D A I LY R E P O R T RESEARCH. Equity MARKET PREDICTION TODAY COMPANY/INDUSTRY UPDATE. Thursday, February 15 th 2018

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Thursday, February 15

th

2018

D A I LY R E P O R T

RESEARCH

Equity

MARKET PREDICTION TODAY

The Potential for the Strengthening Index

Continues

Global bourses were closed higher on Wednesday (2/14). On

US stocks, Dow rose to 24,893 (+1.0%), while in European

bourses, the average index increased 0.9%. In Asian bourses,

Nikkei fell 0.4% to 21,154 while Hangseng strengthened to

30,515 (+2.3%). In commodity exchanges, WTI oil price is

currently at US$60.8 per barrel. Global bourses rose amid a

rise in US inflation in January 2018 by 0.5% MoM, far

exceeding economists' expectations of 0.3%. On the other

hand, US retail sales in January 2018 fell 0.3% MoM vs.

consensus rose 0.3%. The disappointing US retail sales data

offset investors' concerns about the Fed's move which is

expected to be more aggressive in raising the Fed Fund Rate

due to rising US inflation.

In domestic market, the JCI on Wednesday yesterday was

slightly closed up by 0.3% to 6,594 amid the mixed

movements of Asian bourses. In addition, foreign investors’

sell off was also limiting the strengthening JCI. Foreign

investor booked a “net sell” of Rp526.4 billion with the most

sell-off in stocks of BBCA, TLKM and BBRI. We expect that

the JCI’s strengthening is potentially to continue as the

strengthening in global bourses in responding US inflation

data and US retail sales. Furthermore, today will be released

7 days reverse repo rate (7DRRR) which is expected to

remain at 4.25% and may impact to the index’s trend

movement. Our top stocks pick for today are GMFI, ASII, and

LSIP with the index movement in the range of 6,544 – 6,643.

Analyst: Thennesia Debora (thennesia@bnisekuritas.co.id)

COMPANY/INDUSTRY UPDATE



The Net Profit of PT Jasa Marga (JSMR) Grew by 16.5%

YoY. BUY. Analyst: Maxi Liesyaputra.



PT Mitra Adiperkasa (MAPI) on its Export Strategy. BUY.

Analyst: Dessy Lapagu.

Global Indices Closing Change %Chg %Ytd P/E

Americas INDU Index SPX Index CCMP Index IBOV Index EMEA UKX Index CAC Index RTSSTD Index IBEX Index FTSEMIB Index AEX Index SMI Index Asia / Pacific NKY Index HSI Index SHCOMP Index TWSE Index KOSPI Index JCI Index SET Index PCOMP Index SENSEX Index FSSTI Index 24,893.49 253.04 1.03 0.70 20.08 2,698.63 35.69 1.34 0.94 21.83 7,143.62 130.105 1.86 3.48 37.64 83,542.84 2644.14 3.27 9.35 20.52 7,213.97 45.96 0.64 (6.16) 20.58 5,165.26 56.02 1.10 (2.77) 17.16 14,772.81 41.5 0.28 8.05 7.51 9,686.20 35.5 0.37 (3.56) 14.82 22,433.75 399.33 1.81 2.66 3.88 525.64 5.07 0.97 (3.48) 17.18 8,899.10 146.46 1.67 (5.15) 24.35 21,331.67 177.5 0.84 (6.30) 15.68 30,515.60 676.07 2.27 1.99 14.21 3,199.16 14.2 0.45 (3.27) 16.26 10,421.09 49.34 0.48 (2.08) 15.26 2,421.83 26.64 1.11 (1.85) 12.90 6,594.40 16.223 0.25 3.76 24.73 1,792.09 -7.94 -0.44 2.19 18.58 8,598.11 27.97 0.33 0.46 23.23 34,155.95 -144.52 -0.42 0.29 23.29 3,402.86 -12.21 -0.36 (0.00) 11.23

Description Last Previous %Chg

Market Capitalization (IDR Trillion) 7,334.99 7,316.87 0.25 Transaction Volume (Million Shares) 7,757.00 10,352.84 -25.07 Transaction Value (IDR Million) 5,777.00 6,931.63 -16.66 Stocks Value (IDR) 744.75 669.54 11.23 Net Foreign (IDR Million) (526,379.00) (220,997.13) 138.18

