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INCO – Earnings boosted by cost reduction

Vale Indonesia (INCO) – BUY (Maintain)

Price: Rp3,425 – Target Price: Rp4,200

Earnings boosted by cost reduction

  • Cost reduction is a key driver.
  • Expect a nickel price recovery in 2H15.
  • Cutting ASP assumptions but still expecting strong EPS growth.

 

ICBP – Rein in the excitement

Indofood CBP Sukses Makmur (ICBP) – HOLD (Maintain)

Price: Rp14,325 – Target Price: Rp12,700

Rein in the excitement

  • Management sees demand recovery in FY15.
  • Margin improvement likely to be modest.
  • No upside at current level.

 

IHSG potensi kembali lanjutkan rally

WSKT - Propitious time to carry on last year performance

Waskita Karya (WSKT) – BUY (Initiate)

Price: Rp1,820 – Target Price: Rp2,300

Propitious time to carry on last year performance

  • Singing a different tune.
  • Extra room to wiggle.
  • My way or the highway!.

 

ITMG – 2014 results meets expectations

Indo Tambangraya Megah (ITMG) – HOLD (Maintain)

Price: Rp16,700 – Target Price: Rp17,725

2014 results meets expectations

  • EBIT declined 24% in 2014.
  • Offsetting lower coal prices by reducing stripping ratio.
  • Discounted to peers due to shorter mine life.