Download DAILY UPDATE September 11, 2014

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DAILY UPDATE September 11, 2014
MACROECONOMIC NEWS
Brazil Economy – Brazil’s credit rating outlook was cut to
negative by Moody’s Investors Service. Moody’s affirmed
Brazil’s Baa2 rating, its second-lowest investment grade. The
change in outlook comes after data last month showed Latin
America’s largest economy entered a recession for the first
time in five years, and as President Dilma Rousseff seeks
election to a second term in October. Moody's said slow
economic growth is unlikely to improve in the short term.
Turkey Economy – A surprise contraction in Turkey’s economy
in the second quarter means the government may intensify
pressure on the central bank for lower borrowing costs to spur
growth even as inflation hovers at near double the bank’s
target. Annual GDP growth during the second quarter was
2.1%. Households’ consumption shrank 1.5% QoQ. Basci said
last month that he would keep access to credit “tight” until he
sees a significant slowdown in inflation. Turkey’s Economy
Minister Nihat Zeybekci said last week that price gains could be
curbed if the bank lowered rates instead, spurring investment
in manufacturing.
Philippine Economy – Philippine’s exports weaker than
expected. Jobless rate fell. Philippine exports rose 12.4% YoY to
USD 5461.5 million in July, below market expectations of 15.2%
growth and a previous surge of 21.3% in June. We estimate
that exports fell 6% MoM in July after a strong 8% MoM
expansion in June. Separately, unemployment rate fell slightly
to 6.7% in July from 7.0% in June.
Equity Markets
Closing
Dow Jones
17069
0.3
4587
0.8
598
-1.1
Nikkei
15892
0.7
Hang Seng
NASDAQ
MSCI excl. Jap
24705
-1.9
STI
3345
0.2
JCI
5143
-1.0
Indo ETF (IDX)
26.2
-0.8
Indo ETF (EIDO)
28.3
-1.1
Currency
Closing
11814
11838
US$ - Yen
106.86
106.72
Euro - US$
1.2917
1.2914
US$ - SG$
1.2636
1.2634
Commodities
Last
BUMI – Tata Power Co plans to sell 25% stake in PT Kaltim
Prima Coal, a subsidiary of PT Bumi Resources.
Price Chg %Chg
Oil NYMEX
91.8
-1.2
-1.2
Oil BRENT
98.2
-1.21
-1.2
Coal NYMEX
56.4
0.1
0.2
Coal Newcastle
67.05
Nickel
18740
-185
-1.0
Tin
21010
60
0.3
Gold
1249.0
-6.4
-0.5
CPO Malay
BBRI – PT Bank Rakyat Indonesia targets additional 50,000
credit cardholders in 2014, to reach total 750,000 cardholders
by end of this year. As per August 2014, BBRI has 700,000
credit card users.
Last Trade
US$ - IDR
CPO Rott
CORPORATE NEWS
% Change
770
0
0.0
2037.5
-21
-1.0
Indo Gov. Bond Yields
Last
Yield Chg %Chg
1 year
6.82
-0.04
-0.61
3 year
7.64
-0.01
-0.07
5 year
7.90
0.00
0.01
10 year
8.14
0.00
0.01
15 year
8.49
-0.00
-0.04
30 year
8.95
-0.00
-0.05
PT. Panin Asset Management
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Jl. Jend. Sudirman Kav. 52-53 , Jakarta 12190
T : (021) 515-0595 , F : (021) 515-0601
CORPORATE NEWS – cont’d
ANTM – PT Aneka Tambang may allocate 2015 capex of IDR 1.5 trillion to enlarge ferronickel production capacity
to 27,000-30,000 from 18,000-20,000 ton pa.
