๐๐๐ฉ๐ญ๐๐ฆ๐๐๐ซ ๐, ๐๐๐๐
* ๐๐ก๐ ๐๐๐ ๐ญ๐ซ๐๐๐ข๐ง๐ ๐ซ๐๐ง๐ ๐: ๐,๐๐๐๐ฉ๐ญ – ๐,๐๐๐๐ฉ๐ญ (๐ ๐ซ๐ข๐๐๐ฒ ๐๐ฅ๐จ๐ฌ๐: ๐,๐๐๐๐ฉ๐ญ)
* ๐๐๐ฅ๐ฅ ๐๐ญ๐ซ๐๐๐ญ ๐๐ฅ๐จ๐ฌ๐๐ ๐ฅ๐จ๐ฐ๐๐ซ ๐๐ฒ ๐ฌ๐จ๐ฆ๐ ๐% ๐จ๐ง ๐๐ง๐จ๐ญ๐ก๐๐ซ ๐ฌ๐ญ๐๐๐ฉ ๐๐๐๐ฅ๐ข๐ง๐ ๐จ๐ ๐ญ๐๐๐ก ๐ฌ๐ก๐๐ซ๐๐ฌ
* ๐๐ก๐ ๐๐๐ ๐ข๐ฌ ๐๐ฑ๐ฉ๐๐๐ญ๐๐ ๐ญ๐จ ๐๐ฅ๐ฎ๐๐ญ๐ฎ๐๐ญ๐ ๐ฌ๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ๐๐ ๐๐ฒ ๐ญ๐ก๐ ๐ซ๐๐๐จ๐ฏ๐๐ซ๐ฒ ๐จ๐ ๐๐๐๐๐๐
Morning,
The Jakarta Composite Index (JCI) today (7/9) is expected to be within the range of 5,125pt โ 5,300pt, to fluctuate in the middle of lower oil close but supported by the recovery of USIDR close. Meanwhile, Friday last week (4/9) in Wall Streetย theย DJIAย plunged by 159 points or 0.6%ย at 28,133pt , while the S&P500 and the Nasdaq both ย closed lower byย 0.8% and 1.3%, respectively, on another steep decline of tech shares.
๐๐ง๐๐จ๐ง๐๐ฌ๐ข๐ ๐๐จ๐ง๐ฌ๐ฎ๐ฆ๐๐ซ ๐๐๐๐ญ๐จ๐ซ
๐๐ข๐ ๐ ๐๐ข๐ฅ๐๐ซ ๐๐๐ฃ๐๐ก๐ญ๐๐ซ๐ ๐ ๐จ๐จ๐ ๐ฌ๐ฎ๐ฌ๐ฉ๐๐ง๐ฌ๐ข๐จ๐ง ๐ซ๐๐ฅ๐๐๐ฌ๐๐ ๐๐ง๐ ๐ ๐ฉ๐ฅ๐๐ง ๐๐จ๐ซ ๐๐๐๐.๐๐ญ๐ซ ๐๐ฎ๐ง๐๐ฌ ๐ซ๐๐ข๐ฌ๐
Tiga Pilar Sejahtera Food (AISA) shares resumed trading Monday last week (31/8) with the share price moving erratically, reached lowest at IDR137 and closed at IDR212 last Friday, while last close on the suspension time two years ago was IDR168.ย The share price is expected to form a clear pattern after selling pressures arose from the suspension period clear up, in our view.
At the other end, the company published its 1Q20 financials with total net revenue of IDR347.3bn or an increase of 8.4% YoY.ย Revenue in the 1Q20 was representing 21% of our full year estimates of IDR1.6tr. Gross profit during the 1Q20 was recorded at IDR106.1bn or representing gross margin of 30.6% as compared to 27.4% during the 1Q19. Meanwhile, AISA reported operating profit of IDR35.9bn or representing a margin of 10.3%, against operating loss during the 1Q19.Net profit during the 1Q20 reached IDR2.7bn against net loss of IDR11.0bn the same period last year.ย ย AISA attempted to cut operational costs substantially along with the elimination of its Rice division last year. We had estimated an operating and net profit loss this year.
As of March, 2 (two) contributing business segment is that of snacks and noodles each representing 63% and 37%, respectively. Productsโ brand include that of Taro, Gulas, Mie Kremezz, Mie Ayam 2 Telor, and Mie Ayam, among others.
At end of March, the companyโs equity was in a deficit of IDR1.3tr (2019:-IDR1.7tr), while debt was in the amount of IDR2.1tr.
Management revealed that the company is in process to raise fund through private placement in the amount of IDR1.2tr whereby some IDR900bn is going to be used to pay off debt, and the rest to finance working capital.
AISA shares was suspended from trading in the Indonesia Stock Exchange on July 4, 2018 following ย public dispute between then-directors and commissioners over the credibility of financial statements.ย AISA has fulfilled set of requirements regulated by the Exchange during the last year, for the shares to resume trading. This should set a positive event in the domestic capital market underlining responsibility issue, in our note.
At the other end, last week the WTI price closed lower by 3.8% at USD39.8/barrel as compared to the previous one on demand worries.ย Meanwhile the ย USDIDR ย closedย at IDR14.797ย vs. IDR14.814 the previous one.
We advise the following recommendations, for both trading and longer-time investment purpose. ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐จ๐ณ๐ช, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ฏ๐ฅ๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต ), ๐๐๐๐, ๐๐๐๐, ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ฐ๐ข๐ญ ๐๐ช๐ฏ๐ช๐ฏ๐จ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ข๐ณ๐ฌ๐ฆ๐ต-๐ธ๐ฆ๐ช๐จ๐ฉ๐ต), ๐๐๐๐, ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ฐ๐ฏ๐ด๐ถ๐ฎ๐ฆ๐ณ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ท๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต ), ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ถ๐ต๐ฐ๐ฎ๐ข๐ต๐ช๐ท๐ฆ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ข๐ณ๐ฌ๐ฆ๐ต-๐ธ๐ฆ๐ช๐จ๐ฉ๐ต), ๐๐ง๐ ๐๐๐๐, ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ณ๐ข๐ฅ๐ฆ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ท๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต),๐๐ง๐ ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ข๐ด๐ช๐ค ๐๐ฏ๐ฅ๐ถ๐ด๐ต๐ณ๐บ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ข๐ณ๐ฌ๐ฆ๐ต-๐ธ๐ฆ๐ช๐จ๐ฉ๐ต).
Cheers,