Category: Market

Corporate Actions & Results

Hospital operator Sarana Meditama Metropolitan (SAME), operator of Omni Hospitals, suffered a loss of Rp449 billion in 2020, widening from a loss of Rp114 billion in 2019 as operating profit loss widened to Rp263 billion from 28 billion. Revenue also declined 4.1% year on year (y/y) to Rp508 billion. But in the fourth quarter (Q4) of 2020, SAME turned to profit (Rp8 billion), compared to Rp410 billion loss in Q3 of 2020.

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Global Growth Gaining Momentum

Global demand picks up amid progress on the COVID-19 vaccination around the world. Still, re-lockdown in Europe and the United States due to pandemic re-escalation may impede global production recovery and the global supply shortage. China may benefit from said situations in Europe and the United States (US), as China’s exports grew at a brisk pace in March, jumping 30.6% while imports rose 38.1% in US Dollar terms compared to a year ago.

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Market Snapshots

Global stock markets were mixed on Tuesday (April 13) amid the development of the coronavirus vaccination. United States (US) stocks were mixed on Tuesday, with the Dow Jones falling slightly and the S&P 500 little changed, while the Nasdaq edged up as the Food and Drug Administration called for a pause in the use of Johnson & Johnson coronavirus vaccine. 

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Corporate Actions & Results

Industrial estate developer Pakuwon Jati (PWON) booked a net profit of Rp1.12 trillion in 2020, dropped 65.4% from Rp3.24 trillion in 2019 as revenue fell 44.8% year on year (y/y) to Rp3.97 trillion and gross profit declined 52.5% y/y to Rp1.9 trillion. The Company also recorded a foreign exchange (forex) loss of Rp55.9 billion in 2020, against a forex gain of Rp130 billion in 2019.

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FY20 Results of PGAS

State gas distributor Perusahaan Gas Negara (PGAS) suffered a loss of US$264.8 million in 2020, against a profit of US$67.58 million in 2019 as other expenses widened to US$479 million from US$266 million. In comparison, revenue declined 25% year on year (y/y) to US$2.88 billion. Gross profit fell 30.4% y/y to US$854 million. Operating profit fell 44.5% y/y to US$303.7 million. Ebitda dropped 32.9% y/y to US$697 million.  

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Market Snapshots

Global stock markets mostly retreated on Monday (April 12) as investors digest prospects for global growth in the wake of rising coronavirus infections and slow vaccination rollout. China’s top disease control official said current Chinese vaccines offer low protection against the coronavirus. Traders also await the United States (US) earnings season to kick off this week for a clearer picture of companies’ valuation, while GDP growth figures for China are also due during this week. 

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Market This Week

The first-quarter earnings season gets underway this week. On the economic data front, important releases to follow include the retail sales and industrial production figures in the United States (US) and the Eurozone; the United Kingdom (UK) ‘s monthly gross domestic product (GDP); China’s Q1 GDP and trade balance; Australia’s employment data, business, and consumer morale; and India’s inflation and industrial output. Central bank meetings will be held in South Korea, New Zealand, Singapore, and Turkey.

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Corporate Actions & Results

Mitra Pinasthika Mustika (MPMX), a distributor of Honda motorcycles, booked a net profit of Rp133 billion in 2020. It’s a 71% drop from the Rp466 billion profit made in 2019. The Company recorded an Rp118.5 billion share of loss of associates, compared to an Rp7.2 billion gain in 2019. MPMX’s revenue fell 31% to Rp11.2 trillion. Finance income also declined 27% to Rp119 billion.

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Financials of Bakrie

Bakrie & Brothers (BNBR) suffered a loss of Rp930.3 billion in 2020, against a loss of Rp863.27 billion in 2019, mainly due to Rp395.8 billion loss on the fair value of investments, compared to zero in 2019. Its revenue also fell 25% year on year (y/y) to Rp2.45 trillion, and gross profit dropped 63.7% y/y to Rp246 billion. The Company suffered an operating loss of Rp279 billion last year, against a profit of Rp137.5 billion in 2019. 

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Market Snapshots

Global stock markets gained on Thursday (April 8), with Wall Street gaining momentum as investors largely shrugged off a worse-than-expected reading on the latest weekly jobless claims to focus on the prospect of a reopening of the economy. Markets were also basking in the afterglow of another dovish message from the Federal Reserve (Fed), which reiterated that the United States (US) central bank would keep financial conditions as lenient as possible for the foreseeable future. 

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Oil & Gas Journal

West Texas Intermediate (WTI) crude futures remained below $60 per barrel on Thursday for a fourth consecutive session. It touched an over two-year high of $67.98 during the second week of March, amid oversupply concerns and fears that extended restrictive measures in Europe, slow vaccine rollouts, and rising COVID-19 cases in top consumers India and Brazil could further hit the recovery in fuel demand. Brent crude futures traded below $64 per barrel on Thursday for the fourth session in a row, remaining far below a 14-month high of $71.38 hit in mid-March.

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Corporate FY/20 Results

Natural gas distribution firm Rukun Raharja (RAJA) booked a net profit of US$2.5 million in 2020, dropped 60% from US$6.3 million in 2019, as other income fell 73% year on year (y/y) to US$2.3 million. Revenue also declined 19.67% to US$98.7 million, and gross profit declined 5.9% to US$16.1 million.

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