Waskita Beton (WSBP IJ)
bl
14 September 2018
Waskita Beton(WSBP IJ)
Company Update
BUY(Unchanged)
Lower order book due to project delays
Target price (Rp)
Rp440
Prior TP (Rp)
Rp620
Shareprice (Rp)
Rp358
Upside/downside (%)
+22.9
Sharesoutstanding (m)
Increased production capacity by 15% by the end of 2018.
We lower our earnings forecast by 10/14% in FY18F/19F.
Improved cash flow from several project payment of Rp6.5tn.
Maintain Buy with lower TP of Rp440 (target P/E of 9.8x).
26,361
Marketcap. (US$ m)
636
Free float (%)
Production capacity hike to 3.75tn ton (+15% yoy) by end 2018. As of
8M18, WSBP has production capacity at 3.5mn ton/year (+7.7% yoy) from the
expansion at its existing plants in Gasing and Bojonegoro of 100k and 150k ton,
respectively. WSBP targets to increase production capacity to 3.75mn ton/year by
the end of 2018. The additional capacity might come from either existing plant or
a new plant, based on project needs and locations.
40.0
Avg. 6m dailyT/O (US$ m)
1.8
Price Performance
3M
6M
12M
-12.3
-11.8
-6.3
Relative to JCI (%) -10.0
-5.0
-5.5
WSBP-Rebase
WSKT
60.0%
Public
40.0%
Estimate Change; Vs. Consensus
2018
Vs. Prior EPS (%)
Vs. Consensus (%)
Revised down our earnings forecast due to guidance downward revision.
Due to several project tender delay and WSKT’s decision to postponed the
attainment of several toll road project, WSBP decided to reduce its FY18F new
contract guidance to Rp8.3tn (from Rp11.5tn). As of 8M18, WSBP has achieved
new contract of Rp4tn, forming 49% of company’s FY18F new guidance of
Rp8.3tn. WSBP’s low new contract achievement was resulted from several toll
road project delays such as Krian-Legundi-Bunder-Manyar, Cibitung-Cillincing,
Pasuruan-Probolinggo and Cimanggis-Cibitung part 2. Given lower FY18F new
contract guidance, we reduce our earnings forecast for FY18F/19F by 10/15% as
we implement lower new contract assumption to Rp8tn and Rp8.5tn for FY18F and
FY19F (from Rp11tn and Rp11.5tn).
JCI Index-Rebase
Major Shareholders
Latest EPS (Rp)
Sep-18
Jul-18
Aug-18
Jul-18
May-18
Apr-18
May-18
Mar-18
494 - 338
Feb-18
Jan-18
Feb-18
Dec-17
Dec-17
Oct-17
Nov-17
130
125
120
115
110
105
100
95
90
85
80
Oct-17
52w high/low (Rp)
Jun-18
Absolute (%)
Sep-17
Equity | Indonesia | Construction
Stock Data
2019
45.1
49.8
(10.1)
(14.1)
(5.1)
(10.6)
Received payment of Rp6.5tn for major turnkey projects. As of 8M18,
WSBP has received terminal payment of Rp6.5tn from several major project such
as Becakayu, Pemalang-Batang, Batang Semarang toll roads. In the remaining
2H18, WSBP is scheduled to receive another payment of Rp1tn from Becakayu
section 1A. In addition, company also expecting additional payment of ±Rp3tn
from two projects, namely, Legundi-Bunder, and Cimanggis-Cibitung Toll Ways
(CCTW) I & II. WSBP is currently negotiating the payment term for those projects
in order to change it to working progress payment instead of the initial agreement
of turnkey payment. Note: WSBP has previously succeeded to change the
payment term for Becakayu project section 1B and C in 1H18 worth Rp1.8tn from
turnkey to working progress.
