Category: Market

Oil & Gas Journal

The Government has set lower oil lifting for 2019, at 750,000 barrels per day (bpd), compared to 800,000 bpd set on budget (APBN) for this year. Gas lifting is set at around 1.25 million barrels oil equivalent per day (boepd), slightly up from 1.2 million boepd set for this year. The natural decline of production for existing oil and gas fields is a factor for lower lifting of oil for next year.

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Market This Week

Another steep decline (8.5%) in the Turkish lira on Friday (August 16) pushed emerging market equities lower and kept other world markets cautious, overshadowing hopes that an upcoming U.S.-China meeting would resolve concerns over trade tariffs, Reuters reported.

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State Budget 2019

The Government sets a modest economic growth target of 5.3% next year, slightly lower than the government’s target for this year. State spending is set at Rp2439.7 trillion, an increase of 10.7% from this year, which will be funded by State revenues of Rp2142.5 trillion (+14%) and lower budget deficit of 1.84% (against 2.19% of GDP this year).

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Corporate Actions

Plantation firm Austindo Nusantara Jaya (ANJT) is conducting a study for building biomass power plant (PLTBM) in North Sumatera and West Kalimantan. ANJT will process methane gas contained in liquid liming of palm into electricity. This aims to replace diesel fuel, and its overstock will be sold to state electricity firm, Perusahaan Listrik Negara (PLN).

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IPO and Equity to Watch

Hasnur Group Indonesia plans to launch IPO of its mining and infrastructure arm, PT Hasnur Jaya Internasional (HJI), in first half (H1) 2019, to helping HJI to cover its investment need of Rp1.2-1.4 trillion. Syamsul Bachri Djadi, financial director of Hasnur Group, said the group has five business lines: forestry, mining, infrastructure, media, agro, and other.

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Superkrane IPO & Irjanto Ongko

Heavy-lift solutions company PT Superkrane Mitra Utama Tbk has set initial public offering (IPO) price of its shares in the range of Rp900-1,260, expecting to raise between Rp270 billion and Rp378 billion. The Company expects positive response from market participants because its products are mostly used/rented by contractors of infrastructure projects.

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Rates Factor

The rate hike policy really helped stock market to rebound on Thursday (Aug 15), though investors are still questioning whether or not it could prevent the market from panicking. The composite index of the Indonesia Stock Exchange (IDX) dropped 4.8% in first three trading days this week with the rupiah touching Rp14,600 against the U.S. dollar, reflecting a panicking market amid growing global uncertainty and a crisis in Turkey.

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July Trade Stats Weigh on Rupiah

Indonesia recorded trade deficit of US$2.03 billion last month as import grew 31% to US$18.2 billion, while export increased by 19% to US$16.2 billion. The deficit adds pressures to the rupiah, which has been hit by broad appreciation of USD against emerging currencies in the past few months.

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Debt Financing for CT’s Trans Corpora

PT Bank Mega Tbk (MEGA), controlled by PT Mega Corpora (Chairul Tanjung), booked net profit of Rp681.7 billion in the first half of 2018, grew from Rp568.5 billion in the corresponding period last year. Little, however, we know about financials of PT Trans Corpora, parent of Trans Lifestyle, Trans Entertainment, and Trans Media.

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First Half Results: Banking

Bank CIMB Niaga (BNGA) booked a net profit of Rp1.8 trillion in the first half (H1) of 2018; it grew 28% year on year (y/y), supported by a jump in non-interest income and lower provision. The Bank’s earning per share (EPS) was Rp70.54.

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The Rupiah

The rupiah weakened further to Rp14,625 against the U.S. dollar on Tuesday (Aug 14), extended correction on Monday, but the central bank (Bank Indonesia/BI) confirmed to have intervened the local currency. The rupiah since Monday passed beyond the psychological boundary of Rp14,600 per U.S. dollar level—its lowest level since October 2015—puts additional pressure on the Indonesian currency as it encourages more people to seek safe haven assets, such as the U.S. dollar or Japanese yen.

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