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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 JSX Building Tower I, 3rd Floor 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. Disclaimer The analyst(s) whose work appears in this report certifies that his or her remuneration is not correlated to his or her judgment(s) on the performance of the company(ies). The information and/or opinions contained in this report has been assembled by Panin Asset Management from sources which we deem to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. This report may not be reproduced, distributed or published by any recipient for any purpose. Any recommendations contained herein are based on a consideration of the securities alone, and as such are conditional and must not be relied upon as a solitary basis for investment decisions. Under no circumstances is this report to be used or considered as an offer to sell, or a solicitation of an offer buy. All opinions and estimates herein reflect the author’s judgment on the date of this report and are subject to change without notice. Panin Asset Management, its related companies, their officers, employees, representatives and agents expressly advice that they shall not be liable in any way whatsoever for any loss or damage, whether direct, indirect, consequential or othe wise howsoever arising (whether in negligence or otherwise) out of or in connection with the contents of and/or any omi sions from this communication. Any investments referred to herein may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors. Investors should make their own independent assessment and seek professional financial advice before they make their investment decisions. 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