Source: Bloomberg
Maintain Buy with lower TP of Rp440 (from 620). Despite slower than
expected new contract attainment in 8M18, we continue to like WSBP given its
robust production capacity growth and its low DER at 0.78x. However, downward
revision on our FY18F/19F earnings forecast have led our DCF-based TP to
decrease to Rp440 (from Rp620), representing target FY18F PE of 9.8x. Key risk
to our call might come from further projects tender delay from governments.
Joey Faustian
PT Indo Premier Securities
[email protected]
+62 21 5793 1168
Year To 31 Dec
Revenue(RpBn)
EBITDA(RpBn)
EBITDA Growth (%)
Net Profit(RpBn)
EPS (Rp)
EPS Growth (%)
Net Gearing (%)
PER (x)
PBV (x)
Dividend Yield (%)
EV/EBITDA (x)
Source: WSBP, IndoPremier
Refer to Important disclosures on the last of this report
2016A
4,717
1,230
172.9
635
24
89.9
(11.5)
14.9
1.3
4.0
7.0
2017A
7,104
1,909
55.2
1,000
38
57.6
54.1
9.4
1.3
3.4
7.0
2018F
8,451
2,160
13.2
1,189
45
18.8
35.1
7.9
1.1
3.2
5.8
2019F
9,684
2,404
11.3
1,312
50
10.4
45.0
7.2
0.9
3.8
5.8
2020F
9,563
2,245
(6.6)
1,095
42
(16.5)
27.8
8.6
0.9
4.2
5.5
Share Price Closing as of : 14-Sept-2018
WSBP
Fig. 1: Production capacity to increase to 4mn to/year ton
Installed capacity
Used capacity
Utilization rate
Fig. 2: Order book has peaked in 2017
%
k ton/year
4,500
4,000
71%
64%
80%
71%
70%
70%
59%
3,500
50%
2,500
40%
2,000
1,000
20%
500
10%
-
0%
2015A
2016A
2017A
2018F
10,000
Net Profit (LHS)
growth (RHS)
124%
Precast
1,527
120%
1,322
1,400
100%
90%
1,000
1,000
600
32%
334
15%
200
-
2016A
2017A
2019F
2017A
2018F
Ready mix
Construction
growth (%)
180%
158%
160%
10,000
140%
60%
6,000
40%
4,000
20%
2,000
120%
100%
78%
80%
51%
60%
40%
19%
15%
20%
0%
2015A
2019F
Source: Company, IndoPremier
2016A
2017A
2018F
2019F
Source: Company, IndoPremier
Fig. 5: Gross margin to slightly decrease due to increase debt
Fig. 6: Contract contribution from parent is still at 60%
2017
Gross margin
2018F
12,000
8,000
0%
2016A
2015A
(Rp bn)
80%
57%
635
2015A
-
Fig. 4: Revenue to grow by 17% CAGR in FY17-FY19F
140%
800
4,408
Source: Company, IndoPremier
1,800
1,200
5,871
5,000
2014A
Fig. 3: Earnings to grow by 24% CAGR in FY17F-FY19F
(Rp bn)
17,442
15,000
2019F
Source: Company, IndoPremier
18,727
15,051
30%
1,500
400
19,208
20,000
60%
3,000
1,600
Order book
(Rp bn)
25,000
Operating margin
2018
Net margin
30.0%
25.0%
20.0%
Other
parties
40%
Other
parties
40%
15.0%
WSKT
and
subsidia
ries
60%
10.0%
5.0%
WSKT
and
subsidia
ries
60%
0.0%
2014A
2015A
2016A
2017A
2018F
2019F
Source: Company, IndoPremier
Refer to Important disclosures on the last of this report
Source: Company, IndoPremier
2
WSBP
Fig. 7: Earnings change
Old
New
2018
2019
Differences
2018
2019
2018
2019
Revenue
9,150.7
10,912.5
8,450.8
9,683.8
-7.6%
-11.3%
Gross profit
Operating profit
2,472.2
1,940.0
2,823.7
2,189.0
2,256.4
1,764.2
2,482.5
1,918.0
-8.7%
-9.1%
-12.1%
-12.4%
Net profit
1,322.1
1,526.8
1,188.8
1,311.9
-10.1%
-14.1%
Gross margin
Operating margin
27.0%
21.2%
25.9%
20.1%
26.7%
20.9%
25.6%
19.8%
Net margin
Source: Company, IndoPremier
14.4%
14.0%
14.1%
13.5%
Year To 31 Dec (RpBn)
2016A
