1H12 results in full
swing: Mostly in-line or better than expected.
Strong:
BBCA, BMRI, INTP, SMRA, CTRS, CTRP, SSIA, INTP, CMNP, HMSP,
EPMT
In-line:
BBNI, MBSS, INDY, CTRP, RALS, ACES, MYOR, BWPT, CPIN,
TLKM
Disappointing:
GGRM, ISAT, INCO, DOID, MASA, GZCO, SGRO,
· SMRA:
strong, 1H NP+100% YoY to Rp311bn, 65% of FY12 CL’s and
cons
· CTRS:
strong, 1H NP+33.3% YoY to Rp126bn, 60% of FY12 CL’s and 51% of FY12
cons
· SSIA:
strong, 1H NP+147% YoY to Rp372bn, 59% of FY12 CL’s and
cons
· INTP:
strong, 1H NP+25% YoY to Rp2.2tn, 49% of FY12 CL’s and 51% of FY12
cons
· CTRA:
weak, 1H NP+33% to Rp175bn, 39% of FY12 CL’s and cons
· CTRP:
in-line, 1H NP+30.5% YoY to Rp101bn, 45.3% of FY12 cons
· CMNP:
strong against cons estimate, 1H NP+29.3% YoY to Rp214bn, 58% of FY12
cons
· LPCK:
in-line, 1H NP+87.4% YoY to Rp185bn, 51% of FY12 cons
· MASA:
weak, 1H NP (-)95% YoY to Rp6bn, 2.5% of FY12 cons
· GIAA:
start to turnaround in 2Q12, 1H NP (-)US$2m, improved from (-)11US$m in
1Q12.
· RALS:
in line, 1H NP+39% YoY to Rp103bn, 23% of FY12 cons
· GZCO:
weak, 1H NP -44% YoY to Rp48bn, 27% of CL and 26% of cons
· SGRO:
weak, 1H NP -58% YoY to Rp150bn, 31% of CL and 25% of cons
· GGRM:
weak, 1H NP -8% YoY to Rp2.1tn, 38% of CL and 37% of cons
· MYOR:
slightly above, 1H NP +120% YoY to Rp336bn, 50% of CL and
cons
· ACES:
slightly above, 1H NP +49% YoY to Rp170bn, 44% of CL and 48% of
cons
· BWPT:
in line, 1H NP -10% YoY to Rp154bn, 39% of cons
· HMSP:
strong, 1H NP +29% YoY to Rp2.8tn
· EPMT:
strong, 1H NP +46% YoY to Rp164bn
· CPIN:
slightly above, +34% YoY to Rp1,7tn, 54% of cons
· ISAT:
weak, 1H NP from Rp724bn in 1H11 to –Rp132bn in 1H12.
· TLKM:
in-line, 1H NP+8% YoY to Rp6.2tr, 45% of 12CL.
· TBIG:
strong, 1H NP+31% YoY to Rp283bn, 38.5% of 12CL (including ISAT
deal).
· DOID:
weak, 1H NP from Rp18bn in 1H11 to –Rp321bn in 1H12.
· MBSS:
in-line, 1H NP+28% YoY to US$18m, 47% of 12CL.
· INDY:
in-line, 1H NP+19% YoY to US$80m, 46% of 12CL.
· BBNI:
in-line, 1H NP+20% YoY to Rp3.3tr, 49% of 12CL.
· BBCA:
strong, 1H NP+11% YoY to Rp5.3tr, 44% of 12CL.
· BMRI:
strong, 1H NP+10% YoY to Rp7.1tr, 51% of 12CL.
Source: CLSA
