DOCSLIB.ORG

Indonesia Morning Cuppa 9 June 2021

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Indonesia Morning Cuppa 9 June 2021 Indonesia Daily 9 June 2021 Indonesia Morning Cuppa Top Story Indosat (ISAT IJ, NEUTRAL, TP: IDR7,000) – DOWNGRADE Most Positives Already Priced In; Now NEUTRAL Company Update Downgrade to NEUTRAL from Buy, unchanged IDR7,000 TP implies 10% upside, with c.1% FY21F yield. Indosat’s share price has risen by 26% YTD, and is close to its 13-year high and our TP. We believe that most of the good news on its potential merger with Hutch 3 Indonesia is priced in already. The deal could take 1.5-2 years, so we may not see the actual positive impact on the merged entity’s financials until then. ISAT is trading at 4.3x 2021F EV/EBITDA, which is at a premium of nearly 10% from XL Axiata’s (EXCL IJ, BUY, TP: IDR3,350) current valuation. Analysts: Michael Setjoadi +6221 5093 9844, Marco Antonius +6221 5093 9849 Today’s Report: Indosat : Most Positives Already Priced In; Now NEUTRAL (9 Jun 2021) Previous Report: Indosat : 1Q21 Results Within Expectations; Still BUY (21 May 2021) Indonesia Market wrap The JCI dropped -1.2%, mostly driven by LQ45’s -1.3%. The biggest drop came from healthcare (-2.4%), followed by consumer non-cyclicals (-1.8%), basic materials (-1.6%), consumer cyclicals (-1.5%), and finance (-1.4%). Only one sector traded in green territory, IDX Technology (+13.4%). Foreigners finally printed a net sell in the Indonesia market at IDR262bn, with IDR273bn in the regular and a net buy of IDR10.8bn in the negotiable markets after six consecutive days of net buys. Foreigners were buying up Astra International (+0.5%), Bank Negara Indonesia (flat), United Tractors (+2%), Indo Tambangraya (+ 3.5%), and Telkom Indonesia (-1.4%) while selling Sumber Alfaria Trijaya (AMRT; +6.6%), Bank Rakyat Indonesia (BBRI; -1.1%), Bank Mandiri (BMRI; -2%), Sarana Menara Nusantara (-2.8%), and Mitra Keluarga Karyasehat (-5.5%). Market traded on a good volume of 26bn shares worth IDR11.1trn. Top JCI movers in the market yesterday were DCI Indonesia (+20%), Tower Bersama Infrastructure (+4.8%), Saratoga Investama Sedaya (+14.3%), AMRT (+6.6%), and MNC Investama (+29.3%). Top laggards: Bank Central Asia (-1.5%), Hanjaya Mandala Sampoerna (-6.8%), BBRI (-1.1%), BMRI (-2%), and UNVR (-2.7%). On the currency side, the IDR traded slightly strengthened with the USD at IDR14,253 (-0.1%) to the US currency while Indo 10- year yields slightly dropped to 6.406%. See important disclosures at the end of this report 1 Indonesia Daily 9 June 2021 Chart 1: Industry group relative to the JCI Table 2: Commodities & currencies (8 Jun 2021) 140.0% Last DoD YTD YoY MoM 118.3% 120.0% Value (%) (%) (%) (%) 100.0% Oil Price 72.2 1.0 39.4 77.0 5.8 80.0% (Brent) 60.0% 40.0% Oil Price 70.1 1.2 44.4 79.9 8.0 (WTI) 20.0% 1.4% 6.6% 2.3% 2.7% 0.0% Coal Price -1.0% -4.1% 122.8 0.9 52.5 123.8 27.7 -20.0% -7.7% -8.2% -1.8% (USD/ton) -15.8% -40.0% CPO Price 4,049.0 (1.9) 12.5 72.4 (8.5) (MYR/ton) Energy Soy Oil Price Property 1,589.4 1.8 66.4 156.5 8.6 (USD/ton) Industrials Healthcare Technology Infrastructure Basic Material Nickel 17,912.8 0.3 8.2 37.9 (0.8) (USD/ton) Financial Services Consumer Cyclical Tin (USD/ton) 32,908.0 3.5 60.2 94.7 0.6 Consumer Non-Cyclical Transportation & Logistic Table 1: Regional markets (8 Jun 2021) Gold 