Commodities Last Previous %Chg

Nickel (US$/Ton) 14,100.00 13,450.00 4.83 Copper (US$/Ton) 7,163.00 6,988.00 2.50 Tins (US$/Ton) 21,550.00 21,500.00 0.23 Oil (US$/BBL) (*) 60.60 59.19 2.38 Gas (US$/MMBTU) 2.45 2.51 -2.61 Coal (US$/Ton) (**) 104.40 102.65 1.70 Gold (USD/OZ) 1,351.28 1,350.67 0.05 CPO PALMROTT(USD/ton) 655.00 655.00 0.00 CPO MALAYSIA(RM/ton) 2,497.50 2,495.00 0.10 (*) WTI Cushing (**) McCloskey Newscatle

ADR Stocks Last (US$) % Conversition Last (IDR) (US$) Chg (IDR)

Stocks Code Last (US$) %Change Conv (Rp) Last (IDR) Telkom TLK US 29.84 0.24 9,921.60 4040.00

Company/Industry Updates Recommendation TP (IDR)

PT Jasa Marga (Persero) Tbk (JSMR) BUY 7,250 PT Mitra Adiperkasa Tbk (MAPI) BUY 7,970

Bloomberg Code

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Thursday, February 15

th

2018

D A I LY R E P O R T

2 RESEARCH

Equity

HIGHLIGHT NEWS



PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) until December 31, 2017

achieved a net profit of Rp1.22 trillion, or was down compared to the net profit

of Rp1.75 trillion in the same period last year.



PT Pembangunan Perumahan (Persero) Tbk (PTPP) obtained a consolidated

new contract of Rp2.33 trillion in January 2018.



PT Bank Danamon Indonesia Tbk (BDMN) reached a net profit of Rp3.7

trillion in 2017 or grew by 38% year-on-year (YOY) from 2016, boosted by the

improving non-performing loans and net interest margin.



PT Garuda Indonesia Tbk (GIAA) is aggressively developing non-ticket

business. The company targets non-ticket revenue or ancillary revenue to

increase by 42.11% year-on-year (YOY) this year.



PT Adira Dinamika Multifinance Tbk (ADMF) obtained the increasing profit

of 39.6% as of 31 December 2017 to Rp1.40 trillion compared to a profit of

Rp1.00 trillion in the same period last year.

(Source: IQ Plus; Bisnis Indonesia)

Net Foreign BUY Accumulation

USD/IDR Currency and JCI

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 -50,000,000 -40,000,000 -30,000,000 -20,000,000 -10,000,000 0 10,000,000 20,000,000 30,000,000 40,000,000 4 /0 1 /2 0 1 7 1 6 /0 1 /2 0 1 7 2 6 /0 1 /2 0 1 7 7 /0 2 /2 0 1 7 2 0 /0 2 /2 0 1 7 2 /0 3 /2 0 1 7 1 4 /0 3 /2 0 1 7 2 4 /0 3 /2 0 1 7 6 /0 4 /2 0 1 7 2 0 /0 4 /2 0 1 7 4 /0 5 /2 0 1 7 1 7 /0 5 /2 0 1 7 3 0 /0 5 /2 0 1 7 1 2 /0 6 /2 0 1 7 2 2 /0 6 /2 0 1 7 1 2 /0 7 /2 0 1 7 2 4 /0 7 /2 0 1 7 3 /0 8 /2 0 1 7 1 5 /0 8 /2 0 1 7 2 8 /0 8 /2 0 1 7 8 /0 9 /2 0 1 7 2 0 /0 9 /2 0 1 7 3 /1 0 /2 0 1 7 1 3 /1 0 /2 0 1 7 2 5 /1 0 /2 0 1 7 6 /1 1 /2 0 1 7 1 6 /1 1 /2 0 1 7 2 8 /1 1 /2 0 1 7 1 1 /1 2 /2 0 1 7 2 1 /1 2 /2 0 1 7 5 /0 1 /2 0 1 8 1 7 /0 1 /2 0 1 8 2 9 /0 1 /2 0 1 8

Accumulation JCI Index

12,900 13,000 13,100 13,200 13,300 13,400 13,500 13,600 13,700 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

