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ARNA: Semester I/2019, Laba Arwana Citramulia ...

PT Arwana Citramulia Tbk. berhasil mencatatkan pertumbuhan penjualan dan laba bersih dua digit pada semester I/2019.Berdasarkan laporan keuangan per 30 Juni 2019, produsen keramik itu mengantongi penjualan Rp1,05 triliun. Penjualan tersebut naik 13,35% secara tahunan.Emiten dengan kode saham ARNA itu mampu menjaga beban pokok penjualan sebesar Rp775,62 miliar, naik 9,92% sehingga menghasilkan laba kotor Rp271,16 miliar atau tumbuh 24,44% dibandingkan dengan laba kotor Januari-Juni 2018.Perseroan mengantongi laba selisih kurs Rp580,96 juta, membaik dibandingkan dengan semester I/2018 yang membukukan rugi selisih kurs Rp2,53 miliar.Dengan demikian, laba bersih yang dapat diatribusikan kepada pemilik entitas induk sebesar Rp102,09 miliar. Laba bersih itu tumbuh 46,64% dibandingkan dengan semester I/2018.Total aset perseroan per 30 Juni 2019 sebesar Rp1,63 triliun, turun 1,21% dibandingkan dengan total aset per 31 Desember 2018 sebesar Rp1,65 triliun. Total liabilitas sebesar Rp554,88 miliar, sedangkan total ekuitasnya sebesar Rp1,08 triliun.

Kembangkan PLTA, Kencana Energi Lestari Go Public

Calon emiten PT Kencana Energi Lestari Tbk. akan menghimpun dana segar lewat penawaran umum perdana saham yang mayoritas akan digunakan untuk pengembangan usaha di bidang energi pembangkit listrik dan energi terbarukan lainnya.Dalam prospektus yang disampaikan perseroan, Rabu (17/7/2019), Kencana Energi Lestari akan melakukan penawaran umum perdana saham sebanyak-banyaknya 977,68 juta saham biasa atas nama atau sebanyak-banyaknya 25% dari modal ditempatkan dan disetor perseroan.Bersamaan dengan aksi itu, perseroan juga mengadakan program alokasi saham karyawan atauemployee stock allocation(ESA) sebanyak-banyaknya 2% dari jumlah saham yang ditawarkan lewatinitial public offering(IPO) atau sekitar 19,55 juta.Tahapanbookbuildingatau penawaran awal rencananya akan dilakukan pada 17 Juli 2019—30 Juli 2019. Sementara itu, masa penawaran umum perdana saham diperkirakan akan berlangsung pada 9 Agustus 2019—14 Agustus 2019,Dengan demikian, pencatatan di Bursa Efek Indonesia (BEI) akan dilakukan pada 20 Agustus 2019.Kencana Energi Lestari memaparkan akan menggunakan seluruh dana yang diperoleh melalui IPO untuk perseroan dan/atau melalui entitas anak. Mayoritas atau sebesar 55% dana yang dihimpun akan digunakan untuk pengembangan usaha di bidang energi pembangkit listrik tenaga air dan energi terbarukan di area Sumatra dan Sulawesi Selatan.Fasilitas itu diperkirakan perseroan memiliki kapasitas produksi 205 megawatt (MW) melalui investasi penyertaan modal oleh perseroan pada entitas anak maupun entitas lain. Selanjutnya, sekitar 25% akan digunakan untuk modal kerja PT Bangun Tirta Lestari.Perseroan yang bergerak bidang jasa dan ketenagalistrikan itu juga mengalokasikan dana untuk belanja modal ataucapital expenditure(capex) untuk anak usaha. Rencananya, sekitar 20% dana dari IPO akan digunakan untukcapexPT Nagata Dinamika Hidro Madong terkait proyek Madong.Dalam laporan keuangan per 31 Maret 2019, Kencana Energi Lestari tercatat memiliki total aset US$249,98 juta. Jumlah itu terdiri atas total liabilitas US$115,55 juta dan total ekuitas US$134,42 juta.

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Indonesia Daily Focus Jul...

