Category: Market

State Budget & Economic Recovery

Finance Minister Sri Mulyani Indrawati reported on Thursday (Sept. 23) that state spending had reached Rp1,560.8 trillion as of Aug. 31, 2021. It grew 1.5% year on year (y/y). Government expenditures reached Rp1,087.9 trillion,...

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Market Snapshots

Global stock markets mostly gained on Thursday (Sept. 23), with United States (US) stocks rallying for a second day as investors continued to digest the latest FOMC statement and remained confident that the Evergrande debt...

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Corporations to Watch: Matahari

Retailer Matahari Putra Prima (MPPA), the largest Indonesian hypermarket operator, suffered a loss of Rp91.5 billion in the first half (H1) of 2021, significantly narrowed from a loss of Rp219.25 billion in the corresponding...

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E-Commerce + Retailers

News about acquisition of 51% shares in Ranch Market (RANC) by e-commerce player blibli.com sent RANC’s stock price to as high as Rp2,700 late last week, surged from Rp530 only in May. Gojek’s acquisition of minority (4.76%) shareholding in Matahari Putra Prima (MPPA) contributed to MPPA’s stock price rally from Rp89 in January to as high as Rp1,275 in June before retreating to Rp1,000 (last quoted price). 

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Economic Growth Projection

The Asian Development Bank (ADB) cut its projection for Indonesia’s economic growth this year to 3.5%, from the previous 4%. ADB also estimates that Indonesia’s economic growth in 2022 will be revised downwards to 4.8% from the previous 5%.

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Banking Update

Bank Indonesia (BI)  has injected liquidity through quantitative easing to the banking industry, reaching Rp122.30 trillion in 2021 (as of Sept. 17, 2021).  Liquidity conditions remain loose in line with BI accommodative monetary policy stance and the impact of synergy between BI and the Government to support the national economic recovery.  

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Market & Fed Tapering

The United States (US) Federal Reserve (Fed) left the fed funds rate steady at 0-0.25% and bond-buying at the current $120 billion monthly pace during the September 2021 meeting, in line with forecasts. Still, the Fed said the economy had made progress toward employment and inflation goals. If progress continues as expected, a moderation in the pace of asset purchases may soon be warranted. 

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Corporations to Watch

Indosat Ooredoo (ISAT) will issue 2.62 billion shares, or 32.6% of enlarged capital, to PT Hutchison 3 Indonesia (H3I) for the merger purpose. The surviving entity (ISAT) will have a pro-forma total asset of Rp100.95 trillion and equity of Rp23.48 trillion. ISAT has a market capitalization of Rp37 trillion or 1.6 x enlarged equity at the last quoted price. But, if the merger is completed (effective on Dec. 1, 2021) and the total issued and paid-up capital increased to 8.06 billion shares, while the price remained at Rp6,775, ISAT’s market cap would be Rp54.6 trillion. 

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Market Snapshots

Global stock markets were mixed on Tuesday (Sept. 21), with United States (US) stocks closing slightly lower in a volatile session, failing to rebound from a sharp sell-off the day before while the Nasdaq edged up as investors bought some major tech shares like Apple on the dip. 

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Rates & Economy

Bank Indonesia (BI) held its key 7-day reverse repurchase rate unchanged at a record low of 3.5% on Tuesday (September 21), in line with market expectations. The overnight deposit facility and lending facility rates were also left unchanged at 2.75% and 4.25%, respectively. 

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Improved Lending Growth 

Bank Indonesia (BI) reported that bank lending or new loan disbursements in August 2021 improved from the previous month. It was mainly supported by lending for the housing segment and other consumer loans, while working capital and investment credit slowed.

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Corporations to Watch

Singapore-based EP ID Holdings, the new controlling shareholder of telco tower operator Centratama Telekomunikasi Indonesia (CENT), launches the tender offer for 2.57 billion CENT shares, representing 8.25% of the enlarged capital of CENT, at a price of Rp269 per unit, or Rp692.14 billion in total. The tender offer starts today (September 21) until October 20, 2021.

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