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Kalbe Farma (KLBF) – Sub-par 2011 indicative results

17 February 2012 By Yualdo Yudoprawiro

Kalbe Farma (KLBF) – Hold (Maintain)
Price: Rp3,450 – Target Price: Rp3,425

Sub-par 2011 indicative results

  • FY11 indication.
  • FY11 revenue & net income grew by 6.7% and 13.8% YoY, respectively, accounting for 86% & 92% from our estimates.
  • Results were lower than average growth of 14% from 2007-2010. [Read more...]
Filed Under: Consumer Goods Industry, Research

Bank Negara Indonesia (BBNI) – Overreaction on Declining Stock Price

13 February 2012 By Joseph Pangaribuan

Bank Negara Indonesia (BBNI) – BUY (Maintain)

Price: Rp3,575 – Target Price: Rp4,900

Overreaction on Declining Stock Price

  • BBNI underperformed 10% to JCI, we believe the market has been overreacting due to the impact of lower bond yield and BLTA case.
  • SPN 3 Month has declined to 1.7%. In our calculation, 1% declining on SPN result in -0.6% to operating income [Read more...]
Filed Under: Finance, Research

United Tractors (UNTR) – In Line FY11 Operation Production

31 January 2012 By Joseph Pangaribuan

United Tractors (UNTR) – HOLD (Maintain)

Price: Rp27,850 – Target Price: Rp25,000

In Line FY11 Operation Production

  • December’11 production was below November’11 production, but overall FY11 Operation Production was in line with ourestimate.
  • Management remain optimistic in 2012 with 22% higher capex from last year to US$550 Mn.
  • Coal price still give mining producers the opportunity to expand in this year. [Read more...]
Filed Under: Research, Trade and Services