Hotel Sahid Jaya International, Tbk - PT. PEFINDO

Hotel Sahid Jaya International, Tbk 

Secondary Report 

Stock Performance 

IHSG 

4,400 

4,200 

4,000 

3,800 

3,600 

3,400 

3,200 

3,000 

Source: Bloomberg 

Stock Information 

IHSG SHID 

Contact: 

Equity & Index Valuation Division 

Phone: (6221) 7278 2380 

info-equityindexvaluation@pefindo.co.id 

“Disclaimer statement in the last page is an 

integral part of this report” 

www.pefindo.com 

SHID 

650 

Rp 

Ticker code SHID 

Market price as of October 12 h , 2012 400 

Market price – 52 week high 590 

Market price – 52 week low 320 

Market cap – 52 week high (bn) 873 

Market cap – 52 week low (bn) 358 

Market Value Added & Market Risk 

Market Risk 

2 

1.8 

1.6 

1.4 

1.2 

1 

0.8 

0.6 

June-10 June-11 June-12 

Market Value Added Market risk 

Source:PT Hotel Sahid Jaya International, Pefindo Equity & 

Index Valuation Division 

600 

550 

500 

450 

400 

350 

300 

250 

MVA 

500 

Stock Valuation Last Current 

High 545 500 

Low 420 415 

Shareholders 

400 

300 

200 

100 

0 

(%) 

Merchiston Group Limited 41.68 

PT Empu Sahid International 37.29 

PT Sahid Insanadi 6.08 

Public (each below 5% of ownerships) 14.95 

-100 

-200 

-300 

-400 

Rejuvenation Does Matter 

Equity Valuation 

October 15 th , 2012 

Target Price 

Low High 

415 500 

Hotels 

PT Hotel Sahid Jaya Internasional, Tbk ("SHID"), was established on May 

23 rd , 1969, and since then SHID has been actively participates in hotels and 

tourism industry. SHID started the construction of Hotel Grand Sahid Jaya 

(previously known as Hotel Sahid Jaya) in 1970. The five star hotel is 

located at Jalan Jendral Sudirman - Jakarta, which constitutes as one of the 

main road in Jakarta. As of December 2011, the hotel was operating with 

450 rooms, that had been recently renovated, and around 270 rooms were 

still under renovation. Through its subsidiary, PT Sahid International Hotel 

Management and Consultant (“SIHM&C”), provides the services of hotel 

management and consultancy to hotels owned by the Sahid Group, and 

hotels that are managed based on joint ventures or cooperation with other 

business groups. SHID also active in service apartments businesses, in 

which its revenue comes from rental of meeting rooms, engineering 

services, housekeeping, repair and maintenance services from apartment 

owners. 

Page 1 of 12 pages

INVESTMENT PARAMETER 

“Disclaimer statement in the last page 

is an integral part of this report” 



Target Price Adjustment 

We make several adjustments to our previous projections, and adjust our Target 

Price to a range of Rp 415 - Rp 500 per share, based on the following 

considerations: 

Increasing visitor arrival to Jakarta by 9.1% YoY, or amounted 993,898 

people, caused by increasing flight frequencies and number of low cost 

carrier, has made the demand for hotel accommodation improved. It is proved 

by increasing Average Daily Rate (“ADR”), especially for five-star hotels in 

Jakarta by 15.7% YoY during January – May 2012. Interestingly, that 

increasing rate also accompanied by relatively stable of occupancy rate of 

five-star hotels by 65.2%. Supported by robust demand from corporate and 

government sector, plus limited new additions to the upscale hotel supply, we 

believe that the outlook for the five-star hotels remained prospective. 

SHID’s effort to perform rejuvenation does make a different. With that effort, 

SHID’s ADR rose to Rp 536,484 in 2011, or up by 19% compare to the 2010 

period. Interestingly, SHID occupancy rate also improved to 64.03% in 2011. 

We believe that such occupancy rate continue to occurred in 1H12, as SHID’s 

revenue climb up by 18% YoY, and we estimate it will book around 30% YoY 

of revenue growth during 2012 period. 

