Company Report
2 April 2024
For the FY23 period, TLKM's revenue grew +1.3% YoY to IDR 149.22T (FY22: IDR 147.31T). ...
Company Report
28 March 2024
PT Indo Tambangraya Megah (ITMG) recorded a 35% YoY decline in revenue (IDR 36.1 trilli...
22 March 2021
In 2020, PTBA managed to record a top line of IDR17.3 trillion or down by 20.5% YoY and 2.7% below our expectations. It resulted in bottom line of IDR2.4 trillion, or decline significantly by 41.2% YoY driven by decrease in ASP and lower coal production. We upgrade recommendation to BUY with higher Target Price at IDR3,280.
15 March 2021
Throughout 2020, BMRI booked a -37.7% YoY net profit decline; to IDR 17.1 Tn (vs IDR 27.5 Tn in FY19). On top line side, non-interest income performed well, which grew by 4.9%. Facing 2021, the management will focus on the recovery of Net Interest Margin (NIM) and asset quality, with single digit credit growth target.
15 March 2021
UNTR’s top line fell by 28.5% throughout 2020 to over IDR60.3 trillion, resulting in bottom line of IDR6 trillion, or decline significantly by 46.9% YoY driven by decrease in construction machinery revenue by 40.6% YoY. We initiate Overweight call with Target Price at IDR23,250.
9 March 2021
SMGR booked FY20 income of IDR35.17 trillion or down 12.9% YoY due to decrease in sales volume by 7.9%. However, SMGR successfully managed production costs to be more efficient, which resulted in net profit of IDR2.67 trillion or up by 12.8% YoY. We estimate SMGR’s sales volume to increase in 2021 by 12%-15% YoY.
5 March 2021
BBRI booked a decline in net profit to IDR 18.6 Tn (-45.8% yoy) throughout 2020. Net Interest Income (NII) dropped by 3.1% yoy and resulted in the decline of PPOP to IDR 59.6 Tn (-9.9% yoy). Meanwhile, BBRI also booked a significant increase in provision expense by 44.3% yoy. Government support to recover the MSME sector as well as low cost of fund will be the supporting factors of BBRI’s performance in 2021.
