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: Bank Pan Indonesia (PNBN.JK)

Non-performing Loa has been rising significantly this year, so banks have to put more provision expense. In my valuation of PNBN.JK, I projected increasing NPL level and decreasing Net Interest Margin, which reflects the current trend. It results in equity value of Rp 1240/share according to FCFE model, which is close to the book valueContinue reading “Valuation November 2016: Bank Pan Indonesia (PNBN.JK)”

Valuation November 2016: Tempo Scan Pacific (TSPC.JK)

Pharmaceutical industry is full of companies with high PE ratio due to the promising potential growth in the future, however not all of them have such characteristic. In TSPC valuation I use FCFF and DDM model, resulting in similar TP of Rp 2045/share and Rp 2260/share. Last Friday TSPC is closed at Rp 2040/share, soContinue reading “Valuation November 2016: Tempo Scan Pacific (TSPC.JK)”

Valuation November 2016: Semen Indonesia (SMGR.JK)

Cement business is a stable and mature industry in Indonesia, signified by the slow growth of demand in the last few years. SMGR stock price has been falling to a recent low, but is there a potential upside? In my valuation using discounted cash flow model, it results in equity value of Rp 7945/share, usingContinue reading “Valuation November 2016: Semen Indonesia (SMGR.JK)”

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)”

Valuation November 2016: Matahari Putra Prima (MPPA.JK)

Retail business in Indonesia is a very promising industry. MPPA has suffer from declining profit in 2015 is due for a rebound, but how is the stock valuation? From last Friday closing price, there still a downside of -19%. My valuation results in equity value of Rp 1372/share, significantly under the last closing price. DownloadContinue reading “Valuation November 2016: Matahari Putra Prima (MPPA.JK)”

Valuation November 2016: Mitra Adiperkasa (MAPI.JK)

3Q16 report shows MAPI performance to be getting better after major restructuring of its business. In this valuation the target price has been decreased to Rp 6675/share from previously Rp 7225/share due to the rising cost of capital. Even then, there is still a considerable upside potential of 39% from the last Friday closing price.Continue reading “Valuation November 2016: Mitra Adiperkasa (MAPI.JK)”