Company Update
PT Lautan Luas Tbk Industry Sector: Trade, Services & Investment Industri Subsector: Wholesale (Durable & Non Durable Goods)
Dec 12, 2014
Mengusung Efisiensi, Meningkatkan Marjin Stock Code Reuters, Yahoo! Bloomberg
LTLS LTLS.JK LTLS:IJ
Established Date Listing Date
Jan 18, 1951 Jul 21, 1997
Share Price (Rp) 52 Week Lo/Hi (Rp) Nominal (Rp) Book Value (Rp) Intrinsic Value (Rp)
1,820 600-1,925 250 1,752 2.660
Outstanding Share Market Cap (Rp) Beta
780 M 1,419,600 M 0.88
Shareholders: (Sep ’14) PT Caturkarsa Megatunggal Joan Fudiana Indrawan Masrin Jimmy Masrin Public
56.05% 1.89% 0.57% 0.16% 41.33%
PT Lautan Luas Tbk 2000
1600
Headline: Sampai dengan bulan September 2014, PT Lautan Luas Tbk (LTLS) telah membukukan Penjualan sebesar Rp.4,34 triliun atau meningkat 2,94% dari pencapaian tahun lalu (yoy) sebesar Rp.4,22 triliun. Angka penjualan tersebut setara 66% dari target penjualan 2014 sebesar Rp.6,54 triliun. Laba Kotor naik 17,26% menjadi Rp.756 miliar, laba usaha naik 80,17% menjadi Rp.342 miliar dan Laba bersih meningkat 185,81% menjadi Rp.148,35 miliar (yoy). Proyeksi laba sampai dengan akhir tahun 2014 diperkirakan sebesar Rp.180,35 miliar dengan Net Profit Marjin sebesar 2,76% menghasilkan Return on Equity (ROE) sebesar 14,30% Jumlah Aset relatif tidak banyak berubah, namun Total Ekuitas meningkat hampir 12% menjadi Rp.1,37 triliun. Sementara Kapitalisasi pasar tahun ini telah melewati angka Rp.1 triliun. Comment: Setelah lebih dari 62 tahun beroperasi sebagai perusahaan kimia terkemuka di Indonesia, PT lautan Luas Tbk terus tumbuh, berkembang dan melebarkan sayapnya ke pasar global. Untuk ekspansi tahun depan perseroan akan fokus menggarap tiga proyek utama dengan total nilai Rp.750 miliar berupa perluasan pabrik krimmer di Mojosari, pergudangan logistik di Tanjung Priok dan pembangunan pabrik bahan kimia di Tangerang. Perseroan mencanangkan target pendapatan di tahun 2015 sebesar Rp.7 triliun, atau sekitar 7% di atas target pendapatan 2014, termasuk cukup realistis mengingat tantangan yang akan dihadapi. RUPSLB pada 10 Des 2014 telah menyetujui dilakukan pemecahan saham (stock split) dengan rasio 1:2 untuk meningkatkan likuditas perdagangan saham di Bursa Efek Indonesia.
1200
800
400 Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Recommendation: Kami merekomendasikan BELI berdasarkan valuasi DCF dengan margin of safety sebesar 20% yang memperoleh nilai intrinsik sebesar Rp 2.660 dengan proyeksi P/E 11,51x dan PBV 1,65x. Analyst Alex Muhairuddin
[email protected]
The following data is prepared for general use. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information contained herein is believed to be reliable, its completeness and accuracy is however not guaranteed. Opinions expressed in this report are subject to change without notice, and no part of this report is to be construed as an offer, or solicitation of an offer to buy or sell any securities or financial instruments whether referred to herein or otherwise. We do not accept any liability whatsoever whether direct or indirect that may arise from the use of information contained in this report.
Company Update
PT Lautan Luas Tbk Commissioner: Joan Fudiana Pranata Hajadi Hari Slamet Widodo Zaenal Arifin
Directors: Indrawan Masrin Jimmy Masrin Joshua Chandraputra Asali Herman Santoso Soewandhi Soekamto Danny Suryadi Adenan
Company Profile: Perseroan didirikan di Jakarta pada 18 Januari 1951 dengan nama Persekutuan Andil Maskapai Dagang dan Industri Lim Teck Lee (Indonesia) Coy Ltd. Perubahan nama menjadi PT Lautan Luas dilakukan pada 29 Desember 1964. Kegiatan utama perseroan adalah Distribusi Bahan Kimia serta melakukan penyertaan saham pada perusahaan-perusahaan manufaktur bahan kimia. Kantor pusat perseroan bertempat di Gedung Graha Indramas, Jalan Aipda KS Tubun, Jakarta dan saat ini memiliki lima kantor cabang dan tujuh kantor perwakilan di Indonesia. Di sektor Distribusi perseroan memiliki 1 anak perusahaan di Singapura dan 1 perusahaan afiliasi. Di sektor Manufaktur, perseroan memiliki 12 anak perusahaan dan 7 perusahaan afiliasi, sedang di sektor pendukung dan jasa, perseroan memiliki 3 anak perusahaan dan 1 perusahaan afiliasi.
