Rabu, 10 Maret 2021
L A P O R A N H A R I A N
Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id
RESEARCH
Equity
LAPORAN RISET
UNVR:Margin Pressures to Dissipate What’s New?Post its considerable underperformance in the past year, we start to see a meaningful upside to Unilever Indonesia’s (UNVR) share price on three key drivers: 1) Potential for accelerating sales, earnings, cash-flow momentum on the back of consumer spending revival in FY21F, 2) Compelling dividend yield, and 3) Valuations levels that support reasonable downside protection. In that sense, we expect the market to reconsider its view on UNVR as the outlook improves as the economy recovers.
Key Highlights:
Top-line acceleration appears on the table, likely to start
early 2Q21.
Compelling dividends come-in.
The valuation gap offers room for upside.
Analyst: William Siregar (william.siregar@bnisekuritas.co.id)
RINGKASAN BERITA
Per Februari 2021, PPRE kantongi kontrak baru sebesar Rp274 miliar. Targetkan mendapat kontrak baru sepanjang 2021 sebesar Rp3,6 triliun, PT PP Presisi Tbk (PPRE) meraih kontrak baru sebesar Rp274 miliar per Februari 2021. Direktur Utama PPRE yaitu Rully Noviandar menuturkan hingga akhir Februari 2021, PPRE berhasil mengantongi kontrak baru sebesar Rp274 miliar. Kontrak-kontrak baru yang didapat tersebut, selain kontrak civil work, juga tersebut berasal dari jasa pertambangan terintegrasi. Tahun 2021, PPRE menargetkan perolehan kontribusi lini bisnis jasa pertambangan sebesar 10%-20% terhadap nilai target kontrak baru senilai Rp3,6 triliun. PPRE telah membukukan kontrak baru berupa proyek perluasan jalan hauling pada salah satu tambang nikel terbesar di Indonesia, dengan nilai kontrak senilai Rp125 miliar. Selanjutnya, PPRE memperoleh kontrak-kontrak baru berupa proyek-proyek strategis nasional, seperti proyek rekonstruksi paved shoulder taxiway – Bandar Udara Internasional Sultan Aji Muhammad Sulaiman, Sepinggan, Balikpapan, Kalimantan Timur, yang diproyeksikan menjadi gerbang utama menuju ibu kota negara yang baru, serta proyek pembangunan jalan tol Trans Sumatera Ruas Pekanbaru – Padang Seksi Padang Lubuk Alung – Sicincin zona 1 dan 2. (Bisnis Indonesia)
Global Indices Closing Change %Chg %Ytd P/E Americas INDU Index 31,832.74 30.3 0.10 4.01 28.46 SPX Index 3,875.44 54.09 1.42 3.18 31.43 CCMP Index 13,073.82 464.66 3.69 1.44 71.18 IBOV Index 111,330.60 719 0.65 (6.46) 29.63 EMEA UKX Index 6,730.34 11.21 0.17 4.18 112.32 CAC Index 5,924.97 21.98 0.37 6.73 56.10 DAX Index 14,437.94 57.03 0.40 5.24 49.11 IBEX Index 8,496.40 52.2 0.62 5.24 #N/A N/A FTSEMIB Index 23,816.50 134.93 0.57 7.12 3.88 AEX Index 675.10 9.45 1.42 8.08 #N/A N/A SMI Index 10,857.97 27.59 0.25 1.44 24.50 Asia / Pacific NKY Index 29,027.94 284.69 0.99 5.77 33.12 KOSPI Index 2,976.12 -19.99 -0.67 3.57 27.68 SHCOMP Index 3,359.29 -62.122 -1.82 (3.28) 17.64 HSI Index 28,773.23 232.4 0.81 5.66 15.11 TWSE Index 15,853.09 