1,892.9 (0.3) (0.2) 10.4 3.2 (USD/oz) Bloomberg Code Last DoD YTD YoY value (%) (%) (%) Wheat 685.0 0.7 9.0 26.3 (10.1) (USD/bu) Dow Jones : DJI 34,600 (0.1) 13.0 25.5 Corn 609.5 1.1 40.2 61.5 (4.2) Nasdaq : Nasdaq 13,925 0.3 8.0 40.3 (USD/bu) UK : FTSE 7,095 0.3 9.8 12.0 USD/IDR 14,253.0 0.1 (1.4) (2.6) (0.4) Hong Kong : HSI 28,781 (0.0) 5.7 14.9 EUR/IDR 17,359.4 (0.1) (0.4) (9.6) (0.4) Indonesia : JCI 5,999 (1.2) 0.3 19.2 MSCI : EIDO 22.0 (1.7) (6.1) 8.0 HKD/IDR 1,836.7 0.1 (1.9) (2.0) (0.5) Malaysia : FBMKLCI 1,588 0.6 (2.4) 0.8 SGD/IDR 10,769.2 0.1 (1.3) (7.2) (0.5) Korea : KOSPI 3,248 (0.1) 13.0 48.4 JPY/IDR 130.2 0.2 4.6 (2.5) 0.2 Philippines : PCOMP 6,810 0.7 (4.6) 3.4 Thailand : SET 1,613 0.0 11.3 14.5 MYR/IDR 3,458.3 (0.1) 1.1 (5.9) (0.0) China : SHCOMP 3,580 (0.5) 3.1 21.1 THB/IDR 456.6 0.0 2.7 (2.9) (0.1) Singapore : STI 3,167 (0.3) 11.4 13.3 Note: *Data as at 8 Jun 2021’s close See important disclosures at the end of this report 2 Indonesia Daily 9 June 2021 Bulletins STOCK/SECTOR NEWS COMMENTS RATING Garuda Indonesia Garuda Indonesia carried 1.08m passengers in From a financial perspective, the group’s BUY, (GIAA IJ) April (+390.63% YoY) vs Apr 2020. Comparing to cost structure is continuously being TP: IDR650 pre-COVID-19 numbers, it reached 45.11% managed efficiently, as the unit cost of passengers in Apr 2019. These passengers were CASK and CASK ex-fuel decreased by served with capacity or ASK of 2.62bn – a 42.92% and 49.88% YoY. Fuel prices also significant 136.91% YoY increase when decreased 12.75% YoY from 57.39 US cents compared to ASK during the previous year. When to 50.07 US cents in April. We are seeing compared to pre-COVID-19 numbers, ASK that CASK improvement was primarily due to reached 51.61% in Apr 2019. efficiencies within GIAA’s number of flights. Our talks with the management showed that In addition, cargo numbers reached 28.68k tons, demand has not significantly improved vis-à- or a 102.37% YoY increase to the tonnage of vis pre-COVID-19 levels. The group expects cargo carried last year. When compared to pre- to deliver 50% passenger capacity pandemic numbers, GIAA booked 93.70% cargo throughout this year. in Apr 2019. (Company) Furthermore, passenger yields increased 13.48% YoY. Cargo yields increased by 3.03% YoY. In addition, GIAA has decided to return two of its fleet aircraft earlier to its lessor. Resizing is one of its strategies to reduce losses. Note: GIAA has a current aircraft fleet of 140. Economy Indonesia’s foreign reserves fell to a 5-month low Although foreign reserves declined in May, N/A in May. The reserves declined to USD136.4bn we see this as still at a healthy level. during this period, the lowest level since Dec Basically, this is not much to worry about, as 2020. This was partly due to the Government’s the decline was more operational rather than external debt payment, Bank Indonesia said in a from any fundamental weakness. statement on Tuesday. Reserves were equivalent to 9.5 months of imports, or 9.1 months of imports and the Government’s external debt payments. The central bank sees reserve assets remaining adequate, supported by the stability and solid domestic economic outlook – in line with the policy responses to stimulate recovery. (Bloomberg) Media Citra Looking at the recent audience share data from We believe RCTI is likely to see audience