JCI Index USDIDR

No

Stock

Top Value (IDR)

1 PGAS IJ

522,883,596,288

2 BBCA IJ

357,981,585,408

3 BBRI IJ

261,054,988,288

4 TLKM IJ

255,122,358,272

5 ASII IJ

200,440,365,056

No

Stock

Top Volume (Shares)

1 MYRX IJ

809,519,700.00

2 RIMO IJ

749,175,700.00

3 TRAM IJ

530,061,500.00

4 BUMI IJ

509,133,300.00

5 BKSL IJ

357,948,000.00

No

Top Gainers

% Change

1 MYTX IJ

28.57

2 ISSP IJ

20.16

3 TRUS IJ

20.14

4 FORU IJ

16.67

5 PTIS IJ

16.59 No

Top Losers

% Change

1 YPAS IJ

-24.22

2 AKPI IJ

-15.63

3 INCF IJ

-12

4 RIMO IJ

-10.8

5 ATIC IJ

-9.03

No Leading Movers

% Change

1 ASII IJ

1.21

2 HMSP IJ

0.62

3 PGAS IJ

5.93

4 SMGR IJ

3.09

5 INKP IJ

3.68 No Lagging Movers

% Change

1 UNVR IJ

-0.77

2 BBRI IJ

-0.52

3 BBCA IJ

-0.42

4 LPPF IJ

-2.81

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Thursday, February 15

th

2018

D A I LY R E P O R T

_RESEARCH

_Equity

COMPANY/INDUSTRY UPDATE

News: The Net Profit of PT Jasa Marga (JSMR) Grew by 16.5% YoY

JSMR posted a slight increase in toll and other revenues growth of 1% YoY to Rp 8.9 trillion in FY17. The largest revenue

contributor was Jakarta-Cikampek toll road of Rp 1.27 trillion. Operating profit increased by 11.6% YoY to Rp 4.6 trillion,

triggered by gains on divestment of Rp 563.5 billion. Meanwhile its net profit jumped quite significantly by 16.5% YoY to Rp 2.2

trillion in FY17, among others on the back of the declining finance cost of 16.0% YoY to Rp 1.27 trillion.

Analyst Opinion:

JSMR’s net profit in FY17 was below our expectation of Rp 2.6 trillion, among others due to a slight increase in toll and other

revenues growth of 1% YoY. JSMR was benefited by the declining finance cost and gains on divestment. We estimate JSMR to

book revenue and net profit growth of 22.6% YoY to Rp 10.9 trillion and 11.7% YoY to Rp 2.5 trillion respectively in FY18.

Moreover, operating margin is forecasted to reach 46.2%, while net profit margin would be 22.5%. Meanwhile, the estimated

ROE and ROA are 14.7% and 3.9% correspondingly this year. Currently, JSMR stock is traded with forward 2018E PER and

2018E PBV of 15.7x and 2.3x consecutively. Therefore, we set BUY recommendation for JMSR with a target price (TP) of

Rp7,250 per share.

Analyst: Maxi Liesyaputra (maxi@bnisekuritas.co.id)

Interim result (Rp billion)

FY16

FY17

yoy

4Q17

3Q17

Revenue

8,832.35

8,921.67

1.01%

2,139.33

2,253.53

Operating profit

4,165.50

4,648.09

11.59%

1,013.22

1,226.71

Net income

1,889.34

2,200.36

16.46%

298.25

885.97 EPS (Rp)

276.97

303.15 9.45%

Operating margin

47.16%

52.10%

47.36%

54.44%

Net margin

21.4%

24.7%

13.9%

39.3%

Income statement (Rp billion)

2014

2015

2016

2017

2018E

Toll and other revenue

7,227.79

7,630.70

8,832.35

8,921.67 10,940.75

Operating profit

3,072.56

3,477.70

4,165.50

4,648.09

5,054.63

Interest expense

(1,215.30) (1,405.00)

(1,509.00)

(1,268.00) (1,499.40)

Pretax income

1,850.56

2,068.40

2,649.68

3,251.33

3,425.18

Minority interest

184.70

147.20

86.26

106.83

128.72 Net income

1,421.66

1,466.50

1,889.34

2,200.36

2,457.85

Basic EPS

209.07

215.66

277.84

323.53

361.39 EBITDA

3,199.83

4,264.25

5,037.05

5,469.33

6,346.17

Balance sheet (Rp billion)

