Quick Takes – Telekomunikasi Indonesia – A rebound in 4Q08
SingTel's 3QFY09 results revealed some of Telkomsel's financial results and operating indicators that suggest a fairly strong turnaround in 4Q08. Revenue, ARPU
and subscriber base rose 12% qoq, 10% and 8% respectively. EBITDA margins rebounded to 60% in 4Q08 from 55% in 3Q, driving PBT up 17% qoq, excluding a fair-value loss. We reiterate that with stable tariffs and no significant differences among telco offerings, consumers would gravitate towards the market leader in terms of coverage and brand, which is Telkomsel.
Maintain OUTPERFORM and DCF-based target price of Rp7,300. Price catalysts could include a results turnaround, and higher market share.
Tampilkan postingan dengan label What's on The Table. Tampilkan semua postingan
Tampilkan postingan dengan label What's on The Table. Tampilkan semua postingan
Rabu, 11 Februari 2009
Senin, 09 Februari 2009
CIMB What's on The Table
Mandiri's immediate growth strategy is to pursue more high-yield businesses, backed by its recent acquisitions of Bank Sinar and Tunas Finance. Its deposits strategy should also reward the bank with lower costs of funds, upon successful implementation. Our analysis shows that enhancing margins will boost its ROEs, warranting upside in valuations. Mandiri is our top pick, where we see more upside than downside.
Maintain Outperform and DDM-based target price of Rp2,700.
Maintain Outperform and DDM-based target price of Rp2,700.
Jumat, 06 Februari 2009
CIMB What's on The Table
What's on the table
Quick Takes – Ramayana Lestari – A shaky start, but stability should return later
Weak Dec 08 and shaky Jan 09 sales are only to be expected because of the economic slowdown, though buffered by festivities which boosted consumption. Falling inflation, stabilising coal and CPO prices, the government’s focus on maintaining purchasing power, and the start of election campaigning in a month should boost the disposable income of Ramayana’s target market.
Maintain Outperform and DCF-derived target price of Rp600 (WACC 15.8%, LTG 8.6%), implying 11x and 8x CY09-10 earnings.
Corporate news/News of the Day
Economy – Yudhoyono orders central bank to ‘protect’ the rupiah
Economy – Indonesia’s export growth may slow to 1%, Finance Minister says
Economy – Immediate House approval ‘key’ to stimulus success
Matahari mulls Rp1tr bond sale
Indonesian car sales probably fell 23% in Jan 09
Pertamina to halt diesel imports as demand slows
Indonesia appoints Pertamina’s first woman president
Quick Takes – Ramayana Lestari – A shaky start, but stability should return later
Weak Dec 08 and shaky Jan 09 sales are only to be expected because of the economic slowdown, though buffered by festivities which boosted consumption. Falling inflation, stabilising coal and CPO prices, the government’s focus on maintaining purchasing power, and the start of election campaigning in a month should boost the disposable income of Ramayana’s target market.
Maintain Outperform and DCF-derived target price of Rp600 (WACC 15.8%, LTG 8.6%), implying 11x and 8x CY09-10 earnings.
Corporate news/News of the Day
Economy – Yudhoyono orders central bank to ‘protect’ the rupiah
Economy – Indonesia’s export growth may slow to 1%, Finance Minister says
Economy – Immediate House approval ‘key’ to stimulus success
Matahari mulls Rp1tr bond sale
Indonesian car sales probably fell 23% in Jan 09
Pertamina to halt diesel imports as demand slows
Indonesia appoints Pertamina’s first woman president
Langganan:
Postingan (Atom)