Category: Market

Corporations to Watch

Sinar Mas Group unit, Indah Kiat Pulp & Paper (INKP), has prepared funds of Rp4.3 trillion to buyback five series of medium-term notes (MTN) issued in 2017-2018. The company offers buyback on Nov. 8–22, and the repurchase date will be held on Dec. 9.

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9-Month Results of Plastic Processors

Upstream plastic producer Chandra Asri (TPIA) has not released yet its financial report for the first nine months to September (9M) of 2019, while its peer Lotte Chemical Titan (FPNI) suffered a 73.8% drop in net profit for said period, to US$.67 million, as revenues fell 16.8% to US$268.6 million. In 9M of 2018, FPNI booked a net profit of US$2.57 million on revenues of US$322 million. Titan suffered from higher costs of raw materials, mostly linked to crude oil prices. Chandra Asri and Titan are market leaders in polyethylene (PE), polypropylene (PP), styrene monomer, etc.

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Market Snapshots

Global markets fU.S.on Monday (Nov. 11) after the United States President Donald Trump’s remarks over the weekend dashed investor optimism that Washington and Beijing would soon reach a deal to end their debilitating trade war, Reuters reported.

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Market This Week

Global mU.S.ts this week are expected to remain concerned over trade tension between the United States (U.S.) and China. Investors continued to see developments in the trade conflict. President Donald Trump said trade talks with China are moving along “very nicely” and Beijing wants a trade deal “much more than I do,” Bloomberg reported.

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Update on Garuda-Sriwijaya Cooperation

Flag carrier Garuda Indonesia (GIAA) and PT Sriwijaya Air agreed to extend the interim agreement for the next three months. The decision has been taken after the chaos between the two parties. “A temporary agreement was extended for three months, but revisions were immediately undertaken if needed,” coordinating minister for maritime and investment Luhut Binsar Panjaitan told reporters on Friday (Nov. 8).

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9-Month Results

Retailer Hero Supermarket (HERO) suffered a loss of Rp7 billion in the first nine months to September (9M) of 2019, against a profit of Rp86 billion in the corresponding period of 2018, due to a significant investment on IKEA.

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Corporations to Watch

Indosat (ISAT) offered a loss of Rp256 billion in the first nine months to September (9M) of 2019 but narrowed from loss Rp1.25 trillion in the corresponding period of 2018, as revenues rose 12.5% to Rp18.85 trillion from previous Rp16.77 trillion. 

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Market Rally

Global“stoNov. 7kets rallied on Thursday (Nov. 7) after China said it had agreed with the United States (U.S.) to cancel tariffs in phases, a key consideration in reaching a deal to end a trade war that has crimped economic growth and roiled markets, Reuters reported. 

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Revisiting Industrial Estates

Lippo Cikarang (LPCK) reported the highest sales growth for land for industrial estates in the period of January-September (9M) of 2019, followed by Puradelta Lestari (DMAS). LPCK reported a 253% jump in, to Rp66 billion, while DMAS’ sales surged 10.7.3% to Rp649 billion.

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Daily News Roundup

The Financial Services Authority (OJK) has finally declared ANZ Banking Group Ltd as controlling shareholder of Bank Panin (PNBN) alongside Mu’min Ali Gunawan. While details were not provided of what ANZ and Mu’min actually shared as controlling shareholder, the decision might pave the way for ANZ Group’s divestment of 38.32% shares in Bank Panin.

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9-Month Results

Garment producer Pan Brothers (PBRX) booked a net profit of US$16.75 million in 9M this year, grew 33.3% from US$12.1 million in 9M last year. Sales increased 10% to US$492 million from the previous US$447 million, and operating profit rose 16.7% to US$35.5 million from earlier US$30 million. 

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9M/19 Results: Property

Ciputra Development (CTRA) booked a net profit of Rp409 billion in the first nine months to September (9M) of 2019, declined 29.4% year on year (y/y) as operating profit fell 9.6% to Rp1.13 trillion. Revenues declined 0.7% to Rp4.65 trillion. 

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