Stocks to Watch

Property developer Agung Podomoro Land (APLN) is among the worst performing stocks year to date, losing 36.6%. It fell 2% to Rp147 on Thursday (Sep 27) with the selling sentiment prompted by media report that APLN’s reclamation project in north Jakarta had been stopped.

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Corporate Actions

Astra International (ASII) will boost its capital expenditure (capex) to Rp30 trillion from Rp29 trillion to expand its business. Relating to acquisition over Martabe gold mine in North Sumatera by its unit United Tractor (UNTR), the Company said that the purchase of mining concession needed around $1.2 billion.

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First Half Results: Elnusa, AKRA, and Kimia Farma

Oil and gas services company PT Elnusa Tbk (ELSA) posted net profit of Rp127.7 billion or Rp17.5 per share in the first half of 2018, skyrocketed from Rp14.4 billion only in the corresponding period last year. Fuel trading and distribution company PT AKR Corporindo Tbk (AKRA) Tbk, meanwhile, booked net profit of Rp1.12 trillion or Rp279.4 per share in the period, nearly doubled from the equivalent period last year.

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Elnusa: FY17 Results & Outlook

Oil and gas services company Elnusa (ELSA), subsidiary of Pertamina, booked net profit of Rp247.14 billion last year to represent earning per share of Rp33.86. At the current price, Elnusa is traded with PE multiple 13 on historical 2017 earnings. While gaining nearly 100% since August 2017, Elnusa is still valued slightly above its equity.

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