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BTN Kerja Sama dengan Repower Asia Indonesia, ...

PT Bank Tabungan Negara (Persero) Tbk. melakukan kerja sama dengan PT Repower Asia Indonesia Tbk. untuk meningkatkan pelayanan kepada konsumen yang melakukan akad kredit dengan Bank BTN.Kerja sama ini meliputi pemberian subsidi angsuran pokok dan bunga kredit selama dua tahun pertama oleh Repower Asia Indonesia.Executive Vice President Nonsubsidized Mortgage Personal Lending Division (NSLD) Bank BTN Suryanti Agustinar mengatakan perseroan mengatur hubungan kerja sama saling menguntungkan kedua belah pihak.“Setelah menentukan pilihan rumah kemudian akad kredit di Bank BTN, maka dalam dua tahun pertama debitur baru akan mendapat benefit bebas angsuran pokok berikut bunganya. Jadi, selama itu debitur bebas dari tagihan apapun karena kewajibannya sudah disubsidi olehdeveloper. Sementara itu, Bank BTN memberikan tambahangimmickbagi konsumen yaitu bebas biaya administrasi, provisi dan appraisal,” katanya, dalam siaran pers BTN, Kamis (13/8/2020).Menurut Yanti, program subsidi angsuran pokok dan bunga selama dua tahun pertama olehdeveloperini merupakan wujud nyata kepedulian perusahaan tersebut dalam membantu meringankan beban masyarakat menghadapi situasi ekonomi sulit akibat pandemi Covid-19.Selain stimulus di tengah pandemi Covid-19, melalui inovasi Kredit Pemilikan Rumah (KPR) ini juga berbagai kemudahan pembiayaan bagi masyarakat terus ditawarkan oleh Bank BTN.Yanti pun optimistis bahwa perjanjian kerja sama dengan PT Repower Asia Indonesia Tbk. tentang subsidi angsuran dan bunga KPR selama dua tahun akan menuai sukses. “Setidaknya, kami yakin mampu mencapai target penjualan sebanyak puluhan unit atau kurang lebih Rp100 miliar,” pungkas Yanti.Pada praktiknya penyaluran kredit ini akan didukung oleh sistem transaksi perbankan berbasis layanan digital. Emiten berkode BBTN ini juga telah memiliki aplikasi BTN Properti yang dapat diakses melaluihandphonepintar atau website www.btnproperti.co.id.Aplikasi BTN Properti memiliki banyak fitur yang memudahkan setiap penggunanya, seperti simulasi angsuran,trackingberkas, pengajuan kredit hingga pembayaranbooking fee.Kemudian, terdapat fitur 4D Tour Service pada website www.btnproperti.co.id khusus untuk proyek-proyek besutan pengembang pilihan. Calon pembeli bisa memilih hunian idaman dari rumah tanpa harus datang ke lokasi proyek karena dengan fitur 4D Tour Service memungkinkan untuk melihat detail unit hingga ke seluruh sudut ruangan.

Penurunan Pasokan Terbangkan Harga Minyak Mentah

Hargaminyakberjangka naik di atas dua persen pada akhir perdagangan Senin (22/6) waktu AS atau (Selasa pagi WIB). Kenaikan terjadi di tengah ketatnya pasokanminyak mentahdari produsen utama dan karena penguncianVirus Coronayang terus diperlonggar.Harga minyak mentah berjangka Brent untuk pengiriman Agustus naik 89 sen atau 2,1 persen menjadi ditutup pada 43,08 dolar per barel di London ICE Futures Exchange.Sementara itu, harga minyak mentah berjangka West Texas Intermediate (WTI) untuk penyerahan Agustus, kontrak yang lebih aktif hari itu, berakhir naik 90 sen atau 2,3 persen menjadi 40,73 dolar AS per barel di New York Mercantile Exchange.WTI untuk pengiriman Juli juga meningkat 71 sen menjadi menetap di 40,46 dolar AS per barel. Kontrak Juli untuk WTI berakhir pada akhir sesi Senin (22/6/2020).Dalam pekan yang berakhir Jumat (19/6) harga minyak WTI naik 9,6 persen dan Brent naik 8,9 persen. Kenaikan didukung oleh pemulihan permintaan bahan bakar karena penguncianwilayah atau lockdowndi sejumlah negara sudah dilonggarkan.Pelonggaran tersebut membuat kegiatan ekonomiyang sempat terhenti beberapa bulabisa dimulai kembali. Selain faktor tersebut, harga minyak juga mendapat dorongan dari anjloknya jumlah rig minyak AS dan Kanada.Presiden Konsultan Lipow Oil Associates, Andy Lipowmengatakan jumlah rig menjadi indikator pasokan di masa depan. Jumlah rig minyak di AS dan Kanada memang jatuh ke level terendah baru minggu lalu.Sementara ituWakil Presiden Riset Pasar di Tradition Energy, Gene McGillian, di Stamford, Connecticutmengatakan pasar saat ini memang masih dihantui ketakutan virus corona."Meskipun demikianpasar terus bergerak lebih tinggi dengan harapan bahwa semuanya akan kembali normal," kata McGillianseperti dikutip dari Antara, Selasa (23/6).Selain itu, prospek kepatuhan yang lebih besar oleh OPEC dan sekututerhadap keputusan pengurangan produksi juga mendukung minyak.

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Indonesia Daily Focus Sep...

