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PRIM, an 87% higher target price
Current, target price 396, 741 (+87%)

July 17th, 2021
1 minute read

Sales, lower
  • Sales declined by -9% in the first quarter to 96 billion rupiah which is 109% higher than a year ago.
  • This brings the average quarterly growth to 28%.
  • We predict average growth of 5% in this next 12 months to bring sales to 116 billion rupiah in the first quarter 2022.

Costs a bit higher
  • The cash cost ratio of net profit add depreciation minus sales as a percent of sales was -78% in the first quarter & profit was 16 billion rupiah.
  • Average quarterly costs are now at -77%.
  • We use the average -77% costs to predict a 22 billion rupiah net profit in the first quarter of 2022.
Data file & model
Cashflow, higher average
  • Cashflow was down to 15 billion rupiah with investment spending of -1 billion rupiah in the first quarter.
  • Average quarterly Cashflow has now improved to 14 billion rupiah.
  • We use the same -1 billion rupiah investment spending which with higher sales gives a 26 billion rupiah cashflow in the first quarter 2022.

Balance sheet, higher leverage
  • With positive cashflow, cash increased from 42 to 57 billion rupiah in the first quarter.
  • Liabilities also increased from 61 to 87 billion rupiah so net cash worsened from -19 to -30 billion rupiah.
  • With our forecast higher cashflow & assuming there’s a -51 billion rupiah equity payout, net cash will improve to plus 20 billion rupiah in 12 months time.

Value, an 87% higher target price
  • PRIM capital from the last six years improved to -566 billion rupiah in the first quarter.
  • At the current market value of 1,344 billion rupiah, based on our forecasts, it’s at 2.99X sales & 1.33X assets with a 4% yield.
  • Our free cashflow forecast is 101 billion rupiah. At 25X (4% yield), this gives an 87% higher target price of 741 rupiah.
  • Asjmp
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  • CMNT
  • DLTA
  • DRMA
  • DVLA
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  • FASW
  • GOTO
  • HEXA
  • INTD
  • IPPE
  • ITMG
  • JIHD
  • KDSI
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  • MPMX
  • MTDL
  • MTEL
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