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ITMG – Weakening ASP pressuring margins

Indo Tambangraya Megah (ITMG) – HOLD (Maintain)

Price: Rp8,425 – Target Price: Rp9,250

Weakening ASP pressuring margins

  • Strong cost performance in 1H15 but overshadowed by falling ASP.
  • Cutting earnings on reduced ASP assumptions.
  • Lack of catalyst, Maintain HOLD.

 

Alarming Asset Quality

Bank Negara Indonesia (BBNI) – BUY (Maintain)

Price: Rp4,575 – Target Price: Rp5,400

 

Alarming Asset Quality

  • Weak 1H15 earnings.
  • Deterioration AQ.
  • Reduced expectation on 2H15 improvement.

Hope for better grassroots demand

Bank Rakyat Indonesia (BBRI) – BUY (Maintain)

Price: Rp10,775 – Target Price: Rp12,450


Hope for better grassroots demand

  • Earnings hit by lower margins and higher NPLs.
  • Expect micro lending program to help.
  • Cutting our target price.

Pre-Sales in-line with strong pipeline

Summarecon Agung (SMRA) – BUY (Maintain)

Price: Rp1,725 – Target Price: Rp2,150


Pre-Sales in-line with strong pipeline

  • 1H15 pre-sales close to 50% of our FY15 target.
  • Little impact from luxury tax.
  • New LTV scheme should benefit SMRA.

Stay upright in the uncertainty

Bank Central Asia (BBCA) – HOLD (Maintain)

Price: Rp12.800 – Target Price: Rp14.450


Stay upright in the uncertainty

  • In-line 1H15
  • Solid loan growth amidst softer economic activity
  • Eyeing stronger consumer loans.