Bank Tabungan Negara - Acceleration mode (28/02)
Loan growth leapt to 28% yoy, ahead of the sector’s 24% and its 23% yoy in 2011. The new CEO aims to lift it even higher to 28-30% in 2013. The NPL ratio inched up, bucking the seasonal trend, but it was more due to a clean-up in the prelude of the new term. FY12 earnings were within expectations at 98% of our estimate and 97% of consensus. We keep our forecasts, GGM-based target price and Outperform rating. Catalysts are expected from higher loan growth on the back of more aggressive business initiatives this year.
United Tractors - Possible earnings bottom (28/02)
UT’s FY12 core earnings were in line to our forecast and consensus at 97%/104%. We raised our FY13-14 estimates by 7-9% to account for Pama’s better outlook. We raised our target price, still based on 12x FY14 P/E (a 10% discount to its 3-year mean), and upgrade to Neutral from Underperform.
Astra Graphia - Monetising its businesses (28/02)
ASGR’ 2012 earnings were in line with our expectations and consensus. The recent launch of BBM Money and continued strong growth in its existing businesses should the pave way for the stock's re-rating. 2012 core net profit formed 104% of our full-year forecast and 103% of consensus forecast. We nudge up our FY13-14 earnings and increase our target price, still based on DCF but now on a lower WACC of 13% given the higher gross gearing of the company (LTG 8%). Its target price implies P/Es of 15.1x FY13 and 12.7x FY14. Maintain Outperform with AMI positive newsflow as catalyst.
Astra International - Breaking another record (01/03)
Despite a decline for its heavy equipment and 2W businesses, Astra booked another record-high profit in FY12, meeting our expectations. We expect another robust year, driven by the introduction of low-cost cars. FY12 core profit was in line, at 103% of our estimate and 100% of consensus numbers. Therefore, we maintain our earnings and Outperform rating, with an unchanged target price set at 14x CY14 P/E, which is at 1s.d. above the three-year mean (three-month trading band).
0 komentar:
Posting Komentar