32.98 0.21 7.61 22.74 SENSEX Index 51,025.48 584.41 1.16 6.86 35.71 SET Index 1,550.59 6.83 0.44 6.99 33.85 PCOMP Index 6,766.83 9.91 0.15 (5.22) 30.18 KLCI Index 1,624.78 12.97 0.80 (0.15) 21.10 FSSTI Index 3,108.53 37.37 1.22 9.31 42.98 JCI Index 6,199.65 -48.818 -0.78 3.69 33.29 Description Last Previous %Chg Market Capitalization (IDR Trillion) 7,256.67 7,339.67 -1.13 Transaction Volume (Million Shares) 23,523.00 24,152.75 -2.61 Transaction Value (IDR Million) 12,420.00 10,164.16 22.19 Stocks Value (IDR) 527.99 420.83 25.47 Net Foreign (IDR Million) (782,686.25) (469,409.50) 66.74 Commodities Last Previous %Chg Nickel (US$/Ton) 16,340.00 16,425.00 -0.52 Copper (US$/Ton) 8,998.50 8,895.50 1.16 Tins (US$/Ton) 24,325.00 24,444.00 -0.49 Oil (US$/BBL) (*) 64.01 65.05 -1.60 Gas (US$/MMBTU) 2.46 2.53 -2.96 Coal (US$/Ton) (**) 88.50 88.00 0.57 CPO MALAYSIA(RM/ton) 4,002.50 3,935.50 1.70 Gold (US$/Troy Ounce) 1,716.19 1,683.54 1.94 JCI Sectors Performance Weighting (%) YTD Chg (%) 1D Chg (%)
JCI Index 100.00 3.69 -2.51
Finance 40.61 10.88 -1.60
Consumer Goods 13.50 -7.91 -2.88 Infrastructure Utility and Transportation 10.55 3.11 -3.35 Basic Industry and Chemicals 11.00 2.61 -2.90 Trade Services and Investment 9.02 11.43 -1.92
Mining 6.17 -4.85 -9.31
Construction Property and Real Estate 5.39 -2.44 -1.32 Miscellaneous Industries 4.24 -5.54 -0.43
Rabu, 10 Maret 2021
L A P O R A N H A R I A N
RESEARCH
Equity
Akumulasi Beli/-Jual Bersih Asing
Nilai Tukar USD/IDR dan IHSG
Pergerakan IHSG
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0 5,000,000 10,000,000 15,000,000 20,000,000 10 /1 /2 02 0 10 /7 /2 020 10 /1 3/2020 10 /1 9/2020 10 /2 3/2020 11 /3 /2 020 11 /9 /2 020 11 /1 3/2020 11 /1 9/2020 11 /2 5/2020 12 /1 /2 020 12 /7 /2 020 12 /1 4/20 20 12 /1 8/2020 12 /2 8/2020 1/5/ 20 21 1/11 /2 021 1/15 /2 021 1/21 /2 021 1/27 /2 021 2/2/ 20 21 2/8/ 20 21 2/15 /2 021 2/19 /2 021 2/25 /2 02 1 3/3/ 20 21Accumulation JCI Index
13,000 13,500 14,000 14,500 15,000 15,500 16,000 4,000 4,500 5,000 5,500 6,000 6,500 7,000 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021
JCI Index USDIDR
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000
Oct-20 Oct-20 Oct-20 Nov-20 Nov-20 Dec-20 Dec-20 Jan-21 Jan-21 Feb-21 Feb-21 Mar-21 Volume JCI Index
No
Stock
Top Value (IDR)
1
ANTM IJ
1,166,547,000,000
2
BBCA IJ
899,493,900,000
3
BBRI IJ
694,994,600,000
4
INCO IJ
529,597,800,000
5
FREN IJ
487,603,300,000
No
Stock
Top Volume (Shares)
1
FREN IJ
5,428,599,500.00
2
ABBA IJ
870,895,800.00
3
ANTM IJ
515,109,500.00
4
BEKS IJ
395,672,800.00
5
BVIC IJ
389,065,500.00
No
Top Gainers
% Change
1
VRNA IJ
34.81
2
PGLI IJ
34.69
3
SKLT IJ
24.84
4
TIFA IJ
24.62
5
DGNS IJ
24.5
No
Top Losers
% Change
1
BSIM IJ
-6.99
2
BBTN IJ
-6.98
3
GDYR IJ
-6.96
4
ASSA IJ
-6.94
5
TFCO IJ
-6.92
No Leading Movers
% Change
1
ARTO IJ
5.41
2
CPIN IJ
4.76
3
SMMA IJ
5.72
4
MAYA IJ
14.15
5
BANK IJ
14.94
No Lagging Movers
% Change
