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P H
Feb 22,2017 11:24:38

Indonesia market update: Here comes the rain
 
Ahok, floods & stocks

Bad news for Ahok in the lead-up to the Jakarta Governor race: In spite of efforts by Jakarta’s governor, Basuki “Ahok” Tjahaja Purnama, to prepare for and prevent flooding, 54 areas around the capital were paralyzed as water prevented travel (exhibit 3-4) given the water depth of up to two and a half meters in some places on the back of around 180mm rain intensity (2016: 157mm) in the past 24 hours. The weather bureau (BMKG) predicts the peak intensity of La Nina to stay until March 2017.  
   
2nd round Jakarta Governor campaign has started early: Dressed in a red parka (exhibit 2), Anies, Ahok’s competitor in the final round of the Jakarta Governor race, has managed to capitalize on the floods to raise his popularity ahead of the planned campaign scheduled for 6-15 April 2017.

Demonstration still took place despite flooding: The Jakarta floods did not deter an estimated 10,000 protestors (although much lower than the 100k participants previously forecast) from turning up in front of the parliament (exhibit 1), asking the government to remove Ahok from his Governor post. The rally was reportedly headed by Muslim forum FUI.    

Positively affected stocks: While all distribution channels are adversely affected by the floods, we believe there are sectors and stocks that could perform better than others under these conditions. Siloam Hospitals ($SILO) should see increased traffic as people get sick while the pharmaceutical sector is also likely to see some uptick from higher purchases of medicine to treat wide-ranging illnesses such as flu and skin diseases, benefiting Kalbe ($KLBF) and Sido Muncul ($SIDO). Additionally, during floodings, households and evacuation centers typically stock up on staple foods such as noodles, which would benefit Indofood Consumer Branded Products ($ICBP). During these times, smokers also have the propensity to smoke more, so we could see increased stick sales for Sampoerna ($HMSP). Within the commodities space, assuming continued downpours at Sumatra’s plantation estates, higher CPO prices might occur due to decreased output. This would benefit our favored plantation plays: Eagle High ($BWPT) and Tunas Baru ($TBLA).  

Adversely affected stocks: With the rains, cement, construction and coal companies could face operational delays. We also expect bread maker Nippon Indosari ($ROTI) to suffer (c.70% of sales in Greater Jakarta), as spoilage may be an issue due to the fresh nature of its products. Retailers could also be affected by the reduced traffic, particularly Ramayana ($RALS) whose low-end target customers lack cars for commuting. Traffic jams caused by flooding should spell bad news for transportation, adversely affecting both Blue Bird ($BIRD) and Express ($TAXI), as well as Garuda Indonesia ($GIAA), as flights may be delayed or cancelled.   

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P H
Nov 15,2016 22:38:24

Indonesia Healthcare: CoB rescue

Coordination of Benefits + JKN = An industry game changer
At this stage, on the back of the government’s new National Healthcare Insurance Program (JKN) created by the Social Security Agency-Health (BPJS-Health), the Coordination of Benefits (CoB) is changing Indonesia’s healthcare landscape. While the COB is not new, its ability to now be combined with JKN (exhibit 21) and private insurers (exhibit 22) should benefit the industry. By subscribing to JKN, private insurance premiums can fall by up to 40%, creating a game changer, in our view. Hence, we upgrade our sector rating to OVERWEIGHT, from NEUTRAL.

Beneficiaries of BPJS participation: Hospitals, insurers, insurance users   
COBs can now offer patients and companies the access to better-quality medical services through cheaper premiums, but with similar flexibility compared to normal private insurances. From the perspective of insurance users, this can pave the way for higher productivity (exhibit 25-26) by using private medical providers (ie, clinics and hospitals). From the point of view of hospitals, the CoB, combined with JKN, could raise occupancy rates and result in higher profitability stemming from increased margins and reduced receivable days by shifting towards private insurers’ faster reimbursement method (exhibit 23) from the government’s BPJS Health (JKN agency). However, this is limited to a BPJS-participating hospital. In contrast, a non-BPJS hospital might see a migration in their in-and out-patients. Separately, the CoB would also be beneficial for BPJS-participating insurance companies (ie, higher client traffic) and raise BPJS participation rates, especially from the corporate sector due to lower private insurance premiums.

