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ROTI - Rolling on

Nippon Indosari Corpindo (ROTI) – BUY (Maintain)

Price: Rp1,225 – Target Price: Rp1,490

Rolling on

  • Seasonally weak 3Q but remained in-line.
  • 3Q14 net margin shrank as expected.
  • The cheapest and fastest-growing stock on the shelf.


Coal Sector – No recovery in sight

Coal Sector – Neutral (Maintain)

No recovery in sight

  • Thermal coal continues to weaken.
  • Domestic policies unlikely to help coal price in near-term.
  • ADRO looks best in depressed market.


TLKM – Coming back to earth

Telekom Indonesia (TLKM) – HOLD (Maintain)

Price: Rp2,685 – Target Price: Rp2,900

Coming back to earth

  • Weaker earnings quality in quarter.
  • Data price erosion is worrisome.
  • Higher capex spend expected.


BMRI – Grew as expected

Bank Mandiri (BMRI) – BUY (Maintain)
Price: Rp10,100 – Target Price: Rp12,000

Grew as expected

  • Higher NIM supported growth.
  • Lower provision expenses.
  • Maintain BUY.

BBRI – All is still running well

Bank Rakyat Indonesia (BBRI) – BUY (Maintain)
Price: Rp10,725 – Target Price: Rp13,000

All is still running well

  • PPOP -7% QoQ, but net profit +10% QoQ
  • Slower growth will be offset by lower cost of fund
  • Maintain BUY recommendation