Category: Market

Moderate Global Growth

The United States (US) economy expanded an annualized 6.9% on quarter in Q4 2021, much higher than 2.3% in Q3. It’s the strongest GDP growth in five quarters, with the biggest upward contribution coming from private inventories (4.9 percentage points), namely motor vehicle dealers, as companies had been drawing down stocks since the beginning of 2021.

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XL Axiata-Link Net Acquisition

Axiata Group Berhad and XL Axiata (EXCL) on Thursday (Jan. 27) announced the signing of a conditional share purchase agreement (SPA) to jointly acquire an aggregate 66.03% equity interest in Link Net, internet and cable tv service provider, from Asia Link Dewa Pte. Ltd. (ALD) and First Media (KBLV).

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FY21 Results: BMRI & BBCA

State-owned Bank Mandiri (BMRI) booked profit after tax of Rp28 trillion in 2021, growing 66.83% year on year (y/y) as profit from operation rose 58.48% y/y to Rp38.44 trillion. Provision expenses meanwhile fell 21.37% y/y to Rp19.54 trillion.

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Axiata’s LinkNet Acquisition

So, Axiata Group Berhad and its Indonesian subsidiary PT XL Axiata Tbk (EXCL) have agreed to acquire 66.03% shares of PT LinkNet Tbk (LINK) from Lippo Group’s First Media (KBLV) and CVC’s Asia Link Dewa Pte Ltd for Rp8.72 trillion or Rp4,800 per share.

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Fed Rate

The Federal Reserve (Fed) expects it will soon be appropriate to raise the target range for the federal funds rate as inflation is well above 2 percent and the labor market is strong.

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Corporations to Watch

Mineral mining firm Kapuas Prima Coal (ZINC) aims to complete its zinc smelter in Central Kalimantan by the first quarter (Q1) of 2023. As of now, the construction of said smelter has reached 85%. This smelter will operate with a capacity of 30,000 tons per year.

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FY21 Results of BNI

State-owned Bank Negara Indonesia (BBNI) or BNI booked net income of Rp10.89 trillion in 2021, surged 232.2% year on year (y/y) as net interest income rose 12.4% to Rp38.25 trillion, with a net interest margin (NIM) of 4.7%. Operating income also increased 13/7% to Rp55.86 trillion.

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Gojek-Temasek-Matahari Putra Prima

Shares of PT Matahari Putra Prima Tbk (MPPA), a retail company controlled by Riady Family (Lippo Group), dropped further by 6.14% to Rp214 on Wednesday (Jan 26) to make a market capitalization of Rp1.86 trillion. Whoever participated in November 2021 rights issue of MPPA already posted loss of 71.8% in the stock.

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Rates Hike & Implication

Finance Minister Sri Mulyani Indrawati said the Government had remained alert on global rate hikes. Noting that the United States (US) Federal Open Market Committee (FOMC) will today decide on the Federal Reserve (Fed) rate.

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Banking Update

Bank Indonesia (BI) reported on Tuesday (Jan. 25) that bank lending or credit grew 4.9% in December 2021. It accelerated from the previous months’ 4.4% growth. The Government’s financial expansion boosted the national economic liquidity as reflected on the growing money circulation.

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Prospect of Heavy Equipment Business

The Association of Heavy Equipment (Hinabi) projected heavy equipment production to grow 30-40% this year, to reach 9,000 units. In 2021, Hinabi had expected the production at 6,740 units. Per September 2021, national heavy equipment production reached 4,584 units, surpassing 2020’s 3,427 units (down 43.44% from 2019).

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Corporations to Watch

Bank MNC Internasional (BABP) is set to launch the private placement, offering 1.97 billion new shares to certain buyers, on Jan. 31, 2022, priced at Rp165 per unit, to raise total proceeds of Rp324.88 billion. BABP needs fresh funds for boosting its core capital to the minimum Rp3 trillion set by banking rules. As of December 2021, BABP’s core capital reached Rp2,03 trillion.

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