mortgage rates are supported by an inexpensive funding base, as higher yielding auto loans, credit cards and motorcycle financing (2010) will increase margins in 2H10.
BCA appears to have decided to NOT INCREASE its RESERVE/LOAN ratio to 5% as anticipated. This led to lower provisioning in the quarter and Profitability continues to outperform Asia (xJapan) peers as ROA and ROE reached 3.4% and 31.8%, respectively.
Holcim (SMCB) - A lot of houses still being built here. No first time home buyer credit. Infrastructure spending will be the upside
Reported 9M09 revenue of 4.16tn, up 53% YoY. Net income was Rp566bn, up 270% YoY
Earnings were 70% of our full year forecast of Rp820bn; in line with our expectations
But consensus is for Rp602bn, so 9M09 is 94% of consensus and the street will need to make substantial revisions
Unilever Indonesia (UNVR) - Consumer staple giant
A very respectable result given the company is having a price war with P&G in shampoos since last five months. Hindustan Unilever margins dropped by more than 600bps in 2004 when it went on a price war with P&G.
Unilever Indonesia posted excellent 9M09 results, better than our expectations. It posted Net profit of Rp2.27tn for 9M09, up 11% yoy and 83% of our full year estimates.
Summarecon (SMRA IJ) - Model township developer see strong demand
posted 9M09 result: Revenue increased by 12% YoY, GP 12% and Net Profit 46%
While Rev and EBIT met consensus expectation, 9M09 Net Profit was already met full year consensus estimate
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