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Equity Valuation

Equity Valuation

Semen Baturaja (Persero), Tbk

Primary Report

December 21, 2015

Target Price

Target Price

Low

359

High

444

Cement

2015 Target Price Low 359 High 444 Cement Historical Chart Source : Bloomberg Stock Information Ticker
2015 Target Price Low 359 High 444 Cement Historical Chart Source : Bloomberg Stock Information Ticker

Historical Chart

Low 359 High 444 Cement Historical Chart Source : Bloomberg Stock Information Ticker code Market

Source : Bloomberg

Stock Information

Ticker code

Market price as of December 18, 2015

Market price 24 week high

Market price 24 week low

Market cap 24 week high (bn)

Market cap 24 week low (bn)

IDR

SMBR

296

404

250

3,974

2,459

Last 4 Weeks of Price and Volume

296 404 250 3,974 2,459 Last 4 Weeks of Price and Volume Source: Bloomberg. PEFINDO Research

Source: Bloomberg. PEFINDO Research and Consulting - Equity & Index Valuation

Shareholders

Government of the Republic of Indonesia

Public (below 5% ownership)

(%)

76.24

23.76

Contact:

Equity & Index Valuation Division Phone: (6221) 7884 0200

info-equityindexvaluation@pefindo-

consulting.co.id

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part of this report ” www.pefindo-consulting.co.id Cementing the growth PT Semen Baturaja (Persero) Tbk

Cementing the growth

” www.pefindo-consulting.co.id Cementing the growth PT Semen Baturaja (Persero) Tbk (“SMBR”) is a state
” www.pefindo-consulting.co.id Cementing the growth PT Semen Baturaja (Persero) Tbk (“SMBR”) is a state
” www.pefindo-consulting.co.id Cementing the growth PT Semen Baturaja (Persero) Tbk (“SMBR”) is a state

PT Semen Baturaja (Persero) Tbk (“SMBR”) is a state owned Indonesian company established in 1974. The Company mainly engaged in cement industry producing cement under “Portland” brand. The Company is the largest cement producer in South Sumatera with 70%-75% of the total sales contributed to serve the area. The Company focuses to cover the south area of Sumatera and Bengkulu through its 2.0 mn tons/year plants spread in Palembang, Baturaja and Lampung. The Company produces two types of products, consisting of bagged cement (70%) and bulk cement (30%); bagged cement is used mainly for housing (retail or residential sector) which is the largest consumer of cement in Indonesia, while bulk cement is mainly for infrastructure and fabricator sector.

The Company is currently undertaking the construction of a new plant Baturaja II consisting of clinker plants, cement plants and packing plants from the funds obtained from the IPO in June 2013. Upon completion of its plants expansion (which is targetted to be completed and begin commercial operation in early 2017), the Company will be able to produce 3.85 mn tons/year.

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Semen Baturaja (Persero), Tbk INVESTMENT PARAMETER Infrastructure development to boost cement demand Economy now is

Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk INVESTMENT PARAMETER Infrastructure development to boost cement demand Economy now is in

INVESTMENT PARAMETER

Infrastructure development to boost cement demand Economy now is in the downswing. To overcome the situation government continue to push structural reforms through a wide range of economic policy packages and the realization of basic infrastructure projects which then expected to boost the economy. Despite facing tougher environment, we expect the infrastructure development to boost cement demand. As in August, cement sales rose 15% YoY and 57% MoM, reflecting strong demand potential inline government spending in the infrastructure development has started to bring impact for the demand. Cement industry is also facing tighter competition as the new players is entering the market and total national production capacity is also expanding. Nonetheless, we see that the growing room for cement consumption remains substantial. Domestic market consumed only 238 kg cement per capita in 2014, lower than that of peers’ such as Thailand, Vietnam and Malaysia, which have reached above 500 kg per capita.

Eyeing stronger growth by adding plant SMBR is upgrading the plant’s capacity to nearly double to 3.85 mn tons/year from 2 mn tons/year. The new plant (Baturaja II), which is currently in construction stage, would cost about IDR3.3 tn, stemming from clinker, cement and packing plant. The Company will utilize the fund from IPO proceed (IDR 1.3 tn) and the rest will be from bank loans and internal cash as well. We expect the new plant would come on stream in early 2017.

