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Indonesia equity strategy - FY24 results recap – front-loaded risk

Indonesia equity strategy - FY24 results recap – front-loaded risk

Macro and Strategy GH JT 67 16th Apr, 2025

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FY24 results recap – front-loaded risk

We have compiled the FY24 results of 90 Indonesian listed companies (~60% of JCI’s weight) and provide a bottom-up assessment to map company performances relative to Bloomberg consensus estimates. In conclusion, Indonesian companies posted relatively unexciting results, with revenue on average growing 6% y-y in FY24 (vs flat in FY23). Consolidated profit grew by 2% y-y (vs. -1% in FY23) – yet we think the relatively modest results have been priced in. We maintain our positive view on the market (see our report here).

For stock selection, with front-loaded risk and cheap valuation, we prefer high-beta, liquid, and fundamentally strong stocks that were previously beaten-down by market concerns. On tariff risks, we believe Indonesia is relatively better shielded compared to peers, due to relatively low export exposure. Our top picks are BMRI, BBNI, BRIS, MYOR, KLBF, and AMRT; in small caps, we prefer MIDI and CLEO.

Revenue and profit recap – pressure on margin continue

Revenues: Sectors among the highest revenue growth include properties (residential and industrial), logistics, retail, and healthcare. Banks consolidated net operating income grew +6.5% yoy, consumers at +4.9% yoy.

Net profit: Sectors that deliver strong net profit growth are logistics, poultry, CPO, and properties. Banks and consumers (ex-Unilever Indonesia [UNVR IJ, Reduce]) delivered 5% and 7% net profit growth, respectively – above the consolidated +2% profit growth.

We believe the slower profit growth relative to revenue indicates ongoing margin pressure, either from rising costs or deliberate margin sacrifices as companies prioritize market share and sales growth.

Outlook – slower growth in 1H25F

We see limited immediate catalysts for a pickup in purchasing power. The government’s focus on labor-intensive sectors lays the groundwork for a gradual recovery, in our view, though the impact may take time to materialize. We expect 1Q25F GDP to hover around 5%, supported by stronger trade balance, with upside if fiscal disbursements accelerate.

On tariff risks, we expect Indonesia to benefit from relocation and business reforms. Indonesia’s relatively lower trade balance with the US compared to peers enhances its positioning for more favorable tariff treatment. President Prabowo’s response in terms of business reforms may also eliminate non-tariff barriers for foreign businesses, concerns cited by the USTR.

Stock picks – beaten-down, yet fundamentally sound

We continue to favor high beta, liquid, beaten-down stocks that are fundamentally strong, and that offer limited downside risk (refer here for our assessment of big caps). We also find that most companies have limited exposure to the US market, suggesting minimal vulnerabilities to recent reciprocal tariffs (see our analysis here). Our top picks are BMRI, BRIS, KLBF, MYOR, and AMRT. In small caps, we prefer MIDI and CLEO.

Fig. 1: Sectoral revenue growth – properties, logistics, retailers, and healthcare deliver strong growth

Source: Company data, Verdhana research

 

Fig. 2: Sectoral NPAT growth – logistics, poultry, CPO, and properties are among the highest profit growth

Source: Company data, Verdhana research; Notes: Infrastructure is JSMR

 

Fig. 3: Z-score of profitability-adjusted valuation (PE/ROE) of Verdhana – Verdhana coverage

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 4: P/E ROE of big caps (1/3)

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 5: P/E ROE of big caps (2/3)

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 6: P/E ROE of big caps (3/3)

