ICBP – Still Attractive Despite Higher Financing Costs
Despite higher interest expenses assumption, we expect ICBP to deliver strong earnings CAGR of 15.9% over FY19-22E with
TOWR – Opportunity for More Aggressive Expansion
In 1Q21, TOWR recorded revenue growth (+7.5% YoY) and net profit (52.1% YoY) on the back of tower rental income from
PWON – Recovery Hampered by Emergency PPKM
PWON’s revenue in 1Q21 fell 32.4% YoY. Meanwhile, net profit jumped 254.5% YoY due to lower foreign exchange loss.
ERAA – Maintaining Growth Momentum
ERAA closed 1Q21 with an exceptional performance, maintaining the company’s momentum from last year. The double-digit
ISAT – Efficiency Measures and Tower Sales Boost Performance
Realisation of ISAT’s efficiency increase can be seen at the beginning of Q1-2021. Lower employee expenses, followed by
SIDO – Growth Remains Intact
Going into 2021, we still prefer SIDO simply because it has a better margin among its peers, a healthy balance sheet,
SMGR – Bottom Line Growth Still Stagnant
SMGR’s top line was contracted by 5.9% YoY to IDR8.07 trillion. Meanwhile, decreasing interest and tax expenses
PGAS – LNG: Energy of the Future
PGAS booked a net profit growth of 28.9% yoy. Tight efficiency in the expense segment was the main growth driver
TOWR – Solid Performance as a Pandemic Winner
Both top and bottom line are in line with our estimates; TOWR recorded double digit performance in 2020. Revenue (+15.4%