Mirae Asset Sekuritas Indonesia
Daily Focus
Macro Update - June trade balance: Continued surplus Indonesia recorded a trade surplus of USD196mn in June, due to holiday seasonality. The surplus is lower than May's trade surplus (USD218.5mn) and market expectations (consensus: USD658mn surplus). The market reacted positively with the JCI up 0.7% and the rupiah strengthening by 0.6%. However, cumulatively from January to June, Indonesia still recorded a trade deficit of USD1.9bn. June's slight surplus stemmed from declining exports, offset by an accompanying decline in imports. As Indonesia recorded a trade surplus in June, the market expects Bank Indonesia (BI) to cut its policy rate at this week's MPC meeting. However, we are still expecting BI to hold its key benchmark rate at 6.0%, as BI has projected 2Q19’s GDP to moderate, at 5.07%-5.1%. Exports contracted on a YoY basis (-9.0% YoY, -20.5% MoM vs. -8.5% YoY, +13.1% MoM in May), as the performance of oil gas exports was weaker on both a YoY and MoM. Meanwhile, non-oil and gas exports contracted for the eighth consecutive month, amid declining commodity prices (-2.3% YoY, -19.4% MoM vs. -6.0% YoY, +10.7% MoM in May). YoY import growth has finally turned positive (+2.8% YoY, vs. -17.3% YoY in May) on the back of non-oil gas imports’ performance (+8.2% YoY, vs. -16.1% YoY in May). However, looking at monthly performance, imports contracted steeply (-20.7% MoM, vs. -5.2% MoM). Moreover, oil gas imports still contracted both YoY and MoM (-20.0% YoY and -21.5% MoM, vs. -23.7% YoY and -2.4% MoM in May). Despite a better YoY performance by non-oil gas imports, non-oil gas imports contracted sharply on a MoM basis (-20.6% MoM, vs. -5.6% MoM). Imports of consumption goods, raw materials, and capital goods in June all turned positive YoY (+2.4%, +2.8%, and +3.3% YoY, respectively). On a MoM basis, all saw steep declines (-33.6% MoM, -17.8% MoM, and -25.5% MoM, respectively), due to slower domestic manufacturing activities amid the Eid al-Fitr holiday. despite June trade surplus along with a dovish Fed and low inflation, we still expect BI to maintain its 6.0% policy rate at this week's July MPC meeting. As Bank Indonesia expects 2Q19 economic growth to be 5.07%-5.1%, we think that it is too soon for BI to cut its policy rate. We expect BI to start normalizing its policy rate with a 25bps cut at the August MPC meeting.

Analysis - Easy stock guide

Cement - Encouraging June...

Mirae Asset Sekuritas Indonesia Sector UpdateCement - Encouraging June volume growth by Mimi Halimin (mimi.halimin@miraeasset.co.id)July 16, 2019
Cement - Encouraging June volume growth
June domestic cement consumption +12.5% YoYDespite sluggish MoM growth (-27.4%) due to fewer working days, June’s domestic cement consumption showed encouraging YoY volume growth (+12.5%) to 3.7mn tonnes. Despite being the lowest monthly volume YTD, June’s 3.7mn tonne figure was mainly a result of the June 1st to 9th holiday period, and we believe the encouraging YoY growth shows a return of investors’ confidence. Meanwhile, for cumulative 6M19, domestic cement consumption still fell 2.2% to 29.4mn tonnes. We believe that these results reflect the sluggishness of domestic cement consumption during 1H19, which was anticipated, based on cyclical reasons and the election in April. With election-related uncertainties dissipating, infrastructure projects should accelerate. We also expect some improvement in the property sector, amid the high possibility of a policy rate cut in 2H19. We maintain our FY19 domestic cement consumption growth forecast of around 5%.
Semen Indonesia (SMGR/ Buy/ TP: IDR14,000)SMGR (excluded SMCB and TLCC volume)’s June domestic sales volume was 1.4mn tonnes (+6.6% YoY, -31.3% MoM), with cumulative January-June volume of 11.2mn tonnes (-5.7% YoY). SMCB’s June domestic volume was up 3.5% YoY, but its cumulative January-June volume still fell 2.1% YoY. Meanwhile, due to the consolidation between SMGR and SMCB starting February this year, SMGR’s 6M19 total consolidated volume jumped by around 19% YoY, which should boost SMGR’s revenue growth. In the near term, however, we note that SMGR’s net profit is likely to take a hit from the large financing costs and elevated debt stemming from the acquisition; we forecast SMGR’s net profit to drop 28% to IDR2.2tr in FY19. Nevertheless, we estimate it will rebound to IDR3.1tr in FY20, as positive consolidation effects start to materialize.
Indocement Tunggal Prakarsa (INTP/ Hold/ TP: IDR19,500)INTP’s June domestic sales volume was 1mn tonnes (+19.9% YoY, -25.8% MoM), with cumulative January-June volume of 7.7mn tonnes (-1.7% YoY). In line with industry seasonality, we believe that INTP volume will rebound in the second half of the year. For FY19, we expect INTP’s revenue and net profit to grow 11% YoY and 48.8% YoY, respectively. However, we believe INTP’s relatively high valuation warrants caution. Our TP (IDR19,500) implies a 2019F P/E of 42.1x.
Maintain Neutral on cement sectorWe maintain our Neutral stance on the cement sector. Domestic cement consumption volume was very sluggish during 1H19, but we expect a rebound in volume in 2H19. Our top pick in the cement sector is SMGR, as it has competitive advantages in the form of huge installed capacity and widespread plants, which are scattered across Sulawesi, Sumatra, and Java.