RHB Indonesia Research

Companies coverage

15 March 2021
Last price TP Upside Mkt cap PER (X) PBV (X) EV/ Ebitda (X) Div yield (%) Net Gearing (x) ROAE (%)
Stock JCI code Ticker Rating
(IDR) (IDR) (%) (USDbn) 2021F 2022F 2021F 2022F 2021F 2022F 2021F 2022F 2021F 2022F 2021F 2022F

BANKS 141.8 17.8 15.3 2.8 2.5 N/A N/A 1.5 2.1 N/A N/A 13.7 14.2
Bank Rakyat Indonesia BBRI IJ Equity BBRI IJ BUY 4,570 4,790 5% 39.1 18.3 15.4 2.5 2.3 N/A N/A 1.5 2.3 N/A N/A 14.5 15.5
Bank Mandiri BMRI IJ Equity BMRI IJ BUY 6,650 7,900 19% 21.5 12.4 10.9 1.5 1.4 N/A N/A 2.7 3.6 N/A N/A 12.4 13.0
Bank Central Asia BBCA IJ Equity BBCA IJ NEUTRAL 33,325 38,000 14% 57.0 27.2 24.9 4.0 3.6 N/A N/A 1.2 1.3 N/A N/A 15.3 15.1
Bank Negara Indonesia BBNI IJ Equity BBNI IJ BUY 6,325 8,400 33% 8.2 11.5 9.2 1.0 0.9 N/A N/A 1.0 1.7 N/A N/A 8.2 9.5
Bank Tabungan Negara BBTN IJ Equity BBTN IJ BUY 1,970 2,450 24% 1.4 10.9 7.9 1.1 1.0 N/A N/A 1.2 1.3 N/A N/A 10.7 13.6
Bank Danamon BDMN IJ Equity BDMN IJ SELL 3,130 2,400 -23% 2.1 9.4 7.5 0.6 0.6 N/A N/A 2.7 4.3 N/A N/A 6.7 7.8
Bank CIMB Niaga BNGA IJ Equity BNGA IJ NEUTRAL 1,150 950 -17% 2.0 9.3 8.6 0.7 0.7 N/A N/A 3.1 4.3 N/A N/A 7.8 7.9
Bank Panin PNBN IJ Equity PNBN IJ BUY 1,135 1,500 32% 1.9 8.3 7.2 0.6 0.5 N/A N/A 0.0 0.0 N/A N/A 6.8 7.3
Bank Permata BNLI IJ Equity BNLI IJ SELL 2,290 640 -72% 4.5 46.8 30.4 2.5 2.3 N/A N/A 0.0 0.0 N/A N/A 5.6 8.0
BTPN Syariah BTPS IJ Equity BTPS IJ BUY 3,740 4,100 10% 2.0 20.7 13.1 4.1 3.2 N/A N/A 0.7 1.2 N/A N/A 21.4 27.4
Bank Jabar BJBR IJ Equity BJBR IJ BUY 1,570 1,215 -23% 1.1 7.2 5.6 1.1 1.0 N/A N/A 6.8 8.5 N/A N/A 16.1 18.9
Bank Jatim BJTM IJ Equity BJTM IJ BUY 840 1,000 19% 0.9 6.4 5.6 1.1 1.0 N/A N/A 6.3 8.5 N/A N/A 18.8 19.3

TELCO 27.0 15.7 13.5 2.8 2.6 3.9 3.5 4.2 4.8 0.4 0.3 18.6 19.8
Telekomunikasi Indonesia TLKM IJ Equity TLKM IJ BUY 3,380 4,000 18% 23.2 13.9 12.5 2.9 2.7 3.9 3.5 4.6 5.4 0.3 0.3 21.8 22.4
XL Axiata EXCL IJ Equity EXCL IJ BUY 2,150 3,350 56% 1.6 17.9 12.4 1.0 1.0 3.6 3.2 3.7 2.8 0.1 (0.1) 5.9 8.1
Indosat Oooredoo ISAT IJ Equity ISAT IJ BUY 5,625 7,000 24% 2.1 (50.1) 222.2 2.4 2.4 4.1 3.6 0.0 0.0 1.0 0.7 (4.7) 1.1

AUTOMOTIVE 15.9 12.3 10.7 1.3 1.2 9.7 8.6 4.9 4.8 0.2 0.1 11.0 11.5
Astra International ASII IJ Equity ASII IJ BUY 5,525 6,900 25% 15.5 12.3 10.8 1.3 1.2 9.8 8.7 4.9 4.9 0.2 0.1 11.1 11.7
Astra Otoparts AUTO IJ Equity AUTO IJ BUY 1,200 1,170 -3% 0.4 10.6 9.6 0.5 0.5 6.6 6.3 3.3 3.6 (0.1) (0.1) 4.5 4.8

