Indocement Tunggal Prakarsa Tbk (INTP)

Indocement Tunggal Prakarsa (INTP) Tbk

  Menanjak Perlahan Company Report | Nov 15, 2018 Peningkatan Performa 3Q18

  Pada periode 3Q18, penjualan INTP membumbung menjadi Rp 4,3 triliun

Hold

  (+40,8% q-q dan +8,1%y-y). Hal ini dipacu oleh 2 faktor, kenaikan harga jual, berujung pada peningkatan Average Selling Price (ASP) menjadi Rp 847 ribu

Dec 2019 TP (IDR) 19,950

  (+3,9% q-q) dan peningkatan volume penjualan INTP menjadi 5 juta ton (+35,6% Consensus Price (IDR) 16,346

  TP to Consensus Price +22.1%

  q-q dan +7,1% y-y). Di sisi biaya, kendati kontribusi biaya bahan bakar terhadap

  vs. Last Price +6.3%

  biaya manufaktur menanjak 3% q-q, total beban pokok pendapatan terhadap penjualan secara keseluruhan merosot 4,1%q-q. Hal yang perlu diwaspadai adalah lonjakan beban operasional 29% q-q.

  Shares data Last Price (IDR)

  18,775

  Tantangan Masih Nyata Price date as of

  Nov 14, 2018

  , Kondisi oversupply, yang belum akan berakhir dalam jangka waktu dekat

  52 wk range (Hi/Lo) 23950/12500

  semakin ketatnya persaingan dengan kompetitor yang baru saja melakukan

  Free float (%)

  49.0 akuisisi, serta membumbungnya harga batu bara sebagai bahan bakar utama

  Outstanding sh.(mn) 3,681

  merupakan tantangan bagi INTP. Sementara itu, di sisi permintaan, sektor

  Market Cap (IDR bn) 72,244

  properti yang menjadi tumpuan harapan belum memperlihatkan tanda-tanda Market Cap (USD mn) 4,901 kenaikan.

  Avg. Trd Vol - 3M (mn)

  1.80 Avg. Trd Val - 3M (bn)

  30.13 Mengamati tren kenaikan volume penjualan semen pada Oktober 2018—+5% Foreign Ownership 99.8% m-m dan +5,8%y-y— dan kenaikan harga jual, kami optimis bahwa INTP sanggup menutup tahun dengan kinerja lebih baik atau setidaknya serupa

  Basic Industry Cement dengan pencapaian kinerja pada 3Q18.

  Bloomberg

  INTP.IJ Target Harga Rp19.950 Reuters

  Kami menggunakan estimasi forward P/E 2019E sebesar 46,2x (1SD di bawah rata-rata 1 tahun) sebagai basis untuk memperoleh target harga Desember

  Share Price Performance

  2019. Target harga ini mengimplikasikan P/E 2018E sebesar 53,7x. Saat ini, INTP diperdagangkan pada P/E 2018/E sebesar 69,8x.

  Indocement Tunggal Prakarsa Tbk | Summary (IDR bn) 2017 2018E 2019E 2020E

  Sales 14,431 15,075 15,678 16,462

  Sales growth 4.5% 4.0% 5.0%

  • -6.1%

  EBITDA 3,053 2,128 2,614 2,898 Net Profit 1,860 990 1,366 1,590 EPS (IDR) 505 269 371 432

  EPS growth 38.1% 16.4%

  • -51.9% -46.8%

  YTD

  1M

  3M

  12M

  BVPS (IDR) 6,671 6,240 6,289 6,424

  Abs. Ret. -18.4% 10.9% 39.1%

  • 6.9%

  21.2% 14.1% 16.7% 17.6%

  EBITDA margin

  Rel. Ret. -12.1% 11.1% 90.3% -8.2% 12.9% 6.6% 8.7% 9.7%

  NPM

  7.3% 4.2% 5.9% 6.8%

  ROE

  6.3% 3.5% 5.0% 5.7%

  ROA ROIC 34.5% 15.3% 24.7% 26.3% P/E 43.4x 69.8x 50.6x 43.5x P/BV 3.3x 3.0x 3.0x 2.9x