BORN – PT Borneo Lumbung Energi & Metal sold assets from its subsidiaries, PT Asmin Koalindo Tuhup (AKT) and
PT Borneo Mining Services (BMS), for USD 16.22 million. On a separate note, BORN will repay USD 1 billion for
part of its loan from Standard Chartered Bank in 2012 (USD 87 million) this year. The company reported 2013
financial results:
BORN (USD mio)
Revenue
Gross Profit
Operating Profit
Pretax Earnings
Net Income
EPS
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
2012
646
230
132
(520)
(550)
(0.031)
35.6%
20.4%
2013
264
(201)
(266)
(614)
(605)
(0.034)
YoY
-59.10%
Q3 2013
111
(14)
(21)
(50)
(46)
(0.003)
Q4 2013
(0)
(189)
(209)
(458)
(448)
(0.025)
QoQ
PTBA – PT Tambang Batubara Bukit Asam may allocate 2015 capex of IDR 2.5 trillion to build Banko Tengah
power plant. On a separate note, PTBA will acquire 30% stake in Ignite Resources this month.
BHIT – PT MNC Investama will issue new shares through non-preemptive rights. BHIT plans to use the proceeds
to finance its working capital and to subscribe PT MNC Kapital Indonesia rights issue.
RALS – PT Ramayana Lestari Sentosa works together with SPAR International, a Dutch-based company, to revamp
its supermarket division. With investment of IDR 150 billion for the next 3 years, RALS targets to open 30 new
SPAR supermarkets including constructing new stores or transforming old existing stores. Each store will incur
about IDR 5 billion of investment. There will be no shares involvement in the partnership, but RALS will be paying
membership fee to SPAR for the technical assistance. The first SPAR store will be built in Jakarta in December
2014. Going forward, the stores will be focused in Jabodetabek and Java Island area. This partnership is targeted
to push RALS’ revenue up by 20-30% in the coming 3 years.
ASSA – PT Adi Sarana Armada realized the purchase of 3,000 units of vehicles as per 9M14, with investment of
IDR 500 billion. The new fleets will be supporting the car rental division in the corporate segment.
TURI – PT Tunas Ridean plans to withdraw loan of IDR 280 billion to fund the acquisition of cars for rental this
year. The loan will be funded by 80% existing loan facility. Overall, TURI allocates IDR 520 billion for capital
expenditure this year, where IDR 350 billion is used on adding 823 units of vehicles for rental business, while IDR
170 billion is used on adding outlets.
APLN – PT Putra Adhi Prima, a subsidiary of PT Agung Podomoro Land just completed the development phase of
Vimala Hills Villa & Resort Project, located in Ciawi, West Java. From 591 units, 461 units had completed the
handover process. The average selling price is ranging at 10 million – 12 million per sqm.
COWL – PT Cowell Development targets marketing sales for 2H14 to reach IDR 825 billion, up 71.87% from 1H14
realized figure. The biggest contributor to 2H14’s marketing sales is expected to come from the Lexington
Residence apartment in Pesanggrahan, South Jakarta, at IDR 250 billion.
CORPORATE NEWS – cont’d
SMRA – PT Summarecon Agung constructs premium apartment Kensington in Kelapa Gading, North Jakarta,
worth IDR 1.7 trillion. The project will be marketed starting this September 2014.
WSKT – PT Waskita Karya may lower the bonds issuance to IDR 500 billion from IDR 1,000 billion in order to
finance its working capital until 2015.
TLKM – PT Telekomunikasi Indonesia allocates IDR 1.9 trillion to restructure Flexi business.
KOIN – PT Kokoh Inti Arebama targets 2014 revenue of IDR 1.4 trillion, supported by Siam Cement Group
products. KOIN may change its revenue mix of ceramic and cement to 50:50 from 80:20 in the future.
SRIL – PT Sri Rejeki Isman is considering loan of USD 80-100 million from foreign banks to finance 2015 capex.
CASS – PT Cardig Aero Services will distribute 2013 dividend of IDR 20.89 per share.
LEAD – PT Logindo Samudramakmur plans to repay its foreign loan of USD 154.1 million (IDR 1.8 trillion) this year.
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