Robust revenue growth in 9M15 SMBR recorded a 26.4% YoY increase of revenue to IDR1.032 tn during 9M15, particularly due to soaring bag and bulk cement sales of 17.5% and 42.4%, respectively. By having bulk cements as one of its products, which is less expensive than bag cement, SMBR still can booked a positive sales volume amid slowing growth of property and construction.

Business Prospect We view Indonesia cement sector is going to experience supply shock in 2016 with total of potential excess capacity of 30 mn tons and utilization around 67%. Despite being overshadowed by unfavorable economic conditions, we foresee domestic cement consumption will remain solid, citing the Government plan to boost infrastructure. Therefore, we believe bulk cement portion will go faster than the bag. For SMBR, we estimate its revenue to grow at CAGR 13.3% in 20142017.

Table 1: Performance Summary

 

2012

2013

2014

2015P

2016P

Revenue [IDR bn]

1,098

1,169

1,215

1,462

1,640

EBITDA

418

396

318

359

391

Pre-tax Profit [IDR bn]

395

400

395

443

489

Net Profit [IDR bn]

299

312

328

365

403

EPS [IDR]

30

32

33

37

41

EPS Growth [%]

18.6

4.6

5.2

11.2

10.5

P/E [x]

-

10.4

11.5

7.7*

7.0*

PBV [x]

-

1.3

1.3

0.9*

0.8*

Sources: PT Semen Baturaja (Persero) Tbk., PEFINDO Research and Consulting - Equity & Index Valuation Estimates * Based on the SMBR’s share price as of December 18, 2015 IDR296/share

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Semen Baturaja (Persero), Tbk MACROECONOMY & BUSINESS INFORMATION Economic slowdown is about to continue We

Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk MACROECONOMY & BUSINESS INFORMATION Economic slowdown is about to continue We view

MACROECONOMY & BUSINESS INFORMATION

Economic slowdown is about to continue

We view that recent economic slowdown is constraining the cement industry to grow optimally. Construction activity are also seen growing slower, thus potentially affect the cement demand in domestic market throughout 2015. Overall, Bank Indonesia projects the economic tends to grow at a range of 4.7-5,1% in 2015, slower than previous projection (5.4-5.8%).

Figure 1: GDP & Construction Sector slowdown Sources: Bank of Indonesia, PEFINDO Research and Consulting,
Figure 1: GDP & Construction Sector slowdown
Sources: Bank of Indonesia, PEFINDO Research and Consulting, Equity & Index
Valuation Division

Government consistency in pushing structural reforms through a wide range of economic policy packages and the realization of infrastructure projects are expected to boost the economy. Government plans to invest more on infrastructure projects, such as the construction of toll roads, power plants and dams as stated in the medium term plan of 2015-2019, which some of the projects have been in the construction phase. If successfully executed, we believe the infrastructure improvement would support economic growth more sustainably.

Domestic cement consumption 2015 is flat However, the cumulative consumption over January-August still dropped about 2.9% to 20.4 million tons, based on the lastest data from Association. By the end of this year, overall domestic consumption is expected to be flat at around 60 million ton, given the recent the slowdown of activity in the several sectors, as reflected in a slower economic growth.

Figure 2: Cement Consumption tend to stagnant in 2015 Sources: PEFINDO Research and Consulting, Equity
Figure 2: Cement Consumption tend to stagnant in 2015
Sources: PEFINDO Research and Consulting, Equity & Index Valuation Division Estimates

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Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk

Cement outlook: still wide room to grow

Although facing tougher environment, we expect the infrastructure projects to be executed successfully. Thus, it will be a catalyst for cement demand. The government estimates that infrastructure investment needs reached IDR6,780 trillion during 2015- 2019, jumped from IDR1,923,8 trillion during 2010-2014.

In addition, we also see that the growing room of cement consumption remains substantial. Domestic market consumed 238 kg cement per capita as of 2014, lower than the peers such as Thailand, Vietnam and Malaysia, which have been above 500 kg per capita. Thus, domestic consumption have potential to grow sustainably in the future and to be equal with the peers.

