Category: Market

IPO to Watch: Borneo Olah Sarana Sukses

PT Borneo Olah Sarana Sukses (BOSS), a small coal producer, has this morning kicked off its initial public offering (IPO) for 400 million shares, representing 28.57% of its total issued and paid-up capital. The pre offering or book building is set for Jan 24-26, 2018 and the offering is scheduled for Feb 9-13, 2018. Listing on the Indonesia Stock Exchange (IDX) is expected for Feb 21, 2018. PT Victoria Sekuritas Indonesia acts as underwriter for this IPO.

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Corporate Actions to Watch

Bakrieland Development (ELTY) has finally completed the restructuring of US$155 million bond debt, equivalent Rp1.09 trillion, issued by its Singapore-based subsidiary, BLD Investments Pte. Ltd. The said bond carries an annual coupon rate of 8.625%.

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Market Update

Foreign investors continued to realize gains in stocks on Friday (Jan. 19), pressuring the market during the day trading. But late buying helped lift the composite index of the Indonesia Stock Exchange (IDX) to gain 0.28%, closing at 6,490. Foreign investors booked a net sell of Rp899.55 billion on Friday, cutting year-to-date net buy to Rp3.63 trillion. The rupiah strengthened to Rp13,331 against the U.S. dollar.

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Dynamics at BJBR & BEKS

Golkar Party maintains its control over political power in Banten province. After winning last year’s gubernatorial race, the party has a big chance to win simultaneous elections for regents and mayors in the province, which might affect future dynamics of Bank Jabar Banten (BJBR) and Bank Banten (BEKS).

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Coal Journal

Coal miners gained this morning as sentiment is positive in line with the current improvement on coal shares. At 11.28 am Jakarta time, state-owned coal miner Bukit Asam jumped 3.29%, Adaro Energy gained 1.38%, Dharma Henwa increased 2%, and giant coal miner Bumi Resources gained 0.7%.

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Market & Economy

Foreign investors opted to realize gains in stocks on Thursday (Jan 18). Domestic investors, meanwhile, dominated the buying, with the global markets pausing after notching a string of record highs. Foreign investors booked a net sell of Rp294.72 billion yesterday, cutting year-to-date net buy to Rp4.53 trillion.

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Positive Outlook on the Financial Industry

Indonesia’s central bank (Bank Indonesia/BI) kept its benchmark 7-day Reverse Repo Rate at 4.25% on Thursday (Jan 18), while maintaining the Deposit Facility (DF) and Lending Facility (LF) rates at 3.50% and 5.00% respectively. This policy, it said, is consistent with the well-maintained macroeconomic and financial system stability, while also building domestic economic recovery momentum.

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Market Snapshots

Foreign investors kept buying local stocks on Wednesday as they booked a net buy of Rp111.8 billion, bringing year-to-date net buy to Rp4.82 trillion. Domestic investors also followed suit. Gains in the global markets yesterday also amplified the positive sentiment in local market. The composite index of the Indonesia Stock Exchange (IDX) gained 0.23% to close at 6,452 yesterday.

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Matahari v. Pasaraya: The Trials

On September last year, PT Matahari Department Store Tbk (LPPF), a retail giant controlled by the Lippo Group, announced the closure of their outlets at Pasaraya Blok M and Pasaraya Indonesia (previously Pasaraya Manggarai) belonging to PT Pasaraya Tosersajaya, a mall developer owned by businessman and politician Abdul Latief. In the same month, LPPF filed a default lawsuit against Pasaraya. Later in December 2017, Pasaraya filed their own default lawsuit against LPPF. The trial on LPPF’s lawsuit entered the stage of verification of evidence, while the trial on Pasaraya’s lawsuit began on January 17, 2018. On the same day, LPPF published an information disclosure in the official website of the Indonesia Stock Exchange.

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2017 Result: BNI

PT Bank Negara Indonesia (BNI) Tbk (BBNI) booked profit after tax of Rp13.62 trillion in 2017. It grew 20.1% from Rp11.34 trillion in 2016, supported by 6.5% growth in net interest income and 13.9% growth in non interest income. Provision of loan also declined 9.3% to Rp7.13 trillion.

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Oil & Gas Journal

Nymex’s crude oil price rose 0.4% to US$64.25 per barrel on Wednesday (Jan. 17) ahead of the release of U.S. petroleum data that was expected to show a ninth straight weekly drawdown in crude inventories, Reuters reported. As oil price is increasing and recovering, oil and gas producers begin to think about investing in exploration activity for oil and gas, aiming to boost the oil reserves. The investment in oil and gas exploration declined since 2014 due to falling world oil price.

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Market Strong Gain

Domestic investors returned to buying local stocks on Tuesday (Jan 16), after selling for realizing short term gains in the past few trading days, helping the composite index of the Indonesia Stock Exchange (IDX) to record its high. The index gained 0.74% to close at 6,429 yesterday.

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