2017A
2018F
2019F
2020F
Income Statement
Net Revenue
4,717
7,104
8,451
9,684
9,563
Cost of Sales
(3,498)
(5,156)
(6,194)
(7,201)
(7,301)
1,219
1,948
2,256
2,482
2,262
Gross Profit
SG&A Expenses
(106)
(414)
(492)
(564)
(559)
Operating Profit
1,113
1,534
1,764
1,918
1,703
Net Interest
(156)
(374)
(386)
(390)
(395)
0
0
0
0
0
11
(3)
(4)
(4)
(2)
Forex Gain (Loss)
Others-Net
Pre-Tax Income
967
1,156
1,374
1,524
1,305
(333)
(156)
(185)
(213)
(210)
0
0
0
0
0
635
1,000
1,189
1,312
1,095
Cash & Equivalent
4,206
1,028
3,472
2,332
3,859
Receivable
3,052
6,631
6,069
6,168
5,563
232
859
899
1,122
1,099
Income Tax
Minorities
Net Income
Balance Sheet
Inventory
Other Current Assets
Total Current Assets
Fixed Assets - Net
643
3,057
3,644
4,189
4,161
8,133
11,575
14,085
13,812
14,682
1,933
3,149
3,271
3,269
3,286
0
0
0
0
0
3,648
139
1,999
2,807
2,781
13,734
14,920
19,417
19,955
20,813
ST Loans
1,907
3,539
4,225
2,905
1,913
Payable
1,542
2,318
0
1,998
2,038
Other Payables
1,317
287
1,112
1,146
1,228
0
1,449
0
0
491
4,766
7,593
7,926
6,049
5,669
1,449
0
2,400
3,900
4,409
114
9
110
70
97
6,329
7,603
10,436
10,018
10,175
6,675
5,902
6,678
6,678
6,678
730
1,414
2,302
3,257
3,959
0
0
0
0
0
7,405
7,317
8,980
9,935
10,637
13,734
14,920
19,416
19,954
20,812
Goodwill
Non Current Assets
Total Assets
Current Portion of LT Loans
Total Current Liab.
Long Term Loans
Other LT Liab.
Total Liabilities
Equity
Retained Earnings
Minority Interest
Total SHE + Minority Int.
Total Liabilities & Equity
Source: WSBP, IndoPremier
Refer to Important disclosures on the last of this report
3
WSBP
Refer to Important disclosures on the last of this report
4
WSBP
Year to 31 Dec
2016A
2017A
2018F
2019F
2020F
635
1,000
1,189
1,312
1,095
Cash Flow
Net Income (Excl.Extraordinary&Min.Int)
Depr. & Amortization
Changes in Working Capital
Others
Cash Flow From Operating
Capital Expenditure
117
375
396
486
542
(2,188)
(4,376)
1,543
(947)
749
2
(2,184)
(61)
(93)
425
(1,434)
(5,184)
3,066
758
2,812
(2,369)
1,918
(2,378)
(1,292)
(533)
40
91
113
123
117
(2,329)
2,009
(2,265)
(1,169)
(416)
Loans
2,595
1,632
1,637
180
7
Equity
5,819
0
0
0
0
Dividends
(380)
(317)
(300)
(357)
(394)
(483)
Others
Cash Flow From Investing
(212)
(1,347)
379
(553)
7,822
(32)
1,716
(730)
(870)
4,060
(3,207)
2,518
(1,141)
1,527
Gross Margin (%)
25.8
27.4
26.7
25.6
23.6
Operating Margin (%)
23.6
21.6
20.9
19.8
17.8
Pre-Tax Margin (%)
20.5
16.3
16.3
15.7
13.6
Net Margin (%)
13.5
14.1
14.1
13.5
11.5
ROA (%)
7.0
7.0
6.9
6.7
5.4
ROE (%)
14.5
13.6
14.6
13.9
10.6
ROIC (%)
10.8
8.9
8.6
8.9
7.0
137.7
248.5
274.0
230.4
223.6
0.4
0.2
0.2
0.2
0.3
24.4
9.5
7.0
7.1
6.6
118.5
136.6
144.6
116.2
100.9
0.0
0.0
0.0
0.0
0.0
45.3
68.2
73.8
68.5
64.0
Others
Cash Flow From Financing
Changes in Cash
Financial Ratios
Acct. Receivables TO (days)
Acct. Receivables - Other TO (days)
Inventory TO (days)
Payable TO (days)
Acct. Payables - Other TO (days)
Debt to Equity (%)
Interest Coverage Ratio (x)
Net Gearing (%)
0.2
0.3
0.3
0.3
0.3
(11.5)
54.1
35.1
45.0
27.8
Source: WSBP, IndoPremier
Refer to Important disclosures on the last of this report
5
Head Office