Figure 3: Low Consumption per capita of cement (in kg) Sources: PT Semen Indonesia (Persero)
Figure 3: Low Consumption per capita of cement
(in kg)
Sources: PT Semen Indonesia (Persero) Tbk, PEFINDO Research and Consulting Equity
& Index Valuation Division

More intense competition in the near-terms

We see the competition in the cement industry will be increasingly stringent. Domestic supply is expected to be flooded in line with the presence of new players and the expansion of the existing players companies. Among the new players are PT. Cemindo Gemilang with Semen Merah Putih, UltraTech Cement Ltd, PT Fajar Semen Barru, which have declared a capacity production of 11.5 million tons, 4.5 million tons and 3.3 million tons. In total, domestic capacity of production is projected to increase to 97.7 million tons in 2016, increased by 13.3 million tons from 71.6 million tons in 2014. With a larger supplies, the players have to compete intensively for their respective markets, particularly in facing the current sluggish growth in the domestic market.

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Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk

SMBR at a Glance SMBR is a state-owned cement producer whose manufacture plants in Baturaja, Palembang and Lampung under the brand of “Portland”. The Company currently operates 3 grinding plants and 1 clinker plants in South Sumatera region with a combined capacity of 2.0 mn tons/year. The Company distributes 70%-75% of the production to cover South Sumatera and 25%-30% Lampung’s market. This is an advantage as Sumatera is the second most populated area in Indonesia and has the second biggest cement demand after Java (22.48%). After series times of ownership changes, SMBR is now currently owned by the Government of Indonesia (76.23%) and public (23.76%).

Figure 4: SMBR’s Ownership Structure and Key Milestones

Figure 4 : SMBR’s Ownership Structure and Key Milestones Sources: PT Semen Baturaja (Persero) Tbk, PEFINDO
Figure 4 : SMBR’s Ownership Structure and Key Milestones Sources: PT Semen Baturaja (Persero) Tbk, PEFINDO

Sources: PT Semen Baturaja (Persero) Tbk, PEFINDO Research and Consulting, Equity & Index Valuation Division

Plan for additional capacity in 1Q17 Government’s innitiatives to boost infrastructure development have been identified. Government took several actions such as the reduction of fuel subsidies by IDR291 tn to be transferred to enhance infrastructure development, loosened property credit by reduction of Loan to Value (LTV) as well as the commencing construction of Trans Sumatera Tollroad project in the Special Economic Zone (KEK) of Sei Mangke, and the upcoming celebration of Asian Games 2018 hosted by Indonesian in DKI Jakarta and South Sumatera will provide additional growth opportunity for SMBR.

In addition, based on data from Committee of Accelleration and Expansion of Indonesia’s Economic Development (KP3EI), economic development will be centered to Java and Sumatera. There will be 12 projects worth IDR111 tn will be implemented in Sumatera, 3 projects have been inaugurated in 2014 and 9 groundbreaking of projects will be done in 2017. These projects for example are port, airport, bridge, and road construction project.

To cater with these opportunities, SMBR is currently undertaking the construction of a new plant Baturaja II amounting to IDR3.32 tn consisting of clinker, cement and packing plants. The funds will be obtained from the previous IPO proceed (IDR 1.3 tn) and the rest will be from bank loans and internal cash. Upon completion of its plants expansion (which is targetted to be completed and begin commercial operation in early 2017), the Company will be able to produce 3.85 mn tons/year of cements.

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Figure 5: SMBR’s Plant Location in South Sumatera

Tbk Figure 5 : SMBR’s Plant Location in South Sumatera Sources: PT Semen Baturaja (Persero) Tbk,

Sources: PT Semen Baturaja (Persero) Tbk, PEFINDO Research and Consulting, Equity & Index Valuation Division

Favorable capital structure As shown in the below figure, Debt to Equity Ratio (DER) had ben declining from 0.52X to 0.08X reflecting low use of leverage. As the Company is expanding their plants (Baturaja II in 1Q2017 and Baturaja III in FY2018/FY2019 in the pipeline) for 1.85 mn tons/year for each, potential external funding to fund the expansion will sttill be feasible.

Amid the conservative capital structure (as shown in Figure 6 below) which potentially benefits its expansion plan in the future, we like the Company achievement to book solid revenue growth in 9M15, after declining growth trend in 2014 of 3.9% YoY from 6.5% YoY in 2013.

