16 November 2020
SMGR booked an income of IDR9.59 trillion (-18.5% YoY, +28.9% QoQ). GPM, OPM, and NPM reached record numbers in 3Q20, as SMGR succeeded in executing cost efficiency. However, until the end of the year, SMGR’s sales was faced with challenges such as rainy season and long holiday. We predict sales and performance will be better next year, as Indonesian economy recovers and the boost for infrastructure and construction sector starts.
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16 November 2020
BBNI's net interest income (NII) was stagnant at IDR 26.6 trillion in 3Q20, compared to 3Q19. This resulted in net income of IDR 4.3 trillion, lower 64% YoY than in 3Q19 at IDR 11.9 trillion.
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13 November 2020
TLKM booked 1.3% QoQ increase in quarterly income. The income growth cannot be separated from the solid Indihome contribution that booked 16.1% growth YoY and 8.5% QoQ. We see the company continue to focus on efficiency, proven by the increase in operating profit margin, and net profit to 52.9% and 11.0%.
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13 November 2020
KLBF reported top line below our expectation, mainly due to a relatively slower pace growth in some segments. With the expectation of further improvement supported by stable rupiah combined with cost efficiency, we remain positive about KLBF’s outlook for near to medium term.
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11 November 2020
Amid the global pandemic, INCO managed to record a net profit of USD24 million in 3Q20, -2.7% QoQ or -10.7% YoY. This figure exceeds our previous estimation (USD19 million).
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