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
Jumat, 20 April 2012
Saham Pilihan Jumat, 20 April 2012
ANTM : Stochastic golden cross dan
histogram menghijau mengindikasikan dapat berlanjutnya penguatan.
Support : S1
1.730 S2 1.690
Resisten : R1 1.780
R2 1.820
Kamis, 19 April 2012
Ace Hardware, 100 stores by 2015, CLSA
Having opened its 59th new store in Tebet (South Jakarta) this month, the
company is on track to meet their targeted 15 additional stores or +20%
on gross space basis. Coupled with strong same-store-sales growth
(Sssg) number of 18.3% as of 3M12, we foresee the company to deliver a
robust 26% top-line growth this year. Well execution should lead them to
possess 100 stores by 2015, while competition may however limit their
margin expansion. We maintain our BUY rating on the company with
slightly lower TP of Rp5,400/sh to reflect some margin pressure.
company is on track to meet their targeted 15 additional stores or +20%
on gross space basis. Coupled with strong same-store-sales growth
(Sssg) number of 18.3% as of 3M12, we foresee the company to deliver a
robust 26% top-line growth this year. Well execution should lead them to
possess 100 stores by 2015, while competition may however limit their
margin expansion. We maintain our BUY rating on the company with
slightly lower TP of Rp5,400/sh to reflect some margin pressure.
BTPN, Productive bank, CLSA
BTPN is one of the few banks with a unique value proposition. After its
successful story in the micro segment, the bank is now entering the
“productive poor” segment, which also offers superb margin. This effort
will support the bank’s sustainable growth. We like the bank’s strong
management and strategy serving a very niche market. We reinitiate the
stock with an outperform recommendation.
successful story in the micro segment, the bank is now entering the
“productive poor” segment, which also offers superb margin. This effort
will support the bank’s sustainable growth. We like the bank’s strong
management and strategy serving a very niche market. We reinitiate the
stock with an outperform recommendation.
Langganan:
Postingan (Atom)