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CPIN – Sales Begins to Recover

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Restu Pamungkas
Restu Pamungkas
Analyst - Telco, Tower, Toll Road, Poultry
Restu Pamungkas
Latest posts by Restu Pamungkas (see all)
  • ISAT – Waiting for Merger Realization - January 8, 2021
  • JSMR – Toll Road Segment Recovery Grows Faster - December 18, 2020
  • CPIN – Sales Begins to Recover - November 27, 2020

CPIN booked a better performance on top line, with sales growing 9.5% YoY in July-September 2020. Recovery can be seen in some segments that recorded quarterly growth. Government’s measures in maintaining the price of chicken stable played an important role. We are optimistic that the company will still book sales growth in 4Q/20.

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ISAT – Waiting for Merger Realization

08 Jan 2021

The cellular segment was one of the segments that recorded growth, while intense competition making the company's revenue in other segments decrease. The company's total revenue continued to grow 9.2% YoY, 3.1% QoQ in 9M20. On the other hand, the high employee and financial burden caused the company's net loss to jump 60.8% YoY to IDR457.5 billion vs IDR284.6 billion in 9M19.

BSDE – Margin Increases, Performance Recovers

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BSDE books performance recovery in 3Q20. Income was recorded at IDR1.94 trillion (+19.2% YoY, +131% QoQ) supported by increase in development income segment of 37% YoY. Efficiency by BSDE lifted margin and resulted in a profit of IDR559 billion (+156.8% YoY). Marketing sales reached IDR4.7 trillion or 65% of the 2020 target. We see that BSDE’s performance can still grow, supported by strong capital structure.

ACES – Gradual Recovery in Sales

04 Jan 2021

ACES showed improving profitability in 3Q20 despite the reimpose of large-scale social restriction. We expect ACES could deliver strong result for the coming quarter coupled with SSSG improvement due to high seasonal sales.

 

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