Government’s commitment to ensure JKN program continuity
The rise in healthcare needs has put some pressure on Indonesia’s state budget. After 2 years of operation, BPJS-Health has suffered c.IDR20tn in total deficit, of which IDR3.3tn was in 2014, IDR5.8tn in 2015 and it expects another IDR10tn for 2016. This poor performance of BPJS-Health is due to: (1) Lack of cross subsidies, (2) Adverse selection phenomenon and (3) Discrepancy in calculating premiums and claims. Nevertheless, given Jokowi’s support towards Healthcare, especially for those at the grass-roots level, we see commitment from the government to ensure continuity of this program, given its additional contribution to fund the deficit by injecting IDR5.6tn in 2014, IDR3.5tn in 2015 and IDR6.83tn in 2016.

SILO and KLBF as beneficiaries of government healthcare program
Our top pick among the listed private hospital players is SILO ($SILO), as it has the widest hospital network in Indonesia and embraced JKN into its business model. Aside from higher revenue on rising patient volumes, SILO is set to improve margins on higher bed-occupancy rates and a shorter ramp-up period for its new hospitals to reach maturity (from 5 to 3 years). Meanwhile, we maintain our HOLD call on MIKA ($MIKA) for its conservative expansion plan and likely loss of patient market share as the government’s new CoB program prohibits patients to obtain treatment from non-BPJS hospitals. In the pharma sector, KAEF ($KAEF) should benefit from the CoB scheme as its clinics are participants of both JKN and private insurance (Inhealth Insurance). However, due to KAEF’s more demanding valuation, we prefer KLBF ($KLBF) as a turnaround play on a recovery in branded generic drug consumption due to CoB.
  

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P H
Jul 27,2016 08:50:24
EARNINGS CALENDAR (Half Year 2016 - Estimated)

JULY 2016

Jul 25, 2016 :
$BBTN (Bank Tabungan Negara (Persero) Tbk PT)

Jul 26, 2016
$BDMN (Bank Danamon Indonesia Tbk PT)
$BMRI (Persero) Tbk PT Earnings Release - 4:00PM GMT+7

Jul 27, 2016
$AALI (Astra Agro Lestari Tbk PT)
$HMSP (Hanjaya Mandala Sampoerna Tbk PT)
$LPPF (Matahari Department Store Tbk PT)
$MPPA (Matahari Putra Prima Tbk PT)
$PTBA (Bukit Asam (Persero) Tbk PT)

Jul 28, 2016
$ASII (Astra International Tbk PT)
$BEST (Bekasi Fajar Industrial Estate Tbk PT)
$BJBR (PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk)
$DOID (Bloomberg)
$NCO (Vale Indonesia Tbk PT)
$JPFA (Bloomberg)
$PSAB (Bloomberg)
$SSMS (Bloomberg)
$SMGR (Semen Indonesia (Persero) Tbk PT)
$UNTR (United Tractors Tbk PT)
$UNVR (Unilever Indonesia Tbk PT)

Jul 29, 2016
$ASRI (Alam Sutera Realty Tbk PT)
$ADHI (Bloomberg)
$BSDE (Bumi Serpong Damai Tbk PT)
$BNGA (Bloomberg)
$BNLI (Bloomberg)
$BNII (Bloomberg)
$BKSL (Bloomberg)
$BHIT (Bloomberg)
$BISI (Bloomberg)
$CPIN (Bloomberg)
$CTRA (Ciputra Development Tbk PT)
$CTRP (Bloomberg)
$ELSA (Bloomberg)
$GIAA (Bloomberg)
$GJTL (Bloomberg)
$GGRM (Gudang Garam Tbk PT)
$NKP (Bloomberg)
$INTP (Indocement Tunggal Prakarsa Tbk PT)
$INDF (Indofood Sukses Makmur Tbk PT)
$ICBP (Indofood CBP Sukses Makmur Tbk PT)
$INDY (Bloomberg)
$KARW (Bloomberg)
$KAEF (Bloomberg)
$KIJA (Bloomberg)
$KLBF (Kalbe Farma Tbk PT)
$KRAS (Bloomberg)
$LPKR (Lippo Karawaci Tbk PT)
$LSIP (Perusahaan Perkebunan London Sumatra Indonesia Tbk PT)
$MAPI (Bloomberg)
$PWON (Bloomberg)
$PNBN, $PNLF, $PNIN (Bloomberg)
$PTPP (Bloomberg)
$RALS (Bloomberg)
$SMRA (Bloomberg)
$TBLA (Bloomberg)
$TLKM (Telekomunikasi Indonesia (Persero) Tbk PT)
$TOTL (Bloomberg)
$WSKT (Bloomberg)