SHID’s revenue in 2011 was above our target. SHID recorded actual revenue 

of Rp 163 billion in 2011, while our previous target only Rp 131 billion. And in 

terms of operating and net profit growth during 1H12, SHID recorded a 

significant jump, as its operating and net profit growth climbed by 327.0% 

YoY and 98.9% YoY, respectively. 

Risk free rate, equity premium, and beta assumption are 5.9%, 6.2%, and 

1.2x respectively. 

Business Prospects 

As Indonesian economy manage to grow by 6.4% YoY in 1H12 and predicted to 

hit 6.2% YoY in 2012, Jakarta’s GDP also rose by 6.6% during 1H12, and 

estimated will reach 6.5% YoY by the end of 2012. Supported also by increasing 

flight frequencies and number of low cost carrier companies, caused improving 

visitors to Jakarta by 9.1% YoY in 1H12, or amounted to 993,898 people. With 

that condition, the demand for hotel accommodation also improved. That 

condition creates relatively stable of five-star hotels occupancy rate of 65.2% 

during January – May 2012 period, with increasing Average Daily Rate by 15.7% 

YoY. Looking at that condition, plus SHID’s condition after taking a rejuvenation 

of its hotel, we believe that SHID’s prospect remains positive. As a result, we 

estimate that SHID’s revenue will grow by 30% YoY in 2012, or 22% CAGR 

growth during 2011 – 2016 periods. 

Table 1: Performance Summary 

2009 2010 2011 2012P 2013P 

Revenue [Rp bn] 100 124 164 213 269 

Pre-tax profit [Rp bn] 15 18 12 21 26 

Net profit [Rp bn] 9 18 10 18 22 

EPS [Rp] 8 16 9 16 20 

EPS growth [%] (41) 94 (44) 80 23 

P/E [x] 48.8 65.5 45.4 24.9* 20.2* 

PBV [x]* 1.5 3.7 0.5 0.5* 0.4* 

Source: PT Hotel Sahid Jaya International Tbk, Pefindo Equity & Index Valuation Division Estimates 

* based on share price as of October 12 th , 2012 – Rp 400 / share 

October 15 th , 2012 Page 2 of 12 pages

GROWTH-VALUE MAP 





Growth-Value Map provides overview of market expectations for the companies 

listed on IDX. Current Performance (“CP”) metric, running along the horizontal 

axis, is a portion of current stock market value that can be linked to the 

perpetuity of current company’s performance in profitability. Growth Expectations 

(“GE”) metric, plotted on the vertical axis, is the difference between current stock 

market value and the value of current performance. Both metrics are normalized 

by the company’s book value. 

Growth-Value Map divides companies into four clusters, they are: 

Excellent value managers (“Q-1”) 

Market expects companies in Q-1 to surpass their benchmark in 

profitability and growth. 

Expectation builders (“Q-2”) 

Market has relatively low expectations of profitability from companies in Q- 

2 in the short term, but has growth expectations exceed the benchmark. 

Traditionalists (“Q-3”) 

Market has low growth expectations of companies in the Q-3, although 

they showed a good profitability in the short term. 

Asset-loaded value managers (“Q-4”) 

Market has low expectations in terms of profitability and growth for 

companies in Q-4. 

Growth Expectations 

6 

5 

4 

3 

2 

1 

SHID 

0MAMI 

-1 

-2 

-3 

-4 

Q-2 

PGLI 

Q-4 

Figure 1: Growth-Value Map 

(SHID; Hotel Industry) 

0 1 2 3 4 5 6 

Current Performance (CP) 

October 15 th , 2012 Page 3 of 12 pages 

JSPT 

GMCW 

Source: Pefindo Equity & Index Valuation Division 

Based on financial statement and market value, SHID is lying in Expectation 

Builders (“Q-2”) cluster. Market still has relatively low expectations regarding 

SHID’s profitability in the short term. However, we believe that after all of its 

hotel has been totally renovated, SHID’s profitability will be lifted. Thus, it may 

still need a better investor relation effort to make investors realize the company 

profitability potentials in the short term. SHID has the opportunity to move to 

Excellent Value Managers’ cluster (“Q-1”) by way of strengthening their 

internal growth capabilities and doing actions to drive market perceptions of their 

economic success. 

