Indonesia Construction – 1H solid, 2H stronger

§ We estimate 2Q15 earnings grew by a seasonally stronger 106% QoQ, but 1H15 likely remained flat at -1% YoY, weighed by WIKA’s weak precast business. Excluding WIKA, we estimate 1H15 earnings grew by a solid 35% YoY. § Aggregate 1H15 new contracts of IDR40t (+56% YoY), on track to reach our full-year forecast of IDR81t. § Acceleration set to…

PTPP: 2Q15 preview; Seasonally stronger

§ Maintain BUY with TP of IDR4,500, pegging the stock at 2016F PER of 23x. PTPP remains one of our top picks. § Despite the slow tender process for gov’t projects, the IDR11.8t new contracts (+40% YoY) YTD (up to mid-Jun 2015) are on track to reach our full-year forecast of IDR25t. § Expect 2Q15 earnings to grow at least…

Be careful but keep opportunities open

IHSG ditutup pada 4,899.88 (-2.3%) pada perdagangan kemarin (9/6). Kinerja tersebut sudah turun 6.26% ytd. Di tengah-tengah tren penurunan pasar ini, kami mengajak investor untuk meninjau kembali saham-saham yang memiliki fundamental yang baik. Menurut Direktorat Jenderal Perbendaharaan, realisasi belanja pemerintah dari APBN 2015 selama 1 Januari – 31 Maret 2015 adalah hanya 18,5% (vs 15,6% tahun lalu). Meskipun realisasi APBN…

PPRO: Laba Bersih PP Properti (PPRO) Melonjak 23 Kali Lipat

PT PP Properti Tbk. (PPRO) mengantongi laba bersih pada kuartal I/2015 sebesar Rp80,32 miliar, setara dengan 27,5% dari total target sepanjang tahun Rp292 miliar. Indrayanto, Direktur Keuangan PP Properti, mengatakan perolehan laba bersih pada kuartal pertama itu melonjak 23 kali lipat bila dibandingkan dengan periode yang sama tahun lalu. “Lonjakan laba bersih tersebut tidak lepas dari lonjakan pendapatan usaha selama…

PTPP: Kontrak Baru PTPP Hingga Akhir Mei Capai Rp9,8 Triliun

Perusahaan konstruksi dan investasi PT PP (Persero) Tbk meraih kontrak baru sebesar Rp9,8 triliun sampai dengan akhir Mei 2015. Jumlah tersebut diklaim melebihi target yang ditetapkan perusahaan sebesar Rp8,6 triliun. Bambang Triwibowo Direktur Utama PT PP (Persero) Tbk mengatakan total order book sampai dengan akhir Mei mencapai Rp38,8 triliun termasuk carry over 2014 sebesar Rp29 triliun. Bambang menyatakan kontrak baru…

PPRO, property subsidiary of PTPP, plans to acquire land banks & projects from the IPO proceed

PPRO, property subsidiary of PTPP, plans to acquire land banks & projects from the IPO proceed. The developer obtained Rp909bn from the IPO and allocate 75% of the proceed for project/land acquisitions. PPRO prepares Rp415bn to expand to Balikpapan (Kalimantan), to acquire a mall (Rp245bn) & a hotel (Rp180bn).

PTPP: 1Q15 new order book highest among SOE contractors

myTake: We continue to expect Infrastructure demand back end loaded in 2H due to Government budget/spending process especially this new Cabinet 1st year. We reiterate SOE Contractors WIKA/PTPP/WSKT as Top-Picks in Indonesia Construction sector. @Rp3,970, PTPP is trading on 27.3x-19.2x 2015F-16F PER, 1.1% 2015F Dividend Yield, and implies 21% Upside to TP Rp4,800, we reiterate PTPP Outperform. · Rachel Tan…

Waiting for the harvest

 Long-term positive on market, but short-term turn NEUTRAL. Index targets remain: 5,500 (2015-end) and 6,500 (2016- end). In 2015 market will be stock-picking driven  Top picks: ADHI, BBRI, BEST, GGRM, INDF, JSMR, KLBF, PTPP, TELE, TLKM.  Positive on state-budget’s healthier structure, inflation & interest rates. Short-term risks for GDP-growth & taxrevenue targets. Robin Hood policies We reckon…