AUGUST 2016
Aug 1, 2016
$HRUM (Harum Energy Tbk PT)
$SSIA (Surya Semesta Internusa Tbk PT)

Aug 10, 2016
$ITMG (Indo Tambangraya Megah Tbk PT)

Aug 12, 2016
$EXCL (XL Axiata Tbk PT)

Aug 29, 2016
$ADRO (Adaro Energy Tbk PT)
$ANTM (Aneka Tambang (Persero) Tbk PT)
$BBRI (Bank Rakyat Indonesia (Persero) Tbk PT)
$ISAT (Indosat Tbk PT)
$PGAS (Perusahaan Gas Negara (Persero) Tbk PT)

SEPTEMBER

Sep 13, 2016
$SMCB (Holcim Indonesia)

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P H
May 23,2016 17:06:32
Periksa Kesehatan Emiten Farmasi
 
Harian Kontan memberitakan, Nilai tukar rupiah yang sedang melemah menjadi kabar buruk bagi emiten sektor farmasi. Padahal, kinerja sektor ini tengah terkerek program Jaminan Kesehatan Nasional (JKN).

Pemeringkat Efek Indonesia (Pefindo) dalam riset mengungkapkan, pergerakan nilai tukar rupiah berpengaruh kuat bagi kinerja sektor farmasi. Sebab 90% bahan baku industri masih impor. Sebenarnya, emiten sektor farmasi mulai berupaya mengurangi ketergantungan bahan baku impor lewat pembangunan pabrik-pabrik baru yang membikin bahan baku obat. Tapi, hasilnya diperkirakan baru tampak mulai tahun depan.

Reza Priyambada, analis NH Korindo Securities, mengungkapkan, sektor farmasi tahun ini masih berpotensi tumbuh, seiring daya beli masyarakat terhadap produk kesehatan. Permintaan obatobatan juga meningkat, seiring program BPJS, "Meski kenaikan tidak setinggi produk kesehatan," kata Reza.

Ia melihat, pengaruh nilai tukar bagi PT Indofarma Tbk (INAF) hanya sedikit, karena bahan bakunya masih banyak didominasi oleh lokal. Sedangkan KLBF baru akan terkena dampak bila nilai tukar rupiah merosot.

Hans Kwee, Direktur Investa Saran Mandiri, mengatakan, kurs yang stabil saat ini akan menguntungkan sektor farmasi. Program BPJS juga membantu mengerek pertumbuhan penjualan, walaupun permintaan obat generik masih mendominasi.

Jika nilai tukar stabil dan ekonomi membaik, maka kinerja farmasi akan terdongkrak. Kedua hal ini bisa menyulut pertumbuhan penjualan sektor farmasi 10% dan kenaikan laba bersih bisa mencapai 12%-15%.

Prospek emiten farmasi masih menarik bila didukung oleh nilai tukar rupiah yang stabil dan peningkatan permintaan obat generik. Penjualan dari emiten pelat merah seperti PT Kimia Farma Tbk (KAEF) dan INAF akan terdorong oleh JKN.

Bila tender JKN tertunda, penjualan akan tertunda. "Sementara PT Kalbe Farma Tbk (KLBF) sekarang berbisnis di minuman kesehatan yang membantu kinerja mereka," kata Hans.

Dang Maulida, analis Daewoo Securities, mengatakan, komposisi penjualan KLBF hampir merata, sehingga tidak ada ketergantungan penjualan dari satu sektor saja. Segmen penjualan obat resep KLBF sebesar 25%, produk kesehatan 18%, nutrisi 28%, dan terakhir distribusi dan logistik 29%. Segmen nutrisi tumbuh 5,7% ketimbang kuartal pertama tahun lalu.

$KAEF $KLBF $INAF

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P H
May 02,2016 13:04:11
Kalbe Farma: Rebounding With The IDR Appreciation vs USD
 
As it imports 95% of its raw material in USD, Kalbe is the primary beneficiary of the strengthening IDR vs USD. This is evidenced by the QoQ margin expansion in 1Q16. Consumer health and nutritionals are its key growth drivers as the two divisions contribute c.45% of its total sales. Its liquid milk manufacturing plant would commence operations mid-year to manufacture ready-to-drink format of its leading powdered milk products (Diabetasol, Prenagen, Morinaga). Maintain BUY with a IDR1,600 TP (16% upside), implying 34x and 29x 2016F and 2017F P/Es respectively.

