Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Selasa, 09 Agustus 2011

Indonesia Strategy: Who’s Stretched and Who’s Not? - Credit Suisse

While robust 2Q11 earnings growth is well priced-in into the market, it fair to see the recent JCI rally, in our opinion. Unfortunately, market sentiment is running exceptionally high, in our opinion, which stretches the valuations of some companies under our coverage universe. While the Indonesia’s long-term fundamentals remain sound, we think it is wise for investors to take some profit off the table to exploit market’s extraordinary positive sentiment at present. We are a seller of BBCA, BDMN, PNBN, UNVR, KLBF, INTP, SMCB, BORN and HRUM.

· Indonesia’s 2Q11 earnings seasons are close to end, where the companies under coverage reported 24% YoY average earnings growth, reflecting the country’s strong fundamentals.
· The distribution of the 2Q11 earnings performance is as follows: 68% in-line with our expectations, 8% above and 24% below.
· With the JCI at all time highs, we screen which companies are stretched and which are not. Based on PB less ROE valuation model, we found 58% of the companies trade at premium valuations relative to their historical levels, while 29% trade below.
· Using the same screening method, 50% and 92% trades at premium to MSCI Indonesia and MSCI NJA respectively.
· Those who are stretched are: BBCA, BDMN, PNBN, UNVR, KLBF, INTP, SMCB, BORN and HRUM.
· Thos who are not are: AALI, ASII, BMRI, BBRI, BBNI, GGRM, SMGR and INCO.

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