Mirae Asset Sekuritas Indonesia
Daily Focus
Itama Ranoraya Tbk (IRRA IJ) – Full speed ahead
PT Itama Ranoraya is engaged in the general trade of medical devices and supplies, such as syringe, diagnostic products, medical furniture, hazmat suit, and COVID-19 test kits. Given the current health concern due to the pandemic, IRRA is set to benefit from the rising demand for medical devices and supplies.
In 2Q20, IRRA posted significant revenue growth of 97% QoQ from IDR26.7bn to IDR52.7bn. Cummulatively in 1H20, IRRA posted revenue of IDR79.4bn (+28.2% YoY), driven by diagnostic products. However, gross profit declined to IDR12.0bn (-7.5% YoY), due to lower margin from sales to Indonesian COVID-19 task force, i.e. BNPB. Gross margin shrank from 20.9% to 15.1%. Opex increased by 25.2% YoY to IDR8.2bn, mainly from incremental salary expenses of IDR1.4bn (+60.2% YoY) and depreciation expenses of IDR0.7bn (+115% YoY). Gain from shares buyback of IDR6.0bn shored up net profit from IDR4.8bn to IDR9.7bn.
Its sister company, PT Oneject Indonesia, has planned to ramp up capacity next year with total capacity of 1,200mn/year. The company expects the phase 1 to run in January 2021, with capacity of around 300mn/year. Currently, Oneject has total capacity of 300mn/year.
On top of that, as COVID-19 vaccine development has reached the trial phase, we expect that vaccine should be ready by 2021. This is where things get interesting for IRRA; as the market leader of auto disable syringe, IRRA is confident that it will collaborate with Biofarma and help with vaccine distribution across Indonesia.
Hospital occupancy has reached over 70% of capacity in greater Jakarta recently. We believe the same case will occur to hospitals in other heavily infected areas like West Java and East Java. Hence, we expect that demand for medical equipment and supplies should improve going forward.
Currently, IRRA is trading at IDR720/share, with 59.4x trailing P/E. In our view, using simple annualized earnings is unjustified given skewed earnings toward 2H. Thus, using the company’s guidance, FY20 P/E should stand at 28.9x. Main catalysts: 1) higher demand in 2H20 along with the government’s tenders; 2) greater demand from COVID-19-related medical devices and supplies; and, 3) rising sales of syringe products.

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Itama Ranoraya Tbk (IRRA ...

Mirae Asset Sekuritas Indonesia Company UpdateItama Ranoraya Tbk (IRRA IJ) - Full speed ahead by Handiman Soetoyo (handiman.soetoyo@miraeasset.co.id)September 23, 2020
Itama Ranoraya Tbk (IRRA IJ) - Full speed ahead
PT Itama Ranoraya is engaged in the general trade of medical devices and supplies, such as syringe, diagnostic products, medical furniture, hazmat suit, and COVID-19 test kits. IRRA’s customers are governmental bodies and businesses in the health sector in Indonesia, including the Ministry of Health, Indonesian Red Cross (PMI), Family Planning Program (BKKBN), state and private hospitals, and community health centers (Puskesmas). Given the current health concern due to the pandemic, IRRA is set to benefit from the rising demand for medical devices and supplies.
Rising revenue driven by pandemic, but margin squeezedIn 2Q20, IRRA posted significant revenue growth of 97% QoQ from IDR26.7bn to IDR52.7bn. Cummulatively in 1H20, IRRA posted revenue of IDR79.4bn (+28.2% YoY), driven by diagnostic products. However, gross profit declined to IDR12.0bn (-7.5% YoY), due to lower margin from sales to Indonesian COVID-19 task force, i.e. BNPB. Gross margin shrank from 20.9% to 15.1%. Opex increased by 25.2% YoY to IDR8.2bn, mainly from incremental salary expenses of IDR1.4bn (+60.2% YoY) and depreciation expenses of IDR0.7bn (+115% YoY). Gain from shares buyback of IDR6.0bn shored up net profit from IDR4.8bn to IDR9.7bn.
Additional syringe capacity and incoming demand from COVID-19Its sister company, PT Oneject Indonesia, has planned to ramp up capacity next year with total capacity of 1,200mn/year. The company expects the phase 1 to run in January 2021, with capacity of around 300mn/year. Currently, Oneject has total capacity of 300mn/year. On top of that, as COVID-19 vaccine development has reached the trial phase, we expect that vaccine should be ready by 2021. This is where things get interesting for IRRA; as the market leader of auto disable syringe, IRRA is confident that it will collaborate with Biofarma and help with vaccine distribution across Indonesia.
Lack of hospital capacity leads to stronger demandHospital occupancy has reached over 70% of capacity in greater Jakarta recently. We believe the same case will occur to hospitals in other heavily infected areas like West Java and East Java. The government has been trying to resolve the issue by converting general hospitals into COVID-19 hospital, adding capacity at Wisma Atlet Kemayoran, and partnering with hotels for self-isolated patients. Hence, we expect that demand for medical equipment and supplies should improve going forward.
ValuationCurrently, IRRA is trading at IDR720/share, with 59.4x trailing P/E. In our view, using simple annualized earnings is unjustified given skewed earnings toward 2H. Thus, using the company’s guidance, FY20 P/E should stand at 28.9x. Main catalysts: 1) higher demand in 2H20 along with the government’s tenders; 2) greater demand from COVID-19-related medical devices and supplies; and, 3) rising sales of syringe products. Risks include lower-than-expected sales and competition.