BUY, Nusantara Nielsen, Surya Citra Media’s (SCMA IJ, BUY TP: share stabilising before it drops again – at TP: IDR1,640 (MNCN IJ) IDR1,960) non-prime time audience share least until new sinetrons are unveiled. maintained at 16.2, similar to last month’s numbers. In comparison, Mesia Nusantara Citra’s In terms of revenue, we are likely to see prime time audience share through the RCTI MNCN’s toppling growing in 1H21, as rate network was still maintained at 36.3, dropping cards are likely to increase in 2Q21 due to from its 38.2 peak in January. The strong strong audience share in 1Q21. audience share was attributed to the popularity of RCTI’s sinetrons. (Nielsen) In the case of SCMA, there is not so much going on in terms of new programmes and audience share. We retain our call and TP on MNCN. See important disclosures at the end of this report 3 Indonesia Daily 9 June 2021 Semen Indonesia Semen Indonesia is expanding its business At the moment, mortar cement sales BUY, (SMGR IJ) through the Mitra Kiara Indonesia subsidiary. This contributions remain small vis-à-vis total TP: IDR12,800 expansion will enable SMGR to become the sales. This expansion is to anticipate biggest construction material supplier of mortar expected future demand on mortar for products. (CNBC Indonesia) construction projects. We maintain our recommendation and TP for SMGR. Summarecon Summarecon Agung will increase its capital by This is positive for SMRA, as some BUY, Agung granting preemptive rights – or a PMHMETD II payments will be used to reduce debt, while TP: IDR1,300 (SMRA IJ) alias rights issue – by releasing 2.08bn new others will be earmarked for capex injection shares. The latter are equivalent to 12.6% of the for some its subsidiaries.
Load more

Recommended publications
  • Surya Citra Media Buy (SCMA IJ) (Upgrade)
    [Indonesia] Media Surya Citra Media Buy (SCMA IJ) (Upgrade) 3Q20 Earnings review: inline with better cost TP: IDR2,100 management; Vidio’s subscribers rising Upside: 39.1% Mirae Asset Sekuritas Indonesia Christine Natasya [email protected] 3Q20 net profit in line with SCMA’s 3Q20 bottom line reaches IDR312.7bn (-7.1%QoQ, -24.3%YoY) expectation due to a lot of cost SCMA booked a net profit of IDR312.7bn in 3Q20, declining by 7.1% QoQ and 24.3% YoY. savings Cumulatively in 9M20, bottom line hit IDR913.6bn, which we deem in line, at 76% run-rate against our FY20F estimate and 83% against the consensus’ FY20F expectation. GPM in 3Q20 rose by 7.2%p YoY to 53.2%, while NPM expanded by 9.2%YoY to 25.6% as the company has been doing a lot of cost savings during the pandemic by broadcasting re-runs of programs. SCMA will gradually increase programming costs along with increased revenue and maintain margins, which is well appreciated by the market in the midst of economic turmoil. Strong IVM revenue 3Q20 revenue reaches IDR1.2tr (-19%QoQ, -26.7%YoY) Meanwhile, revenue in 3Q20 declined by 19% QoQ and 26.7% YoY to IDR1.22tr. Cumulatively in 9M20, revenue came in at IDR3.5tr (-13.5% YoY), achieving 71% and 74% of our and the consensus’ FY20F forecast, respectively. SCTV achieved net revenue of IDR1.8tr for 9M20, a decrease of 25.2% YoY, while Indosiar Visual Mandiri (IVM) achieved net revenue of IDR1.4tr, an increase of 1.8%YoY.
    [Show full text]
  • Who Owns the Broadcasting Television Network Business in Indonesia?