The market index is at one of the highest levels and does not look cheap at 16x PER

The market index is at one of the highest levels and does not look cheap at 16x PER. Liquidity is perhaps one of the reasons why the markets remain strong because economic fundamentals do not look good in the near term. The economy is in a slowing mode as is show by weak sales in automotive, retail, cement sectors. The…

PTPP: Strong Start

· 1Q15 new contracts reached IDR6.7t (+49% YoY), accounting for 28% of our full-year forecast. While we maintain our full-year target for now, potential upside is on the cards. · 1Q15 earnings is seasonally the lowest, accounting for 10%-12% of full-year forecast. This translates to an estimated 1Q15 earnings growth of 15% YoY. · Acceleration sets to unfold in parallel…

Indonesia Market Strategy – Is this the last downgrade?

● Over half of the companies in our coverage universe have reported their 4Q14 results. The downgrade cycle has continued. The number of consensus downgrades post 4Q results has reached 63% (29% upgrades), higher than 3Q downgrades of 45%. ● Our argument that we have published in the recent report “The Big Bang theory is that 2Q should define the…

PTPP: Enam Proyek Besar Topang Peningkatan Laba Bersih PTPP

Perusahaan pelat merah bidang konstruksi PT Pembangunan Perumahan Tbk (PTPP) berhasil membukukan laba bersih sebesar Rp 532 miliar sepanjang 2014 lalu, naik 26,47 persen dibandingkan perolehan laba bersih 2013 sebesar Rp 420 miliar. Naiknya laba bersih perseroan seiring dengan meningkatnya pendapatan yang dikantongi sebesar 6,62 persen menjadi Rp 12,42 triliun dari sebelumnya Rp 11,65 triliun pada 2013. Taufik Hidayat, Sekretaris…

WSKT/PTPP : Konsorsium BUMN Ikut Tender Tol Soroja

Konsorsium BUMN yang digawangi oleh PT Jasa Marga Tbk menyatakan, telah berpartisipasi dalam tender pengelolaan ruas jalan tol Soreang-Pasir Koja (Soroja) di Bandung, Jawa Barat. “Kita telah masuk dalam prakualifikasi tender,” tutur Direktur Keuangan JSMR Reynaldi Hermansjah ditemui di kantor Kementerian BUMN, Jakarta, Selasa (3/3). Menurut dia, perusahaan pelat merah yang turut serta dalam tender, PT PP (Persero) Tbk dan…

Government allocates IDR9.8trn for Kalimantan Infrastructure

The central government hopes local administrations in Kalimantan will help ease the land-acquisition process for infrastructure development in the region as it has allocated IDR9.8trn of the state funds for the project. More than half of the budget will go to road construction. Kalimantan is prioritized as Java and Sumatra already have good road networks. The government would start the…

PTPP menargetkan mampu memperoleh kontrak baru senilai Rp27.5 triliun pada tahun 2015 ini

PTPP menargetkan mampu memperoleh kontrak baru senilai Rp27.5 triliun pada tahun 2015 ini, atau naik sekitar +36.1% dari kontrak baru 2014 yang mencapai Rp 20.2 triliun. Dari target kontrak baru tahun ini tersebut, PTPP menargetkan sebesar Rp 17.8 triliun dari proyek pemerintah dan BUMN. Ditambah dengan carry over sebesar Rp 27.7 triliun, maka manajemen PTPP optimis mampu menggarap kontrak sebesar…

PTPP berencana mengikuti tender kontrak pembangunan proyek perluasan Pelabuhan Belawan di Sumatera Utara dengan total kontrak senilai Rp 650 miliar

PTPP berencana mengikuti tender kontrak pembangunan proyek perluasan Pelabuhan Belawan di Sumatera Utara dengan total kontrak senilai Rp 650 miliar. Menurut Direktur Teknik dan Pemasaran PTPP, I Wayan Karioka, dalam proyek perluasan kapasitas Pelabuhan Belawan menjadi 750 meter persegi dari sebelumnya 350 meter persegi tersebut, PTPP akan bertindak sebagai kontraktor tunggal. Selama 2015 ini PTPP menargetkan perolehan kontrak baru sebesar…