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 7: Revenue – per companies and remarks (1 of 2)
Revenue IDR bn3Q234Q233Q244Q24QoQYoYFY23FY24YoYRemarks
BBCA        25,051        25,062        27,849        27,7770%11%          98,456        108,29810%In-line
BBRI        42,931        42,551        44,704        43,050-4%1%        166,476        174,3884.8%Above
BMRI        35,203        35,466        37,126        37,2450%5%        137,965        146,5946.3%Below
BBNI        14,218        14,516        16,279        15,635-4%8%          56,390          58,7584.2%In-line
BBTN          4,475          4,815          4,082          4,2534%-12%          17,999          16,844-6.4%Below
BTPS          1,350          1,315          1,219          1,184-3%-10%            5,265            4,893-7.1%Below
PNBN          2,350          2,521          2,880          2,280-21%-10%          10,155          10,5994.4%Below
BDMN          4,833          5,234          5,610          5,068-10%-3%          19,460          20,6926.3%Below
BNGA          4,485          4,275          4,800          4,567-5%7%          18,756          18,634-0.7%Below
BTPN          3,486          3,459          5,324          5,051-5%46%          13,776          18,62935%Above
ARTO             419             416             447             55524%34%            1,758            1,8394.6%Below
BRIS          4,861          4,849          5,838          6,0123%24%          19,250          22,12815%Above
Banks     143,662     144,478     156,158     152,678-2.2%5.7%       565,705       602,2976.5%
     
TLKM        37,760        37,978        36,927        40,2048.9%5.9%        149,216        152,4232.1%In-line
ISAT        12,788        13,766        13,836        14,0751.7%2.2%          51,229          55,8879.1%Above
EXCL          8,103          8,455          8,310          9,0308.7%6.8%          32,323          34,3906.4%Above
TOWR          2,943          3,021          3,295          3,287-0.3%8.8%          11,740          12,7368.5%In-line
TBIG          1,673          1,688          1,713          1,7411.6%3.1%            6,641            6,8673.4%Above
MTEL          2,143          2,321          2,368          2,4905.1%7.3%            8,595            9,3088.3%In-line
TMT        65,410        67,230        66,448        70,8266.6%5.3%       259,743       271,6114.6%
     
ASII        78,520        75,652        86,362        84,591-2%12%        316,565        330,9204.5%In-line
DRMA          1,505          1,296          1,467          1,4851%15%            5,541            5,507-0.6%In-line
MPMX          3,413          3,351          4,153          3,934-5%17%          13,859          15,77614%In-line
SMSM          1,285          1,337          1,468          1,347-8%1%            5,100            5,1651.3%In-line
AUTO          4,702          4,564          4,972          4,907-1%8%          18,649          19,0742.3%In-line
BIRD          1,137          1,193          1,336          1,3763%15%            4,422            5,04014%In-line
WINS             310             329             351             336-4%2%            1,106            1,30518%In-line
Auto and Transport        90,872        87,721     100,109        97,976-2%12%       365,243       382,7874.8%
     
UNVR        10,214          8,106          8,373          7,721-8%-5%          38,611          35,139-9.0%In-line
MYOR          8,075          8,591          9,416        10,43311%21%          31,485          36,07315%In-line
MLBI             769          1,052             937          1,05813%1%            3,322            3,3841.9%In-line
KLBF          7,382          7,888          7,910          8,3896%6%          30,449          32,6277.2%In-line
INDF        27,802        27,815        29,647        28,843-3%4%        111,704        115,7863.7%In-line
ICBP        16,829        16,603        18,525        17,111-8%3%          67,910          72,5976.9%In-line
SIDO             708          1,205             730          1,29277%7%            3,566            3,91910%In-line
ROTI          1,014             983          1,051             957-9%-3%            3,821            3,9322.9%In-line
ULTJ          1,979          2,184          2,138          2,2917%5%            8,303            8,8746.9%In-line
CMRY          1,964          2,031          2,221          2,3898%18%            7,773            9,02616%In-line
CLEO              528              586              681             7196%23%            2,090            2,69729%In-line
KEJU             256             287             332             325-2%13%            1,020            1,26524%In-line
FMCGs        77,518        77,332        81,963        81,529-1%5%       310,053       325,3184.9%
     
