Category: Market

Corporations to Watch

Cigarette maker Gudang Garam (GGRM) plans to inject fresh capital of Rp1 trillion to its subsidiary, PT Surya Dhoho Investama (SDHI), to support the construction of Dhoho Kediri Airport in East Java. The capital injection will be made in stages, starting March 3 until the end of 2021. 

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Market & IPO

Global stock markets mostly retreated on Tuesday (March 2). United States (US) stocks giving up gains as investors looked to central banks for clues on monetary policy changes. Since the pandemic started, an easy monetary policy has fuelled a stock market rally but damped the interest in bonds. This has stopped in the last few weeks, with yields jumping and bond prices falling as expectations for economic recovery increased, fuelled by vaccination progress and fiscal stimulus. 

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FY20 Results: ELSA & FASW

Oil and gas services firm Elnusa (ELSA) booked a net profit of Rp249.1 billion in 2020, declined 30% from Rp356.47 billion in 2019, as finance cost jumped 230% to Rp132 billion from the previous Rp40.5 billion. Meanwhile, its revenue fell 8.3% to Rp7.7 trillion year on year (y/y).  

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All about vaccines

We noted busier activities in Jakarta’s roads, restaurants, and malls in the past few days. It is not entirely clear whether this is related to progress of Covid-19 vaccination, but more friends have gotten the shots. Some also noted traditional markets, including Tanah Abang, the largest textile market in Southeast Asia, have been busier recently.

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Industry Updates

Indonesian manufacturing growth lost momentum in February 2021 amid the disruption of the COVID-19 pandemic. On Monday (March 1), IHS Markit reported that Indonesia Manufacturing Purchasing Managers Index (PMI) fell to a three-month low of 50.9 in February 2021 from 52.2 a month earlier. Output grew the least in four months, and new orders expanded at the softest rate in three months. Meantime, export orders fell for the fifteenth month running, while employment shrank for the twelfth month in a row but at the slowest pace in the sequence.

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FY20 Results: Plantation

Plantations firms reported a jump in profits last year on the back of higher Crude Palm Oil (CPO) prices and lower costs and expenses. Astra Agro Lestari (AALI) earlier reported its net profit skyrocketed 268% year on year (y/y) to Rp894 billion in 2020, supported by an 11.7% rise in revenue and a 27.8% rise in its averaged CPO prices (Rp8,548 per kilogram).

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Market & Commodity

Global stock markets gained on Monday (March 1), with United States (US) stocks rallying as vaccine rollout optimism, and economic prospects nudged sentiment. On the policy side, the House passed early Saturday a $1.9 trillion coronavirus relief package, the American Rescue Plan Act of 2021, and the Senate will now consider the legislation. 

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FY20 Results: SMGR, JPFA, TURI

State cement producer Semen Indonesia (SMGR) booked a net profit of Rp2.79 trillion in 2020, grew 16.7% from Rp2.39 trillion in 2019, thanks to lower financial costs. Its revenue declined 12.9% to Rp35.17 trillion, and gross profit fell 8.6% to Rp11.6 trillion. SMGR’s finance costs fell 28% to Rp2.32 trillion from the previous Rp3.2 trillion, helping the bottom line’s growth.  

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Market This Week

Global stock markets are expected to have a bullish tone this week amid the prospects for a massive coronavirus relief package in the United States (US) and the gradual rollout of vaccines worldwide. In the US, after President Biden’s $1.9 trillion pandemic aid bill narrowly passed the House in the early hours of Saturday, all attention would now move to vote in the Senate. 

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Banking Update: Bank Jago

Bank Jago (ARTO) has kicked off its rights issue for three billion new shares, representing 21.65% of enlarged capital, priced at Rp2,350 per unit, to raise total proceeds of Rp7.05 trillion. The trading of rights is scheduled for March 10-17, 2021. PT Metamorfosis Ekosistem Indonesia (MEI), the primary and controlling shareholders, will only absorb 42.6 million new shares at a value of Rp100.1 billion, while the rest of its portion (1.87 billion shares) worth Rp4.39 trillion will be transferred to GIC Private Limited.

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Stronger 2020 of Vale

Nickel miner Vale Indonesia (INCO) booked a net profit of US$82.8 million in 2020; it grew 45.6% from US$57.4 million in 2019. EBITDA reached US$273 million, mainly driven by higher production and shipments of nickel and cost-efficiency. Profit before tax reached US$104.6 million, grew 16.8% year on year (y/y).

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FY20 Results of Astra

Astra International (ASII), the country’s largest automotive company, reported a drop in revenue and net income for 2020 due to the impact of the COVID-19. Djony Bunarto Tjondro, Astra’s president director, said in a press statement that the Group continues to operate in challenging conditions, and uncertainty remains throughout the pandemic. 

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