Fast fashion‟s popularity has been growing rapidly over the last 7 years.
Favourable demographics make Indonesia a lucrative market for fast
fashion retailers. Zara, locally held by Mitra Adi Perkasa (MAPI), is
currently the only one of the top three players to have entered Indonesia.
The potential arrival of H&M and Uniqlo in Indonesia may pose a threat
for Zara. We nonetheless maintain our BUY call on MAPI for its expansion
capability. Media companies will also benefit from increased competition.
Jumat, 17 Februari 2012
Jasa Marga, Implementing regulation could be out soon, Deutsche Bank
Implementing regulation could be out soon
The implementing regulation draft on new land law was submitted to the
State Secretary last week. It is currently under review before being submitted
to the President for approval. Overall, we believe there is a high
probability that this regulation could be out soon (even in this month).
The implementing regulation draft on new land law was submitted to the
State Secretary last week. It is currently under review before being submitted
to the President for approval. Overall, we believe there is a high
probability that this regulation could be out soon (even in this month).
Saham Pilihan Jumat, 17 Februari 2012
SMRA : Muncul indicator bullish parabolic sar diikuti oleh golden
crossnya MACD and positifnya histogram mengindikasikan dapat berlanjutnya
penguatan.
Support : S1 1.190
S2 1.130
Resisten : R1 1.270
R2 1.300
Kamis, 16 Februari 2012
Bank Danamon, Auto Margin Crunch, CLSA
BDMN’s FY11 results were in line with our and consensus expectations. In
our view, the issues for the bank remain the same: (1) lower yields from
car/motor financing unit Adira Finance (ADMF) due to competition and a
change in portfolio mix, (2) high cost of funds due to high LDR and weak
funding franchise and (3) an un-exploited mass market segment. BDMN
has an opportunity to regain its strong position in the wet market
segment thus reducing its reliance on vehicle loans while improving its
margins. We maintain our underperform call on the counter.
our view, the issues for the bank remain the same: (1) lower yields from
car/motor financing unit Adira Finance (ADMF) due to competition and a
change in portfolio mix, (2) high cost of funds due to high LDR and weak
funding franchise and (3) an un-exploited mass market segment. BDMN
has an opportunity to regain its strong position in the wet market
segment thus reducing its reliance on vehicle loans while improving its
margins. We maintain our underperform call on the counter.
Astra International, A new MPV rival is coming, Credit Suisse
● Suzuki Indonesia just launched Suzuki Ertiga on 10 February
2012, which we believe could be the new rival for Toyota Avanza
and Daihatsu Xenia (both owned by Astra), as it is targeting the
same market segment.
● Indonesia’s first-time car buyers are very brand cautious, and given
Toyota’s biggest market share in the country (34% market share),
we believe Astra will continue to lead the four-wheeler market.
● However, the entry of Suzuki represents additional competition in
Indonesia’s four-wheeler market, which may not be favourable for
Astra’s share price, particularly considering the high expectation
currently implied in Astra’s premium valuation.
● Astra’s auto division is currently valued at a demanding 62%
premium to the Indonesian market. We maintain our
UNDERPERFORM rating on Astra and target price of Rp65,890,
implying 13.9x FY12E P/E, in line with our index target marketimplied
P/E.
2012, which we believe could be the new rival for Toyota Avanza
and Daihatsu Xenia (both owned by Astra), as it is targeting the
same market segment.
● Indonesia’s first-time car buyers are very brand cautious, and given
Toyota’s biggest market share in the country (34% market share),
we believe Astra will continue to lead the four-wheeler market.
● However, the entry of Suzuki represents additional competition in
Indonesia’s four-wheeler market, which may not be favourable for
Astra’s share price, particularly considering the high expectation
currently implied in Astra’s premium valuation.
● Astra’s auto division is currently valued at a demanding 62%
premium to the Indonesian market. We maintain our
UNDERPERFORM rating on Astra and target price of Rp65,890,
implying 13.9x FY12E P/E, in line with our index target marketimplied
P/E.
Saham Pilihan Kamis, 16 Februari 2012
LPCK : Muncul indicator bullish parabolic sar diikuti oleh golden
crossnya MACD and positifnya histogram mengindikasikan dapat berlanjutnya
penguatan.
Support : S1 1.930
S2 1.850
Resisten : R1 2.025
R2 2.075
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