    Network Intelligence Studies Volume VI, Issue 11 (1/2018) Rendra WIDYATAMA Károly Ihrig Doctoral School of Management and Business University of Debrecen, Hungary Communication Department University of Ahmad Dahlan, Indonesia Case WHO OWNS THE BROADCASTING Study TELEVISION NETWORK BUSINESS IN INDONESIA? Keywords Regulation, Parent TV Station, Private TV station, Business orientation, TV broadcasting network JEL Classification D22; L21; L51; L82 Abstract Broadcasting TV occupies a significant position in the community. Therefore, all the countries in the world give attention to TV broadcasting business. In Indonesia, the government requires TV stations to broadcast locally, except through networking. In this state, there are 763 private TV companies broadcasting free to air. Of these, some companies have many TV stations and build various broadcasting networks. In this article, the author reveals the substantial TV stations that control the market, based on literature studies. From the data analysis, there are 14 substantial free to network broadcast private TV broadcasters but owns by eight companies; these include the MNC Group, EMTEK, Viva Media Asia, CTCorp, Media Indonesia, Rajawali Corpora, and Indigo Multimedia. All TV stations are from Jakarta, which broadcasts in 22 to 32 Indonesian provinces. 11 Network Intelligence Studies Volume VI, Issue 11 (1/2018) METHODOLOGY INTRODUCTION The author uses the Broadcasting Act 32 of 2002 on In modern society, TV occupies a significant broadcasting and the Government Decree 50 of 2005 position. All shareholders have an interest in this on the implementation of free to air private TV as a medium. Governments have an interest in TV parameter of substantial TV network. According to because it has political effects (Sakr, 2012), while the regulation, the government requires local TV business people have an interest because they can stations to broadcast locally, except through the benefit from the TV business (Baumann and broadcasting network.
    [Show full text]
  • RE-ENVISIONING MATERNAL and NEWBORN HEALTH in INDONESIA How the Private Sector and Civil Society Can Ignite Change Suggested Citation: Rajkotia, Y., J
    October 2016 RE-ENVISIONING MATERNAL AND NEWBORN HEALTH IN INDONESIA How the Private Sector and Civil Society Can Ignite Change Suggested citation: Rajkotia, Y., J. Gergen, I. Djurovic, S. Koseki, M. Coe, et al. 2016. Re-envisioning Maternal and Newborn Health in Indonesia: How the Private Sector and Civil Society Can Ignite Change. Washington, DC: Palladium, Health Policy Plus. ISBN: 978-1-59560-146-9 Health Policy Plus (HP+) is a five-year cooperative agreement funded by the U.S. Agency for International Development under Agreement No. AID-OAA-A-15-00051, beginning August 28, 2015. HP+ is implemented by Palladium, in collaboration with Avenir Health, Futures Group Global Outreach, Plan International USA, Population Reference Bureau, RTI International, the White Ribbon Alliance for Safe Motherhood (WRA), and ThinkWell. Re-envisioning Maternal and Newborn Health in Indonesia How the Private Sector and Civil Society Can Ignite Change OCTOBER 2016 This publication was prepared by Yogesh Rajkotia,1 Jessica Gergen, 1 Iva Djurovic, 1 Sayaka Koseki,2 Martha Coe,1 Kebba Jobarteh, 1 Carol Miller,2 and Sujata Rana2 of the Health P olicy Plus project. 1 ThinkWell, 2 Palladium The information provided in this document is not official U.S. Government information and does not necessarily represent the views or positions of the U.S. Agency for International Development. CONTENTS List of Figures and Tables ......................................................................................................... iv Acknowledgments .....................................................................................................................
    [Show full text]
  • Capital Market Reactions Towards Improvement in United States Bonds Yields
    www.ijbcnet.com International Journal of Business and Commerce Vol. 7, No.01: [22-34] (ISSN: 2225-2436) Capital Market Reactions Towards Improvement In United States Bonds Yields Wihelmina Dea Kosasih Universitas Ma Chung, Malang [email protected] Asri Rahayu Universitas Ma Chung, Malang [email protected] Tarsisius Renald Suganda Universitas Ma Chung, Malang [email protected] ABSTRACT The aimof this study is to analyze the market and trade movements toward the increase in United States bond yields.Event studyis used as methodologies in this study. 43 companies are used as the sample of the research. The indicators of market reaction used in this research are abnormal return and trading volume activity.The window period used in this study is 7 days.The study found that there are negative significant abnormal return at t+1period,which is in line with the signaling theory explaining that the event of the increase in United States bond yields is hoped to have the negative information content and also found no change in trading volume activity before and after the event.The result shows that Indonesian capital market gives the reaction toward the increase in United States bond yields, it indicates that the increase in United States bond yields has the information content but still considered as a bad news. Keywords: abnormal return, trading volume activity, increase in US bond yields, Indonesian capital market Published by Asian Society of Business and Commerce Research 22 www.ijbcnet.com International Journal of Business and Commerce Vol. 7, No.01: [22-34] (ISSN: 2225-2436) PRELIMINARY Capital market is a place where various parties sell stocks and bonds as additional funds or to strengthen the company's capital (Fahmi, 2015).
