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TSPC

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michaeljudika578
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20 views

TSPC

Uploaded by

michaeljudika578
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Current Price 1,500

#OS Shares 4,500,420,000


Upside 72.67%

BAS Bloomberg ZP total buy


80.7% 31-Dec-19 3,619,823,418 70,681,700 1,306 87,578,300
56.6% 31-Dec-20 3,674,161,618 16,343,500 1,596 28,879,100

60.0% 31-May-21 3,688,093,118 2,412,000 1,544 4,023,000


30-Jun-21 3,689,789,518 715,600
16-Jul-21 3,690,505,118

H
ak 2,412,000
945,093,118 947505118

aH
M ak
iA
Upside 72.67%
PE (x) 11

TSPC IJ Equity - 2021 07 26 - HakaHakiAM

Target Price: 2590 << 11x FY21E PER (~50% discount to KLBF)
Suggestion: Medium term, 3-6 months horizon

H
Thesis: 1. Expecting 2021E ~27% Net Profit growth due to 1) Cost efficiency and 2) 2Q20 and 3Q20 low base

(IDR bn)
Revenue
Direct Costs
ak -
1Q20
2,765.41
1,782.66 -
1Q21
2,743.63
1,768.25 -
2020
10,968.40
7,055.61 -
2021E
10,974.52
7,059.55

aH
OPEX - Core - 735.09 - 638.43 - 2,798.94 - 2,553.72
OPEX - Others 131.07 51.37 - 38.20 -
OP Profit 378.73 388.32 1,075.65 1,361.25
Others 5.40 1.71 - 11.20 - 11.20
Income Tax - 76.83 - 78.01 - 230.08 - 291.81

M ak
Net Profit 307.30 312.02 834.37 1,058.24
Ann EPS 273 277 185 235

OPEX - Core (%)* 26.6% 23.3% 25.5% 23.3%

iA
*OPEX - Core= Selling Expenses + G&A Expenses

2. Liquidity wise, supported by parent company keep buying the stocks


Till 16 Jul 2021,
#Shares Est avg
IDR
Purchased IDR/shares*
Since 2019 70,681,700 1,293 91,387,197,198
YTD 16,343,500 1,580 25,823,383,740
Since Jun 21 2,412,000 1,529 3,686,886,720
*Est avg IDR/shares= ZP's avg purchase price, minus 1% discount

3. Healthcare sector is gaining traction and momentum, TSPC is still laggard

Source: Company FS & Presentation, IDX, and internet Disclaimer


d 3Q20 low base

0.268311

Disclaimer

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