Category: Market

Bakrie & Bumi Resources

Shares of Bumi Resources (BUMI), the largest coal producer in Indonesia, ended higher by 1.55% only to Rp262 Friday (May 25) despite the signing of mutual investment agreement and loan agreement worth US$416 million involving Bakrie & Brothers (BNBR) and BUMI shares.

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IPO to Watch: IKT

PT Indonesia Kendaraan Terminal (IKT), a subsidiary of state-owned port operator PT Pelabuhan Indonesia (Pelindo) II, has this morning kicked off the initial public offering (IPO) for 561.1 million shares, representing 30% of its total issued and paid up capital. The company has not set the price yet but earlier it said to target Rp1 trillion from this IPO.

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Fund Raising & Corporate Actions

State-owned electricity firm Perusahaan Listrik Negara (PLN) has on May 16, 2018 issued global bonds worth US$2 billion and the offering was oversubscribed by 3.65 times. The bonds has tenor of 10 years and 30 years carrying annual coupon rates at 5.45% and 6.15%. The bonds aim for reducing refinancing risk (liquidity management) and for debt re-profiling, to buy back PLN’s global bonds issued in 2007 and 2009 which will be due in August 2019 (with 8% coupon rate), January 2020 (7.75%), and June 2037 (7.87%). PLN global bonds is listed on Singapore Stock Exchange (SGX).

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Market Gain

Global stock markets dropped on Thursday (May 24) after President Donald Trump canceled a planned summit with North Korean leader Kim Jong Un, while a slide in oil prices also weighed as investors grappled with fresh U.S. protectionist plans, Reuters reported.

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Update on IPOs

PT MAP Aktif Adiperkasa, subsidiary of Mitra Adiperkasa (MAPI), has this morning kicked off its initial public offering (IPO) for 550 million shares, representing 18.49% of its total issued and paid-up capital.

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Corporate Actions to Watch

PT Huadian Bukit Asam Power (HBAP), a joint venture power company between state coal miner Bukit Asam (PTBA) and PT China Huadian Hongkong Company Ltd., secured a US$1.26 billion loan commitment from the China Export Import Bank (CEXIM) to finance the mine-mouth power plant Sumsel 8.

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The Market & the Rupiah

Asian stocks look set for a mixed start as traders appraise Federal Reserve comments on inflation and interest rates, amid lingering emerging-market risks and concerns about euro-zone growth, Cnbc.com reported. All major U.S. equity benchmarks rose on Wednesday, clawing back early losses, after minutes from the most recent Federal Reserve meeting showed central bankers in no hurry to accelerate the pace of rate hikes even as the economy continues to improve. Policymakers also said that a temporary period of inflation above 2% would still be consistent with the Fed’s objective.

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Policy Issue to Watch

The Government of Indonesia not long ago enacted the regulation on Foreign Ownership of Insurance Companies, which came into force on 18 April 2018. The regulation confirms a maximum threshold for foreign ownership of an Indonesian insurance company of 80%.

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Corporate Actions to Watch

Indocement Tunggal Perkasa (INTP), the second-biggest cement producer in Indonesia, is working towards boosting its operational and financial performance this year. INTP plans to boost sales volume (8-9% growth target), to increase selling price by 2-3% (in gradual), to add terminals for retail market, and to supply cement for power plant and port projects. INTP allocates capital expenditure (capex) of Rp1.35-1.4 trillion for building new terminals.

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Market Snapshots

Bloomberg reported Asian stocks were set for a lower open today after declines in U.S. shares on Monday, as geopolitical tensions came back to the fore to outweigh easing trade strains. U.S. stocks erased earlier gains after President Donald Trump cast doubt on a possible summit with North Korea during his Oval Office meeting with South Korea President Moon Jae-in.

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Toll Road Projects Update (2): Jasa Marga

Jasa Marga (JSMR)’s outlook improved with significant progress of Pandaan-Malang (38.48 KM) toll road in East Java. Set to become one of the busiest toll roads, physical construction progress of Pandaan-Malang has reached 50.35% by May 11, 2018, according to data from the Toll Road Authority (BPJT).

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Toll Road Projects Update (1): Waskita

Waskita Toll Road, subsidiary of Waskita Karya (WSKT), is set to start generating more revenues from new toll roads entering commercial operation in the coming months. Section I of Bogor-Ciawi-Sukabumi (Bocimi) toll road in West Java, for example, is getting closer to commercial operation after more than two decades of delay.

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