Q-1 

Q-3

BUSINESS INFORMATION 





Prospective Economic Condition for Hotel Businesses 

Indonesia’s economic growth which attained 6.4% YoY in 1H12, has attracted 

many foreign companies to invest in Indonesia, with Jakarta as Indonesia’s main 

business hub. We estimate that the growth of Indonesian economy may reach 

6.2% YoY in 2012. Along with manageable inflation of 4.53% YoY in 1H12, low 

benchmark rate (“BI Rate”) of 5.75%, and improving GDP per capita which may 

break USD 4,000 level, we believe that hotel industry in Indonesia still 

prospective. Augmented with the result of Moody’s and Fitch rating, which 

classified Indonesia as Investment Grade Country, we believe that foreign direct 

investment will be flowing to many Indonesian industries. As a result, we believe 

that demand for hotel accommodation in Indonesia will be improving in the 

future. 

Table 2: Indonesia’s Economic Indicators, 2008 – 1H12 

Indicators Unit 2008 2009 2010 2011 1H12 

GDP Growth % YoY 6.1 4.5 6.1 6.5 6.4 

Inflation Rate % YoY 11.06 2.78 6.98 3.79 4.53 

Mid-Exchange Rate Rp/USD 9,136 9,680 10,398 8,779 9,480 

BI Rate % 9.25 6.50 6.50 6.00 5.75 

GDP per Capita USD 2,245 2,350 3,010 3,543 

Third Party Funds Rp tn 1,682 1,913 2,304 2,736 2,867 

Foreign Exchange Reserves USD bn 52 

66 

96 110 107 

Source: Bank Indonesia, Central Bureau of Statistic, Pefindo Equity & Index Valuation Division 

Flowing Visitors to Jakarta 

Increasing flight frequencies and number of low cost carrier companies, has 

improved the connection between Jakarta and the rest of Asia over the past few 

years. It also happened in 1H12 as proved by 9.1% YoY increasing visitor arrival 

in Jakarta through Soekarno-Hatta Airport or amounted to 993,898 people, or in 

total amounted to 1.028 million people, if Tanjung Priok Harbour and Halim 

Perdanakusuma Airport also calculated. It improved by 8.6% YoY compare to the 

1H11 periods. Based on such condition, we believe that in 2012 there will be 

around 2.2 million people coming to Jakarta, or grow by 10% YoY, which create 

strong demand of hotel accommodation. 

Figure 2: Number of Visitors to Jakarta, 2010 – 2012P 

% 

12.00% 

10.00% 

8.00% 

6.00% 

4.00% 

2.00% 

0.00% 

1.89 


2.00 

2.2 

0.95 

million people 

2.50 

1.03 

2010 2011 2012P 1H11 1H12 

Number of visitors (million people) Growth (%, YoY) 

2.00 

1.50 

1.00 

0.50 

0.00 

Source: PT Hotel Sahid Jaya International Tbk, Pefindo Equity & Index Valuation Division 

Rising Room Rate Along with Stable Occupancy Rate 

As a result of flowing visitors to Jakarta the ADR of five-star hotels in Jakarta 

during January – May 2012 increased by 15.7% YoY, while the occupancy rate of 

such hotels have remained stable at 65.2%. Since 2010, annual occupancy of five 

star-hotels has been consistently above 60%, supported by robust demand from 

the corporate and government sectors. Limited new additions to the upscale hotel 

supply have also contributed to the rate increase in Jakarta. Thus, the outlook for





the five-star hotels in Jakarta is relatively conducive as infrastructure 

improvements and an increase in flight connectivity will increase inbound 

visitation to Jakarta. 