PT INDO PREMIER SECURITIES
Wisma GKBI 7/F Suite 718
Jl. Jend. Sudirman No.28
Jakarta 10210 - Indonesia
p +62.21.5793.1168
f +62.21.5793.1167
INVESTMENT RATINGS
BUY
: Expected total return of 10% or more within a 12-month period
HOLD
: Expected total return between -10% and 10% within a 12-month period
SELL
: Expected total return of -10% or worse within a 12-month period
ANALYSTS CERTIFICATION.
The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part of the
research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
DISCLAIMERS
This research is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty nor accept any
responsibility or liability as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for
general circulation. Any recommendations contained in this document does not have regard to the specific investment objectives, financial situation and the
particular needs of any specific addressee. This document is not and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or
sell any securities. PT. Indo Premier Securities or its affiliates may seek or will seek investment banking or other business relationships with the companies in this
report.
14 September 2018
Waskita Beton(WSBP IJ)
Company Update
BUY(Unchanged)
Lower order book due to project delays
Target price (Rp)
Rp440
Prior TP (Rp)
Rp620
Shareprice (Rp)
Rp358
Upside/downside (%)
+22.9
Sharesoutstanding (m)
Increased production capacity by 15% by the end of 2018.
We lower our earnings forecast by 10/14% in FY18F/19F.
Improved cash flow from several project payment of Rp6.5tn.
Maintain Buy with lower TP of Rp440 (target P/E of 9.8x).
26,361
Marketcap. (US$ m)
636
Free float (%)
Production capacity hike to 3.75tn ton (+15% yoy) by end 2018. As of
8M18, WSBP has production capacity at 3.5mn ton/year (+7.7% yoy) from the
expansion at its existing plants in Gasing and Bojonegoro of 100k and 150k ton,
respectively. WSBP targets to increase production capacity to 3.75mn ton/year by
the end of 2018. The additional capacity might come from either existing plant or
a new plant, based on project needs and locations.
40.0
Avg. 6m dailyT/O (US$ m)
1.8
Price Performance
3M
6M
12M
-12.3
-11.8
-6.3
Relative to JCI (%) -10.0
-5.0
-5.5
WSBP-Rebase
WSKT
60.0%
Public
40.0%
Estimate Change; Vs. Consensus
2018
Vs. Prior EPS (%)
Vs. Consensus (%)
Revised down our earnings forecast due to guidance downward revision.
Due to several project tender delay and WSKT’s decision to postponed the
attainment of several toll road project, WSBP decided to reduce its FY18F new
contract guidance to Rp8.3tn (from Rp11.5tn). As of 8M18, WSBP has achieved
new contract of Rp4tn, forming 49% of company’s FY18F new guidance of
Rp8.3tn. WSBP’s low new contract achievement was resulted from several toll
road project delays such as Krian-Legundi-Bunder-Manyar, Cibitung-Cillincing,
Pasuruan-Probolinggo and Cimanggis-Cibitung part 2. Given lower FY18F new
contract guidance, we reduce our earnings forecast for FY18F/19F by 10/15% as
we implement lower new contract assumption to Rp8tn and Rp8.5tn for FY18F and
FY19F (from Rp11tn and Rp11.5tn).