    [Show full text]
  • BAB IV GAMBARAN UMUM OBJEK PENELITIAN 4.1 Gambaran Umum Surya Citra Media (SCM) 4.1.1 Profil Perusahaan PT. Surya Citra Media (
    BAB IV GAMBARAN UMUM OBJEK PENELITIAN 4.1 Gambaran Umum Surya Citra Media (SCM) 4.1.1 Profil Perusahaan PT. Surya Citra Media (SCM) yang semula bernama PT. Cipta Aneka Selaras adalah perusahaan yang selalu berkembang dan berkonstribusi di industri media Indonesia sejak tahun 1999. Industri media menjadi salah satu industri yang berkembang sangat pesat di Indonesia sehingga tidak terlepas dari kehidupan masyarakat Indonesia. PT Surya Citra Media (SCM) berkomitmen untuk memberikan tayangan, program, konten, dan layanan di bidang media yang bermakna dan memperkaya hidup audiensi Indonesia. Di tahun 2013 PT Indosiar Karya Mandiri Tbk (IDKM) bergabung dengan SCM. Keduanya menjadi kesatuan dalam PT Elang Mahkota Teknologi Tbk sebagai perusahaan induknya. Melalui dua saluran TV nasional terbesar di Indonesia, yakni Surya Citra Televisi atau SCTV dan Indosiar Visual Mandiri atau Indosiar, SCM terus mengembangkan kerja keras dan kreativitas untuk menghadirkan tayangan yang menghibur serta informasi dapat mengedukasi dan tepercaya. Selain itu, SCM juga berusaha memperluas layanan dalam pembuatan konten berkualitas, jasa periklanan dan manajeen artis yang unggul, serta manajemen fasilitas siaran dan produksi film yang saling berkesinambungan untuk 46 memberikan hiburan dan tayangan bermanfaat serta untuk memajukan industri media di Indonesia. Sebagai perusahaan media massa, SCM yang didalamnya terdiri dari saluran televisi SCTV dan Indosiar, selain menyampaikan informasi dan memberikan hiburan, perusahaan juga berupaya turut menangani masalah sosial dan kemanusiaan yang terjadi di Indonesia. Hal ini merupakan wujud pertanggungjawaban sosial perusahaan. Tidak hanya itu tetapi juga menjadi jembatan dalam meningkatkan kepedulian masyarkat terhadap sesama yaitu melalui Yayasan Pundi Amal Peduli Kasih (YPP). 4.1.2 Visi dan Misi Visi Menjadi penyedia hiburan dan informasi terdepan bagi bangsa Indonesia.
    [Show full text]
  • Surya Citra Media Tbk (SCMA) Digital Segment As a Growth Driver
    Surya Citra Media Tbk (SCMA) Digital Segment as a Growth Driver SCMA managed to record a net profit of IDR 911 Bn in 9M20 (-8.1% yoy, +12.2% qoq), supported by recovery in ads spending and lower programming costs. While Free to Air TV remained the largest contributor in revenues, Online Digital segment had experienced an impressive growth with huge income potential in the future. Company Report | November 25, 2020 9M20 Profit Only Slightly Down. Until September 2020, SCMA was able to book revenue of IDR 3.5 Trillion (-13.5% yoy, +15.8% qoq). Recovery in advertisement spending has played a key factor for SCMA to achieve a relatively quick turnaround in its financial BUY performance. Moreover, the company also managed to reduce program and broadcasting Target Price (IDR) 1,800 costs by 22.4% yoy (IDR 1,560 Bn in 9M20 vs IDR 2,012 Bn in 9M19), which greatly Consensus Price (IDR) 1,695 helped its bottom line. Overall, SCMA’s net profit was down by only 8.1% yoy to IDR 911 TP to Consensus Price +6.2% Bn in 9M20, from IDR 991 Bn during the same period last year. We see that this result is a great achievement considering the many challenges that the economy has seen since the start vs. Last Price +17.6% of the Covid-19 pandemic. Shares data Still Depends on Free-to-Air TV. Advertising revenues from Free-to-Air broadcasting still Last Price (IDR) 1,530 contributed a significant portion of SCMA total income, with a 89.2% share (slightly down Price date as of 24 November 2020 52 wk range (Hi/Lo) 1,625 / 600 from 90.5% last year).