ACES          1,859          2,118          2,056          2,1987%4%            7,612            8,3149.2%In-line
AMRT        26,191        26,920        28,998        30,0103%11%        106,945        118,22711%Below
RALS             476             604             448             64744%7%            2,744            2,7600.6%In-line
MAPI          8,198          9,526          9,623        10,2206%7%          33,319          37,83614%Below
MAPA          3,614          3,974          4,533          4,7655%20%          13,559          17,18427%Below
LPPF          1,128          1,559          1,164          1,48227%-5%            6,539            6,399-2.1%Above
MIDI          4,276          4,427          4,902          5,2026%17%          17,351          19,88815%Below
ERAA        13,919        17,323        15,491        16,6728%-4%          60,139          65,2808.5%Above
Retailers        59,660        66,452        67,215        71,1955.9%7.1%       248,208       275,88811%
     
GGRM        25,897        37,204        23,875        24,7624%-33%        118,953          98,655-17%In-line
WIIM          1,339          1,155          1,210          1,3209%14%            4,875            4,751-2.5%In-line
HMSP        31,142        28,686        30,651        29,412-4%3%        115,983        117,8801.6%In-line
Cigarettes        58,379        67,046        55,736        55,4940%-17%       239,811       221,286-7.7%
Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 8: Revenue – per companies and remarks (2 of 2)
MIKA          1,108          1,107          1,166          1,2558%13%            4,264            4,87414%In-line
SILO          2,964          2,945          3,107          3,084-1%5%          11,191          12,2089.1%In-line
HEAL          1,538          1,554          1,682          1,6910%9%            5,784            6,71716%Below
PRDA             549             610             566             65415%7%            2,222            2,2521.3%Below
Healthcare          6,160          6,217          6,522          6,6842%8%          23,461          26,05111%
      
BSDE          2,310          4,231          2,720          3,73037%-12%          11,539          13,79720%Above
SMRA          2,116          1,578          1,868          3,08265%95%            6,659          10,62360%Above
CTRA          2,120          2,656          2,080          4,07096%53%            9,245          11,18721%Above
PWON          1,673          1,631          1,525          1,88524%16%            6,200            6,6717.6%In-line
Properties          8,219        10,096          8,194        12,76756%26%          33,643          42,27826%
     
KIJA             497          1,040             989          1,23625%19%            3,292            4,60340%na.
SSIA          1,182          1,517          1,520          2,39057%58%            4,538            6,25238%Above
BEST               99             133             124             14316%8%               544               458-16%Above
DMAS               15             938             485             343-29%-63%            1,921            2,0335.8%Below
Industrial          1,793          3,628          3,118          4,11232%13%          10,295          13,34530%
     
HRUM          2,321          4,359          5,655          5,238-7%20%          14,061          20,52546%In-line
ADRO          8,249          8,218          7,869          8,3686%2%          32,473          32,9891.6%Below
PTBA          8,879        10,751        11,013        12,10910%13%          38,489          42,76511%In-line
ITMG          8,152          8,432          9,200        10,42313%24%          36,064          36,5541.4%In-line
INDY          9,667        11,211          8,894        10,66720%-5%          45,966          38,863-15%Above
ADMR          3,972          5,625          3,542          5,04242%-10%          16,549          18,38211%In-line
Coal        41,241        48,596        46,173        51,84712%7%       183,602       190,0773.5%
      
MDKA ex-MBMA          1,967          1,265          1,749          1,716-2%36%            5,766            6,2358%In-line
INCO          4,311          4,532          3,479          3,89412%-14%          18,724          15,213-19%In-line
MBMA          8,081          6,997          6,936          7,4858%7%          20,341          29,28344%In-line
ANTM          9,238        10,149        20,012        25,99130%156%          41,048          69,19269%Above
NCKL          7,057          6,558          7,575          6,587-13%0%          23,858          26,96613%In-line
Metals        30,654        29,501        39,752        45,67315%55%       109,737       146,88834%
     
