Kira-kira apa yaaa saham pilihan RHB OSK ketika market terkoreksi seperti saat ini? Stock Picks on Down Market by RHB OSK Research After recent meltdown, JCI is now trading at 12.6x-10.9x FY13-14F P/E, ~10% lower than its high level 14.1x-12.1x FY13-14F P/E at end May. In near future, we see that JCI trading volatility is likely to be still high, given uncertainty on i) subsidized fuel price hike and ii) IDR exchange rate volatility. In regard to recent shares prices decline, we did a stock picks with criteria: • Most share price drop in recent days (between 4-June to 12-June) • Strong balance sheet (with low USD debts) • Minimum USD costs component. Based on the above criteria, our top picks are: Bekasi Fajar (BEST), share price down 18.1%, net cash position Bumi Serpong (BSDE), down by 9.3%, net cash position Wijaya Karya (WIKA), down 12.1%, net-cash position Indocement (INTP), down 9.6%, net cash, minimal USD costs component Semen Indonesia (SMGR), down 6.0%, NDER 0.1x, minimal USD costs component In addition, we also see attractive defensive stocks: Jasa Marga (JSMR) for its toll-road captive market, toll-tariff adjustment determined based on inflation. JSMR will have higher bargaining power for higher toll-road tariff adjustment in high inflation condition. On the flip side, majority costs are fixed. Share price down by 6.5%. Perusahaan Gas (PGAS) for its captive market, net cash, while debts component 70% JPY: 30% USD, USD/JPY depreciate 11% ytd, hence forex gain is foreseeable. Domestic investor base benefit on dividend as USD/IDR weakens, yet yield still remains relatively attractive.
Posted on: Thu, 13 Jun 2013 02:12:36 +0000
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