*RISET CIMB 20 FEB 2013 : 1.Surya Citra Media | Picture perfect finale

*RISET CIMB 20 FEB 2013 :
1.Surya Citra Media   | Picture perfect finale
SCMA IJ / SCMA.JK | OUTPERFORM - Maintained | Rp2,175.00 - Tgt. Rp2,700.00 Media - Integrated | by Irenne ACHMAD,  
After more than a year of operating separately under EMTK, IDKM is finally merging with SCMA, making this a perfect ending to a five-year drama. Despite the 10% earnings dilution, IDKM would provide SCMA with an additional source of earnings growth. We keep our FY13-15 earnings forecasts unchanged for now, pending merger details at its EGM next month. This keeps our target price at Rp2,700, based on DCF (WACC 12.6%, LTG 6%), and our rating at Outperform. Catalysts are expected from stronger-than expected sales growth, margin expansion from recent ad rate hikes, and robust audience share.



2.Bank Danamon   | Mass market yet to revive
BDMN IJ / BDMN.JK | TRADING BUY - Maintained | Rp6,050.00 - Tgt. Rp7,000.00 Banks | by Mulya CHANDRA, CFA,  
Loan growth remained tepid at 14% yoy, as mass-market lending grew a mere 11% yoy. Adira Finance in 2012 could not repeat its fascinating growth in 2011, on a nearly-optimised market share. FY12 results met our expectation at 98% and consensus at 100%. We make no changes to our forecasts, Trading Buy (short-term catalyst from the DBS tender offer still being processed by the Indonesian central bank) or our target price, which is based on the budgeted tender offer price.


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Source : Listri Valsa
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