ESSA             996          1,730          1,189          1,148-3%-34%            5,247            4,781-8.9%In-line
MEDC          8,556          8,923          9,720          9,9202%11%          34,215          38,04111%Above
AKRA        10,123        12,109          9,962        10,1172%-16%          42,087          38,729-8.0%In-line
ELSA          3,122          3,582          3,335          3,74112%4%          12,564          13,3936.6%In-line
O&G        22,797        26,344        24,205        24,9263%-5%          94,114          94,9440.9%
      
ARNA             616             606             700             7101%17%            2,447            2,6327.6%na.
AVIA          1,656          1,853          1,784          2,06716%12%            7,017            7,4716.5%In-line
IMPC             697             774             981          1,46349%89%            2,860            3,87836%Above
SMGR        10,629        10,991          9,884          9,8910%-10%          38,651          36,186-6.4%In-line
INTP          4,958          5,022          5,196          5,2281%4%          17,950          18,5483.3%In-line
Building Mat        18,555        19,245        18,546        19,3594.4%0.6%          68,926          68,716-0.3%
     
SRTG          2,220             168          6,538-         1,364-121%-914%-        10,971            5,310-148%na.
Conglomerates          2,220             168          6,538-        1,364-121%-914%-        10,971            5,310-148%
     
ASSA          1,071             979          1,274          1,3143%34%            4,439            4,95612%Below
ASLC             165             229             236             2589%13%               682               87728%Below
Logistics          1,236          1,207          1,510          1,5734%30%            5,121            5,83214%
     
JSMR          5,157          7,238          7,294          8,33714%15%          21,319          28,70335%In-line
Infra          5,157          7,238          7,294          8,33714%15%          21,319          28,70335%
     
JPFA        13,612        13,408        13,631        14,5216.5%8.3%          51,176          55,8019.0%Above
CPIN        16,237        14,487        16,757        17,7596.0%23%          61,616          67,47810%Above
Poultry        29,848        27,896        30,388        32,2806.2%16%       115,471       123,2796.8%
     
TAPG          2,266          2,287          2,166          3,42958%50%            8,326            9,67116%Above
LSIP          1,039          1,267          1,123          1,63846%29%            4,190            4,5638.9%In-line
AALI          6,291          5,063          5,974          5,528-7.5%9.2%          20,745          21,8155.2%Above
DSNG          2,207          2,935          2,469          2,94719%0.4%            9,499          10,1196.5%Above
CPO        11,803        11,552        11,731        13,54315%17%          42,760          46,1688.0%
Total     672,965     701,779     725,061     750,7993.5%7.0%    2,697,212    2,865,4706.2%
Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 9: Net profit – per companies and remarks (1 of 2)
NPAT Rp bn3Q234Q233Q244Q24QoQYoYFY23FY24YoYRemarks
BBCA        12,230        12,219        14,198        13,762-3%13%      48,639      54,83613%Above
BBRI        14,571        16,107        15,363        15,090-2%-6%      60,100      60,1550%Below
BMRI        13,832        15,997        15,467        13,765-11%-14%      55,060      55,7831%Below
BBNI           5,452           5,156           5,617           5,155-8%0%      20,909      22,1956%Above
BBTN              838           1,188              581              92559%-22%        3,501        3,007-14%Below
BTPS              251                77              218              29133%278%        1,080        1,061-2%Below
PNBN              676              116              930              550-41%373%        2,532        2,7569%Below
BDMN           1,053              943              877              848-3%-10%        3,504        3,179-9%Below
BNGA           1,669           1,573           1,687           1,6930%8%        6,474        6,7865%Above
BTPN              632              265              754              8199%209%        2,358        2,81319%Above
ARTO                10                22                36                4319%93%              72           12978%Below
BRIS           1,378           1,504           1,713           1,89911%26%        5,704        7,55532%Above
Banks        52,592        55,166        57,439        54,840-5%-1%    209,934    220,2565%
     