    [Show full text]
  • O. BAB 1 (Bab1.Pdf)
    A-PDF WORD TO PDF DEMO: Purchase from www.A-PDF.com to remove the watermark BAB I PENDAHULUAN 1.1. Gambaran Umum Objek Penelitian 1.1.1. PT. Rajawali Citra Televisi Indonesia PT. Rajawali Citra Televisi Indonesia atau yang lebih dikenal dengan nama RCTI didirikan pada tahun 1989 sebagai stasiun jaringan televisi swasta nasional pertama dengan target audience kelas menengah ke atas (ABC 5+). RCTI pertama kali mengudara secara terestrial pada tanggal 24 Agustus 1989 di Jakarta. RCTI yang terletak di Jalan Raya Perjuangan, Kebon Jeruk, Jakarta 11530 ini, menyajikan berbagai macam program berkualitas dan memiliki rating tinggi, yang terdiri dari program-program acara sinetron, berita, olahraga, reality show , musik, hiburan, beragam tayangan, acara anak-anak, serta film dokumenter sehingga membuat RCTI tumbuh dengan cepat menjadi agen perubahan dan pembaharu dalam dinamika sosial masyarakat Indonesia. Sampai akhir tahun 2010, RCTI memiliki 48 stasiun relai yang menjangkau sampai 473 kota besar dan kecil di Indonesia. RCTI masih menjadi pemimpin audience share televisi Indonesia dengan perolehan audience share sebesar 22,0%. Visi : “Media Utama Hiburan dan Informasi.” Misi : “Bersama Menyediakan Layanan Prima.” 1 Logo : Gambar 1.1. Logo RCTI Sumber : www.rcti.tv 1.1.2. PT. Surya Citra Televisi SCTV yang awalnya singkatan dari Surabaya Central Televisi, tanggal 24 Agustus 1990, siaran SCTV diterima secara terbatas untuk wilayah Gresik, Bangkalan, Mojokerto, Surabaya, Sidoarjo, dan Lamongan. Pada tahun 1991, kepanjangan SCTV berubah menjadi Surya Citra Televisi. Pada tanggal 1 Januari 1993, SCTV resmi mengudara secara nasional ke seluruh Indonesia dan secara bertahap memindahkan basis operasi media siaran nasionalnya dari Surabaya ke Jakarta.