Indonesian Property Expo 2015

We visited the Indonesian Property Expo 2015. Di pameran, hadir developer terkemuka Indonesia diantaranya ASRI, MTLA, KIJA, CTRA, BKSL, WIKA, PTPP, dan ADHI. Umumnya, ekspo menjual properti dengan harga di bawah Rp1 miliar/ unit, yang menurut agen masih memiliki permintaan yang besar. Selama kunjungan kami, sebagian besar orang berbondong-bondong ke gerai milik developer terkenal. Take up rates is back to…

Anak usaha PTPP, PT PP Properti mentargetkan penjualan The Ayoma Apartment Serpong senilai Rp 1 triliun

Anak usaha PTPP, PT PP Properti mentargetkan penjualan The Ayoma Apartment Serpong senilai Rp 1 triliun. Perusahaan mentargetkan sebanyak 600 unit tahap pertama bisa terjual dalam waktu 6 bulan. Harga unit yang ditawarkan mulai dari Rp400 juta untuk tipe studio dengan luas 25 m2

Indonesia Construction: Hurdles from the Parliament

§ IDR72.9tn capital injection for 40 SOEs likely rejected: To accelerate the economy, the government had submitted to the House, plans for capital injection of IDR72.9tn into 40 SOEs under the 2015 Revised State Budget (exhibit 8), a major revamp from the IDR5tn allotment for 4 SOEs currently already approved. The government aims to push SOE investment in infrastructure projects…

Indo Construction Sector: Sticking to its guns

● The recent comments by the Parliament to reduce equity injection into non-infrastructure-related SOEs and channelling it to infrastructure-related SOEs further reinforce our positive view on the government’s determination to see its infrastructure development plans through. However, the budget remains fluid until the revised 2015 budget is finalised by the Parliament (expected by 13 February 2015). ● The addition of…

Mandiri Investment Forum (MIF): Infrastructure site visit

 Seeing is believing. As part of the 2015 Mandiri Investment Forum (MIF), we hosted several investors to experience two mega infrastructure projects that are currently being constructed in Jakarta. First, we visited the US$400mn Terminal 3 extension project at Soekarno-Hatta International Airport (SHIA) and the US$4bn Kalibaru seaport project at Tanjung Priok.  1st phase of Terminal 3 extension…

Indonesia Construction: Runway cleared for take off

§ Potential infrastructure projects valued over USD450b to be dished out over 2015F-2019F. All eyes on gov’t execution with positive newsflow on new contracts likely to start emerging in 2Q15. § Slew of gov’t-related projects are estimated to lead to new order book CAGR of 25%. This would pave the way for earnings to grow at 31% CAGR in 2015F-2016F….

Anak usaha PTPP, PP Properti menargetkan pendapatan penjualan atau marketing sales Rp2,33 triliun dan target laba kotor sebesar Rp503 miliar pada 2015 ini

Anak usaha PTPP, PP Properti menargetkan pendapatan penjualan atau marketing sales Rp2,33 triliun dan target laba kotor sebesar Rp503 miliar pada 2015 ini. PP Properti membukukan pendapatan penjualan sebesar Rp1,3 triliun tahun lalu, melebihi target awal yang sebesar Rp1,1 triliun. PP Properti akan mengandalkan dua proyek, yakni central business district Grand Kamala Lagoon di Kalimalang, Jakarta. Dan kedua, superblok Grand…

PTPP bangun The Ayoma Apartemen senilai Rp 500 M

. Perusahaan konstruksi PT PP (Persero) Tbk melalui anak usahanya, PT PP Properti, mengembangkan proyek apartemen baru di Serpong, Tangerang. Proyek tersebut berada di lahan seluas satu hektar dan PT PP Properti akan membangun dua menara apartemen, yaitu The Ayoma Apartment.  “Ini strategi perusahaan dalam memenuhi peningkatan kebutuhan hunian dengan nilai investasi Rp 500 miliar,” ujar Direktur Operasi PT PP…

