analysis

Telkom Indonesia: The Nightmare is Over

Download PDF: TLKM_March2019 Continued Transformation to Data-based Revenue Rising Cost Hurts the Bottom Line Maintain Buy Rating with Target Price of Rp 4450/share Telkom’s 2018 annual report is likely to be disappointing, based on the recent trend in the sector and third quarter statement. After years enjoying high return and strong growth, the sector isContinue reading “Telkom Indonesia: The Nightmare is Over”

Putamen Capital: February 2019 Update

Our decision last month to portfolio equity allocation proved to be a correct one, despite our model suggesting a very defensive position. Emerging Markets and U.S. equity rallied on the backdrop of Fed dovishness and signs of reflation coming from China, the largest importer for many EM countries. We still believe that the growth slowdownContinue reading “Putamen Capital: February 2019 Update”

Equity Research Report: Emergent Biosolutions 3Q17

Download the Report in PDF: EBS Report Download the Valuation in Excel: Emerging Biosolutions Valuation Emergent Biosolutions Inc.: 3Q17 Recommendation: BUY Target Price : $49.86 Closing Price : $40.86 Upside (Downside) Potential : 22.0% Company Profile Emergent BioSolutions Inc. develops, manufactures, and commercializes immunobiotics such as vaccines and immune globulins that assist the body’s immuneContinue reading “Equity Research Report: Emergent Biosolutions 3Q17”

Equity Research Report: Addus HomeCare 3Q17

Download the Report in PDF: ADUS Report Download the Excel Model: ADUS Valuation Addus HomeCare Corp: Maintaining Growth Momentum Recommendation: OUTPERFORM Target Price : $37.78 Closing Price : $32.55 Upside (Downside) Potential : +16.1% Company Profile Addus HomeCare Corporation provides a broad range of social and medical services in the home. The company’sContinue reading “Equity Research Report: Addus HomeCare 3Q17”

Valuation November 2016: Metrodata Electronics (MTDL.JK)

Metrodata Electronics is a stock that I have observed for over 3 years now. It’s valuation is cheap and provides a considerable upside potential from the current price. The business itself doesn’t grow very fast, but is stable. From my valuation incorporating higher risk-free rate (due to the rising government bond yield), results in targetContinue reading “Valuation November 2016: Metrodata Electronics (MTDL.JK)”