6 July 2020
BBCA’s Management projected around 20% to 25% of all debtors will propose loan restructuring in 2020. Until the end of May 2020, BBCA has received IDR92.09 trillion in loan restructure requests.
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3 July 2020
The existence of tower sales and data sales growth was able to boost EXCL performance in 1Q20. Thus, EXCL recorded revenue and net profit growth of IDR6.5 trillion (8.9% YoY), and IDR1.5 trillion. Besides, we see that EXCL is currently trading with EV/EBITDA at 4.9x, which is quite cheap with our estimated target at 5.4x FY20.
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2 July 2020
In 1Q20, PWON posted revenue of IDR1.65 trillion (-3.5% YoY). Due to the exchange rate loss of up to IDR557.62 billion, net profit plunged to IDR67 billion (-90.7% YoY). Meanwhile, recurring income still grew 1.3% YoY supported by a 4% YoY increase in the rental and service charges segments. Two business locations, namely Jakarta and Surabaya, which are the highest ranks in the Covid-19 cases, are a challenge for PWON in developing strategies to maintain business stability during the pandemic.
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29 June 2020
TINS posted a net loss in 1Q20 due to high inventory cost and lower ASP but we are still optimistic for the 2020F performance. We expect TINS to reach tin ore production of 58,391 tonnes, refined tin sales volume of 56,930 tonnes, and ASP of USD15,691/tonnes for 2020F. We initiate a BUY recommendation considering operational efficiency, bullish potential of global tin prices in 2H20, and the prospect of new smelter project.
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29 June 2020
BBRI recorded a net income of IDR 8.17 Trillion in 1Q20, or relatively flat compared to 1Q19 net profit of IDR 8.19 Trillion. This consolidated profit was driven by market condition, namely its investments in subsidiaries such as BRILife and BRI Agro. As for Bank-Only, BBRI booked a net profit of IDR 8.30 Trillion or up 3.25% YoY. This achievement was supported by higher net interest income which grew 7.11% YoY to IDR 20.02 Trillion.
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