Category: Market

Market This Week

Last week, Indonesia’s stock market gained but remained volatile. The composite index of the Indonesia Stock Exchange (IDX) added 1.4% to close at 5,837 on Friday (Oct 19). Foreign investors returned to buying local stocks as they booked a net buy of Rp1.21 trillion. On Friday, however, foreign investors booked a net sell of Rp255.88 billion, bringing year-to-date net sell to Rp56.51 trillion.

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Better Q3 of BTPN

Bank Tabungan Pensiunan Nasional (BTPN) reported better growth in the third quarter (Q3) of 2018, mainly supported by operating profit. It booked profit after tax of Rp605 billion in the period (it grew 25% year on year). In the first half (H1) of 2018, BTPN reported a 19.9% growth in profit.

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Corporate Actions

Tiga Pilar Sejahtera (TPS) Food (AISA) is mulling to make a deal with a strategic investor as part of its restructuring program. Per December 2017, TPS Food’s liability had reached Rp5.32 trillion, of which short term bank loan accounted for Rp2.19 trillion. Its assets reached Rp8.72 trillion.

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Those Continue to Expand

Uncertainty created by the recent statement of the new governor of East Nusa Tenggara (NTT) in relation to a moratorium on all mining activities has forced one of richest men in the country to invest in the smelter project in Kupang. Foreign companies, however, continue to grow their investments in the country.

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Investment Update

SM Investments Pte. Ltd., a consortium of Salim Group and Medco Group, has on Thursday (Oct. 18) signed a binding agreement for US$530 million investment with Hyflux Ltd owned by Olivia Lum. The consortium will hold 60% equity of Hyflux after the transaction.

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Slower Q3 Growth of BNI

PT Bank Negara Indonesia (BNI) Tbk (BBNI) booked a net profit of Rp11.44 trillion in the third quarter (Q3) of 2018 (it grew 12.6% from Rp10.16 trillion in the same period of 2017). But it grew slower, compared to second quarter (Q2) growth of 16%.

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Market Snapshots

Global stock markets fell on Thursday (Oct. 18) as U.S.-China trade policy uncertainty persisted after FOMC minutes showed on Wednesday the Fed would continue its gradual rate hikes. U.S. stocks plunged with bond yields moving higher. European stocks also closed in the red on Thursday, amid stalled Brexit negotiations and a possible transition period extension between E.U. members and non-members.

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Asabri & The Dubious Stocks

Last decade, Asabri, a state insurance company with national police and military as main clients, made headlines for graft case involving some military generals and businessmen. While market authorities are supervising another state insurance firm Jiwasraya, let’s revisit Asabri’s equity portfolios, which could be a bigger time bomb. 

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Jiwasraya & Its Liquidity Problem

State-owned insurance company Jiwasraya CEO Asmawi Syam blamed the previous management for the company’s failure to pay Rp802 billion of cash due to holders of bancassurance product JS Proteksi Plan. This might be a confirmation to significant correction to full year 2017 net profit from Rp2.4 trillion to Rp360 billion. But, why an insurance company investing nearly 70% of assets in equity and mutual funds, supposedly liquid, suffered liquidity issue?

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Market & Rate Hike

Global markets retreated on Wednesday (Oct. 17), after gaining in the previous session amid earning season in US, as global investors start to look into further and gradual rate hikes by the Fed.

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Slow Growth of Bank Mandiri

Bank Mandiri (BMRI) reported a growth in its financial performance in the first nine months (9M) of 2018, but it slowed on the quarterly basis. It booked a net profit of Rp18.7 trillion in 9M ended September of 2018 (it grew 19.87% year on year (y/y) from Rp15.63 trillion in the corresponding period of last year).

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Lippo’s Internux & Its Piles of Debt

Kontan.co.id quoted Fauzan Priyadhani, official at ministry of information and communication (Kominfo), saying the State has overdue receivables of Rp463 billion from the troubled Internet services company PT Internux, indirectly controlled by Lippo Group, related to annual payment for the use of radio frequency spectrum (BHP). 

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