¨        Margin expansion in consumer health and nutritionals divisions. As Kalbe Farma (Kalbe) benefits from the IDR appreciation vs USD, we observe 370bps and 240bps QoQ margin expansions in its consumer health (contributing c.18% of Kalbe’s total sales) and nutritionals (contributing c.28% of Kalbe’s total sales) divisions. With an improved Indonesian economy in 1Q16, Kalbe raised 2-3% ASP of its over the counter (OTC) drug prices (contributing 70% of consumer health division’s sales) last month and the sales volume is still holding up post the price increase.

¨        Prescription pharmaceuticals division. We also observed 100bps gross QoQ margin expansion from the appreciation of IDR vs USD in the prescription pharmaceuticals division. Kalbe can alter its product mix for the Indonesian universal healthcare programme (BPJS) sales tender, ie Kalbe can target a better mix of the BPJS’ sales proportion of the non-negotiable unbranded generic drugs with its higher-margin cancer treatment drugs. As Kalbe is the only local firm able to produce such cancer treatment drugs, it has pricing power over BPJS.

¨ 1Q16 earnings: results in line with expectations
 
¨ Maintain BUY. Indonesia’s pharmaceutical expenditure/capita at c.USD25 is the lowest in ASEAN. A recent government policy allowing 100% foreign ownership in upstream/raw material pharmaceutical sector would also help it in the medium term, as it can reduce its raw material imports. Key downside risk is the weakening IDR vs USD, as Kalbe imports 95% of its raw materials.

$KLBF
Bull
P H
Feb 29,2016 09:07:36
Kalbe Farma ($KLBF): Improved health

- Unaudited 4Q15 results show q-q growth across the board: KLBF reported a 4Q15 performance that displayed q-q growth across the board (exhibit 6), which brought the full-year 2015 net profit to IDR1,975bn, in line with our (101.3%) and consensus (97.3%) estimates. Going forward, we expect KLBF’s performance to further improve, helped by its dominance and competitive edge despite a structural change in the unbranded generics.

- Margin pressure likely to ease: KLBF’s 4Q15 gross margin was down both on a q-q and y-y basis to 45.4% on IDR depreciation, a lack of price increases, and seasonality of tenders for medical devices. However, looking ahead, we expect margin pressure to ease, supported by a stronger IDR, improvement in purchasing power due to low inflation, and lower raw materials prices on the back of low oil prices.

Outlook: Company guides for 8-10% top & bottom line growth in 2016
According to management, KLBF’s performance in January and February 2016 is not too far off its full-year guidance of 8-10% y-y growth for its top line (Bahana: 9%), and it is therefore confident that KLBF’s bottom line should also grow in tandem (exhibit 5), in line with our expectation of 10% (exhibit 3). By division, KLBF’s 2016 y-y top-line growth will likely mainly be supported by growth from its nutritional products which is expected to be in the mid-teens, followed by consumer health in the low teens, pharmaceuticals at 7-8% (in line with industry) and distribution at 5-6%. We note that management expects most of its top line growth to stem from volume growth with minimal price increases for now. However, as the economy improves, KLBF sees room for price increases at its consumer health and nutritional (exhibit 10) divisions.

Recommendation: Upgrade to BUY with unchanged TP of IDR1,480
We see three positive catalysts that could reverse KLBF’s recent market underperformance (exhibit 4): (1) Restart of injection (liquid) line operations, which contributes c.5% of 2015 sales; (2) Support from BPJS to achieve 15-20% y-y unbranded generics sales growth for 2016; (3) Management’s continued proactive stance in introducing new products such as the Love Juice (exhibit 13). Hence, we raise our rating on KLBF from Hold to BUY, particularly given the continued re-rating of consumer stocks as investors trim holdings in banks on the back of policy-risk headwinds. On valuation, we retain our 12M TP of IDR1,480, based on a 40% discount to our valuation (3-year average PE) of Unilever ($UNVR). Risks to our call: IDR weakness and government policy on possible drug price capping.
Bull
P H
Feb 29,2016 09:04:42
Kalbe Farma($KLBF)
Consumer Health And Nutritionals Are Growth Drivers


Kalbe’s source of growth is its consumer health and nutritionals divisions, which collectively contribute c.47% of total sales. We are less concerned with its pharmaceutical division (contributes c.25% of total sales) as we see Kalbe can alter its product mix for the BPJS sales, resulting in relatively stable margins for this division. Considering its very disciplined and improving inventory days and the strengthening IDR vs USD, we maintain BUY and IDR1,600 TP (25% upside), implying 34x/29x 2016F/2017F P/Es.