JCI Index-Rebase
Major Shareholders
Latest EPS (Rp)
Sep-18
Jul-18
Aug-18
Jul-18
May-18
Apr-18
May-18
Mar-18
494 - 338
Feb-18
Jan-18
Feb-18
Dec-17
Dec-17
Oct-17
Nov-17
130
125
120
115
110
105
100
95
90
85
80
Oct-17
52w high/low (Rp)
Jun-18
Absolute (%)
Sep-17
Equity | Indonesia | Construction
Stock Data
2019
45.1
49.8
(10.1)
(14.1)
(5.1)
(10.6)
Received payment of Rp6.5tn for major turnkey projects. As of 8M18,
WSBP has received terminal payment of Rp6.5tn from several major project such
as Becakayu, Pemalang-Batang, Batang Semarang toll roads. In the remaining
2H18, WSBP is scheduled to receive another payment of Rp1tn from Becakayu
section 1A. In addition, company also expecting additional payment of ±Rp3tn
from two projects, namely, Legundi-Bunder, and Cimanggis-Cibitung Toll Ways
(CCTW) I & II. WSBP is currently negotiating the payment term for those projects
in order to change it to working progress payment instead of the initial agreement
of turnkey payment. Note: WSBP has previously succeeded to change the
payment term for Becakayu project section 1B and C in 1H18 worth Rp1.8tn from
turnkey to working progress.
Source: Bloomberg
Maintain Buy with lower TP of Rp440 (from 620). Despite slower than
expected new contract attainment in 8M18, we continue to like WSBP given its
robust production capacity growth and its low DER at 0.78x. However, downward
revision on our FY18F/19F earnings forecast have led our DCF-based TP to
decrease to Rp440 (from Rp620), representing target FY18F PE of 9.8x. Key risk
to our call might come from further projects tender delay from governments.
Joey Faustian
PT Indo Premier Securities
[email protected]
+62 21 5793 1168
Year To 31 Dec
Revenue(RpBn)
EBITDA(RpBn)
EBITDA Growth (%)
Net Profit(RpBn)
EPS (Rp)
EPS Growth (%)
Net Gearing (%)
PER (x)
PBV (x)
Dividend Yield (%)
EV/EBITDA (x)
Source: WSBP, IndoPremier
Refer to Important disclosures on the last of this report
2016A
4,717
1,230
172.9
635
24
89.9
(11.5)
14.9
1.3
4.0
7.0
2017A
7,104
1,909
55.2
1,000
38
57.6
54.1
9.4
1.3
3.4
7.0
2018F
8,451
2,160
13.2
1,189
45
18.8
35.1
7.9
1.1
3.2
5.8
2019F
9,684
2,404
11.3
1,312
50
10.4
45.0
7.2
0.9
3.8
5.8
2020F
9,563
2,245
(6.6)
1,095
42
(16.5)
27.8
8.6
0.9
4.2
5.5
Share Price Closing as of : 14-Sept-2018
WSBP
Fig. 1: Production capacity to increase to 4mn to/year ton
Installed capacity
Used capacity
Utilization rate
Fig. 2: Order book has peaked in 2017
%
k ton/year
4,500
4,000
71%
64%
80%
71%
70%
70%
59%
3,500
50%
2,500
40%
2,000
1,000
20%
500
10%
-
0%
2015A
2016A
2017A
2018F
10,000
Net Profit (LHS)
growth (RHS)
124%
Precast
1,527
120%
1,322
1,400
100%
90%
1,000
1,000
600
32%
334
15%
200
-
2016A
2017A
2019F
2017A
2018F
Ready mix
Construction
growth (%)
180%
158%
160%
10,000
140%
60%
6,000
40%
4,000
20%
2,000
120%
