ID - [ Cement]: SMCB tender offer update
Andrey Wijaya, Mutiara Nita - RHB Sekuritas

♦ Semen Indonesia (SMGR) management is waiting OJK decision on tender offer of the remaining Holcim Indonesia (SMCB IJ, NR) stakes which owned by public.

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♦ Estimated tender offer price is IDR2,097 per share, around 6% higher than yesterday closing price.

♦ The above tender offer price is slightly lower than our estimates (IDR2,150), driven by stronger IDR. At the time of the divestment announcement, USD/IDR was at around IDR14,500/USD, but at closed transaction it was around at IDR13,970/USD. The divestment is based on USD.

♦ Maintain BUY on SMGR with DCF-based IDR14,500 TP ( 18% upside), implies to 29x-25x FY19-20F P/Es. We see SMGR acquisition on SMCB to create positive synergise in the long term.
[07:35, 2/6/2019] Frenky Chandra: ID - [ JSMR IJ]: New Toll Roads To Boost Growth; Initiate BUY
Andrey Wijaya, Mutiara Nita - RHB Sekuritas

Link to our 27-pages report: https://research.rhbtradesmart.com/attachments/47/rhb-report-ind_jasa-marga_initating-coverage_20190206_rhb-106183714150335295c5a248fe4d34.pdf

♦ Initiate coverage with BUY and Street-high DCF-based IDR6,100 TP, 27% upside, while reflecting 11.7-10.2x FY19F-20F EV/EBITDA.

♦ Jasa Marga is the key beneficiary of a fully-connected Merak-Surabaya toll road that began operating at end-2018.

♦ In mid-2019, it is set to kick off operations of the Jakarta-Cikampek Elevated Toll Road and adjust tariff rates.

♦ New toll roads ahead – Kunciran-Serpong and Serpong-Cinere (part of Jakarta’s Outer Ring Road 2 or “JORR2”) – should boost traffic volume, being in areas with high traffic density.

♦ Capex should decline in 2020 onwards.

♦ Premised on this, it is set to reap the fruits of an aggressive expansion over the past four years.

♦ The recent inclusion into the Jakarta Islamic Index is also share price positive.
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