JSMR remains our preferred pick in infra space. It booked a strong 11%
YoY growth in 1Q12 traffic. While we trimmed our earnings to reflect
changes in accounting booking and some increases in ex-labor costs,
margin will continue to expand on the back of operational leverage and
more automation. We raised or DCF-valuation to Rp8,950/sh reflecting
higher assumptions on tariff and traffic and the additional NusaDua
project. Our TP reflects 28% disc to this DCF-valuation.
Selasa, 24 April 2012
MNC, Winning in PRIME time, CLSA
MNCN is sitting in the PRIME position. The ad cycle couldn’t be better with
rising consumption & FDI driving competition. While the rate card
expands +15-20%, MNC’s cost base is largely fixed driving huge
operating leverage. We forecast 20% top-line & 40% bottom-line growth
in 2012. MNCN trades at a discount to consumer companies despite
higher operating leverage and being a beneficiary of competition. The
stock is one of key conviction calls – our TP implies 28% upside. BUY.
rising consumption & FDI driving competition. While the rate card
expands +15-20%, MNC’s cost base is largely fixed driving huge
operating leverage. We forecast 20% top-line & 40% bottom-line growth
in 2012. MNCN trades at a discount to consumer companies despite
higher operating leverage and being a beneficiary of competition. The
stock is one of key conviction calls – our TP implies 28% upside. BUY.
Saham Pilihan Selasa, 24 April 2012
GGRM : Stochatsic kembali golden cross membuka peluang
berlanjutnya penguatan.
Support : S1 58.500
S2 57.000
Resisten : R1 60.450
R2 62.550
Langganan:
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