1
BBRI IJ
-3.17
2
BBCA IJ
-1.71
3
TLKM IJ
-1.50
4
UNVR IJ
-1.50
Rabu, 10 Maret 2021
L A P O R A N H A R I A N
3
RESEARCH
Equity
TARGET HARGA SAHAM
Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Last Potential
Capitalization (Bn) (%) 1 Year FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 Price Upside
Banking
BBCA IJ Equity 814,232 14.32 -5.09 30.01 4.41 -5.89 6.97 15.13 16.54 44.88 BUY 34,200 33,025 3.56% BBNI IJ Equity 111,426 1.96 -78.66 33.50 1.01 -0.43 53.54 2.82 5.75 39.98 NOT RATED - 5,975 #VALUE! BBRI IJ Equity 564,828 9.93 -45.97 30.10 2.84 -0.65 68.12 9.24 22.13 43.22 HOLD 4,100 4,580 -10.48% BMRI IJ Equity 299,833 5.27 -37.71 17.51 1.58 -0.46 51.96 8.70 -2.28 37.95 BUY 7,250 6,425 12.84% Cement
SMGR IJ Equity 65,247 1.15 16.87 23.38 1.91 1.39 67.19 8.40 15.97 48.99 BUY 11,000 11,000 0.00% Telecommunication
TLKM IJ Equity 325,915 5.73 3.50 17.26 3.20 4.93 44.42 18.76 -1.25 47.91 BUY 4,000 3,290 21.58% ISAT IJ Equity 30,430 0.54 #N/A N/A #N/A N/A 2.56 #VALUE! 215.44 -5.83 180.00 20.71 BUY 3,265 5,600 -41.70% EXCL IJ Equity 22,844 0.40 -47.76 62.39 1.19 -1.31 175.72 1.94 2.22 33.72 BUY 3,500 2,130 64.32% Automotive
ASII IJ Equity 223,672 3.93 6.86 13.83 1.44 2.02 40.66 10.65 14.13 49.81 BUY 7,000 5,525 26.70%
Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential Capitalization (Bn) (%) 1 Year FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 Price Upside
Construction
WIKA IJ Equity 15,339 0.27 31.98 15.64 1.13 0.49 78.48 6.70 19.97 34.94 BUY 1,400 1,710 -18.13% ADHI IJ Equity 4,647 0.08 2.76 14.17 0.84 5.13 153.96 5.44 100.83 48.99 BUY 840 1,305 -35.63% PTPP IJ Equity 9,517 0.17 -38.02 23.14 0.87 -0.61 104.84 3.45 68.29 48.95 BUY 1,175 1,535 -23.45% WSKT IJ Equity 19,207 0.34 -76.33 #N/A N/A 1.44 #VALUE! 237.92 -18.09 71.26 33.95 HOLD 775 1,415 -45.23% WTON IJ Equity 3,016 0.05 5.36 11.42 0.89 2.13 82.60 8.15 16.07 32.08 BUY 320 346 -7.51% WSBP IJ Equity 6,432 0.11 -22.85 #N/A N/A 1.04 #VALUE! 74.76 -12.46 46.08 32.98 UR UR 244 #VALUE! Toll Road
JSMR IJ Equity 31,354 0.55 0.20 36.36 1.66 177.95 185.14 4.67 -1.69 24.39 BUY 5,300 4,320 22.69% Property
BSDE IJ Equity 25,194 0.44 118.00 25.13 0.83 0.21 39.96 3.26 26.60 38.63 BUY 890 1,190 -25.21% PWON IJ Equity 27,210 0.48 6.95 23.25 1.90 3.35 26.51 8.14 13.00 31.29 HOLD 445 565 -21.24% SMRA IJ Equity 12,768 0.22 14.79 67.85 1.79 4.59 94.90 2.63 24.65 65.14 SELL 615 885 -30.51%
Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential Capitalization (Bn) (%) 1 Year FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 Price Upside
Agriculture
AALI IJ Equity 21,412 0.38 294.60 25.70 1.14 0.09 29.22 4.47 37.00 20.32 HOLD 8,300 11,125 -25.39% TBLA IJ Equity 5,182 0.09 3.34 7.64 0.92 n.a 149.97 10.56 80.27 44.65 BUY 1,185 970 22.16% Metal
ANTM IJ Equity 53,589 0.94 -88.15 114.41 2.83 -1.30 47.19 2.41 303.67 34.95 BUY 900 2,230 -59.64% INCO IJ Equity 45,210 0.79 43.10 37.99 1.55 0.88 0.00 4.18 104.04 20.49 BUY 4,500 4,550 -1.10% TINS IJ Equity 13,108 0.23 #N/A N/A #N/A N/A 2.66 #VALUE! 219.85 -19.73 232.08 35.00 BUY 1,200 1,760 -31.82% Coal