TOBACCO 16.4 11.5 10.1 3.8 3.6 7.7 6.7 7.2 8.3 (0.3) (0.3) 29.0 31.4
Gudang Garam GGRM IJ Equity GGRM IJ NEUTRAL 36,200 40,000 10% 4.8 7.7 6.8 1.2 1.1 4.2 3.9 8.9 9.7 0.2 0.2 16.2 16.9
HM Sampoerna HMSP IJ Equity HMSP IJ NEUTRAL 1,435 1,550 8% 11.6 14.4 12.6 4.9 4.6 9.2 7.8 6.5 7.7 (0.5) (0.5) 35.0 38.1

STAPLES 33.1 19.8 18.5 2.9 2.6 12.4 11.2 2.7 3.3 0.5 0.5 18.2 17.4
Indofood Sukses Makmur INDF IJ Equity INDF IJ BUY 6,400 8,700 36% 3.9 8.6 7.8 1.2 1.1 8.0 7.0 4.8 5.8 0.9 0.9 14.2 14.5
Indofood CBP ICBP IJ Equity ICBP IJ BUY 8,500 11,500 35% 6.9 14.9 13.7 2.8 2.5 14.5 13.3 2.7 3.3 0.6 0.7 19.9 19.4
Mayora Indah MYOR IJ Equity MYOR IJ NEUTRAL 2,760 2,700 -2% 4.3 26.1 26.0 4.8 4.3 13.1 11.7 1.1 1.3 0.0 (0.1) 19.6 17.4
Nippon Indosari Corpindo ROTI IJ Equity ROTI IJ BUY 1,420 1,450 2% 0.6 20.8 17.6 2.5 2.2 12.4 11.2 0.7 1.2 (0.3) (0.4) 12.4 13.2
Unilever Indonesia UNVR IJ Equity UNVR IJ BUY 6,575 8,000 22% 17.4 31.0 29.5 39.9 37.5 24.0 22.9 3.0 3.2 0.1 0.0 133.9 131.0

POULTRY 9.1 25.5 24.6 3.9 3.6 14.0 13.1 1.1 1.5 0.2 0.2 15.0 14.2
Charoen Pokphand Indonesia CPIN IJ Equity CPIN IJ NEUTRAL 6,650 4,750 -29% 7.6 29.8 28.6 4.4 4.0 15.6 14.5 1.2 1.4 0.1 0.1 15.4 14.6
Japfa Comfeed Indonesia JPFA IJ Equity JPFA IJ BUY 1,855 2,000 8% 1.5 14.9 14.4 1.7 1.6 6.1 5.8 0.5 1.7 0.6 0.6 12.2 11.4

MINING & ENERGY 23.4 20.9 18.8 2.3 2.0 8.2 7.7 3.1 3.6 (0.1) (0.1) 12.4 12.5
Bukit Asam PTBA IJ Equity PTBA IJ BUY 2,740 3,000 9% 2.2 10.5 9.4 1.6 1.5 6.9 6.1 8.0 9.0 (0.3) (0.3) 15.8 17.1
United Tractors UNTR IJ Equity UNTR IJ BUY 21,100 35,000 66% 5.5 7.5 6.9 1.1 1.0 4.3 4.2 5.5 5.9 (0.1) (0.2) 15.6 15.2
Adaro Energy ADRO IJ Equity ADRO IJ BUY 1,235 1,500 21% 2.7 8.9 7.9 0.7 0.7 4.5 4.1 6.3 8.8 (0.1) (0.2) 8.5 9.5
Indo Tambangraya Megah ITMG IJ Equity ITMG IJ BUY 11,825 14,550 23% 0.9 13.0 11.7 1.1 1.1 5.1 4.5 5.2 6.3 (1.0) (1.0) 24.7 25.7
Timah TINS IJ Equity TINS IJ BUY 1,900 2,000 5% 1.0 9.8 9.2 1.5 1.3 5.6 5.5 3.1 3.3 0.6 0.5 16.1 15.3
Merdeka Copper Gold MDKA IJ Equity MDKA IJ BUY 2,470 2,850 15% 3.9 33.0 34.5 5.7 4.9 10.1 10.7 0.0 0.0 0.0 (0.1) 17.1 14.4
Aneka Tambang ANTM IJ Equity ANTM IJ BUY 2,340 4,500 92% 3.9 41.9 34.9 2.8 2.6 14.5 13.1 0.0 0.0 0.2 0.2 6.8 7.7
Vale Indonesia INCO IJ Equity INCO IJ NEUTRAL 4,710 6,600 40% 3.2 26.8 21.1 1.6 1.5 10.8 8.9 0.0 0.0 (0.1) (0.2) 6.0 7.3