100%
78%
80%
51%
60%
40%
19%
15%
20%
0%
2015A
2019F
Source: Company, IndoPremier
2016A
2017A
2018F
2019F
Source: Company, IndoPremier
Fig. 5: Gross margin to slightly decrease due to increase debt
Fig. 6: Contract contribution from parent is still at 60%
2017
Gross margin
2018F
12,000
8,000
0%
2016A
2015A
(Rp bn)
80%
57%
635
2015A
-
Fig. 4: Revenue to grow by 17% CAGR in FY17-FY19F
140%
800
4,408
Source: Company, IndoPremier
1,800
1,200
5,871
5,000
2014A
Fig. 3: Earnings to grow by 24% CAGR in FY17F-FY19F
(Rp bn)
17,442
15,000
2019F
Source: Company, IndoPremier
18,727
15,051
30%
1,500
400
19,208
20,000
60%
3,000
1,600
Order book
(Rp bn)
25,000
Operating margin
2018
Net margin
30.0%
25.0%
20.0%
Other
parties
40%
Other
parties
40%
15.0%
WSKT
and
subsidia
ries
60%
10.0%
5.0%
WSKT
and
subsidia
ries
60%
0.0%
2014A
2015A
2016A
2017A
2018F
2019F
Source: Company, IndoPremier
Refer to Important disclosures on the last of this report
Source: Company, IndoPremier
2
WSBP
Fig. 7: Earnings change
Old
New
2018
2019
Differences
2018
2019
2018
2019
Revenue
9,150.7
10,912.5
8,450.8
9,683.8
-7.6%
-11.3%
Gross profit
Operating profit
2,472.2
1,940.0
2,823.7
2,189.0
2,256.4
1,764.2
2,482.5
1,918.0
-8.7%
-9.1%
-12.1%
-12.4%
Net profit
1,322.1
1,526.8
1,188.8
1,311.9
-10.1%
-14.1%
Gross margin
Operating margin
27.0%
21.2%
25.9%
20.1%
26.7%
20.9%
25.6%
19.8%
Net margin
Source: Company, IndoPremier
14.4%
14.0%
14.1%
13.5%
Year To 31 Dec (RpBn)
2016A
2017A
2018F
2019F
2020F
Income Statement
Net Revenue
4,717
7,104
8,451
9,684
9,563
Cost of Sales
(3,498)
(5,156)
(6,194)
(7,201)
(7,301)
1,219
1,948
2,256
2,482
2,262
Gross Profit
SG&A Expenses
(106)
(414)
(492)
(564)
(559)
Operating Profit
1,113
1,534
1,764
1,918
1,703
Net Interest
(156)
(374)
(386)
(390)
(395)
0
0
0
0
0
11
(3)
(4)
(4)
(2)
Forex Gain (Loss)
Others-Net
Pre-Tax Income
967
1,156
1,374
1,524
1,305
(333)
(156)
(185)
(213)
(210)
0
0
0
0
0
635
1,000
1,189
1,312
1,095
Cash & Equivalent
4,206
1,028
3,472
2,332
3,859
Receivable
3,052
6,631
6,069
6,168
5,563
232
859
899
1,122
1,099
Income Tax
Minorities
Net Income
Balance Sheet
Inventory
Other Current Assets
Total Current Assets
Fixed Assets - Net
643
3,057
3,644
4,189
4,161
8,133
11,575
14,085
13,812
14,682
1,933
3,149
3,271
3,269
3,286
0
0
0
0
0
3,648
139
1,999
2,807
2,781
13,734
14,920
19,417
19,955
20,813
ST Loans
1,907
3,539
4,225
2,905
1,913
Payable
1,542
2,318
0
1,998
2,038
Other Payables
1,317
287
1,112
1,146
1,228
0
1,449
0
0
491
4,766
7,593
7,926
6,049
5,669
1,449
0
2,400
3,900
4,409
114
9
110
70
97
6,329
7,603
10,436
10,018
10,175
6,675
5,902
6,678
6,678
6,678
730
1,414
2,302
3,257
3,959
0
0
0
0
0
7,405
7,317
8,980
9,935
10,637
13,734
14,920
19,416
19,954
20,812
Goodwill
Non Current Assets
Total Assets
Current Portion of LT Loans
Total Current Liab.