TLKM           6,743           5,061           5,914           6,90417%36%      24,560      24,5790.1%In-line
ISAT              879           1,719           1,143           1,033-10%-40%        4,506        4,9119.0%Above
EXCL              360              261              292              50272%93%        1,271        1,81943%Above
TOWR              866              828              842              8885%7%        3,253        3,3352.5%In-line
TBIG              430              442              437              194-56%-56%        1,560        1,362-13%Below
MTEL              408              580              468              57523%-1%        2,010        2,1084.8%In-line
TMT          9,686          8,890          9,096        10,09711%14%      37,161      38,1132.6%
     
ASII           8,242           8,148           9,998           8,197-18%1%      33,839      34,0511%In-line
DRMA              174                92              175              579231%530%           612           99162%In-line
MPMX              157              104              114              14225%37%           526           58311%In-line
SMSM              265              249              274              30511%22%           944        1,0248%In-line
AUTO              510              531              515              505-2%-5%        1,842        2,03410%In-line
BIRD              108                86              173              149-14%74%           453           58529%Above
WINS                27                60                95                  0-100%-100%           102           313206%In-line
Auto and Transport          9,484          9,269        11,344          9,877-13%7%      38,103      39,5824%
     
UNVR           1,430              612              543              359-34%-41%        4,801        3,369-30%Below
MYOR              807           1,168              298              985231%-16%        3,194        3,000-6.1%In-line
MLBI              235              373              318              37919%2%        1,066        1,1427.1%In-line
KLBF              536              702              573              86251%23%        2,767        3,24017%In-line
INDF           1,517           1,064           4,906-            119-102%-111%        8,147        8,6426.1%Below
ICBP           1,335-               69           4,612-         1,070-123%1441%        6,991        7,0791.3%Below
SIDO              138              364              170              393132%8%           951        1,17123%In-line
ROTI              111              103              104              1149%10%           333           3638.8%Above
ULTJ              328              230              126              255103%11%        1,169        1,137-2.8%Below
CMRY              345              275              353              3643%32%        1,242        1,51922%In-line
CLEO                71              124              116              13415%8%           324           47145%In-line
KEJU                17                38                47                33-29%-13%              99           15960%In-line
FMCGs          6,870          4,985        12,167          2,690-78%-46%      31,045      31,2910.8%
     
ACES              183              278              208              31049%12%           764           88516%In-line
AMRT              578           1,213              605              74924%-38%        3,404        3,148-7.5%Below
RALS                  8                46                  5                611157%34%           300           3144.6%In-line
MAPI              445              404              401              46817%16%        1,880        1,768-6.0%Below
MAPA              375              349              515              252-51%-28%        1,375        1,354-1.5%Below
LPPF-               53                45-                 4              205-5235%358%           675           82723%Above
MIDI              131              126              142                80-44%-37%           517           5465.8%Below
ERAA                36              331              268              241-10%-27%           826        1,03325%Above
Retailers          1,703          2,793          2,139          2,36711%-15%        9,740        9,8751.4%
     
GGRM           1,169              867                67-               11-117%-101%        5,325           981-82%Below
WIIM              195                53                60                9151%72%           494           299-40%Above
HMSP           2,455           1,892           1,908           1,421-25%-25%        8,097        6,646-18%Below
Cigarettes          3,819          2,812          2,035          1,501-26%-47%      13,916        7,925-43%
Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 10: Net profit – per companies and remarks (2 of 2)
MIKA              233              230              272              2730%19%           916        1,14625%In-line
SILO              356              352              321              267-17%-24%        1,211           902-26%In-line
HEAL              146                89              125                68-46%-23%           437           53623%Below
PRDA                87                24                79                76-4%213%           260           2704.0%Below
Healthcare              822              695              797              684-14%-2%        2,825        2,8551.1%
      
