INVESTOR DIGEST Equity Research | 27 April 2020
INVESTOR DIGEST Equity Research | 27 April 2020 Economic Data HIGHLIGHT Latest 2020F Adhi Karya: Management Conference Call Takeaways (ADHI; Rp535; Neutral; TP: 7-DRRR (%), eop 4.50 4.50 Rp1,120) Inflation (YoY %) 2.96 3.30 Alam Sutera Realty 4Q19: Above Expectations (ASRI; Rp112; Neutral; TP: Rp310) US$ 1 = Rp, period avg 15,563 14,257 MNC Group 4Q19 Results: Ahead of Expectations (MNCN; Rp895; Buy; TP: Rp2,200) United Tractors: Mar-20 Operational Number (UNTR; Rp16,225; Buy; TP: Rp22,500) Market Recap April 24th 2020; JCI 4,496.06 Points -97.49 pts (-2.12%); Valued $317mn; Stock Market Data (24 April 2020) Mkt Cap $329bn; USD/IDR 15,563 JCI Index 4,496.1 -2.12% Trading T/O ( Rp bn ) 4,980.8 CORPORATE Market Cap ( Rp tn ) 5,198.7 Adhi Karya: Management Conference Call Takeaways (ADHI; Rp535; Neutral; TP: Rp1,120) Market Data Summary* We hosted a conference call with ADHI’s CFO, Entus Asnawi, and IR team. The company revealed a new guidance of 20% decline in new 2020F 2021F contracts/revenues/earnings, 1-34% higher than previously guided, as they believe construction progress and on-going tenders are better than estimated. P/E (x) 11.9 10.7 Further, the Greater Jakarta LRT project got an addendum from Rp22.8tn to P/BV (x) 1.7 1.6 Rp23.3tn. Herewith the conference call takeaways: EV/EBITDA (x) 10.4 9.7 Div. Yield (%) 4.0 4.1 New guidance from the company. The company revealed its latest guidance of Net Gearing (%) 23.2 20.9 ca.20% decline in new contracts/revenues/earnings in 2020, 1-34% higher ROE (%) 14.4 15.2 compared to previous guidance.
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