    [Show full text]
  • PT SURYA CITRA MEDIA Tbk
    PAPARAN PUBLIK PUBLIC EXPOSE PT SURYA CITRA MEDIA Tbk Jakarta, 25 Juni 2018 DEWAN KOMISARIS Komisaris Utama (President Raden Soeyono Commisioner) Wakil Komisaris Utama / Komisaris Suryani Zaini Independen (Vice President Commissioner / Independent Commissioner) Komisaris (Commissioner) Alvin W. Sariaatmadja Komisaris (Commissioner) Jay Geoffrey Wacher Komisaris Independen (Independent Glenn M. Surya Yusuf Commissioner) DIREKSI Direktur Utama (President Director) Sutanto Hartono Direktur (Director) Harsiwi Achmad Direktur (Director) Imam Sudjarwo Direktur (Director) Rusmiyati Djajaseputra Direktur Independen (Independent Mutia Nandika Director) AGENDA 1.Tinjauan Industri Media 2.Tinjauan Performa Perusahaan AGENDA 1 TINJAUAN INDUSTRI MEDIA (BIDANG USAHA SCM, PENETRASI MEDIA, BELANJA IKLAN MEDIA) TINJAUAN INDUSTRI MEDIA BIDANG USAHA TINJAUAN INDUSTRI MEDIA PENETRASI MEDIA DI INDONESIA (DALAM %) Sumber : Nielsen, 2017 TINJAUAN INDUSTRI MEDIA BELANJA IKLAN TV SECARA GROSS 2013 – 2018 (DALAM MILIAR RUPIAH) 107.624 97.635 Belanja iklan secara 79.167 nett diperkirakan flat 73.456 selama Jan-Mei 2018 67.714 64.664 58.411 47.868 48.438 43.351 41.663 ‐ +13% 48.438 39.224 42.961 JUN‐DEC 30.105 31.299 26.051 JAN‐MAY 2013 2014 2015 2016 2017 2018 *based on 11 TV Station : MNC(3), SCM (2), VIVA(2), TRANSCORP(2) METRO (1), TVRI (1) Sumber : Nielsen, 2018 AGENDA 2 TINJAUAN PERFORMA PERUSAHAAN (PROGRAM) TINJAUAN PERFORMA PERUSAHAAN PROGRAM : AUDIENCE SHARE PERFORMANCE ALL 5+, 11 CITIES, 16 TV STATIONS 01 JAN –24 MEI 2018 ALL TIME (02.00‐25.59) TV Average
    [Show full text]
  • Indonesia Strategy April: Managing Market Volatility
    Indonesia Strategy April: Managing market volatility Mirae Asset Sekuritas Indonesia Hariyanto Wijaya, CFA, CFP, CMT [email protected] Emma A. Fauni [email protected] Rising US Treasury yields Market volatility amid rising US Treasury yields takes center stage The US Treasury yields surged as the market anticipates for a meaningful acceleration in the US’ inflation ahead. The market is concerned about the possibility of taper tantrum and possibility of the US’ tightening monetary policy that could trigger massive capital outflow from emerging markets. If there is a taper tantrum someday in the future, there should be lighter capital outflow pressure on Indonesia’s equity compared to 2013 taper tantrum, in our view. Optimism on Accelerated vaccination pace, with possible extension to completion of the first wave vaccination progress Up until April 6, the government managed to vaccinate 22% of total first-wave target (vs. 5.2% progress as of March 3) for the first injection. As the first wave is targeted to be done this month, the current progress seems far behind the target; thus, we expect the completion of this wave to be extended beyond April. Ramadan effects in 2021 Although homecoming is banned, retailers should benefit from Ramadan effect Unlike Ramadan in 2020 when the government allowed companies to install or not pay the holiday allowance (THR) in full amount to their employees due to the severe impact of COVID-19 on their financial performance, now the government requires companies to pay it in full amount in 2021. We think that although the government bans homecoming (mudik), the revenue of retailers should increase, given the positive effect of Ramadan month in 2021.
    [Show full text]
  • Who Owns the Broadcasting Television Network
    Network Intelligence Studies Volume VI, Issue 11 (1/2018) Rendra WIDYATAMA Károly Ihrig Doctoral School of Management and Business University of Debrecen, Hungary Communication Department University of Ahmad Dahlan, Indonesia Case WHO OWNS THE BROADCASTING Study TELEVISION NETWORK BUSINESS IN INDONESIA? Keywords Regulation, Parent TV Station, Private TV station, Business orientation, TV broadcasting network JEL Classification D22; L21; L51; L82 Abstract Broadcasting TV occupies a significant position in the community. Therefore, all the countries in the world give attention to TV broadcasting business. In Indonesia, the government requires TV stations to broadcast locally, except through networking. In this state, there are 763 private TV companies broadcasting free to air. Of these, some companies have many TV stations and build various broadcasting networks. In this article, the author reveals the substantial TV stations that control the market, based on literature studies. From the data analysis, there are 14 substantial free to network broadcast private TV broadcasters but owns by eight companies; these include the MNC Group, EMTEK, Viva Media Asia, CTCorp, Media Indonesia, Rajawali Corpora, and Indigo Multimedia. All TV stations are from Jakarta, which broadcasts in 22 to 32 Indonesian provinces. 7 Network Intelligence Studies Volume VI, Issue 11 (1/2018) METHODOLOGY INTRODUCTION The author uses the Broadcasting Act 32 of 2002 on In modern society, TV occupies a significant broadcasting and the Government Decree 50 of 2005 position. All shareholders have an interest in this on the implementation of free to air private TV as a medium. Governments have an interest in TV parameter of substantial TV network. According to because it has political effects (Sakr, 2012), while the regulation, the government requires local TV business people have an interest because they can stations to broadcast locally, except through the benefit from the TV business (Baumann and broadcasting network.
