: FY19 results - in-line, improvement in asset quality will secure FY20 outlook
FY19 net profit of Rp27.5tr (+10% yoy) was in-line. Headline PPOP grew 1% yoy (+9% yoy ex one-offs), while provision improved (-15% yoy).
Lower provisioning was attributed to improvement on its overall asset quality. NPL/LAR improved to 2.3/9.6% in 4Q19 vs. 2.5/11% in 3Q19.
Ample provision adjustment (post IFRS 9) shall further alleviate investors' concern on its asset quality. Maintain Buy and upgrade TP to Rp9,000.
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LPS cut deposit insurance rate by 25bps
LPS cut the rupiah deposit insurance rate by 25bps to 6%, while the deposit insurance rates for FX deposits were unchanged at 1.75%. Rural bank (BPR) insurance deposit rates were also reduced by 25bp drop to 8.50%. The new rates will be effective starting 25th Jan to 29th May 2020. (Kontan)
targeting up to 9% top line growth in 2020F
is targeting top line growth to be around 7-9% yoy in 2020F, which is expected to be supported by growth in BPJS and pharmaceuticals. Meanwhile, earnings growth is targeted to be around 3-5% yoy. Management is also preparing capex of Rp1tr in 2020F, which is lower compared to last year's budget of Rp1.8tr. (Kontan)
BPJT will raise Jakarta inner city toll road tariffs
The Toll Road Regulatory Agency ( BPJT ) guides that it will raise tariffs for inner city Jakarta toll roads soon - currently, it is still in the phase of socializing the planned tariff increase. Note that the tariff for the inner city toll roads was previously raised by 5.9% in Dec 2017. (Kontan)
Lion Air to be the biggest IPO in 2020
Lion Air will be doing a pre-deal roadshow starting end of Jan to 7 Feb ahead of their IPO plan. It targets a total proceed of US$1bn, which shall make it the largest IPO in 2020. The proceeds will be largely used to acquire fleets, which are currently under operating leases. (Investor Daily)
to hold AGM on 18 February 2020
's AGM will be held on 18 February 2020 at 2pm. One of the agendas included will be changes to the management team. (Bisnis Indonesia)
Sumber : IPS
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