Figure 6: SMBR’s Utilization Rate, Sales Growth and Debt to Equity Ratio (DER)

Rate, Sales Growth and Debt to Equity Ratio (DER) Sources: PT Semen Baturaja (Persero) Tbk, PEFINDO

Sources: PT Semen Baturaja (Persero) Tbk, PEFINDO Research and Consulting, Equity & Index Valuation Division

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Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk

FINANCE

Robust growth of revenue, margins improving By becoming “a king” of cement sales in South Sumatera and Lampung area, SMBR’s growth of revenue remained 26.4% positive in 9M15. By having bulk cements as one of its products, which is less expensive than bagging cement, further SMBR still can book a positive sales volume, mostly from bulk cements, amid slowing growth of property and construction during 1H2015. However, on the back of slightly rebound of Indonesia economy during 3Q15 and strong infrastructure spending from the government during 3Q15 hoist SMBR’s sales from bagging cements. As a result, SMBR’s operating margin improved from 20.54% as of June 2015 to 22.33% as per September 2015.

Figure 7: SMBR’s Revenue, 9M15 vs 9M14

(in IDR billion)

7: SMBR ’s Revenue, 9M15 vs 9M14 (in IDR billion) Sources : PT Semen Baturaja (Persero)

Sources: PT Semen Baturaja (Persero) Tbk, PEFINDO Research and Consulting, Equity & Index Valuation Division

Figure 8: SMBR’s Gross, Operating and Net Profit Margins, 2011 1H2015

Figure 8: SMBR’s Gross, Operating and Net Profit Margins, 2011 – 1H2015
Gross, Operating and Net Profit Margins, 2011 – 1H2015 Sources : PT Semen Baturaja (Persero) Tbk,

Sources: PT Semen Baturaja (Persero) Tbk, PEFINDO Research and Consulting, Equity & Index Valuation Division

More certainty on the receivables collection To provide more certainty its trade receivables collection, SMBR entered into agreement with PT Bank Mandiri (Persero) Tbk related to the implementation of sales system using trust receipt method, in which distributors have been given the loan facility to paid the sales invoice, so then SMBR would have gained the more assurance of receivable payment on the due date period. Around 68% of total SMBR’s trade receivables have used such facility as of June 30, 2015. However, such facility also comes with interest expense for SMBR, but relatively insignificant for SMBR’s current financial condition.

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Semen Baturaja (Persero), Tbk

No interest bearing debt but ample cash for expansion As of Sept 30, 2015, SMBR had only insignificant debt on their book. With no loan from banks or bonds issued, SMBR had no debt in their financial statements. With relatively no debt in their book, SMBR relies on its internal cash to support its expansion activity. Its cash position as of end September 2015, was IDR1.7 trillion, which we believe sufficient to finance SMBR’s expansion activity.

Figure 9: SMBR’s Cash Position

Figure 9: SMBR’s Cash Position
expansion activity. Figure 9: SMBR’s Cash Position Sources : PT Semen Baturaja (Persero) Tbk, PEFINDO Research

Sources: PT Semen Baturaja (Persero) Tbk, PEFINDO Research and Consulting, Equity & Index Valuation Division

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Semen Baturaja (Persero), Tbk

SWOT ANALYSIS

Table 2: SWOT Analysis

Strength

Weakness

The plants are located stategically close to the market in Sumatera (as the 2 nd most populated area as well as the 2 nd highest demand of cement in Indonesia after Java). Further, demand in South Sumatera is the 2 nd largest in Sumatera.

Limited distribution area, the biggest only in South Sumatera and Lampung.

Good reputation and backed up by strong management team for more than 40 years in cement industry.

Conservative capital structure (low use of leverage) which enables the Company to raise external funding to further expanding the capacity.

Opportunity

Threat

Low cement penetration in the country (238kg/capita) compared to neigborhood countries

Cement supply potentially exceeds

in Asia Pacific region, i.e. Malaysia, Thailand, Vietnam (734, 505 and 540 kg/capita respectively).

Government plans to boost infrastruture development and property especially in Java and Sumatera province, including Trans Sumatera toll road. Also, Asian Games event in 2018.

Growing Indonesian middle class economy potentially increases the middle class property demand.

demand with incoming capacities from new foreign entrants.

Intense price war amongst the new foreign entrants for them to gain more market share, creating lower margins.

