In Riset

BNIS Daily Report of May 19, 2020




MAPI: Early Warnings Signs


What’s New?

Ahead of MAPI’s 1Q20 earnings (which was delayed due to the pandemic), we turn to Hold recommendation following a 12.9% increase from our last update on April 21. In the meantime, we believe the latest 1Q GDP data bodes ill for MAPI’s operating metrics. As impact of easing on Moving Control Order (MCO) policy on the resumption of normal operations looks uncertain, the bottom line may have to take a hit.


Key Highlights:

  • Weak consumer narrative ahead could hurt…
  • …MAPI’s operational metrics
  • Strong share price outperformance and our TP objective exceeded


Analyst: William Siregar (




  • PT Erajaya Swasembada Tbk (ERAA): Above-expectation 1Q20 result. BUY. Analyst: William Siregar.