Category: Market

Oil & Gas Journal

West Texas Intermediate (WTI) crude futures rebounded to above $70 a barrel on Thursday, hovering at levels not seen since 2018, as investors focus on prospects of strong oil demand. OPEC said in its June report that oil demand would rise by 5.95 million bpd this year, unchanged from its May forecast.

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Corporations to Watch

Multipolar (MLPL) plans to buy back its shares amounting to 1.46 billion units or 10% of enlarged capital, which cost Rp284.43 billion. But Multipolar prepares a Rp425 billion fund for said buyback of shares. MLPL shares are now traded at Rp675, with a market capitalization of Rp9.88 trillion. This year, Multipolar plans to transform its business from current-oriented technology and digital business. The Company suffered a loss of Rp989.5 billion in 2020, narrowed from a loss of Rp1.04 trillion in 2019. Sales declined 16.6% to Rp10.28 trillion. 

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Market Snapshots

Global stock markets mostly gained on Thursday (June 10), with United States (US) stocks rising after a key US Consumer Price Index (CPI) report for May signaled that the inflation pressures are likely to be temporary. Consumer prices in the world’s largest economy rose the most since August 2008, and the annual core inflation hit a near 30-year high, but a closer look showed that much of the spike came from items such as used cars and trucks, commodities, and airfares mostly due to the low base effect caused by Covid-19.

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The road to recovery

Flights between major cities in Indonesia and resort island of Bali have been full in the past few weeks whilst reduced frequency due to withdrawals of some aircrafts by lessors of major alines like Garuda Indonesia and Lion Air Group. “All flights from Bali today are fully booked whilst implementation of strict health protocols and reduced flights,” one official at Angkasa Pura I, which manages Ngurah Rai international airport in Bali Island.

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Revisiting Bank MNC

The shareholders of Bank MNC Internasional (BABP), a subsidiary of MNC Kapital Indonesia (BCAP), have on Wednesday (June 9) approved the Company’s plan to do non-preemptive rights (private placement) and rights issuance. The funds will be used to strengthen the Bank’s capital structure, expanding lending capacity digitally and user acquisition to support business growth.

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Corporations to Watch

Retailer Matahari Putra Prima (MPPA) plans to launch the private placement, offering 752.9 million new shares, representing 10% of enlarged capital, to certain buyers, priced at Rp891 per unit to raise total proceeds of Rp670.84 billion. 

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Market Snapshots

Global stock markets closed mixed on Wednesday (June 9). Wall Street closed another choppy session lower as investors were reluctant to open new positions ahead of Thursday’s highly anticipated May United States (US) inflation report for guidance about the path of crisis-era stimulus. 

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Corporations to Watch

Telco tower operator Tower Bersama (TBIG) booked a net profit of Rp284 billion in the first quarter (Q1) of 2021, growing 16% from Rp245 billion in the corresponding period of 2020. Revenue rose 12.7% to Rp1.42 trillion from the previous Rp1.26 trillion. Operating profit increased 4% to Rp981 billion. 

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Global Data

Global stock markets closed mixed on Tuesday, with United States (US) stocks trading in a choppy session. Investors remain cautious and continue to weigh rising inflationary pressures and the impact it will have on the Federal Reserve’s monetary policy while awaiting fresh Consumer Price Index (CPI) data due Thursday for guidance about the path of crisis-era stimulus. 

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Update on Economy

The House of Representatives (DPR) has on Tuesday (June 8) approved the economic indicators set on the Budget Draft (RAPBN) for 2022 proposed by the Government. The economic growth is set in the range of 5.2-5.8% year-on-year (y/y) for 2022, inflation at 2-4% (y/y), interest rate (government notes/SUN) 10 year tenor at 6.32-7.27%, and the average rupiah exchange rate at Rp13,900-15,000 per U.S. dollar. 

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Corporations to Watch

Taxi operator Zebra Nusantara (ZBRA) is set to raise Rp1.39 trillion from offering 1.71 billion new shares, representing 200% of its enlarged capital. Said new shares are offered through the preemptive rights scheme, priced at Rp812 per unit, downsized from the initial plan of 3.43 billion new shares. The trading of rights is scheduled for June 28, 2021, to July 2, 2021.

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