PT Panin Asset Management
DAILY UPDATE January 16, 2018
MACROECONOMIC NEWS
US Economy - The consumer-price index rose just 0.1% from
November (Bloomberg consensus 0.1%), but core prices jumped
0.3% (Bloomberg consensus 0.2%), the most in 11 months.
Supporting the rise in underlying inflation pressures last month,
rents increased 0.4%. Owners' equivalent rent of primary
residence climbed 0.3% after gaining 0.2% in November. The cost
of medical care increased 0.3%, with prices for prescription
medication surging 1.0% after rising 0.6% in November. The cost
of both hospital and doctor visits increased 0.3%.
Euro-zone Economy - Europea U io ’s statisti s age
released the eurozo e’s gross do esti produ t data pri t hi h
came in 0.7% higher than in the three months through June. The
stronger performance means Eurozone economic growth in 2017
is more likely to reach the 2.4% forecast by the European Central
Ba k’s e o o ist.
CORPORATE NEWS
WIKA – PT Wijaya Karya targets to raise USD 400 million through
the issuance of Rupiah-denominated global bonds, Komodo
Bonds, with roadshow in Asia, London, and the US starting
January 16th 2017. Rated Ba2 by Moody’s, WIKA plans to use the
proceeds from the bonds issuance for prefunding and capex
purposes.
Equity Markets
Closing
Dow Jones
% Change
25803
0.9
NASDAQ
7261
0.7
S&P 500
2786
0.7
744
0.1
23781
0.3
MSCI excl. Jap
Nikkei
Shanghai Comp
3410
-0.0
31479
0.4
STI
3531
-0.1
JCI
6382
0.2
25.7
0.4
29.23
0.3
Hang Seng
Indo ETF (IDX)
Indo ETF (EIDO)
Currency
Closing
Last Trade
US$ - IDR
13332
13337
US$ - Yen
110.54
110.84
Euro - US$
1.2264
1.2259
US$ - SG$
1.3212
1.3226
Commodities
Last
Price Chg %Chg
Oil NYMEX
64.43
0.03
0.05
Oil Brent
69.94
0.06
0.09
Coal Newcastle
106.4
0.55
0.52
AISA – PT Tiga Pilar Sejahtera Food was downgraded by Pefindo
from idBBB to idBB+ with credit watch and negative implication.
Nickel
12860
135
1.1
Tin
20300
25
0.1
Gold
1339.4
1.27
0.09
MIKA – PT Mitra Keluarga Karyasehat will buy back up to 5% of
its issued capital or 727.54 million shares. At closing price of IDR
1800/shares as of January 15th 2017, MIKA will potentially raise
IDR 1.3 trillion.
CPO Rott
PADI – PT Minna Padi Investama Sekuritas will issue 11.3 billion
new shares through rights issue. At closing price of IDR
750/shares as of January 15th 2017, PADI will potentially raise
IDR 8.47 trillion.
BBNI – PT Bank Negara Indonesia targets SME loan to grow 20%
to IDR 12 trillion in North Sumatera and Aceh this year.
CFIN – PT Cilipan Finance Indonesia booked funding growth of
145% throughout 2017. Credit distributed reached IDR 8.37
trillion.
CPO Malay
685
10.0
1.48
2493.5
-30.5
-1.21
Indo Gov. Bond Yields
Last
Yield Chg %Chg
1 year
5.01
-0.00
-0.02
3 year
5.61
-0.00
-0.04
5 year
5.74
-0.01
-0.10
10 year
6.20
0.00
0.00
15 year
6.77
-0.00
-0.02
30 year
7.11
-0.00
-0.01
PT. Panin Asset Management
JSX Building Tower I, 3rd Floor
Jl. Jend. Sudirman Kav. 52-53 , Jakarta 12190
T : (021) 515-0595 , F : (021) 515-0601
CORPORATE NEWS – o t’d
BJTM – PT Bank Pembangunan Daerah Jawa Timur booked net profit of IDR 1.15 trillion as of December 2017, up
12.76% yoy through efficiency.
MCAS – PT M Cash Integrasi acquired 99% shares of PT Buana Agya Cipta, a company that owns the brand Elebox.
WSKT – PT Waskita Karya obtained IDR 1 trillion syndicate loan from 4 banks: SMI, Bank of Tokyo, BMRI and BNGA.
The proceeds will be used to fund the construction of Salatiga-Kartasura toll road.
TOPS – PT Totalindo Eka Persada signed a IDR 600 billion contract to construct flats with 0 down payment.
RBMS – PT Ristia Bintang Mahkotasejati plans to conduct right issue of 653.44 million new shares. The proceed is
targeted to reach IDR 326 billion.