Construction Sector: 2015 Capex to Grow 63% YoY

The Indonesian construction companies are expanding in 2015 post the election year and the new government’s ambition to push infrastructure developments in the country. Investor Daily reported that eight listed construction companies are planning to spend Rp6.0 tn in capex next year, vs Rp3.7 tn in 2014. Off the companies mentioned, the largest spending will be done by PT Pembangunan…

Impact of Falling Crude Oil Prices and Rupiah

Crude oil prices have fallen 39% since end-September and are close to USD54.71/bbl, which would benefit net importer Indonesia and various companies. However, this could be partially offset by the weak IDR, as the recent outflows from emerging markets has caused it to depreciate 3.6% against the USD. In the last two years, many firms also increased their foreign-denominated borrowings….

PTPP: 2015, PTPP targetkan laba bersih naik 35%

PT PP Tbk (PTPP) menargetkan laba bersih tahun 2015 mendatang meningkat sekitar 35% dari realisasi tahun ini. Kenaikan ini sejalan dengan esimsi menanjaknya penjualan sekitar 34% secara year-on-year (yoy). Bambang Triwibowo, Direktur Utama PTPP mengatakan, tahun ini, perseroan memperkirakan laba bersih ada di angka Rp 530 miliar. Dengan demikian, tahun depan, laba bersih emiten pelat merah ini diproyeksikan mencapai Rp…

Jokowi theme still alive, dominating performance (infra).

JCI managed to post gain +.28% despite the sharp fall in commodity stocks due to sharp fall in the oil prices sent airline GIAA +10% finally. The index was supported by big cap like TLKM +1.95%, SMGR + 4.2%, INTP +3%, BBNI +3.3% and ISAT +11.75%, SCMA +3% on the back of reinclusion into Syria compliant lists after taken out…

Indonesia Construction Sector – And the beat goes on..

● We believe there is a dire need for infrastructure improvements in Indonesia, as it is among the lowest ranked countries in Asia in Global Competitiveness Index and overall infrastructure. Full report ● Jokowi revealed his infrastructure targets for 2019, implying multi-year massive infrastructure spending. We believe that growth in public spending (savings from fuel subsidies) and private investments will…

PTPP: Beneficiary Of Port Projects

With the Government planning to ramp up infrastructure development, including building 24 new ports, we think Pembangunan Perumahan (PTPP) will benefit. Upgrade to BUY as we change our TP to IDR3,600 (from IDR2,590, 19.2% upside) using DCF-based valuation that reflects 20.7x FY16F P/E to capture the growth opportunities. It has higher chances of winning those contracts due to its experiences…

PTPP garap kontrak Rp 37 triliun

Emiten konstruksi pelat merah PT PP (Persero) Tbk (PTPP) kian mendekati target order book hingga akhir tahun. Hingga saat ini, perseroan memperoleh total kontrak atau order book Rp 37 triliun. Nilai tersebut berasal dari carry over tahun lalu sebesar Rp 21,93 triliun. “Sementara, perolehan kontrak baru yang kami peroleh Rp 15,1 triliun,” imbuh Direktur Keuangan PTPP Tumiyana, Rabu (26/11). Terbaru,…

PTPP bangun apartemen di Australia

Emiten pelat merah PT PP (Persero) Tbk (PTPP) sepertinya bakal semakin ekspansif. Melalui anak usahanya, yakni PT PP Properti, perseroan sudah memegang  kontrak pembangunan apartemen di Australia. PT PP Properti akan membangun apartemen Multiplex dan Pindan di negeri kangguru tersebut. Proyek tersebut terdiri dari 12 tower apartemen dan terdiri dari 250 unit kamar. “Nilai proyeknya sekitar Rp 1,1 triliun,” imbuh…

Kinerja emiten konstruksi pelat merah PTPP kian mendekati target order book hingga akhir tahun

Kinerja emiten konstruksi pelat merah PT PP Tbk (PTPP) kian mendekati target order book hingga akhir tahun. Perseroan memperoleh total kontrak atau order book Rp37 triliun. nilai tersebut berasal dari carry over tahun lalu sebesar Rp21,93 triliun

