PWON – Balance Sheet Remains Strong after Asset Acquisition
Amid the large portion of revenue from recurring income, PWON must be able to carry out cost efficiency, in order to
INDF – Boosted by stronger noodle and agribusiness sales
We believe strong noodle and agribusiness sales will boost up INDF’s sales outlook. Meanwhile, we saw the overall margin
ASII – Counting on Luxury Tax Relaxation
Throughout FY20, ASII booked an income of IDR 175 trillion; down by 26.2% compared to FY19. Without taking into account
JSMR – Increasing Toll Road Tariff and New Projects to Boost Performance
Throughout 2020, JSMR managed to book a net profit of IDR501.0 billion, +562.1% QoQ, -77.1% YoY. This gain is in line
WIKA – Pursuing New Contract Growth
WIKA booked an income of IDR16.53 trillion (-39% YoY) in FY20. Margins were recorded lower than FY19, with additional
ICBP – Pinehill Acquisition Leads to Strong Performance
While we predict rising raw material price and weakening IDR will still continue this year, strong sales contribution
PTPP – FY20 Performance Below Estimates
PTPP had a declining performance in FY20. Revenue and profit fell 36% YoY and 86% YoY. Meanwhile, PTPP managed to
PURA – Addressing the High Costs of Logistics
PURA posted a solid financial performance throughout 2020, marked by an increase in revenue (+8.5% yoy) and net profit
PTBA – FY2020 Result Below Expectations
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