LINK – PT Li k Net se ured shareholders’ appro al to u
per share in the next 18 months
a k . % shares outsta di g at the a pri e of IDR ,
Disclaimer
The analyst(s) whose work appears in this report certifies that his or her remuneration is not correlated to his or her judgment(s) on
the performance of the company(ies).
The information and/or opinions contained in this report has been assembled by Panin Asset Management from sources which we
deem to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy,
completeness or correctness. This report may not be reproduced, distributed or published by any recipient for any purpose. Any
recommendations contained herein are based on a consideration of the securities alone, and as such are conditional and must not
be relied upon as a solitary basis for investment decisions. Under no circumstances is this report to be used or considered as an offer
to sell, or a solicitation of an offer buy.
All opi io s a d esti ates herei refle t the author’s judg e t o the date of this report a d are su je t to ha ge ithout notice.
Panin Asset Management, its related companies, their officers, employees, representatives and agents expressly advice that they
shall not be liable in any way whatsoever for any loss or damage, whether direct, indirect, consequential or othe wise howsoever
arising (whether in negligence or otherwise) out of or in connection with the contents of and/or any omi sions from this
communication.
Any investments referred to herein may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and
may not be suitable for all investors. Investors should make their own independent assessment and seek professional financial advice
before they make their investment decisions.
Due to its nature as an asset management firm, it is very much possible that Panin Asset Management and/or persons connected
with it may, to the extent permitted by law, have long or short positions or may otherwise be interested in any transactions or
investments (including derivatives) referred to in this publication. In addition, Panin Asset Management and/or its parent, Panin
Sekuritas, and/or its affiliated companies may provide services for or solicit business from any company referred to in this
publication.
The analyst(s) named in this report certifies that all of the views expressed by the analyst(s) in this report reflect the personal views
of the analyst(s) with regard to any and all of the content of this report relating to the subject securities and issuers covered by the
analyst(s) and no part of the compensation of the analyst(s) was, is, or will be, directly or indirectly, related to the specific
recommendation or views expressed by the analyst(s) in this report.
WE STRONGLY ADVISE INVESTORS TO CONSULT THEIR FINANCIAL ADVISOR BEFORE MAKING THEIR INVESTMENT DECISION. ALL
INVESTMENT OPPORTUNITIES PRESENT SOME SORT OF RISK. INVESTORS SHOULD ASSESS THEIR RISK SENSITIVITY IN ORDER TO
DETERMINE SUITABILITY OF AN INVESTMENT OPPORTUNITY ACCORDING TO THEIR RISK PROFILE.
MACROECONOMIC NEWS
US Economy - The consumer-price index rose just 0.1% from
November (Bloomberg consensus 0.1%), but core prices jumped
0.3% (Bloomberg consensus 0.2%), the most in 11 months.
Supporting the rise in underlying inflation pressures last month,
rents increased 0.4%. Owners' equivalent rent of primary
residence climbed 0.3% after gaining 0.2% in November. The cost
of medical care increased 0.3%, with prices for prescription
medication surging 1.0% after rising 0.6% in November. The cost
of both hospital and doctor visits increased 0.3%.
Euro-zone Economy - Europea U io ’s statisti s age
released the eurozo e’s gross do esti produ t data pri t hi h
came in 0.7% higher than in the three months through June. The
stronger performance means Eurozone economic growth in 2017
is more likely to reach the 2.4% forecast by the European Central
Ba k’s e o o ist.
CORPORATE NEWS
WIKA – PT Wijaya Karya targets to raise USD 400 million through
the issuance of Rupiah-denominated global bonds, Komodo
Bonds, with roadshow in Asia, London, and the US starting
January 16th 2017. Rated Ba2 by Moody’s, WIKA plans to use the
proceeds from the bonds issuance for prefunding and capex
purposes.
Equity Markets
Closing
Dow Jones
% Change
25803
0.9
NASDAQ
7261
0.7
S&P 500
2786
0.7
744
0.1
23781
0.3
MSCI excl. Jap
Nikkei
Shanghai Comp
3410
-0.0
31479
0.4
STI
3531
-0.1
JCI
6382
0.2
25.7
0.4
29.23
0.3
Hang Seng
Indo ETF (IDX)
Indo ETF (EIDO)
Currency
Closing
Last Trade
US$ - IDR
13332
13337
US$ - Yen
110.54
110.84
Euro - US$
1.2264
1.2259
US$ - SG$
1.3212
1.3226
Commodities
Last
Price Chg %Chg
Oil NYMEX
64.43
0.03
0.05
Oil Brent
69.94
0.06
0.09
Coal Newcastle
106.4
0.55
0.52
AISA – PT Tiga Pilar Sejahtera Food was downgraded by Pefindo
from idBBB to idBB+ with credit watch and negative implication.