2013 2014 2015 2016 2017E 2018E

Cash 3,514.06 3,290.78 3,323.20 4,124.97 6,444.91 7,847.10

Short-term investment 6.63 7.14 7.00 7.71 8.49 9.33

Accounts receivable 177.20 48.09 164.40 8,278.50 7,450.65 4,470.39

Other current assets 90.42 199.80 234.50 554.72 258.54 283.28

Total current assets 3,788.31 3,545.82 3,729.10 12,965.90 14,162.59 12,610.10

Toll concession rights and others 21,959.60 23,941.40 24,864.70 34,703.31 39,908.81 45,298.07

Total Assets 28,064.35 31,859.99 36,724.85 53,500.32 59,636.01 62,965.04 Liabilities and Shareholders' Equity

Accounts payable 100.00 182.10 137.50 134.77 99.51 119.90

Short-term borrowings 1,857.20 863.06 2,762.80 6,765.31 6,798.55 6,835.11

Other short-term liabilities 2,914.07 3,255.82 4,643.10 11,726.88 12,469.59 13,852.30

Total Current Liabilities 4,871.27 4,300.97 7,543.40 18,626.96 19,367.64 20,807.31

Long-term borrowings 10,464.57 12,629.27 11,974.40 14,590.82 19,916.27 19,760.15

Other long-term liabilities 2,539.83 3,909.06 4,838.70 3,943.79 2,473.40 2,812.36

Total Long-Term Liabilities 13,004.41 16,538.33 16,813.10 18,534.61 22,389.67 22,572.52

Total Liabilities 17,875.68 20,839.31 24,356.50 37,161.57 41,757.31 43,379.82 Minority interest 1,559.60 1,560.60 1,950.20 2,659.71 2,766.54 2,895.27 Total Equity 8,629.69 9,460.10 10,418.55 13,679.15 15,112.49 16,690.19

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Thursday, February 15

th

2018

D A I LY R E P O R T

4 RESEARCH

Equity

COMPANY/INDUSTRY UPDATE

News: PT Mitra Adiperkasa (MAPI) on its Export Strategy

Analyst Opinion:

opened its prospective Zara store in Vietnam while MAPI still cooperates with the existing retailer in Thailand. MAPI still

continues to maintain its specialty stores in fashion segment which are contributed positively to MAPI’s revenues, especially

the Inditex brands (Zara, Massimo Dutti, Pull&Bear). We see that with the supporting capex allocation of approximately Rp800

billion this year, MAPI will be able to increase its market share with the expansion target of 200 new stores. Currently, MAPI

stock is traded with PE of 35.2x and PBV of 2.96x which its PE is still higher than peers’ average with PE of 24.7x but lower than

peers’ average with PBV of 5.71x. Meanwhile, the stock price has been appreciated by 15.3% as of YTD. Recommendation:

BUY with target price (TP) of Rp7,970 per share. The TP has an upside potential of 11.5% from its closing price of Rp7,150

on February 14

th

, 2018.

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RESEARCH

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Thursday, February 15

th

2018

D A I LY R E P O R T

RESEARCH

Equity

RESEARCH TEAM

Phone

: +62 21 25543946 (Hunting)

Fax

: +62 21 57935831

Email

: research@bnisekuritas.co.id

Website

: www.bnisekuritas.co.id

Norico Gaman

(Head of Research

Division)

norico@bnisekuritas.co.id

Ext: 3934

Investment Strategy

Maxi Liesyaputra

(Head of Equity Research

Department)

maxi@bnisekuritas.co.id

Ext: 3968

Construction, Property,

Infrastructure, Cement

Ariawan

(Head of Fixed Income

Research Department)

ariawan@bnisekuritas.co.id

Ext: 2098

Fixed Income Market,

Corporate & Government

Bond

Andri Zakarias Siregar

(Head of Technical Analysis

Research Department)

andri.zakarias@bnisekuritas.co.id

Ext: 2054

Market Strategy, Currency,

Commodities, Bond & Stocks

Thennesia Debora

(Equity Analyst)

thennesia@bnisekuritas.co.id

Ext: 2123

Transportation, Automotive,

Heavy Equipment,

Plantation, Health Care

Ankga Adiwirasta

(Equity Analyst)