PTPP Q3-14 Analyst Meeting

PT PP Tbk (PTPP) catatkan kenaikan laba bersih 33% di Q3-14 sebesar Rp 290,17 miliar dari periode Q3-13 sebesar Rp 218,35 miliar. Perolehan kontrak baru tahun ini diprediksi bisa mencapai nilai Rp 22 triliun & laba bersih diperkirakan sebesar Rp 520 miliar. Pencapaian ini selain ditopang banyaknya proyek yang diperoleh, juga berasal dari efisiensi dan efektivitas dari proyek dan operasional. PTPP…

PTPP menganggarkan belanja modal tahun 2015 sebesar Rp1,8 triliun

PTPP menganggarkan belanja modal tahun 2015 sebesar Rp1,8 triliun, naik 286% dibandingkan dengan alokasi tahun ini Rp466 miliar. Dari total belanja modal 2015, sebesar Rp800 miliar dialokasikan untuk proyek properti. Selain itu, PTPP juga membidik proyek lain terutama di sektor pembangkit, jalan tol, pelabuhan, dan proyek lainnya. PTPP juga menargetkan kontrak baru 2015 sebesar Rp27,5 triliun, tumbuh 25% dibandingkan target…

3 SOE contractors aim 2015 new contract worth IDR80.57t

Three SOE contractors have announced rough guideline for 2015 with PT Pembangunan Perumahan (PTPP) and Waskita Karya (WSKT) aim to secure 25% growth yoy to IDR27.5t and IDR23.37t respectively. More than 50% of the new contracts projected will come from government projects. Meanwhile, Wijaya Karya (WIKA) expect new contract to reach IDR29.7t new contract (+32% yoy). While Adhi Karya (ADHI)…

Indonesia fuel price UP!

Indonesia government has raised domestic fuel price by IDR2,000/lt, or at the lower end of expectation of IDR2000-3000/lt price hike as global oil price has declined in the past few weeks. Effective from 18 Nov 2014, the gasoline price will be at IDR8,500/lt (+31%) and diesel price will be at IDR7,500/lt (+36%). We believe the price hike is positive for…

When the market sulks ..

.. that is a great opportunity to start shopping in our opinion. The new cabinet announcement disappointed the stock market, and the 9M14 results are largely uninspiring. Yet we believe Jokowi has established a solid foundation for a new Indonesia that would do wonders to equity values. Key catalysts for a multi-year bull run are (a) raising the subsidized fuel…

Emiten yang sudah mengeluarkan laporan kuartal 3 dan Target Price (RHB-OSK)

Berikut adalah beberapa emiten dalam coverage RHB-OSK Research yang sudah mengeluarkan laporan kuartal 3 mereka. Company Code Result Rating Target Price Semen Indonesia SMGR Indofood Sukses’ 9M14 earnings jumped 58% YoY to IDR3trn, driven by higher agribusiness and Minzhong’s earnings, in line with our/street estimates. 3Q14 earnings slipped 14% QoQ to IDR764bn as expected, weighed by slower earnings from agribusiness…

A first move by Ministry of Public Works and Housing – Water dams development

11 dams to be built in 2015. Mr. Basuki Hadimuljono, the new Public Works and Housing minister, revealed its first plan in water dams development. His Ministry plans to develop 11 water dams, where 5 dams’ contract will be signed by end of this year and the rest of the contract will be signed next year. Total project value for…

PTPP: 3Q14: Improvement on higher revenue; Cut to HOLD on valuation

§ Earnings up 91% y-y: PTPP recorded 3Q14 net profit of IDR143bn (115% of our 3Q14 estimate), up 91% y-y, accompanied by a higher net margin of 4.5% from 2.4% in 3Q13. In 9M14, PTPP booked net profit of IDR290bn, up 32% y-y, as accounts receivable impairments declined 29% y-y to IDR45bn. The 9M14 results accounted for 58% of our…

PTPP: think that Jokowi’s administration is very serious on executing the transportation initiatives by putting Mr. Ignatius Jonan at the Transportation Minister post