BSDE              568              176              369           1,657349%839%        1,945        4,359124%Above
SMRA              219              113              180              440144%289%           766        1,37379%Above
CTRA              402              665              248              849242%28%        1,846        2,12615%Above
PWON              388              618              816              412-49%-33%        2,105        2,075-1.4%In-line
Properties          1,578          1,572          1,613          3,358108%114%        6,663        9,93349%
     
KIJA-            139              240              439-            125-129%-152%           306           36319%na.
SSIA                28              200              123                  6-95%-97%           177           23433%Above
BEST-               28-               62                21                2730%-144%              40              5948%Above
DMAS                  8              602              320              210-34%-65%        1,210        1,33410%In-line
Industrial-            131              980              902              118-87%-88%        1,731        1,99015%
     
HRUM-            670              674              493-            255-152%-138%        2,262           849-62%Below
ADRO           1,700           1,694           1,745           1,8566%10%        6,692        7,3159%In-line
PTBA           1,004           2,327           1,198           1,87356%-19%        6,106        5,104-16%Above
ITMG           1,528           1,455           2,179           1,628-25%12%        7,586        5,889-22%In-line
INDY                62              398              203-            392-293%-198%        1,807           145-92%Below
ADMR           1,344           2,933           1,275           1,66931%-43%        6,730        6,9573.4%In-line
Coal          4,969          9,481          7,093          6,379-10%-33%      31,183      26,259-16%
      
MDKA ex-MBMA                79-               48-            796              112-114%-332%-          412-       1,213194%Below
INCO              812              820              209              107-49%-87%        5,217           924-82%Above
MBMA              314                96-               29                70-338%-28%           116           372222%Above
ANTM              959              229              651           1,446122%531%        3,078        3,64719%Above
NCKL           1,719           1,154           2,033           1,541-24%33%        5,619        6,38014%Above
Metals          3,884          2,251          2,067          3,27558%45%      13,617      10,109-26%
     
ESSA                89              383              196              187-5%-51%           532           71535%In-line
MEDC           1,900           1,360              742           1,515104%11%        5,050        5,88717%Above
AKRA              679           1,070              466              75662%-29%        2,780        2,225-20%In-line
ELSA              157                97              108              16250%68%           503           71342%In-line
O&G          2,825          2,909          1,513          2,62073%-10%        8,866        9,5418%
      
ARNA              109                93              113              110-2%19%           445           426-4.3%na.
AVIA              334              502              352              50443%0%        1,642        1,6641.4%In-line
IMPC              128                90              130              1429%58%           431           53925%Above
SMGR              848              457              218                  0-100%-100%        2,170           720-67%Below
INTP              569              683              621              95253%39%        1,950        2,0082.9%Above
Building Mat          1,987          1,824          1,434          1,70819%-6%        6,639        5,357-19%
     
SRTG           1,612              454           5,665-         1,928-134%-525%-     10,150        3,290-132%na.
Conglomerates          1,612              454          5,665-         1,928-134%-525%-    10,150        3,290-132%
     
ASSA                49-               15                84                31-63%-314%           104           244135%Below
ASLC                  7                12                16                  5-69%-60%              23              4597%Below
Logistics                55-                 2              100                36-64%-1641%           127           289128%
     
JSMR              719              819              953           1,23530%51%        2,687        4,53669%Above
Infra              719              819              953          1,23530%51%        2,687        4,53669%
     
JPFA              855-                 8              617              92350%-12336%           930        3,019225%Above
CPIN           1,297-            357              619           1,326114%-471%        2,319        3,71360%Above
Poultry          2,152-            365          1,236          2,24982%-717%        3,075        6,732119%
     
