Category: Market

Delisting of Berau Coal & Inovisi

The Indonesia Stock Exchange (IDX) has finally on Monday (Oct. 23) delisted shares of coal miner Berau Coal Energy (BRAU), along with Inovisi Infracom (INVS), Permata Prima Sakti Tbk (TKGA) and Citra Maharlika Nusantara Corpora (CPGT). BRAU skipped releasing financial informations in the past three years. Prolonged suspension of stock trading prevented investors from enjoying the strong coal price in the past 13 months.

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Stocks to Watch

Foreign investors booked a net buy of Rp372.24 billion on Monday (Oct 23), cutting year-to-date net sell to Rp17.94 trillion. But profit taking hit certain stocks so that the composite index of the Indonesia Stock Exchange (IDX) only gained 0.35% to close at 5,950. Investors were focused on buying mining stocks yesterday; the sector gained 1.64%. Coal miners Bayan Resources (BYAN) gained 12.5% and Bumi Resources (BUMI) hiked 11.3%. Perusahaan Gas Negara (PGAS) also gained 3.9%.

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Banking Results

The Indonesian Central Bank (Bank Indonesia/BI) expects the national economy in the third quarter (Q3) of 2017 to outpace that achieved last period. The economic gains will be supported by fiscal expansion and monetary policy easing. BI expects economic growth in 2017 to be within the 5.0-5.4% projection and then to accelerate to 5.1-5.5% in 2018.

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9M Results: Fajar Wisesa

Paper manufacturer Fajar Surya Wisesa (FASW) is among the best performing stocks with 59% gain year-to-date, supported by its stronger fundamentals. In the nine-months (9M) to September of 2017, FASW (popularly known as Fajar Paper) booked a net profit of Rp286 billion on revenues of Rp4.9 trillion. But year-on-year (y/y) basis, its profit dropped 58% mainly due to Rp33.7 billion loss in foreign exchange (forex). In 9M of 2016, FASW booked forex gain of Rp228.5 billion.

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Stocks to Watch

Foreign investors returned to buying local stocks on Friday (Oct. 20). They booked a net buy of Rp626.35 billion, cutting year-to-date net sell to Rp18.3 trillion, supported by global market sentiment. As expected Japan’s Prime Minister Shinzo Abe was reelected on Sunday (Oct. 22) while Wall Street hit fresh high as the US Senate approved a budget consistent with tax cuts that raised bets on President Trump’s fiscal plan.

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Stocks to Watch

Foreign investors kept selling local stocks on Thursday (Oct 19) as they booked net sell of Rp462.7 billion, bringing year to date net sell to Rp18.94 trillion. While investors, including domestic, were focused in selling cigarette stocks yesterday in a response to 10.04% excise tax hike starting Jan 1st, 2018. Shares of HM Sampoerna (HMSP) fell 2.8% Thursday, while Gudang Garam (GGRM) declined 1.7%.

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Market Snapshots & Corporate Actions

Other than third quarter results of companies, market participants might be upbeat with news from Indonesian Association of Bottled Beverages (Aspidin) about stronger demand in domestic market for third quarter of 2017. Mitsubishi Corporation, meanhile, plans to expand Uniqlo retail fashion outlets in Indonesia on strong demand.

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Strong Q3 for Bukit Asam

State miner and power producer PT Tambang Batubara Bukit Asam Tbk (PTBA) booked net profit of Rp2.63 trillion in the first nine months of 2017, skyrocketed 150% from the corresponding period of 2016 on higher sales volume and average coal prices.

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CP Prima: One Decade of Debt Restructuring

After one decade of efforts to restructure of US$331.53 million bonds, CP Prima (CPRO) has finally kicked off the issuance of 19.1 billion of new shares (non-preemptive rights) pursuant to the restructuring support agreement (RSA) dated July 10, 2017. Pursuant to the RSA, CP Prima will issue US$145.75 million of new bonds due December 31, 2021.

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Stocks to Watch

Composite index of Indonesia Stock Exchange (IDX) declined by 0.4% into the break Wednesday (Oct 18), while peers were mixed in the region. Commodities were also mixed worldwide where Brent crude stays above US$58 per barrel, while copper and thermal coal retreated. Nickel advanced closer to US$12,000 per ton, while tin was relatively flat. Not many catalists are in the market. Investors are now waiting the release of third quarter financial results.

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Tokyo Gas, RAJA & Indonesian Leaders

PT Rukun Raharja (RAJA), a company engaged in transmission and distribution of natural gas, has divested 33% shares in subsidiary PT Panji Raya Alamindo (PRA) to TG&D Investment Holdings Pte Ltd, subsidiary of Tokyo Gas Co Ltd, for US$37.83 million value, representing 40.6% of RAJA’s equity per June this year (US$93.14 million).

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