Long Term Loans
Other LT Liab.
Total Liabilities
Equity
Retained Earnings
Minority Interest
Total SHE + Minority Int.
Total Liabilities & Equity
Source: WSBP, IndoPremier
Refer to Important disclosures on the last of this report
3
WSBP
Refer to Important disclosures on the last of this report
4
WSBP
Year to 31 Dec
2016A
2017A
2018F
2019F
2020F
635
1,000
1,189
1,312
1,095
Cash Flow
Net Income (Excl.Extraordinary&Min.Int)
Depr. & Amortization
Changes in Working Capital
Others
Cash Flow From Operating
Capital Expenditure
117
375
396
486
542
(2,188)
(4,376)
1,543
(947)
749
2
(2,184)
(61)
(93)
425
(1,434)
(5,184)
3,066
758
2,812
(2,369)
1,918
(2,378)
(1,292)
(533)
40
91
113
123
117
(2,329)
2,009
(2,265)
(1,169)
(416)
Loans
2,595
1,632
1,637
180
7
Equity
5,819
0
0
0
0
Dividends
(380)
(317)
(300)
(357)
(394)
(483)
Others
Cash Flow From Investing
(212)
(1,347)
379
(553)
7,822
(32)
1,716
(730)
(870)
4,060
(3,207)
2,518
(1,141)
1,527
Gross Margin (%)
25.8
27.4
26.7
25.6
23.6
Operating Margin (%)
23.6
21.6
20.9
19.8
17.8
Pre-Tax Margin (%)
20.5
16.3
16.3
15.7
13.6
Net Margin (%)
13.5
14.1
14.1
13.5
11.5
ROA (%)
7.0
7.0
6.9
6.7
5.4
ROE (%)
14.5
13.6
14.6
13.9
10.6
ROIC (%)
10.8
8.9
8.6
8.9
7.0
137.7
248.5
274.0
230.4
223.6
0.4
0.2
0.2
0.2
0.3
24.4
9.5
7.0
7.1
6.6
118.5
136.6
144.6
116.2
100.9
0.0
0.0
0.0
0.0
0.0
45.3
68.2
73.8
68.5
64.0
Others
Cash Flow From Financing
Changes in Cash
Financial Ratios
Acct. Receivables TO (days)
Acct. Receivables - Other TO (days)
Inventory TO (days)
Payable TO (days)
Acct. Payables - Other TO (days)
Debt to Equity (%)
Interest Coverage Ratio (x)
Net Gearing (%)
0.2
0.3
0.3
0.3
0.3
(11.5)
54.1
35.1
45.0
27.8
Source: WSBP, IndoPremier
Refer to Important disclosures on the last of this report
5
Head Office
PT INDO PREMIER SECURITIES
Wisma GKBI 7/F Suite 718
Jl. Jend. Sudirman No.28
Jakarta 10210 - Indonesia
p +62.21.5793.1168
f +62.21.5793.1167
INVESTMENT RATINGS
BUY
: Expected total return of 10% or more within a 12-month period
HOLD
: Expected total return between -10% and 10% within a 12-month period
SELL
: Expected total return of -10% or worse within a 12-month period
ANALYSTS CERTIFICATION.
The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part of the
research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
DISCLAIMERS
This research is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty nor accept any
responsibility or liability as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for
general circulation. Any recommendations contained in this document does not have regard to the specific investment objectives, financial situation and the
particular needs of any specific addressee. This document is not and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or
sell any securities. PT. Indo Premier Securities or its affiliates may seek or will seek investment banking or other business relationships with the companies in this
report.