TAPG              634              505              651           1,503131%198%        1,608        3,12094%Above
LSIP              291              304              205              674229%121%           762        1,47794%Above
AALI              433              255              300              34615%36%        1,056        1,1488.7%In-line
DSNG              141              337              357              282-21%-16%           840        1,14236%In-line
CPO          1,499          1,402          1,513          2,80585%100%        4,266        6,88761%
Total      104,512      105,481      113,441      105,840-6.7%0.3%    421,577    431,5312.4%
Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 11: FY24 revenue growth per companies
Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 12: FY24 NPAT growth per companies
Source: Bloomberg Finance L.P., Verdhana research Notes: TLKM, TBIG, HRUM, MDKA, MBMA, and ANTM used consensus number

 

Fig. 13: JCI sectoral revenue growth trend

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 14: Banks interest income quarterly growth trend – BRIS and BBCA leader in big caps

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 15: Telco and tower quarterly revenue growth. Top 3 growth include TOWR, MTEL, and EXCL

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 16: Auto and transport quarterly revenue growth. Top 3 growth include BIRD, MPMX, and DRMA

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 17: FMCG quarterly revenue growth – top 3 growth include MYOR, CLEO, and CMRY

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 18: Retailers quarterly revenue growth – top 3 growth include MAPA, MIDI, and AMRT

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 19: Healthcare quarterly revenue growth – top 2 growth include MIKA and HEAL

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 20: Properties quarterly revenue growth – top 2 growth include SMRA and CTRA

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 21: Coal and metals quarterly revenue growth – top 3 growth include ANTM, HRUM, and MBMA

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 22: O&G quarterly revenue growth – MEDC leads the sector

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 23: Building material quarterly revenue growth – IMPC, ARNA, and AVIA lead the sector

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 24: Logistics quarterly revenue growth – healthy overall growth, ASSA leads the sector

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 25: Poultry quarterly revenue growth – healthy overall growth, CPIN leads the sector

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 26: CPO quarterly revenue growth – healthy overall growth with TAPG and LSIP leading the sector

Source: Bloomberg Finance L.P., Verdhana research

 

Fig. 27: Industrial land quarterly revenue growth – led by SSIA and KIJA

Source: Bloomberg Finance L.P., Verdhana research

INVESTMENT RATINGS
A rating of ‘Buy’, indicates that the analyst expects the stock to outperform the Benchmark over the next 12 months. A rating of ‘Neutral’, indicates that the analyst expects the stock to perform in line with the Benchmark over the next 12 months. A rating of ‘Reduce’, indicates that the analyst expects the stock to underperform the Benchmark over the next 12 months. A rating of ‘Suspended’, indicates that the rating, target price, and estimates have been suspended temporarily to comply with applicable regulations and/or firm policies. Securities and/or companies that are labelled as ‘Not Rated’ or ‘No Rating’ are not in regular research coverage. Benchmark is Indonesia Composite Index (‘IDX Composite’). A ‘Target Price’, if discussed, indicates the analyst’s forecast for the share price with a 12-month time horizon, reflecting in part of the analyst’s estimates for the company’s earnings, and may be impeded by general market and macroeconomic trends, and by other risks related to the company or the market in general. 

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This report is prepared by PT Verdhana Sekuritas Indonesia (“PTVSI”) a securities company registered in Indonesia, supervised by Indonesia Financial Services Authority (OJK) and a member of the Indonesia Stock Exchange (IDX).

This report is intended for client of PTVSI only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of PTVSI.

The research set out in this report is based on information obtained from sources believed to be reliable, but PTVSI do not make any representation or warranty as to its accuracy, completeness or correctness. The information in this report is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. Any information, valuations, opinions, estimates, forecasts, ratings or targets herein constitutes a judgment as of the date of this report is published, and there is no assurance that future results or events will be consistent.


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ANALYST CERTIFICATION
The research analyst primarily responsible for the content of this report and certifies that the views about the companies including their securities expressed in this report accurately reflect his/her personal views.  The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.


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Research Analysts

Gerald Hugo (gerald.hugo@verdhana.id)

Jupriadi Tan (jupriadi.tan@verdhana.id)

Tags: EQUITY STRATEGY, Gerald Hugo, Jupriadi Tan
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