Selvi Ocktaviani

  EV/EBITDA 23.8x 29.3x 23.6x 21.1x

  • 62 21 797 6202, ext:125

  DPS (IDR) 700 323 297 346

  selvi.ocktaviani@nhsec.co.id Dividend yield 3.2% 1.7% 1.6% 1.8%

  Source: Company Data, Bloomberg, NHKS Research Please consider the rating criteria & important disclaimer NH Korindo Sekuritas Indonesia

  Indocement Tunggal Prakarsa www.nhsec.co.id

  Source: Company, NHKS Research Revenue Breakdown | 9M18

  Source: Company, NHKS Research

  INTP Revenue Growth (q-q) | 3Q16 - 3Q18 Sales Volume (Tons) & Market share | 1Q17—3Q18

  Source: ASI, NHKS Research Margin Ratio | 3Q16 - 3Q18

  Source: Company, NHKS Research Performance Highlights

  Manufacturing Cost Breakdown | 9M14 - 9M18 Source: Company, NHKS Research

  Java Sales Volume (Tons) & Market share | Jan-Oct 18 Source: ASI, NHKS Research

  Indocement Tunggal Prakarsa www.nhsec.co.id

  3Q18 review (IDR bn)

  3Q18

  3Q17

  4Q17

  1Q18

  2Q18

  4Q18E Actual y-y q-q

  Sales 3,969 3,919 3,440 3,045 4,288 8.1% 40.8% 4,302

  • -14.8% 65.4% 1,273

  Gross Profit 1,383 1,383 987 713 1,179

  Gross Margin 34.9% 35.3% 28.7% 23.4% 27.5% 29.6%

  • -7.4% 4.1%

  EBIT 570 410 237 18 272 -52.3% 1405.2% 354

  EBIT Margin 14.4% 10.5% 6.9% 0.6% 6.3% -8.0% 5.7% 8.2%

  EBITDA 876 743 557 313 616 -29.7% 96.7% 643

  EBIT Margin 22.1% 19.0% 16.2% 10.3% 14.4% -7.7% 4.1% 14.9% 189.1% 372 Net Profit 505 453 264 91 263 -48.0%

  Net Margin 12.7% 11.6% 7.7% 3.0% 6.1% -6.6% 3.1% 8.6% Source: Bloomberg, NHKS research Earnings revision (IDR bn) 2018E 2019F 2020F

  Sales Revised 15,075 15,678 16,462 Previous 15,097 15,598 16,372

  • -0.1% 0.5% 0.5%

  Change Gross Profit Revised 4,152 4,703 5,103

   Previous

  5,295 5,975 6,228 Change -21.6% -21.3% -18.1%

  27.5% 30.0% 31.0%

  Gross Margin Revised Previous 35.1% 38.3% 38.0%

  EBIT Revised 880 1,343 1,591 Previous 2,390 2,952 3,264 Change -63.2% -54.5% -51.3%

  EBIT Margin Revised 5.8% 8.6% 9.7%

  15.8% 18.9% 19.9%

  Previous EBITDA Revised 2,128 2,614 2,898

  Previous 3,348 3,930 4,352 Change -36.4% -33.5% -33.4%

  EBITDA Margin Revised 14.1% 16.7% 17.6%

  22.2% 25.2% 26.6%

  Previous Net Profit Revised 990 1,366 1,590

  Previous 2,432 2,892 3,152 Change -59.3% -52.8% -49.5%

  6.6% 8.7% 9.7%

  Net Margin Revised Previous 16.1% 18.5% 19.3%

  Source: NHKS research

  • 13.46%
  • 58.31%

  CAHYA MATA SARAWAK 776 1,006 414 63 6.13% 15.3% 11.2% 12.6x 1.4x

  AMBUJA CEMENTS LTD 5,751 5,560 3,627 233 37.22% 6.4% 7.5% 27.4x 2.0x SHREE CEMENT LTD 7,405 2,324 1,525 215 3.37% 14.1% 16.7% 38.6x 6.0x

  ULTRATECH CEMENT 14,941 8,775 4,804 345 -18.15% 7.2% 8.8% 48.5x 4.1x

  India

  ANHUI CONCH CEMENT 26,379 18,772 13,713 3,403 86.05% 24.8% 25.1% 9.0x 2.1x CHINA NATIONAL BUILD- 6,677 53,359 26,073 1,069 133.51% 4.1% 11.2% 6.2x 0.7x HUAXIN CEMENT CO LTD 3,616 4,687 3,840 679 231.08% 17.7% 34.4% 4.5x 1.3x