Financial Summary: (Rp. Billion) Balance Sheet Cash Other Current Asset Non-Current Asset Total Asset Current Liabilities Longterm Liabilities Total Liabilities Shareholder's Equity Income Statement Sales/Revenue Gross Profit Operating Profit Net Profit Cash Flow Operating Cash Flow Investing Cash Flow Financing Cash Flow Ratio ROE (%) ROA (%) GPM (%) OPM (%) NPM (%) DER (X) Net Gearing (%) Per Share Info EPS (Rp) BVS (Rp) Price (Rp) PER (X) PBV (X)
9M 2013
9M 2014
Change
2014F
2015F
2016F
148.15 2,251.87 2,132.02 4,532.04 2,105.96 1,035.88 3,141.84 1,222.70
122.23 2,119.81 2,126.22 4,368.26 1,750.38 1,051.84 2,802.22 1,366.88
-17.50% -5.86% -0.27% -3.61% -16.88% 1.54% -10.81% 11.79%
380.40 2,567.24 2,231.75 5,179.39 2,760.04 1,158.54 3,918.57 1,260.82
113.85 2,764.31 2,555.10 5,433.25 2,918.53 1,018.08 3,936.61 1,496.64
422.02 3,336.38 2,792.36 6,550.77 3,358.34 1,404.64 4,762.98 1,787.78
4,216.78 644.59 189.82 51.91
4,340.62 755.84 342.01 148.35
2.94% 17.26% 80.17% 185.81%
6,538.00 909.46 435.46 180.35
7,505.30 1,085.93 541.79 217.50
8,676.13 1,292.25 663.23 268.96
-43.61 -30.00 156.40
172.78 -79.16 -288.27
-496.17% 163.86% -284.32%
555.62 -136.30 -187.07
202.69 -347.12 -122.13
188.48 -289.04 408.74
5.66 1.53 15.29 4.50 1.23 2.57 244.84
14.47 4.53 17.41 7.88 3.42 2.05 196.07
14.30 3.48 13.91 6.66 2.76 3.11 280.62
14.53 4.00 14.47 7.22 2.90 2.63 255.42
15.04 4.11 14.89 7.64 3.10 2.66 242.81
88.73 1,567.56 740.00 8.34 0.47
253.59 1,752.41 1,250.00 4.93 0.71
231.21 1,616.44 2,660.65 11.51 1.65
278.84 1,918.77 -
344.82 2,292.03 -
The following data is prepared for general use. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information contained herein is believed to be reliable, its completeness and accuracy is however not guaranteed. Opinions expressed in this report are subject to change without notice, and no part of this report is to be construed as an offer, or solicitation of an offer to buy or sell any securities or financial instruments whether referred to herein or otherwise. We do not accept any liability whatsoever whether direct or indirect that may arise from the use of information contained in this report.
Company Update
PT Lautan Luas Tbk
The following data is prepared for general use. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information contained herein is believed to be reliable, its completeness and accuracy is however not guaranteed. Opinions expressed in this report are subject to change without notice, and no part of this report is to be construed as an offer, or solicitation of an offer to buy or sell any securities or financial instruments whether referred to herein or otherwise. We do not accept any liability whatsoever whether direct or indirect that may arise from the use of information contained in this report.
Company Update
PT Lautan Luas Tbk
The following data is prepared for general use. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information contained herein is believed to be reliable, its completeness and accuracy is however not guaranteed. Opinions expressed in this report are subject to change without notice, and no part of this report is to be construed as an offer, or solicitation of an offer to buy or sell any securities or financial instruments whether referred to herein or otherwise. We do not accept any liability whatsoever whether direct or indirect that may arise from the use of information contained in this report.