CEMENT 7.8 24.1 20.2 1.9 1.8 12.2 11.1 2.2 2.7 0.2 0.1 8.0 9.2
Semen Indonesia SMGR IJ Equity SMGR IJ BUY 11,125 14,700 32% 4.6 26.5 22.1 1.9 1.8 13.9 12.9 1.1 1.5 0.7 0.6 7.4 8.4
Indocement Tunggal Prakarsa INTP IJ Equity INTP IJ BUY 12,625 17,500 39% 3.2 21.5 18.1 1.9 1.8 9.6 8.5 3.8 4.4 (0.4) (0.5) 8.8 10.3

TRANSPORT & LOGISTICS 1.0 109.8 7.1 (1,509.8) (2,127.6) 12.6 9.1 0.7 1.3 (2.2) (3.1) 10.7 (19.2)
Blue Bird BIRD IJ Equity BIRD IJ BUY 1,465 1,900 30% 0.3 10.7 7.7 0.6 0.6 3.3 2.6 0.0 1.9 0.0 0.0 6.2 8.0
Garuda Indonesia GIAA IJ Equity GIAA IJ BUY 370 650 76% 0.7 (19.1) 7.8 (2,272.8) (3,202.6) 17.5 12.5 0.0 0.0 (3.3) (4.6) 11.9 (32.8)
Indonesia Kendaraan Terminal IPCC IJ Equity IPCC IJ BUY 645 1,400 117% 0.1 4.1 3.6 0.6 0.6 1.8 1.7 8.6 9.7 (0.7) (0.7) 16.5 16.6

INFRA & CONSTRUCTION 5.7 18.4 12.3 1.0 1.0 12.2 9.7 1.4 2.1 1.8 1.8 6.1 8.5
Jasa Marga JSMR IJ Equity JSMR IJ BUY 4,310 6,100 42% 2.2 18.3 15.3 1.2 1.1 12.2 10.5 0.8 1.0 2.6 2.3 8.3 9.3
Waskita Karya WSKT IJ Equity WSKT IJ BUY 1,435 2,000 39% 1.4 100.9 20.3 1.3 1.2 20.2 14.3 0.0 0.0 2.5 2.8 1.3 6.3
Wijaya Karya WIKA IJ Equity WIKA IJ BUY 1,675 2,500 49% 1.0 12.7 9.1 0.9 0.8 8.8 7.4 1.6 2.2 0.2 0.4 6.9 9.0
Pembangunan Perumahan PTPP IJ Equity PTPP IJ BUY 1,555 1,900 22% 0.7 14.2 9.2 0.5 0.5 7.0 5.3 1.4 2.1 1.0 0.8 4.9 7.2
Adhi Karya ADHI IJ Equity ADHI IJ BUY 1,315 1,400 6% 0.3 9.4 6.1 0.6 0.6 5.6 4.5 0.2 2.1 1.0 0.9 7.2 10.2
Acset Indonusa ACST IJ Equity ACST IJ BUY 368 1,209 N/A 0.2 10.9 10.2 0.2 0.1 4.7 4.5 23.5 33.5 1.3 1.2 14.7 14.3

RETAIL 7.1 21.2 14.4 3.6 3.1 12.9 11.2 1.1 1.8 (0.1) (0.2) 16.9 21.4
Matahari Department Store LPPF IJ Equity LPPF IJ SELL 1,465 630 -57% 0.3 8.9 6.4 2.4 1.9 4.5 3.8 0.0 5.4 (0.7) (0.8) 29.4 32.0
Mitra Adiperkasa MAPI IJ Equity MAPI IJ BUY 815 1,000 23% 0.9 20.9 14.3 1.8 1.6 6.3 4.9 0.0 0.5 (0.1) (0.2) 8.7 11.7
Ace Hardware ACES IJ Equity ACES IJ NEUTRAL 1,615 1,620 0% 1.9 26.1 20.9 4.6 4.0 19.5 15.9 0.8 1.3 (0.3) (0.4) 19.2 20.5
Erajaya Swasembada ERAA IJ Equity ERAA IJ BUY 2,760 2,200 -20% 0.6 12.5 12.0 1.5 1.4 6.0 5.7 0.7 1.6 0.2 0.2 12.7 11.9
Ramayana Lestari RALS IJ Equity RALS IJ NEUTRAL 820 710 -13% 0.4 24.6 17.5 1.4 1.3 4.2 3.2 0.0 1.9 (0.5) (0.6) 6.1 8.1
Sumber Alfaria AMRT IJ Equity AMRT IJ BUY 980 1,100 12% 2.8 24.9 21.2 4.5 4.0 14.5 13.4 1.7 2.0 0.0 (0.1) 19.4 20.0
Buyung Poetra Sembada HOKI IJ Equity HOKI IJ BUY 266 338 27% 0.2 17.7 2.0 0.8 0.6 8.7 7.1 5.2 6.7 0.3 0.2 18.6 140.2