  China

  6.0% 10.0% 18.0x 1.8x

  HOLCIM PHILIPPINES INC 728 712 703 42

  Philippines

  SIAM CITY CEMENT PUB 2,178 2,501 1,384 97 38.35% 7.0% 9.1% 22.8x 2.1x

  Thailand

  Malaysia

  4.2% 2.4% 249.5x 5.6x

  1,304 372 138 6

  9.2% 9.0% 22.1x 1.9x SEMEN BATURAJA

  3,945 3,603 2,065 190

  INDOCEMENT TUNGGAL 4,523 2,124 1,056 77 -49.70% 7.3% 4.6% 62.4x 3.0x HOLCIM INDONESIA 1,019 1,444 710 (53) 4.14% -7.5% -10.6% N/A 2.3x SEMEN INDONESIA

  • 59.25%

  Source: Bloomberg Company Market Cap (USD mn) Asset (USD mn) Sales LTM (USD mn) Net Profit LTM (USD mn) Net Profit Growth LTM Net Margin ROE LTM P/E LTM P/BV Indonesia

  Jumlah populasi, pembangunan infrastruktur dan bangunan menjadi katalis positif bagi industri semen. Hal ini dibuktikan dengan menjamurnya perusahaan semen di negara-negara padat penduduk seperti Tiongkok, India, dan Indonesia. Selain itu, potensi jangka panjang juga terlihat dari konsumsi semen per kapita, misalnya konsumsi semen di Indonesia dan India sebanyak 262 dan 244 kg per kapita masih lebih rendah dibandingkan dengan konsumsi semen di Korea Selatan sebanyak 1.000 kg dan Tiongkok sebanyak 1.648 kg per kapita. Di Asia Tenggara, INTP masih termasuk salah satu perusahaan semen dengan kapitalisasi pasar terbesar dan tergolong cukup sehat karena kemampuannya membukukan laba positif di tengah kondisi oversupply dan ketatnya persaingan usaha.

  Daya Saing Industri Semen di Asia Pasifik

  PT Indocement Tunggal Prakarsa, Tbk didirikan pada 1985 dengan meleburkan 6 perusahaan dengan 8 pabrik dalam satu manajemen terpadu. Pada 1989, perusahaan melakukan penawaran umum saham perdana dengan kode INTP. Merek semen produksi INTP, yang telah popular adalah “Tiga Roda”; pada 2017 INTP meluncurkan merek baru, yaitu semen “Rajawali”. Saat ini INTP mempunyai 13 pabrik—10 pabrik di Citereup, Bogor, 2 pabrik di Cirebon, dan 1 pabrik di Kotabaru, Kalimantan Selatan— dengan total kapasitas produksi per tahun sebanyak 24,9 juta ton. Sepanjang Januari hingga Oktober 2018, INTP menguasai 24,6% pangsa pasar penjualan semen nasional dengan Jawa Barat sebagai pangsa pasar terbesar yaitu 49,4% .

  Asia Pacific Cement Sector Comparables

  Indocement Tunggal Prakarsa www.nhsec.co.id

  Sekilas tentang INTP

  Indocement Tunggal Prakarsa www.nhsec.co.id

  Multiple Valuation Forward P/E band | Last 1 year Dynamic Forward P/E band | Last 1 year Source: NHKS research Source: NHKS research Rating and Target Price Update Target Price Revision Date Rating Target Price Last Price Consensus vs Last Price vs Consensus

  11/22/2017 Hold 21,575 (Dec 2018) 20.050 18.134 +7.60% +19.00% 11/15/2018 Hold 19.950 (Dec 2019) 18.775 16,346 +6.26% +22.05%

  Source: NHKS research, Bloomberg Analyst Coverage Rating Closing and Target Price Source: Bloomberg

  Source: NHKS research

NH Korindo Sekuritas Indonesia (NHKS) stock ratings

  1. Period: End of year target price

  2. Rating system based on a stock’s absolute return from the date of publication

   Buy : Greater than +15%

   Hold : -15% to +15%  Sell : Less than -15%

  Indocement Tunggal Prakarsa www.nhsec.co.id

  Summary of Financials

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