PTBA IJ Equity 30,069 0.53 -22.22 9.07 2.09 -0.41 3.42 16.00 35.01 31.20 BUY 2,750 2,610 5.36% Consumer
UNVR IJ Equity 249,883 4.39 #N/A #N/A #N/A #N/A 80.51 140.20 -4.49 15.01 BUY 9,400 6,550 43.51% INDF IJ Equity 54,439 0.96 #N/A #N/A #N/A #N/A 42.38 13.50 1.43 49.92 BUY 9,200 6,200 48.39% ICBP IJ Equity 97,085 1.71 10.20 18.98 3.60 1.86 8.81 20.09 -17.88 19.47 BUY 11,800 8,325 41.74% GGRM IJ Equity 69,748 1.23 39.63 7.51 1.23 0.19 34.19 17.86 -19.40 23.78 BUY 56,000 36,250 54.48% HMSP IJ Equity 163,427 2.87 1.72 15.59 5.70 9.04 1.17 34.44 -3.78 7.50 HOLD 1,900 1,405 35.23% Pharmaceutical
KLBF IJ Equity 72,422 1.27 2.02 27.65 4.25 13.68 4.89 16.18 38.04 42.56 HOLD 1,815 1,545 17.48% KAEF IJ Equity 17,106 0.30 #N/A N/A #N/A N/A 2.51 #VALUE! 111.92 -0.25 316.22 9.97 UR - 3,080 #VALUE! Healthcare
MIKA IJ Equity 38,750 0.68 #N/A #N/A #N/A #N/A 0.00 18.27 27.04 38.07 BUY 2,980 2,720 9.56% Retail
ACES IJ Equity 27,526 0.48 #N/A #N/A #N/A #N/A 0.00 17.88 16.36 40.03 SELL 1,400 1,605 -12.77% LPPF IJ Equity 3,480 0.06 #N/A #N/A #N/A #N/A 664.33 -75.02 -49.04 69.83 SELL 1,250 1,325 -5.66% MAPI IJ Equity 13,944 0.25 #N/A #N/A #N/A #N/A 25.69 -5.62 10.53 43.97 HOLD 690 840 -17.86% RALS IJ Equity 5,677 0.10 10.07 #N/A N/A 1.44 #VALUE! 0.00 -1.52 -1.99 37.08 HOLD 590 800 -26.25% Heavy Equipment
Rabu, 10 Maret 2021
L A P O R A N H A R I A N
4
RESEARCH
Equity
RESEARCH TEAM
Phone : +62 21 25543946 (Hunting) Fax : +62 21 57935831 Email : research@bnisekuritas.co.id Website : www.bnisekuritas.co.idDamhuri Nasution damhuri.nasution@bnisekuritas.co.id Head of Research Division & Economist Ext. 3993
Kim Kwie Sjamsudin kim.kwie@bnisekuritas.co.id Head of Equity Research Department Ext. 3997
(Strategy, Automotive, Cement, Infrastructure)
Ariawan ariawan@bnisekuritas.co.id Head of Fixed Income Research Dept. Ext. 2098
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(Market Strategy, Currency, Commodities, Bond & Stocks)
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(Cement, Construction, Property, Precast Concrete)
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Ahmad Hapiz ahmad.hapiz@bnisekuritas.co.id Fixed Income Analyst Ext. 3978
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William Ardian Siregar william.siregar@bnisekuritas.co.id Equity Analyst Ext. 3986
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Posmarito Pakpahan posmarito.pakpahan@bnisekuritas.co.id Equity Analyst Ext. 3981
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R. Venia Allani Meissalina venia.allani@bnisekuritas.co.id Research Administrator Ext. 2050
Rabu, 10 Maret 2021
L A P O R A N H A R I A N
5
RESEARCH
Equity
EQUITY TEAM
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RESEARCH
Equity
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