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Jakarta Post

Analysis: 4Q12 result round-ups: The good, the bad and the ugly

  • Harry Su

    Bahana Securities

  /   Thu, March 28 2013   /  12:35 pm

With the upcoming long weekend on Friday, Indonesian corporates are in a rush this time around to report their 2012 financial results before the 31 March deadline set by the authorities. Hence, within our coverage, 50 companies (65 percent of total market capitalization of the Jakarta Composite Index) have announced their last year’s performances. As of the write-up of this report, bigger cap stocks that have not reported were only Bank Central Asia, Gudang Garam and Charoen Phokpand.

The results thus far have been stellar and broadly in line with our expectations. Exhibit 1 shows that aggregate operating profit growth has accelerated to 14.6 percent y-y in 4Q12, up from just 1.0 percent in 4Q11. At the net profit level, the market’s 4Q12 bottom line growth has reached 16.6 percent on a y-y basis, up from 10.7 percent in 4Q11.

There are five “good” sectors: Propert...