Category: Market

Corporations to Watch

Petrochemical producer Chandra Asri (TPIA) plans to issue bonds worth Rp750 billion this year, offering an annual coupon rate at 8.70%. The bond will mature on Feb. 12, 2025. The offering is scheduled for February 6-7, 2020. PT BCA Sekuritas and PT Mandiri Sekuritas will act as underwriters for the said bond issue. Chandra Asri has issued bonds worth Rp500 billion in 2018 and Rp750 billion last year. Per September 2019, TPIA’s short term liability amounted to US$472.77 million.

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Red Markets

Global stock markets closed in the red zone on Monday (Jan. 27) amid concern over the impact of a deadly virus that originated in China. A gauge of US equity volatility surged above its one-year average. European and emerging-market shares slid to the lowest since mid-December.

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2019 Results of Bank Mandiri

Bank Mandiri (BMRI) reported a 9.9% growth in net profit to Rp27.5 trillion in 2019. It slowed from 21.4% growth in 2018 (Rp25 trillion). In the fourth quarter (Q4), it booked profit after tax of Rp7.23 trillion, up 4.5% year on year (y/y), and grew 7.6% compared to Q3 of 2019 (Rp6.7 trillion).

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Corporate Actions

State coal miner Bukit Asam (PTBA) has prepared a capital expenditure (Capex) of Rp4.04 trillion (US$288.57 million) to finance its business development projects this year. Said capex is lower than Rp6.47 trillion last year.

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Indonesia’s Growth Outlook

Fitch Ratings has affirmed Indonesia’s long-term foreign-currency issuer default rating (IDR) at ‘BBB’ with a stable outlook, according to its latest credit assessment report on Friday (Jan. 24). Fitch had previously affirmed Indonesia Sovereign Credit Rating at BBB/stable outlook (Investment Grade) on March 14, 2019. 

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Market This Week

Global stocks and crude oil tumbled on Friday last week (Jan. 24) as investors reacted to the spread of the deadly, novel coronavirus. The offshore yuan slumped after China extended the current Lunar New Year Holiday for an unspecified period. Asian markets are shut for holidays Monday (Jan. 27), including China, Hong Kong, South Korea, and Australia. 

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2019 Results of BRI

PT Bank Rakyat Indonesia (BRI) Tbk (BBRI) booked net profit of Rp34.41 trillion in 2019, grew 6.2% from Rp32.4 trillion in 2018, as net interest income increased 5.2% to Rp81.71 trillion and fee-based income rose 20.1% to Rp14.29 trillion. Fee-based contributed 10% of the total income.

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Rates & Economy

The central bank (Bank Indonesia/BI) left its benchmark 7-day reverse repo rate (BI-7 DRRR) at 5% during its December meeting on Thursday (Jan. 24), and the lending and the deposit facility rates were also held unchanged at 5.75% and 4.25% respectively.

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Market & Rupiah

Global stock markets continued to close in red on Thursday (Jan. 23) as investors were anxious about the spread and the economic impact of coronavirus. The death toll rose to 25, with over 600 cases confirmed so far. Wuhan, a city in central China where the outbreak originated, is in lockdown. Travel bans have been imposed on eight cities in Hubei province: Wuhan, Huanggang, Ezhou, Chibi, Xiantao, Qianjiang, Zhijiang, and Lichuan. That said, the Word Health Organization (WHO) said it is too early to consider the virus a public health emergency of international concern.

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Corporations to Watch

Bank Negara Indonesia (BBNI) booked profit after tax of Rp15.38 trillion in 2019, grew 2.5% year on year. It slowed compared to a 9.6% growth in 2018. Net interest income increased 3.3% to Rp36.6 trillion inline with 8.6% growth in lending or loan, far below the projection of 11-13%. BBNI’s loan reached Rp512.78 trillion in 2019.

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Garuda & New Boss

State-owned Enterprises (SoE) Minister Erick Thohir on Wednesday (Jan 22) picked Irfan Setiaputra as the CEO of flag carrier Garuda Indonesia (GIAA), replacing Ari Askhara earlier fired as involved in smuggling of Harley Davidson and Brompton.

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Market Snapshots

Global markets closed in red on Wednesday (Jan. 22) after US President Trump renewed his threat to impose tariffs on EU cars should they disagree with a trade deal. Investors are also concerned about the spread of the new strain of coronavirus. 

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