¨ Consumer health division. Kalbe Farma (Kalbe) expects its consumer health division to grow its sales by 10-11% in 2016. Its ready-to-drink products, such as Hydro Coco (coconut-flavoured isotonic drink) and Original Love Juice, have been growing c.25% pa. For its Extra Joss energy drink, Kalbe aims to introduce the Extra Joss Blend, which is blended with milk (produced from its nutritionals division) and aimed at its younger customer segment.

¨ Nutritionals division. Kalbe believes its milk/nutritionals division can grow c.15% (ie 12% sales volume growth and 3% price increase in 2016) vs c.12% in 2015, all coming from volume growth and no price increase. The liquid milk manufacturing plant will produce the liquid version of its leading powdered Diabetasol, Prenagen and Morinaga milk products.

¨ Pharmaceutical division. We are less concerned with Kalbe’s pharmaceutical division, which contributes c.25% of Kalbe’s total sales. We learn that Kalbe can alter its product mix for the Indonesian universal healthcare programme (BPJS) sales tender, resulting in relatively stable margins for this division. For example, Kalbe can target a better mix of the BPJS sales proportion of the non-negotiable unbranded generic drugs with its higher-margin cancer treatment drugs – for which Kalbe has pricing power, as it is the only local firm able to produce such cancer treatment drugs.

¨ Expanding export sales to ASEAN countries. We forecast for export sales contribution to grow to 5.5% of Kalbe’s total sales in FY16 (FY15F: 5.0%). In the Philippines, Kalbe sells Extra Joss energy drink, Hydro Coco and Diabetasol milk. In Myanmar, Kalbe sells Mixagrip and Procold flu medicines and Zee milk.

¨ Remain BUY. We trim 2016F/2017F earnings by 3%/7% to factor in higher sales from the distribution division and lower sales from the pharmaceutical division. However, we keep our DCF-based IDR1,600 TP (WACC: 12.8%, TG: 3%), after accounting for Kalbe’s better inventory days from FY16F onwards.

¨ Key risks. As Kalbe imports 95% of its raw material, any depreciation of the IDR against the USD could jeopardise its margins. Lower consumer purchasing power could also hinder Kalbe’s plan of a price increase for its nutritionals division.
Bull
P H
Feb 05,2016 08:42:11
Kalbe Farma ($KLBF) : A More Diversified And Manageable Year

We believe 2016 would be a more manageable year for Kalbe due to increasing contribution from its growing consumer health and nutritional divisions (whose combined sales contribute c.46% of Kalbe’s total sales in FY15F). Kalbe has also resumed production of its injection-drug production line, which was suspended in Mar 2015. Furthermore, a lower USD/IDR exchange rate would also benefit Kalbe as it imports 95% of its raw materials. Maintain BUY and IDR1,600 TP (33x/27x FY16F/FY17F P/Es, 22% upside).

¨ Sales pickup in consumer health and nutritional divisions. We gather from our recent meeting with Kalbe Farma (Kalbe) that sales in its consumer health and nutritional divisions had picked up in the last three months (Nov-Dec 2015 and Jan 2016). The positive sales trend is consistent with Sumber Alfaria Trijaya’s ($AMRT) improved same-store sales growth (SSSG) of 8.29%/11.39% in Nov/Dec 2015. Therefore, we believe the consumer sector has slowly rebounded, which bodes well for Kalbe as c.46% of its total sales are from the consumer health and nutritional divisions.

¨ Expanding export sales to ASEAN countries. Kalbe will continue to expand export sales of its consumer health and nutritional products to ASEAN countries. We forecast that the export sales contribution would grow to 5.5% of Kalbe’s total sales in FY16 (vs 5.0% in FY15F). In Myanmar, Kalbe sells Mixagrip and Procold flu medicines and Zee milk. In the Philippines, Kalbe sells Extra Joss energy drink, Hydro Coco (coconut-flavoured isotonic drink), and Diabetasol milk. Kalbe is aiming to enter Thailand this year.