Company Update
PT Lautan Luas Tbk Distribution Market Segmentation
The following data is prepared for general use. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information contained herein is believed to be reliable, its completeness and accuracy is however not guaranteed. Opinions expressed in this report are subject to change without notice, and no part of this report is to be construed as an offer, or solicitation of an offer to buy or sell any securities or financial instruments whether referred to herein or otherwise. We do not accept any liability whatsoever whether direct or indirect that may arise from the use of information contained in this report.
Company Update
PT Lautan Luas Tbk
Financial Performance (Rp billion) LTLS Sales COGS Gross Margin GM (%) Opr Profit OP (%) Net Profit NP (%) Assets Liabilities Equity Num of Share (bn) Stock Price (Rp) Mkt Cap Sales Growth (%) OP Growth (%) NP Growth/EPS Growth (%) ROA (%) ROE (%) Book Value (Rp) PBV (x) EPS (Rp) PER (x) PEG DPS (Rp) Payout Ratio (%) Yield (%) DAR (x) DER (x)
2014-Q3 4,340.62 3,584.77 755.84 17.41 342.01 7.88 148.35 3.42 4,368.26 3,001.37 1,366.88 0.78 1,250.00 975.00
1,752 0.71 190
0.69 2.20
2013 5,734.85 4,799.85 935.00 16.30 278.40 4.85 85.42 1.49 4,532.04 3,309.34 1,222.70 0.78 720.00 561.60 -7.70 3.64 4.85 1.88 6.99 1,568 0.46 110 6.57 1.36 33.00 30.14 4.58 0.73 2.71
2012 6,213.60 5,393.88 819.72 13.19 268.62 4.32 81.46 1.31 4,054.77 3,074.48 980.29 0.78 740.00 577.20 12.38 32.57 6.88 2.01 8.31 1,257 0.59 104 7.09 1.03 30.00 28.72 4.05 0.76 3.14
2011 5,529.08 4,852.59 676.49 12.24 202.62 3.66 76.22 1.38 4,040.30 3,156.44 883.85 0.78 800.00 624.00 41.71 -11.32 -12.37 1.89 8.62 1,133 0.71 98 8.19 -0.66 30.00 30.70 3.75 0.78 3.57
2010 3,901.73 3,278.93 622.80 15.96 228.48 5.86 86.98 2.23 3,591.14 2,773.19 817.95 0.78 800.00 624.00
2.42 10.63 1,049 0.76 112 7.17 34.00 30.49 4.25 0.77 3.39
The following data is prepared for general use. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information contained herein is believed to be reliable, its completeness and accuracy is however not guaranteed. Opinions expressed in this report are subject to change without notice, and no part of this report is to be construed as an offer, or solicitation of an offer to buy or sell any securities or financial instruments whether referred to herein or otherwise. We do not accept any liability whatsoever whether direct or indirect that may arise from the use of information contained in this report.
Company Update
PT Lautan Luas Tbk Financial Highlight
Sales (Rp Billion)
Net Income (Rp Billion) 160
7,000 6,000
120
5,000 4,000
80
3,000 2,000
40
1,000 -
2010
2011
2012
2013
2010
Q3-2014
Asset (Rp Billion)
2011
2012
2013
Q3-2014
2013
Q3-2014
Equity (Rp Billion) 1,600
5,000 4,000
1,200
3,000 800
2,000 400
1,000
-
2010
2011
2012
2013
Q3-2014
2010
2011
2012
PT Erdikha Elit Sekuritas Gedung Sucaco Lt.3 Jalan Kebon Sirih Kav. 71 Jakarta 10340, Indonesia - Tel : +6221 39836420 - Fax: +6221 39836422 www.erdikha.com - www.aonline.co.id Equity Team Billy Pebrianto Head of Equity Division Susi Lestari Equity Sales Manager Bayu Kusuma Wardhana Dicky Indra Saputra
Institutional & AOnline Trading Ricky Rudolf Head of Institutional & AOnline Trading Among Setiawan AOnline Sales Manager
Research Team Alex Muhairuddin Research Analyst Robby Haas Research Analyst
The following data is prepared for general use. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information contained herein is believed to be reliable, its completeness and accuracy is however not guaranteed. Opinions expressed in this report are subject to change without notice, and no part of this report is to be construed as an offer, or solicitation of an offer to buy or sell any securities or financial instruments whether referred to herein or otherwise. We do not accept any liability whatsoever whether direct or indirect that may arise from the use of information contained in this report.