Nickel
12860
135
1.1
Tin
20300
25
0.1
Gold
1339.4
1.27
0.09
MIKA – PT Mitra Keluarga Karyasehat will buy back up to 5% of
its issued capital or 727.54 million shares. At closing price of IDR
1800/shares as of January 15th 2017, MIKA will potentially raise
IDR 1.3 trillion.
CPO Rott
PADI – PT Minna Padi Investama Sekuritas will issue 11.3 billion
new shares through rights issue. At closing price of IDR
750/shares as of January 15th 2017, PADI will potentially raise
IDR 8.47 trillion.
BBNI – PT Bank Negara Indonesia targets SME loan to grow 20%
to IDR 12 trillion in North Sumatera and Aceh this year.
CFIN – PT Cilipan Finance Indonesia booked funding growth of
145% throughout 2017. Credit distributed reached IDR 8.37
trillion.
CPO Malay
685
10.0
1.48
2493.5
-30.5
-1.21
Indo Gov. Bond Yields
Last
Yield Chg %Chg
1 year
5.01
-0.00
-0.02
3 year
5.61
-0.00
-0.04
5 year
5.74
-0.01
-0.10
10 year
6.20
0.00
0.00
15 year
6.77
-0.00
-0.02
30 year
7.11
-0.00
-0.01
PT. Panin Asset Management
JSX Building Tower I, 3rd Floor
Jl. Jend. Sudirman Kav. 52-53 , Jakarta 12190
T : (021) 515-0595 , F : (021) 515-0601
CORPORATE NEWS – o t’d
BJTM – PT Bank Pembangunan Daerah Jawa Timur booked net profit of IDR 1.15 trillion as of December 2017, up
12.76% yoy through efficiency.
MCAS – PT M Cash Integrasi acquired 99% shares of PT Buana Agya Cipta, a company that owns the brand Elebox.
WSKT – PT Waskita Karya obtained IDR 1 trillion syndicate loan from 4 banks: SMI, Bank of Tokyo, BMRI and BNGA.
The proceeds will be used to fund the construction of Salatiga-Kartasura toll road.
TOPS – PT Totalindo Eka Persada signed a IDR 600 billion contract to construct flats with 0 down payment.
RBMS – PT Ristia Bintang Mahkotasejati plans to conduct right issue of 653.44 million new shares. The proceed is
targeted to reach IDR 326 billion.
LINK – PT Li k Net se ured shareholders’ appro al to u
per share in the next 18 months
a k . % shares outsta di g at the a pri e of IDR ,
Disclaimer
The analyst(s) whose work appears in this report certifies that his or her remuneration is not correlated to his or her judgment(s) on
the performance of the company(ies).
The information and/or opinions contained in this report has been assembled by Panin Asset Management from sources which we
deem to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy,
completeness or correctness. This report may not be reproduced, distributed or published by any recipient for any purpose. Any
recommendations contained herein are based on a consideration of the securities alone, and as such are conditional and must not
be relied upon as a solitary basis for investment decisions. Under no circumstances is this report to be used or considered as an offer
to sell, or a solicitation of an offer buy.
All opi io s a d esti ates herei refle t the author’s judg e t o the date of this report a d are su je t to ha ge ithout notice.
Panin Asset Management, its related companies, their officers, employees, representatives and agents expressly advice that they
shall not be liable in any way whatsoever for any loss or damage, whether direct, indirect, consequential or othe wise howsoever
arising (whether in negligence or otherwise) out of or in connection with the contents of and/or any omi sions from this
communication.
Any investments referred to herein may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and
may not be suitable for all investors. Investors should make their own independent assessment and seek professional financial advice
before they make their investment decisions.
Due to its nature as an asset management firm, it is very much possible that Panin Asset Management and/or persons connected
with it may, to the extent permitted by law, have long or short positions or may otherwise be interested in any transactions or
investments (including derivatives) referred to in this publication. In addition, Panin Asset Management and/or its parent, Panin
Sekuritas, and/or its affiliated companies may provide services for or solicit business from any company referred to in this
publication.
The analyst(s) named in this report certifies that all of the views expressed by the analyst(s) in this report reflect the personal views
of the analyst(s) with regard to any and all of the content of this report relating to the subject securities and issuers covered by the
analyst(s) and no part of the compensation of the analyst(s) was, is, or will be, directly or indirectly, related to the specific
recommendation or views expressed by the analyst(s) in this report.
WE STRONGLY ADVISE INVESTORS TO CONSULT THEIR FINANCIAL ADVISOR BEFORE MAKING THEIR INVESTMENT DECISION. ALL
INVESTMENT OPPORTUNITIES PRESENT SOME SORT OF RISK. INVESTORS SHOULD ASSESS THEIR RISK SENSITIVITY IN ORDER TO
DETERMINE SUITABILITY OF AN INVESTMENT OPPORTUNITY ACCORDING TO THEIR RISK PROFILE.