Figure 3: Five-star Hotel Performance, 2007 – May 2012 

Source: Jones Lang LaSalle, STR Global, Pefindo Equity & Index Valuation Division Estimates 

Notes: RevPar = Revenue per Available Room 

ADR = Average Daily Rate 

Rejuvenation Takes Effect 

In 2011, SHID still feel the effect of rejuvenation of 450 rooms that completed in 

2010. Customers are comfort with the renovated hotel, especially their rooms. It 

proved by higher occupancy rate, despite increasing average daily rate per room. 

SHID’s occupancy rate lifted to 64.03% in 2011, while in 2010 it only amounted 

to 57.81%, and its average daily room rate improved to Rp 536,484 in 2011 

while in 2010 it only reached Rp 450,727. As a result, revenue from room rental 

in 2011 was lift-up by 31% YoY to Rp 59.9 billion. And it continued in 1H12, as it 

rose by 28% YoY to reach Rp 33.3 billion. 

Rp, bn 

70.00 

60.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 

Figure 4: SHID’s Revenue from Room Rental and 

Occupancy Rate, 2010 – 1H12 

45.62 

57.81% 


64.03% 

59.86 

25.94 

33.26 

2010 2011 1H11 1H12 

Revenue from room rental (Rp, bn) Occupancy Rate (%) 

65.00% 

64.00% 

63.00% 

62.00% 

61.00% 

60.00% 

59.00% 

58.00% 

57.00% 

56.00% 

55.00% 

54.00% 


Rejuvenation also caused revenue from food and beverages increased, since more 

people stay at SHID and dine at several SHID’s finest restaurants that offer pleasant 

and luxurious atmosphere. SHID revenue from food and beverages in 2011 strongly

FINANCE 





grew by 35% YoY to become Rp 73.4 billion, and continued in 1H12 as it reached 

Rp 37.9 billion or grew by 32% YoY. 

Obtained New Loan Facilities, to Lowered-down Its Interest Expenses 

SHID obtained new loan facilities from CIMB Niaga Bank as much as Rp 180 

billion, with interest rate of 11% p.a. Around Rp 67% of that loan is used to 

accelerate the repayment of loan from other bank which gives interest rate of 

15% p.a. With such action, we estimate that SHID’s interest expense will be 

lower in the future. As of 1H12, SHID’s interest expense amounted to Rp 872.8 

million, still higher than 1H11 periods as a result of higher interest expense that 

still happened in 1Q12. 

Above Our Target on Revenue, but not Net Profit 

SHID’s performance in 2011 had been superb. Contributed mostly by the revenue 

from room rental as well as food and beverages, SHID recorded revenue of 

Rp 163 billion, higher than our previous expectation of Rp 131 billion. 

Rejuvenation has made SHID revenue from room rental and food and beverages 

reached Rp 59.9 billion and Rp 73.4 billion, respectively, while our previous 

estimation it would only reached Rp 47.2 billion and Rp 58.9 billion respectively. 

However, at the bottom line SHID actual net profit in 2011 only reached Rp 10 

billion, below our previous target of Rp 16.3 billion. It was due to the decreasing 

other income from Rp 10.9 billion in September 2011 to just Rp 915 million in 

December 2011. 

Figure 5: SHID’s Actual Vs Projection of Sales and Net 

Profit, 2011 

180.00 

160.00 

140.00 

120.00 

100.00 

80.00 

60.00 

40.00 

20.00 

0.00 

163.54 

(in Rp bn) 


131.11 

2011 

10.00 16.31 

SHID's actual sales (Rp) 

SHID's sales projection 

(Rp) 

SHID's actual net profit 

(Rp) 

SHID's net profit 

projection (Rp) 


Strong Growth in 1H12 

During 1H12, SHID’s revenue, gross, operating and net profit posted positive growth 

of 17.9% YoY, 21.1% YoY, 327.0% YoY, and 98.9% YoY, respectively. 17,9% YoY of 

sales growth, which was higher than the growth of cost of sales and operating 

expenses of 11.6% YoY, 12.2% YoY, respectively, caused the significant growth of 

operating profit. Plus, the growth of other income of 73% YoY, causing SHID’s net 

income rose. Compare to the average peers, SHID’s operating and net profit growth 

are significantly higher, as peers’ operating and net profit growth in 1H 12 posted 

negative growths of 45.8% YoY, and 7.5% YoY.