¨ Injection drug resumes production. The production line of 24 injection drugs, which was suspended in Mar 2015 in the wake of a death incident involving the Buvanest Spinal anesthetic drug, has resumed production since Jan 2016. Thus, Kalbe expects the pharmaceuticals division’s sales to grow c.6% this year (vs 0.2% sales growth in 9M15).

¨ Focusing on value-added products. As Kalbe focuses on its value-added medicine portfolio (such as biosimilar products, oncology medicine and stem-cell research), we believe the company’s positioning in the next 3-5 year time frame would be more strengthened. Its allogeneic stem-cell research for arthritis has entered the preclinical trial stage.

¨ Primary beneficiary of strengthening and stable IDR against USD. As the IDR has strengthened against the USD, Kalbe would benefit the most as it imports 95% of its raw materials. Furthermore, should the Government proceed with its contemplated plan to allow 100% foreign ownership in the upstream/raw material segment of the pharmaceutical sector, Kalbe would also stand to benefit in the longer term as it will be able to source raw materials domestically in IDR, thus reducing its dependence on the USD/IDR exchange rate.
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P H
May 21,2015 21:11:29
Our top picks: 5 mass consumption, 3 infrastructure related, 1 bank, and 1 industrial property. Top picks in Indonesia (in alphabetical order) 1 ADHI Adhi Karya 2 BBRI Bank Rakyat Indonesia 3 BEST Bekasi Fajar 4 GGRM Gudang Garam 5 INDF Indofood Sukses 6 JSMR Jasa Marga 7 KLBF Kalbe Farma 8 PTPP Pemb Perumahan 9 TLKM Telkom Indonesia 10 TELE Tiphone Mobile Indo Source: Maybank Kim Eng
Bull
P H
Apr 29,2015 08:00:19
Indo Strategy - Positioning amidst slowest growth in a decade Too early to bottom fish The market sharp sell-down may appear excessive, yet we think it may be too early to be an aggressive buyer. The outlook of subdued growth outlook, probably a bit slower, broader and longer lasting than most envisaged, suggests it is still better to seek out stocks with relative earnings visibility. Indeed there is little indication to suggest this slowdown has stabilized thus far. Broad based slowdown Growth that was designed to slowdown in order to rein in CAD, e.g. BI allowing Rp to weaken for an essentially dollarized economy, has proven to be very potent. Weaker commodity prices along with the transition easing from the recent investment surge may well have contributed as well. Indeed, the recent earnings trend suggests a more pronounced and broad-based slowdown. This ranges from large ticket items to even basic consumer staples. Bellwether FMCGs that have already reported are showing that top-line growth running at a decade low pace (ex-GFC period); a reflection of weaker buying power and rising competition. Equally, we have also noticed an uptick in NPL though more toward the SME and micro segments. In addition, our channel checks across various industries, including bellwether consumer packaging, mostly reported a deteriorating environment. Slower and longer? Contrary to general expectations, we think it is premature to assume an economic recovery in 2H15. Indeed sub-5% growth for the year cannot be ruled out. Recently the capex trend suggests easing post the initial surge 3-4 years ago. That along with the job creation trend, easily half the pace seen in the past couple of years, is not supportive of any fast economic recovery in the second half. While we remain upbeat that the govt. infrastructure spending will be punchier into 2H, we think the direct economic impact would be muted. Indeed the more powerful multiplier effect will only be visible in the medium term. Indeed there is little indication to suggest this slowdown has already stabilized. As such, we believe stock picking toward earnings visibility and predictability will be key in this 'new normal'. Macro improving vs Micro worsening - Market context In balance, we think the market downside risk is limited; yet we think it may be too early to be an aggressive buyer. We think the macro environment is turning more positive, e.g. CAD possibly below BI's guidance of 1.6% in 1Q, along with easing inflation, etc. Politics too, seems to have stabilized, which should pave the way for the govt. to kick-start major infrastructure projects. Yet, faced with the possibly of the slowest growth in a decade (ex-GFC), along with flow favoring North Asia, we think stock picking towards better earnings visibility matters, notwithstanding the fact that initial sell-down tends to be indiscriminate. Within our DB Portfolio stocks, we think the following have high earnings visibility: BBCA and BBNI (Banks), TLKM (Telco), ICBP and KLBF (Consumer). Conversely, stocks that have done well in spite of worsening earnings fundamental such as ASII and UNTR appear more exposed. $IHSG
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Quotes delayed, except where indicated otherwise.
KLBF
1,600.00 0.00 (0.00%)
Kalbe Farma Tbk.
Last Update 02:54:11