    [Show full text]
  • The Influence of Politicians on Television Content in Post
    Jurnal Ilmu Sosial dan Ilmu Politik, Volume 20, Issue 3, March 2017 Jurnal Ilmu Sosial dan Ilmu Politik Volume 20, Issue 3, March 2017 (204-220) ISSN 1410-4946 (Print), 2502-7883 (Online) The Infl uence of Politicians on Television Content in Post-Authoritarian Indonesia Morissan• Abstract The downfall of the last authoritarian ruler in May 1998 marked the beginning of the transition to democracy in Indonesia. Before 1998, the autocratic government fi rmly monitored media content for decades. With the current broadcast liberalization, Indonesian televisions can produce almost any kind of program contents. However, a question arises, who actually controls television content in the era of liberalization? How do political and economic factors infl uence television workers in shaping content? This empirical research intends to focus on the infl uence politicians have on television program content in four elections in post-authoritarian Indonesia. The research question is: how do politicians infl uence television workers in shaping their content? The question needs a qualitative descriptive answer from various sources, including interviews with around 100 television workers in the 10 largest TV stations, participant observations, documents, television reports, and other data sources. Research fi ndings reveal that the relationship between politicians and television intensifi ed ahead and during political campaigns. Most television stations had conducted a relatively fair and nonpartisan coverage of the 2004 and 2009 election, but unfair and partisan in the 1999 and 2014 elections. Keywords: politicians; television; elections; post-authoritarian; Indonesia. Abstrak Terjatuhnya rezim otoriter pada bulan Mei 1998 menandai dimulainya transisi menuju demokrasi di Indonesia. Sebelum tahun 1998, pemerintah otokratis memonitor konten media selama beberapa dekade.
    [Show full text]
  • Surya Citra Media (SCMA IJ) Neutral (From Buy)
    Indonesia Results Review 8 April 2021 Communications | Media Surya Citra Media (SCMA IJ) Neutral (from Buy) Downgrade On Valuations; D/G To Neutral Target Price (Return): IDR1,960 (9.5%) Price: IDR1,790 Market Cap: USD1,825m Avg Daily Turnover (IDR/USD) 24,027m/1.70m D/G NEUTRAL from Buy, IDR1,960 TP from IDR2,400, 9.5% upside and Analyst c.2% yield. Surya Citra Media posted decent 4Q20 results with 24% QoQ topline improvement to IDR1.5trn – signalling improving advertising spend Ghibran Al Imran (ad spend). Earnings fell QoQ on higher programming costs, coming in at +6221 5093 9842 IDR1.1trn in FY20. This was in line, at 97% of our and Street’s estimates. [email protected] However, valuation is no longer cheap at 20x PE, post share buybacks. Decent results, low 2021F visibility. Earnings fell QoQ but jumped YoY in 4Q20, as broadcasting and programming costs rose 63% QoQ on the resumption of content production after the halt in 2Q-3Q. Costs should normalise this year as SCMA catches up on its productions. Management has not provided any guidance on FY21, as advertising demand remains Share Performance (%) uncertain – especially with its biggest competitor, Media Nusantara Citra YTD 1m 3m 6m 12m (MNCN IJ, BUY, TP: IDR1,640) holding >50% of the audience share. SCMA Absolute (21.8) (0.8) (26.0) 51.7 110.6 will likely come up with new programmes to boost its share. Relative (22.8) 2.8 (24.1) 31.1 84.3 Vidio still on full throttle. SCMA’s digital segment grew 54% YoY to 52-wk Price low/high (IDR) 750 – 2,500 IDR556bn, contributing 22% to total net revenue.
    [Show full text]