Category: Market

Market Snapshots

Global stock markets mostly closed in red on Thursday (Dec. 3). Investors digested key Purchasing Managers’ Index (PMI) data and positive coronavirus vaccine news. United States (US) stocks closed mixed yesterday and cut earlier gains after Dow Jones reported Pfizer is cutting its coronavirus vaccine rollout plan for this year due to supply chain issues. Pfizer now expects to ship half of the doses it had previously planned after finding raw materials in early production that didn’t meet its standard. 

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Policies Issues to Watch

The Government, through the Finance Ministry, plans to implement a progressive export levy on crude palm oil (CPO) from the previous maximum of US$55 a metric ton (MT) of CPO to $180 per MT of CPO. This policy aims to maintain the sustainability of the mandatory 30% biodiesel-used (B30) following the increase in world palm oil prices.

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Corporations to Watch

Consumer goods firm Tiga Pilar Sejahtera Food (AISA) plans to buy back bonds and Islamic bonds (Sukuk) issued in 2013 and 2016 worth Rp476.98 billion for improving its financial structure. The Company has paid debts to JP Morgan (Nov. 17, 2020), Citibank (Nov. 30, 2020), and Standard Chartered Bank (Dec. 1, 2020). AISA has raised Rp950 billion from offering new shares to certain buyers (private placement), used to pay debts (Rp650.86 billion), for working capital (Rp425.43 billion), and to inject capital in units or subsidiaries. 

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Corporations to Watch

Textile producer Pan Brothers (PBRX) plans to issue a global bond with a maximum value of US$350 million. Said notes would have a maximum tenure of five years, and the proceeds would be used for debt refinancing, which amounts to $309.75 million, excluding interest and related fees.

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Leading Industry for 2021

Industries as the leading indicator are expected to grow in 2021, extending its growth in the second half of 2020. Said industries are processed food and beverage (F&B), automotive, and cement industries. Improving people’s purchasing power will support the industries’ growth.

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Market Snapshots

Global stock markets mostly ended mixed on Wednesday (Dec. 2) with policy uncertainty and disappointing hiring offset vaccine expectations affecting Wall Street’s sentiment. On the data front, US private payrolls grew by 307 thousand in November, well below 404 thousand in October and estimates of 475 thousand. 

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Corporations to Watch

Coal miner owned by tycoon Low Tuck Kwong, Bayan Resources (BYAN) allocates capital expenditure (capex) of around US$150 million for 2021 to support the development of various mining infrastructures. The Company has also secured a coal sale and purchase contract commitment of around 66% of next year’s target.

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Oil & Gas Journal

WTI crude futures swung between gains and losses to trade around $45.3 a barrel on Tuesday, as investors awaited a decision from OPEC+ regarding crude production. OPEC+ delayed output talks until Thursday, as producers were still in disagreement on how much oil they should produce. 

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9M/20 Results: MEDC & KRAS

Oil and gas firm Medco Energi Internasional (MEDC) suffered a loss of US$116.9 million in the first nine months (9M) to Sept. 2020, against a profit of US$14.8 million in the corresponding period of 2019. Oil and gas sales declined 20.5% year on year (y/y) to US$678 million. Electric power sales and revenue from related parties reached US$112 million, down 3.4% y/y.

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Market & Manufacturing Data

Global stock markets gained on Monday (Nov. 30) as developments toward a coronavirus vaccine and reduced uncertainty in the United States (US) politics lifted sentiment. The Dow Jones rallied almost 12% in November, the most since January of 1987, and the S&P 500 and the Nasdaq 100 both gained nearly 11%. The reduced uncertainty in US politics brightened the prospect of a swift economic recovery.

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Banking Update

Bank QNB Indonesia (BKSW) has, on Nov. 27, 2020, sold its non-performing loan (NPL) and low-quality credit worth Rp693.26 billion (US$49.2 million), representing 14.78% of its equity per Dec. 31, 2019, to BDFK Limited based on the Cayman Islands. This is an affiliated transaction, and BDFK Limited’s debt instrument is guaranteed by QNB (QPSC), the controlling shareholder of BKSW (92.48% ownership). QNB (QPSC) is the largest bank in the Middle East and North Africa.

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9M/20 Results: INDF, MAPI, DNET

Indofood Sukses Makmur (INDF), the largest food company in Indonesia, booked a net profit of Rp4.73 trillion in the first nine months (9M) to Sept. of 2020, grew 11.9% from Rp4.19 trillion in the corresponding period of 2019, supported by higher sales, higher other operating income, and lower costs.

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