We think that Jokowi’s administration is very serious on executing the transportation initiatives by putting Mr. Ignatius Jonan at the Transportation Minister post. He has a proven track record of transforming PTKAI and executed the US$1bn, 727km Surabaya – Jakarta double track this year. This is positive for the sector and PTPP (BUY, TP Rp2,800, Current Price Rp2,500) is our…

Marketing takeaways construction sector

· We had the pleasure to meet with investors in SG and HK last week and came home with a sense that investors were largely in agreement with our view that the positive structural story for the bright outlook in the infrastructure sector remains unchanged. We note, however, it will not be a smooth ride for Jokowi in the short…

JSMR mempertimbangkan untuk menyerap saham PT Hutama Karya (Persero) dalam investasi proyek pembangunan jalan tol

Perusahaan pengelola jalan tol PT Jasa Marga Tbk (JSMR) mempertimbangkan untuk menyerap saham PT Hutama Karya (Persero) dalam investasi proyek pembangunan jalan tol. Pihaknya masih menunggu surat resmi dari Hutama Karya terkait pengunduran diri sebagai investor dal Menurutnya, pembangunan proyek tol sepanjang 61,8 km itu dikerjakan oleh konsorsium BUMN. JSMR memiliki saham sebesar 55% dari total investasi sebesar Rp6 triliun….

PTPP membukukan kontrak baru hingga 3Q14 sebesar Rp12T

PT Pembangunan Perumahan (PTPP) membukukan kontrak baru hingga 3Q14 sebesar Rp12T . Perseroan optimistis dapat meraih target kontrak baru sebesar Rp24T. Untuk belanja modal (capex) telah terserap Rp160M dari total anggaran Rp446M. Tahun ini, PTPP membidik perolehan laba bersih mencapai Rp560 miliar hingga Rp600 miliar. Hingga 2018, perseroan memproyeksikan laba bersih dapat mencapai Rp1,7 triliun.

PTPP /WIKA : Bergabung dengan Wika & Pelindo Bangun Pelabuhan

PT PP (Persero) Tbk (PTPP) berencana membentuk anak usaha dengan PT Pelindo I dan PT Waskita Karya Tbk (WIKA). Perusahaan tersebut, akan berada di Bandara Kuala Namu, Medan, Sumatera Utara. Direktur Utama PTPP Bambang Triwibowo menjelaskan, anak usaha tersebut berencana untuk membangun pelabuhan. Saat ini, pelabuhan tersebut sudah masuk dalam tahap penyesuaian izin-izin terkait. “Kita bersama-sama buat pelabuhan, kita kemarin…

Prabowo’s dominance: Negative political development with PDI-P powerless in the House

Negative political development with PDI-P powerless in the House In the first plenary meeting of new parliament members, all key positions in the House were dominated by Prabowo’s Red and White coalition (exhibit 1). Setya Novanto (Golkar) was elected as House Chairman along with four deputies comprised of Fadli Zon (Gerindra), Agus Hermanto (Demokrat), Fahri Hamzah (PKS) and Taufik Kurniawan….

NEWS 1 October 2014

·         RIGS Akan Ekspansi ke Thailand dan Malaysia ·         PGAS Bangun SPBG di Jawa Timur ·         TBLA Siapkan Pembayaran Bunga Obligasi Rp26,25 Miliar ·         HEXA Siapkan Capex USD16 Juta ·         UNTR Proyeksikan Capex 2015 Sebesar USD300 Juta ·         PTPP Lunasi MTN Total Senilai Rp530 Miliar ·         Dividen INKP Rp25/saham dan TKIM Rp10/saham, cum 17 Oktober 2014 ·         SIAP tunda akuisisi…

MBAP melalui anak usahanya PT Baradinamika Muda menandatangani kontrak EPC Muara Bengalun dengan PTPP senilai Rp123M

PT Mitrabara Adiperdana (MBAP) melalui anak usahanya PT Baradinamika Muda menandatangani kontrak EPC Muara Bengalun dengan PT PP (PTPP) senilai Rp123M. Pembangunan fasilitas infrastruktur untuk mendukung rencana peningkatan kapasitas produksi yang akan dilakukan oleh perseroan.