Yualdo Yudoprawiro

    Banking Sector – Overweight (Maintain)

    20 April 2012 By Joseph Pangaribuan

    Banking Sector – Overweight (Maintain)

    Just a Little Bit Dangerous

    • SPN 3M yield highly probable lower than last year.
    • No sistemic impact from declining SPN yield.
    • BMRI & BBNI have a room to minimize impact.
    • Maintain BMRI & BBNI as our stock picks.

    Filed Under: Finance, Research

    Cement Sector - Solid 3M12 demand

    17 April 2012 By Adrianus Bias

    Cement Sector – Neutral (Maintain)

    Solid 3M12 demand
    • 3M12 growth is still in double-digit track.
    • The real challenge starts in 2Q12.
    • INTP on the spotlight.
    • Anticipating strong 1Q12 result.

    Filed Under: Basic Industry and Chemicals, Research

    Vale Indonesia (INCO) – Underperformed due to furnaces shutdown

    21 February 2012 By Yualdo Yudoprawiro

    Vale Indonesia (INCO) – BUY (Maintain)
    Price: Rp3,550 – Target Price: Rp5,000

    Underperformed due to furnaces shutdown

    • FY11 indication.
    • FY11 revenue & net income fell by 3% and 24% YoY, respectively, accounting for 92% & 83% from our estimates.
    • Performance fell due to planned Furnace#2 overhaul and Furnace#1 accident, causing 12% YoY drop in production volume. [Read more...]
    Filed Under: Mining, Research