23 September 2020
PSBB impacts the poultry sector, with the decrease of demand for chicken meat and egg resulting in the company’s sales to drop. In 2Q20, after PSBB was implemented, the company’s sales declined (-9.3% YoY, -1.3% QoQ) to IDR13.7 trillion. This would then resulted in the company’s net profit falling to IDR730.7 billion (-20.2% YoY, -20.8% QoQ). We believe that if PSBB continues to be tightened, it will impact sales from the livestock and broiler feed until the end of 2020.
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23 September 2020
INCO posted a net profit of USD53 million in 1H20 and in-line with our expectation. The result was supported by higher production, higher ASP, and lower production cost as crude oil and coal prices decline. We maintain estimates for 2020-2022F after INCO’s better results in 1H20 and estimate the nickel prices to hover at USD15,300-15,800/tonne until the end of 2020. Hence, we retain BUY recommendation for INCO.
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23 September 2020
BMRI’s current liquidity is fairly relaxed, in line with the gradually decreasing Loan to Deposit Ratio (LDR). As of March 2020, BMRI LDR was at 94.9%, then decreased to 87.7% in June 2020.
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22 September 2020
ERAA posted below-expected performance throughout the second quarter, which mainly due to store closures and a sharp decline in demand. Going forward, we are expecting a better performance in 2H20 with the upcoming high season of phone sales along with the planned launchings of several smartphone products.
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18 September 2020
The strict PSBB (Large-Scale Social Restrictions) period in 2Q20 caused PWON's revenue to fall to IDR324 billion (-82.2% YoY). Meanwhile, profit was booked at IDR416 billion (-35.5% YoY). On the other hand, PWON has achieved marketing sales of IDR501 billion or 47% of the 2020 target. We are optimistic that PWON will be able to fully achieve its marketing sales target by the end of the year. Plus, until the first semester, the average occupancy rate of PWON's malls is still above 90%.
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