350% 

300% 

250% 

200% 

150% 

100% 

50% 

-50% 


Figure 6: Operating and Net Profit Margins of SHID Vs 

Average Peers, 1H12 

0% 

18% 22% 

21% 29% 

Sales [%] Gross Profit [%] Operating Profit 

[%] 

Net Profit [%] 


327% 

-46% 

SHID Average (exc. SHID) 

99% 


SHID’s Business Prospect 

As Indonesian economy manage to grow by 6.4% YoY in 1H12 and predicted to 

hit 6.2% YoY in 2012, Jakarta’s GDP also rose by 6.6% during 1H12, and 

estimated will reach 6.5% YoY by the end of 2012. Supported also by increasing 

flight frequencies and number of low cost carrier companies, caused improving 

visitors to Jakarta by 9.1% YoY in 1H12, or amounted to 993,898 people. With 

that condition, the demand for hotel accommodation also improved. That 

condition creates relatively stable of five-star hotels occupancy rate of 65.2% 

during January – May 2012 period, with increasing Average Daily Rate by 15.7% 

YoY. Looking at that condition, plus SHID’s condition after taking a rejuvenation 

of its hotel, we believe that SHID’s prospect remains positive. As a result, we 

estimate that SHID’s revenue will grow by 30% YoY in 2012, or 22% CAGR 

growth during 2011 – 2016 periods. 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

Figure 7: SHID’s Revenues 

CAGR = 22% 

-7% 

2011 2012P 2013P 2014P 2015P 2016P 

SHID's Revenue (Rp, bn) 


Estimates

INDUSTRY COMPARISON 





Table 3: SHID and Its Peers Performance Summary as of June 30 th , 2012 

SHID BUVA HOME PLIN MAMI PGLI Average 

(exc. SHID) 

Net sales [Rp bn] 83 88 21 594 38 7 

Gross Profit [Rp bn] 57 67 10 297 21 4 

Operating profit [Rp bn] 6 28 2 69 4 0.1 

Net profit [Rp bn] 7 15 [1.4] 38 2 0.08 

Total assets [Rp bn] 1,242 1,110 173 4,359 681 45 

Total liabilities [Rp bn] 326 397 62 1,517 92 8 

Total equity [Rp bn] 916 712 112 2,336 589 37 

Growth YoY 

Net sales [%] 17.9 10.7 33.8 36.3 24.2 4.2 21.8 

Gross Profit [%] 21.1 18.8 18.5 31.4 17.5 [4.1] 29.0 

Operating profit [%] 327.0 4.5 [223.5] [49.4] 68.0 [28.6] [45.8] 

Net profit [%] 98.9 3.5 [39.1] [60.9] 79.2 [20.0] [7.5] 

Profitability 

Gross profit margin [%] 68.2 75.9 47.6 49.9 54.7 50.0 55.6 

Operating profit margin [%] 6.7 31.6 10.2 11.6 11.1 1.4 13.1 

Net profit margin [%] 8.2 16.9 [6.8] 6.4 5.0 1.1 4.5 

ROA [%] 0.5 1.3 [0.8] 0.9 0.3 0.2 0.4 

ROE [%] 0.7 2.1 [1.3] 1.6 0.3 0.2 0.6 

Leverage 

DER [x] 0.4 0.6 0.6 0.7 0.2 0.2 0.4 

Source: Bloomberg, Pefindo Equity & Index Valuation Division 


TARGET PRICE 




VALUATION 

Methodology 


We apply income approach using Discounted Cash Flows (DCF) as the main 

valuation approach considering the income growth is a value driver in SHID 

instead of asset growth. 

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

method. 

This valuation is based on 100% shares price as of October 12 th , 2012, using 

SHID’s financial report as of June 30 th , 2012, for our fundamental analysis. 

