For almost 2 years DOID stock has been battered badly due to a lot of
disappointment and misunderstanding on its bottom line following the
internal restructuring and reorganization process. Consensus has been
downgrading DOID earnings and target price. We foresee potential rerating
on the stock as new IPOs are looming, supported by pricing power in the
industry which mostly OB rate now happened at US$2.5/bcm or about 25%
increase on average. We reiterate our Buy rating on DOID with lower TP based
on EV/EBITDA target of 6x at Rp1,000/share vs its fair value of Rp1,250/share.
Rabu, 15 Februari 2012
Saham Pilihan Rabu, 15 Februari 2012
INTP : Muncul indicator bullish parabolic sar diikuti oleh golden
crossnya MACD and positifnya histogram mengindikasikan dapat berlanjutnya
penguatan.
Support : S1 17.400
S2 16.950
Resisten : R1 18.000
R2 18.400
Selasa, 14 Februari 2012
Tower Bersama, Tower Grab, CLSA
The TBIG/ISAT tower deal is attractive with interests aligned and a major
boost for the company‟s growth trajectory. The US$406m acquisition
price (US$162k/tower) implies an EV/EBITDA multiple of 8x and a day-1
ROIC of 9% comfortably covers the cost of capital. However the material
value creation will occur on ramping up the current 1.3 tenancy ratio on
these new towers to 2.0 or above. Our modelling of the deal shows there
is a further 20% upside to our current DCF valuation. TBIG is one of the
best ways to play the lower cost capital thematic in Indonesia. BUY.
boost for the company‟s growth trajectory. The US$406m acquisition
price (US$162k/tower) implies an EV/EBITDA multiple of 8x and a day-1
ROIC of 9% comfortably covers the cost of capital. However the material
value creation will occur on ramping up the current 1.3 tenancy ratio on
these new towers to 2.0 or above. Our modelling of the deal shows there
is a further 20% upside to our current DCF valuation. TBIG is one of the
best ways to play the lower cost capital thematic in Indonesia. BUY.
INDONESIA BOP - Capital concerns despite high FDI, CLSA
Indonesia’s 4Q11 BOP data provide some
reassurance of rupiah exchange rate support after
Bank Indonesia’s rate cut last week, specifically from
high and rising FDI inflows. However, offsetting
outflows on the capital account along with a deficit
on the current account in 4Q11 reinforce our view,
and that of many investors, that BI should be treading
a more cautious monetary path.
reassurance of rupiah exchange rate support after
Bank Indonesia’s rate cut last week, specifically from
high and rising FDI inflows. However, offsetting
outflows on the capital account along with a deficit
on the current account in 4Q11 reinforce our view,
and that of many investors, that BI should be treading
a more cautious monetary path.
Regional Plantations , Clouds on the horizon, Macquarie
The fundamentals of
Crude Palm Oil (CPO) held up relatively well through 4Q11
and 1Q12, as we had
expected. However, an elevated macro risk environment
kept most investors
away from plantation stocks for the better part of last
year.
With these risks
receding somewhat, we have finally seen equity prices catch
up
with the
fundamentals of the commodity. In the past three months,
plantation
stocks have risen on
average by 14% vs. a 2% rise in the commodity. From here
on, individual
company prospects, rather than the commodity price, are likely
to
drive differential
stock performance in our view.
Saham Pilihan Selasa, 14 Februari 2012
SMCB : Muncul indicator bullish parabolic sar diikuti oleh golden
crossnya MACD and positifnya histogram mengindikasikan dapat berlanjutnya
penguatan.
Support : S1 2.325
S2 2.250
Resisten : R1 2.400
R2 2.475
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