Government intervention to instruct SOEs to lower (4%-5%) their bagged cement price, offsetting the benefit from lower fuel price.

Prolong property and construction sector would reduce cement demand.

Table 3: SMBR and Peers Performance Summary as of September 2015

 

SMBR

SMCB

SMGR

INTP

Sales [IDR bn]

1,032

6,558

19,115

12,886

Gross Profit [IDR bn]

350

1,477

7,513

5,752

Operating Profit [IDR bn]

231

(411)

4,102

3,692

Net Profit [IDR bn]

265

(372)

3,208

3,218

Total Asset [IDR bn]

3,119

17,996

36,355

25,930

Total Liabilities [IDR bn]

252

10,065

10,016

3,148

Total Equity [IDR bn]

2,866

7,931

26,338

22,781

Growth YoY

Sales [%]

26.4

(2.6)

(1.2)

(9.0)

Gross Profit [%]

45.3

(24.2)

(11.1)

(9.6)

Net Profit [%]

19.7

(228.4)

(21.4)

(13.8)

Profitability

Gross Margin [%]

33.9

22.5

39.3

44.6

Operating Margin [%]

22.3

(6.3)

21.5

28.7

Net Margin [%]

25.6

(5.7)

16.7

25.0

ROA [%]

8.5

(11.9)

8.8

12.4

ROE [%]

9.2

(13.0)

12.2

14.1

Leverage

DER [x]

0.1

1.3

0.4

0.1

Sources: PT Semen Baturaja (Persero) Tbk, PT Holcim Indonesia Tbk, PT Semen Indonesia (Persero) Tbk, PT Indocement Tunggal Prakarsa Tbk., PEFINDO Research and Consulting, Equity & Index Valuation Division

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Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk

TARGET PRICE

VALUATION

Methodology

We applied the Discounted Cash Flow (DCF) method as the main valuation approach considering that income growth is the value driver in SMBR instead of asset growth.

Furthermore, we also apply Guideline Company Method (GCM) as comparison method.

This valuation is based on 100% share price as of December 18, 2015, using SMBR’s financial report as of September 30, 2015, for our fundamental analysis.

Value Estimation

We use Cost of Capital following assumption:

Table 4: Assumption

of 12.3% and Cost

of Equity of

12.4% based on the

Risk free rate [%]*

9.1

Risk premium [%]*

4.1

Beta [x]**

0.8

Cost of Equity [%]

12.4

Marginal tax rate [%]

25.0

Interest Bearing Debt to Equity Ratio [x]

0.03

WACC [%]

12.3

Sources: Bloomberg, PEFINDO Research and Consulting, Equity & Index Valuation Division Estimates Notes: * As of December 18, 2015 ** Based on PEFINDO Beta Saham report dated December 17, 2015

Target price for 12 months based on valuation as per December 18, 2015 is as follows:

Using DCF method with discount rate assumption 12.3% is IDR374 IDR396 per share.

Using GCM method (PBV 1.9X and P/E 12.1X) is IDR325 IDR554 per share.

In order to obtain a value which represents both value indications, we have weighted both DCF and GCM methods by 70%:30%.

Based on the above calculation, target price of SMBR for 12 month is IDR359 IDR444 per share.

Table 5: Summary of DCF Method Valuation

 

Conservative

Moderate

Aggressive

PV of Free Cash Flows [IDR bn] PV Terminal Value [IDR bn] Non-Operating Assets [IDR bn] Interest Bearing Debt [IDR bn] Total Equity Value [IDR bn] Number of Share [mn shares] Fair Value per Share [IDR]

169

176

186

1,914

2,014

2,115

1,657

1,657

1,657

(60)

(60)

(60)

3,680

3,789

3,899

9,838

9,838

9,838

374

385

396

Source: PEFINDO Research and Consulting, Equity & Index Valuation Division

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Semen Baturaja (Persero), Tbk

Table 6: GCM Comparison

 

SMBR

SMCB

SMGR

INTP

Average

Valuation,

P/E, [x]

7.7

n.a

13.2

15.4

12.1

P/BV, [x]

1.1

1.0

2.4

3.2

1.9

Sources: Bloomberg, PEFINDO Research and Consulting, Equity & Index Valuation Division

 