Value Estimation 

We use Cost of Capital of 12.64% and Cost of Equity 13.40% of based on the 

following assumptions: 

Table 4: Assumption 

Risk free rate [%]* 5.9 

Risk premium [%]* 6.2 

Beta [x]* 1.2 

Cost of Equity [%] 13.4 

Marginal Tax Rate [%] 25.0 

Interest Bearing Debt to Equity Ratio 

[%] 


17.3 

WACC [%] 12.6 

Source: Bloomberg, Pefindo Equity & Index Valuation Division Estimates 

* as of October 12 th , 2012 

Target price for 12 months based on valuation as per October 12 th , 2012, is 

as follows: 

Using DCF method with discount rate assumption 12.64%, is Rp 420 - 

Rp 480 per share. 

Using GCM method (PBV 0.49X and P/E 33.98x) is Rp 400 – Rp 550 

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 SHID for 12 month is Rp 415 

- Rp 500 per share. 

Table 5: Summary of DCF Method Valuation 

Conservative Moderate Optimist 

PV of Free Cash Flows – [Rp, bn] 150 158 165 

PV Terminal Value – [Rp bn] 467 490 515 

Non-Operating Assets – [Rp, bn] 15 15 15 

Net Debt – [Rp, bn] (159) (159) (159) 

Total Equity Value – [Rp bn] 472 504 537 

Number of Share, [mn shares] 1,119 1,119 1,119 

Fair Value per Share, [Rp] 420 450 480 

Source: Pefindo Equity & Index Valuation Division Estimates

Table 6: GCM Comparison 




SHID 

P/E [x] 33.98 

P/BV [x] 0.49 


Table 7: Summary of GCM Method Valuation 

Multiple [x] Est. EPS [Rp] Est. BV/share [Rp] Value [Rp] 

P/E 33.14 16.1 - 550 

P/BV 0.48 - 818.9 400 

Source: Bloomberg, Pefindo Equity & Index Valuation Division Estimates 

Table 8: Fair Value Reconciliation 

Fair Value per Share [Rp] 

DCF GCM Average 

Upper limit 480 550 500 

Bottom limit 420 400 415 

Weight 70% 30% 

Source: Pefindo Equity & Index Valuation Division Estimates 



Table 9: Income Statement 




(Rp bn) 

2009 2010 2011 2012P 2013P 

Sales 100 124 164 213 269 

Cost of sales (40) (46) (51) (76) (99) 

Gross Profit 60 78 112 137 170 

Operating expenses (69) (73) (101) (120) (152) 

Income from 

operations 

(10) 5 11 16 18 

Other income 

(charges) 

25 13 1 5 8 

Pre-tax Profit 15 18 12 21 26 

Tax (6) 0.1 (1.9) (3) (4) 

Net Profit 9 18 10 18 22 

Source: PT Hotel Sahid Jaya International Tbk, Pefindo Equity & Index Valuation 

Division Estimates 

Table 10: Balance Sheet 

Assets 

Cash and cash equivalents 

(Rp bn) 

2009 2010 2011 2012P 2013P 

7 7 15 10 5 

Receivables 18 16 30 32 37 

Inventories 2 111 100 133 151 

Other short term assets 1 1 1 3 4 

Due from related parties 44 48 52 82 103 

Direct placements 1 1 - - - 

Fixed Assets 284 431 1,029 1,045 1,053 

Other long-term assets 264 5 9 14 16 

Total assets 620 619 1,237 1,319 1,369 

Liabilities 

Trade payables 67 35 52 60 78 

Tax payables 42 39 42 63 81 

Other payables 13 19 14 31 40 

Current maturities of bank 

loan 

30 32 0.2 2 2 

Current maturities of lease - - 2 0.7 0.7 

Other short-term liabilities 16 12 24 20 25 

Bank loans 97 111 130 157 118 

Leases - - 0.1 1 1 

Long-term liabilities 61 60 63 68 81 

Total liabilities 326 307 327 401 429 

Total equity 294 312 909 918 940 

Source: PT Hotel Sahid Jaya International Tbk, Pefindo Equity & Index Valuation 

Division Estimates 


Figure 8: Historical P/E and P/BV 


P/E 

4.0 

3.5 

3.0 

2.5 

2.0 

1.5 

1.0 

0.5 

0.0 

2009 2010 2011 

P/E P/BV 


Figure 9: Historical ROA, ROE and Total Asset Turnover 

ROA, ROE 

6% 

5% 

4% 

3% 

2% 

1% 

0% 

2009 2010 2011 

TAT (x) ROA (%) ROE (%) 


