[08:16, 11/5/2018] Frenky Chandra: ID - [ Cement]: Demand To Pick Up But Competition Still Intense; Neutral
Andrey Wijaya - RHB Sekuritas

♦ Maintain sector NEUTRAL, as demand is expected to increase although competition is likely to remain intense.

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♦ Our Top Pick is Semen Indonesia on earnings outperformance, driven by higher efficiency. It is also the only listed cement company that booked earnings growth in 9M18.

♦ We estimate that, overall, listed cement players recorded higher 9M18 sales, but earnings declined on lower ASP and higher opex.

♦ The divestment of Holcim should change the competitive landscape ahead, and the winner of the bid is expected to be announced in mid-November.

Link to report: https://research.rhbtradesmart.com/attachments/9/rhb-report-ind_building-materials-cement_sector-update_20181105_rhb-11074714342242075bdeffd4d87b0.pdf
[08:16, 11/5/2018] Frenky Chandra: ID - [ Consumer Staples]: 3Q18 Earnings Mostly Beat; Stay OVERWEIGHT
Andrey Wijaya - RHB Sekuritas

♦ Maintain OVERWEIGHT on sector with ICBP and MYOR as our Top Picks. 3Q18 earnings for consumer companies under our coverage (ICBP, MYOR, ROTI, and UNVR) mostly beat expectations.

♦ 9M18 total sales increased at high single-digit rates, with slightly lower EBIT margins.

♦ Wider noodles and dairy EBIT margins boosted ICBP’s earnings, while MYOR booked strong earnings growth despite higher A&P expenses.

♦ ROTI’s earning growth was driven by lower sales returns, while a one-time gain boosted UNVR’s earnings.

♦ Key risk for the sector is a weakened IDR.

Link to report: https://research.rhbtradesmart.com/attachments/0/rhb-report-ind_consumer-3q18-results-round-up_sector-update_20181105_rhb-24890631202222355bdc3a6a4d32b.pdf
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