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HeaDstart 11-08-2014 (english version)

Index stood ground, be prepared for the bounce back

Mild buying by local players halted the correction in the index from going deeper despite weaker regionals weighing on sentiment, we are confident that a bounce back to 5.125-5.165 should be underway.

Support: 5.050-4.980, Resistance:5.165-5.250-5.350

 

 

Stock picks: (BUY: PTPP, CTRA, BBRI, ACES)


 1. PP Persero (PTPP) (BUY) (PE 2014 38x, PBV 5x, ROE 14.6%) (Trading target Rp.2.450)

As a state owned contractor with the biggest local presence and leading contact wins since 2H12, PTPP looks attractive to buy within the minor consolidation formation of the current medium term trend.

Entry (1) Rp.2.265, Entry, (2) Rp.2.235, Cut loss point: Rp.2.195

 

 

2. Ciputra Development (CTRA) (PE 2014 15,5x, PBV 1.8x, ROE 11.7%) (BUY) (Trading target: 1.270-1.315)

The short term sideways action within an improving medium term trend for this property counter may be used as a buying point for possible breakout to Rp.1.270-1.315.

Entry (1) Rp.1.210, Entry (2) Rp.1.180, Cut loss point: Rp.1.155

 

 

 3. Bank BRI (BBRI) (PE 2014 11.2x, PBV 3.1x, ROE 27%) (Trading target Rp.11.250)

Negative sentiment from weaker IDR and plans to buy Bank Mutiara (ex bank Century) has been fully discounted in the previous correction, buy for an upward retracement back to Rp.11.250.

Entry (1) Rp.10.650, Entry (2) Rp.10.550, Cut loss point: Rp.10.450

 

 

 4. Ace Hardware (ACES) (PE 2014 30.2x, PBV 7x, ROE 24%) (BUY) (Trading Target Rp.890)

Positive catalysts such as as strong balance sheet, brand-name and good corporate governance may give bargain hunters an excuse to enter the corrective scene once we reach the daily oversold zone.

Entry (1) Rp.855, Entry (2) Rp.845, cut-loss point: Rp.835

 

 

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 Yuganur Wijanarko Senior Research (Yuganur@hdx.co.id), (www.hdx.co.id)

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