Table 7: Summary of GCM Method Valuation

 
 

Multiples

Est. EPS

Est. BV/Share

Value

(x)

(IDR)

 

(IDR)

(IDR)

P/E

12.1

 

27

 

-

 

325

P/BV

1.9

-

291

554

Sources: Bloomberg, PEFINDO Research and Consulting, Equity & Index Valuation Division

Table 8: Fair Value Reconciliation

Fair Value per Share [IDR]

 

DCF

GCM

Average

Upper limit

396

554

444

Bottom limit

374

325

359

Weight

70%

30%

Sources: PEFINDO Research and Consulting, Equity & Index Valuation Division Estimates

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Semen Baturaja (Persero), Tbk
 

Table 9: Consolidated Statements of Comprehensive Income (IDR bn)

Figure 10: Historical P/E and P/BV Ratio

 
 

2012

2013

2014

2015P

2016P

Sources: PT Semen Baturaja (Persero) Tbk., PEFINDO Research and Consulting - Equity & Index Valuation

Sources: PT Semen Baturaja (Persero) Tbk., PEFINDO Research and Consulting - Equity & Index Valuation Division

 

Sales Cost of Goods Sold

1,098

1,16

1,215

1,462

1,640

(608)

(706

(842)

(977)

(1,08

Gross Profit

490

462

372

484

558

Operating Expense

(123)

(133

(129)

(171)

(192)

Operating Profit

367

329

243

313

366

Other Income (expense)

28

71

152

130

123

Pre-tax Profit

395

400

395

443

489

Tax

(97)

(88)

(66)

(77)

(86)

Net Profit

299

312

328

365

403

Sources: PT Semen Baturaja (Persero) Tbk., PEFINDO Research and Consulting, Equity & Index Valuation Division Estimates

Table 10: Consolidated Statements of Financial Position (IDR bn)

 
 

2012

2013

2014

2015P

2016P

Figure 11: ROA, ROE and Assets Turnover

 
 

Assets

  Assets

Current Assets

Cash and cash equivalents

543

1,903

2,054

1,637

1,616

Receivables

0

36

81

103

113

Inventory

117

132

187

348

444

Other Assets

8

36

14

588

706

Total Current Assets

668

2,107

2,336

2,676

2,880

Fixed Assets

518

590

558

568

788

Other Assets

13

15

33

49

22

Total Assets

1,199

2,711

2,926

3,293

3,690

Liabilities

Trade payables

64

68

91

87

97

Short term liabilities

Sources: PT Semen Baturaja (Persero) Tbk., PEFINDO Research and Consulting - Equity & Index Valuation Division

Other short term liabilities

107

126

88

168

186

 

Table 11: Key Ratio

 

Long term liablities

73

51

29

62

68

   
 

2012

2013

2014

2015P

2016P

 

Total Liabilities

244

244

209

317

351

Growth [%]

Total Equity

954

2,467

2,717

2,976

3,339

Sales

4.5

6.5

4.0

20.3

12.2

 

Operating Profit

19.5

(10.3)

(26.1)

28.7

16.9

 

Sources: PT Semen Baturaja (Persero) Tbk., PEFINDO Research and Consulting, Equity & Index Valuation Division Estimates

 

EBITDA

70.4

(5.2)

(19.6)

12.8

8.9

 

Net Profit

18.6

4.6

5.2

11.2

10.5

Profitability [%]

Gross Margin

44.6

39.6

30.7

33.1

34.0

Operating Margin

33.4

28.2

20.0

21.4

22.3

EBITDA Margin

38.0

33.9

26.2

24.6

23.9

Net Margin

27.2

26.7

27.0

25.0

24.6

ROA

24.9

11.5

11.2

11.1

10.9

ROE

31.3

12.7

12.1

12.3

12.1

Solvability [X]

Debt to Equity

0.3

0.1

0.1

0.1

0.1

Debt to Asset

0.2

0.1

0.1

0.1

0.1

Liquidity [X]

Current Ratio

3.9

10.9

13.0

10.5

10.2

Quick Ratio

3.1

9.9

6.4

6.4

5.7

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Source: PT Semen Baturaja (Persero) Tbk., PEFINDO Research and Consulting, Equity & Index Valuation Division Estimates

Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk

Semen Baturaja (Persero), Tbk

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