Category: Market

Corporate Actions to Watch

Oil and gas firm Medco Energi Internasional (MEDC) reached a deal to acquire all shares in Ophir Energy Plc, both issued and to-be-issued shares at price of 57.5 pence per share in cash, up from the previously agreed 55 pence per share, or around a total value of 408.4 million pound sterling, equivalent US$539 million, higher than previously agreed value of US$390.6 pound sterling.

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FY18 Results: HMSP, CMNP, MYOH

Cigarette maker HM Sampoerna (HMSP) booked a net profit of Rp13.5 trillion in 2018, grew 8.3% from Rp12.67 trillion in 2017 inline with 8% growth in sales. It booked net sales of Rp106.74 trillion last year, compared to Rp99.1 trillion in the previous year.

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Market & Economic Update

Global markets gained on Thursday (March 21) following the United States (U.S.) Federal Reserve (the Fed)’s abandonment of all plans to raise rates this year. Federal Reserve policymakers expect rates to remain at current levels this year, compared to December’s projection of two hikes.

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Corporate Actions

MNC Investama (BHIT), controlled by Hary Tanoesoedibjo, plans to launch the rights issue, offering 17.58 billion new shares through preemptive rights scheme, targeting to raise Rp1.58 trillion fund.  

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FY18 Results: Mandom Indonesia & Jaya Ancol

Mandom Indonesia (TCID), the producer of personal care products, booked a net profit of Rp173 billion in 2018, declined 3.35% from Rp179 billion in 2017 along with the lower sales. The Company reported a 2.1% decline in revenues, to Rp2.65 trillion from previous Rp2.7 trillion. Operating profit fell 17.8% to Rp185 billion from earlier Rp225 billion.

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Policy Issues to Watch

The Indonesian Government strongly opposes the European Union (E.U.)’s decision to adopt the Draft Delegated Regulation. Indonesia considers the regulation as outright discrimination and a disguised protectionist measure against palm oil.

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Current Economic Dynamic

Finance Minister Srimulyani Indrawati said that the budget spending per February 2019 (Jan-Feb) reached Rp271.83 trillion or 11% of this year’s spending target. It grew 9.15% from the same period of 2018.

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Fund Raising & Results

State-owned construction firm Wijaya Karya (WIKA) booked profit attributable to equity of Rp1.73 trillion in 2018, grew 44% from Rp1.2 trillion in 2017, thanks to a jump in operating profit and growth in revenues.

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Market Snapshots

Shares in Asia slipped in Tuesday morning trade, ahead of a closely watched meeting by the United States (U.S.) Federal Reserve set to kick off later in the day stateside, Cnbc.com reported. Investors anticipate the U.S. central bank will reinforce its dovish approach toward further interest rate hikes.

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Jasa Marga: 2018 Results & Outlook

Shares of state-owned toll road developer and operator PT Jasa Marga Tbk (JSMR) ended flat at Rp5,325 Monday (March 18). At this price, JSMR had market capitalization of Rp38.65 trillion or 1.9 x equity only. The company booked net profit of Rp2.2 trillion last year, flat compared to 2017, despite strong net profit growth of 45% in the last quarter of the year.

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Corporate Actions

State-owned construction firm PT PP (PTPP) and PT Krakatau Tirta Industri, subsidiary of state steel producer Krakatau Steel (KRAS), set up a joint venture (JV) entity (PT Pembangunan Perumahan Krakatau Tirta) which engages in developing drink water supply (SPAM) in Gresik, East Java province with capacity of 1000 liters per second. PTPP holds 75% interest in the JV while Krakatau Tirta holds the rest.

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Market This Week

A gauge of global equity markets hit a five-month high on Friday (March 15) on investor optimism over the trade talks between the United States (U.S.) and China and hopes a new Brexit vote this week will prove successful, but the dollar headed to its biggest weekly loss since early December, Reuters reported.

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