Table 11: Key Ratios 

Growth [%] 

P/BV 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

2009 2010 2011 2012P 2013P 

Net sales 13 24 32 30 26 

Operating profit 17 151 123 48 13 

Net profit (41) 94 (44) 80 23 

Profitability [%] 

Gross margin 60 63 69 64 63 

Operating margin (10) 4 7 8 7 

Net margin 9 14 6 8 8 

ROA 1 3 1 2 2 

ROE 3 6 1 2 3 

Solvability [x] 

Debt to equity 111 99 36 44 46 

Debt to asset 53 50 26 30 31 


Estimates 

0.0 

TAT 

0.25 

0.20 

0.15 

0.10 

0.05 

0.00




DISCLAIMER 


This report was prepared based on the SHIDted and reliable sources. Nevertheless, we do not guarantee 

its completeness, accuracy and adequacy. Therefore we do not responsible of any investment decision 

making based on this report. As for any assumptions, opinions and predictions were solely our internal 

judgments as per reporting date, and those judgments are subject to change without further notice. 

We do not responsible for mistake and negligence occurred by using this report. Last performance could 

not always be used as reference for future outcome. This report is not an offering recommendation, 

purchase or holds particular shares. This report might not be suitable for some investors. All opinion in 

this report has been presented fairly as per issuing date with good intentions; however it could be change 

at any time without further notice. The price, value or income from each share of the Company stated in 

this report might lower than the investor expectation and investor might obtain lower return than the 

invested amount. Investment is defined as the probable income that will be received in the future; 

nonetheless such return may possibly fluctuate. As for the Company which its share is denominated other 

than Rupiah, the foreign exchange fluctuation may reduce the value, price or investor investment return. 

This report does not contain any information for tax consideration in investment decision making. 

The share price target in this report is a fundamental value, not a fair market value nor a transaction price 

reference required by the regulations. 

The share price target issued by Pefindo Equity & Index Valuation Division is not a recommendation to 

buy, sell or hold particular shares and it could not be considered as an investment advice from Pefindo 

Equity & Index Valuation Division as its scope of service to, or in relation to some parties, including listed 

companies, financial advisor, broker, investment bank, financial institution and intermediary, in 

correlation with receiving rewards or any other benefits from that parties. 

This report is not intended for particular investor and cannot be used as part of investment objective on 

particular shares and neither an investment recommendation on particular s hares or an investment 

strategy. We strongly recommended investor to consider the suitable situation and condition at first before 

making decision in relation with the figure in this report. If it is necessary, kindly contact your financial 

advisor. 

PEFINDO keeps the activities of Equity Valuation separate from Ratings to preserve independence and 

objectivity of its analytical processes and products. PEFINDO has established policies and procedures to 

maintain the confidentiality of certain non-public information received in connection with each analytical 

process. The entire process, methodology and the database used in the preparation of the Reference 

Share Price Target Report as a whole is different from the processes, methodologies and databases used 

PEFINDO in doing the rating. 

This report was prepared and composed by Pefindo Equity & Index Valuation Division with the objective to 

enhance shares price transparency of listed companies in Indonesia Stock Exchange (IDX). This report is also free of 

other party’s influence, pressure or force either from IDX or the listed company which reviewed by Pefindo Equity & 

Index Valuation Division. Pefindo Equity & Index Valuation Division will earn reward amounting to Rp 20 mn 

each from IDX and the reviewed company for issuing report twice per year. For further information, please visit our 

website at http://www.pefindo.com 

This report is prepared and composed by Pefindo Equity & Index Valuation Division. In Indonesia, t his 

report is published in our website and in IDX website.

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