MEDIA 2.9 10.5 9.7 2.8 2.4 6.1 5.5 2.0 2.5 (0.2) (0.3) 19.5 18.7
Surya Citra Media SCMA IJ Equity SCMA IJ BUY 1,750 2,400 37% 1.8 18.2 16.2 3.8 3.3 8.0 7.1 1.7 2.2 (0.4) (0.4) 20.9 20.4
Media Nusantara Citra MNCN IJ Equity MNCN IJ BUY 1,065 1,640 54% 1.1 6.2 5.9 1.1 0.9 3.1 3.0 2.3 3.1 0.0 0.0 16.6 15.2

PROPERTY 6.8 16.2 14.9 1.1 1.0 7.7 7.3 0.6 0.7 0.1 0.1 7.3 7.3
Alam Sutera ASRI IJ Equity ASRI IJ NEUTRAL 248 219 -12% 0.3 12.6 10.9 0.4 0.4 6.3 5.8 0.0 0.0 0.6 0.6 3.5 3.9
Bumi Serpong BSDE IJ Equity BSDE IJ BUY 1,270 1,390 9% 1.9 18.3 18.8 0.8 0.8 9.7 9.3 0.0 0.0 0.1 0.0 3.9 3.7
Ciputra Development CTRA IJ Equity CTRA IJ NEUTRAL 1,190 690 -42% 1.5 21.7 19.6 1.3 1.2 8.6 8.4 0.3 0.3 0.1 0.1 6.0 6.2
Sumarecon Agung SMRA IJ Equity SMRA IJ BUY 1,045 820 -22% 1.0 28.1 27.8 0.9 0.9 9.0 8.9 1.2 1.4 0.8 0.7 6.9 6.6
Pakuwon Jati PWON IJ Equity PWON IJ BUY 595 630 6% 2.0 10.9 9.5 1.3 1.2 4.7 4.0 1.1 1.4 (0.2) (0.3) 12.9 13.0

INDUSTRIAL ESTATE 1.1 9.2 7.9 1.2 1.2 7.9 7.9 8.0 7.7 (0.1) (0.1) 12.3 13.1
Deltamas Pura Lestari DMAS IJ Equity DMAS IJ BUY 242 280 16% 0.8 10.0 9.9 1.5 1.4 8.8 9.2 9.9 9.9 (0.1) (0.1) 14.9 15.0
Bekasi Fajar Industrial Estate BEST IJ Equity BEST IJ NEUTRAL 164 188 15% 0.1 4.0 3.1 0.3 0.3 5.7 4.8 4.9 0.0 0.1 (0.8) 8.2 9.7
Surya Semesta Internusa SSIA IJ Equity SSIA IJ BUY 505 535 6% 0.2 17.2 7.8 0.6 0.5 5.2 3.5 0.4 1.8 0.0 0.0 3.1 6.4

HEALTHCARE 8.8 28.7 25.9 4.9 4.4 18.9 17.0 1.5 1.7 (0.2) (0.2) 15.9 16.0
Medikaloka Hermina HEAL IJ Equity HEAL IJ BUY 4,100 5,300 29% 0.8 30.5 25.0 3.7 3.3 10.2 9.0 1.0 1.6 0.2 0.1 7.7 8.7
Mitra Keluarga Karyasehat MIKA IJ Equity MIKA IJ BUY 2,850 3,600 26% 2.8 46.8 41.3 7.2 6.5 29.4 26.1 1.0 1.0 (0.2) (0.2) 15.7 16.1
Kalbe Farma KLBF IJ Equity KLBF IJ BUY 1,585 1,750 10% 5.2 23.5 21.6 3.9 3.5 14.6 13.4 1.9 2.1 (0.2) (0.2) 17.2 17.0

PLANTATION 2.2 22.3 20.0 1.2 1.2 8.9 8.6 1.4 1.5 0.1 0.1 5.3 5.9
Astra Agro Lestari AALI IJ Equity AALI IJ TRADING BUY 11,375 14,680 29% 1.5 21.5 18.8 1.2 1.2 9.5 8.8 1.2 1.4 0.2 0.2 5.3 6.1
London Sumatera LSIP IJ Equity LSIP IJ TRADING BUY 1,505 1,680 12% 0.7 24.2 23.2 1.2 1.3 7.6 8.3 1.7 1.8 (0.2) (0.2) 5.1 5.4

MISC 0.4 20.2 19.8 3.9 3.6 9.7 9.5 2.5 3.0 (0.1) (0.2) 20.0 18.7
Arwana Citramulia ARNA IJ Equity ARNA IJ BUY 755 920 22% 0.4 20.2 19.8 3.9 3.6 9.7 9.5 2.5 3.0 (0.1) (0.2) 20.0 18.7

333 17.5 15.1 2.9 2.7 5.5 5.0 2.6 3.2 0.11 0.09 15.4 15.9