ankga.adiwirasta@bnisekuritas.co.id

Ext: 3986

Consumer Good, Banking, Metal

Mining, Telecommunication, Tower

Infrastructure

Dessy Lapagu

(Equity Analyst)

dessy@bnisekuritas.co.id

Ext: 2051

Poultry, Crops, Fishery, Retail,

Coal Mining, Pharmaceutical

Ahmad Hapiz

(Fixed Income Analyst)

ahmad.hapiz@bnisekuritas.co.id

Ext: 3978

Fixed Income Market, Corporate

& Government Bond

R. Venia Allani Meissalina

(Research Analyst/Assistant)

venia.allani@bnisekuritas.co.id

Ext: 2050

Data Administrator

Indah Lestari Permata H.

(Research Analyst/Assistant)

indah.lestari@bnisekuritas.co.id

Ext: 2073

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Thursday, February 15

th

2018

D A I LY R E P O R T

8 RESEARCH

Equity

EQUITY TEAM

CM

: +62 21 25543946 (Hunting)

Fax No

: +62 21 57935831

Entis Sutisman

ext. 3945

entis@bnisekuritas.co.id

Head of Domestic Equity Department

Teguh Hendro

ext. 3948

teguh@bnisekuritas.co.id

Institutional Sales Trader

Dharmawan P.

ext. 3916

prasetyo@bnisekuritas.co.id

Institutional Sales Trader

Putri Erinasari

ext. 3920

putri.erinasari@bnisekuritas.co.id

Institutional Sales Trader

Fian Pusparini

ext. 3958

fian@bnisekuritas.co.id

Head of Domestic Equity Sales

Dini Desita

ext. 3981

dinidesita@bnisekuritas.co.id

Domestic Equity Sales

Danovan Yazir

ext. 3929

danovan@bnisekuritas.co.id

Domestic Equity Sales

Jufrani Amsal

ext. 3957

amsal@bnisekuritas.co.id

Head of Channel Distribution Division

Fahma Riniarti

ext. 3917

ririn@bnisekuritas.co.id

Head of Channel Development

P. Sariningsih

ext. 3984

p.sariningsih@bnisekuritas.co.id

Head of Branch Supervision

Teuku Hafez

ext. 2084

hafez@bnisekuritas.co.id

Branch Manager Mangga Dua, Jakarta

Hapsari

ext. 2078

hapsar@bnisekuritas.co.id

Branch Manager Puri Indah, Jakarta

Fadjar H S

ext. 2111

fadjar@bnisekuritas.co.id

Branch Manager Central Park, Jakarta

M. Yasrul

ext. 2081

m.yasrul@bnisekuritas.co.id

Branch Manager Wisma Bumiputera

Fahmi Lubis

ext. 2079

fahmi.lubis@bnisekuritas.co.id

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Rifaat Annur

ext. 2091

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Agus Purwanto

ext. 2090

agus.purwanto@bnisekuritas.co.id

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ext. 2088

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ext. 2082

edith@bnisekuritas.co.id

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Ni Nyoman Citasti ext.2080

citasti@bnisekuritas.co.id

Branch Manager Denpasar

Nirmasari N.

ext. 2083

nirmasari@bnisekuritas.co.id

Branch Manager Medan

Ari Magdalena

ext. 2086

arimagda@bnisekuritas.co.id

Branch Manager Palembang

Rini Wati

ext. 2085

rini_ng@bnisekuritas.co.id

Branch Manager Pekanbaru

Allen Makalew

ext. 2102

allen.makalew@bnisekuritas.co.id

Branch Manager Manado

Melisa

ext. 2136

melisa@bnisekuritas.co.id

Branch Manager Aceh

Yuniar Fariza D

ext. 2064

yuniar.fariza@bnisekuritas.co.id

Branch Manager Banjarmasin

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RESEARCH

Equity

MAIN OFFICE - JAKARTA

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Phone: (62-431) 847256 Fax: (62-24) 847256 e-mail: manado@bnisekuritas.co.id

ACEH

Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh

Phone: (62-651) 31109 Fax: (62-651) 31107

BANJARMASIN Gd. Bank BNI Antasari Lt. 2 Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin

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