PT. Panin Asset Management
DAILY UPDATE December 22, 2017
MACROECONOMIC NEWS
UK Economy - U.K. consumer confidence slipped to a four-year
low in December and risks weakening further in 2018, according
to a report. GfK said its key index fell by one point to minus 13,
the lowest since December 2013 and below the level reached in
the aftermath of the Brexit vote last year. Households declared
themselves deeply pessimistic about the economic situation and
less willing to make major purchases than at any time since 2014.
Thailand Economy - Thaila d’s e t al a k kept its e h a k
interest rate unchanged near a record low in the face of subdued
inflation, and raised economic growth forecasts for this year and
next. Monetary policy committee members voted unanimously
to keep the one-day o d epu hase ate at .5%, he e it’s
been since 2015, according to a Bank of Thailand statement. The
Bank of Thailand has fought off calls to ease monetary policy this
yea despite i flatio e ai i g elo the e t al a k’s ta get
band of 1% to 4%.
CORPORATE NEWS
TPIA – PT Chandra Asri Petrochemical targets its butadiene
factory construction to be completed on 1Q2018 and for it to be
operational by 2Q2018. Production capacity is targeted to
increase from 100,000 tons per year to 137,000 tons per year. In
addition, TPIA estimates its capex to increase from USD 253
million this year to USD 398 million and USD 534 million in 2018
and 2019 respectively.
WEGE – PT Wijaya Karta Bangunan Gedung recorded IDR 12.7
trillion order book up to 2W December 2017, or 98.3% from the
targeted IDR 12.92 trillion.
PANR – PT Panorama Sentrawisata projected sales and profit to
grow 20% next year. This year, PANR expects sales growth to
reach 15-18%.
Equity Markets
Closing
Dow Jones
% Change
24782
0.2
NASDAQ
6965
0.1
S&P 500
2685
0.2
699
0.0
22864
-0.0
MSCI excl. Jap
Nikkei
Shanghai Comp
3300
0.4
29367
0.5
STI
3395
0.4
JCI
6183
1.2
Indo ETF (IDX)
24.16
1.9
Indo ETF (EIDO)
27.64
2.1
Hang Seng
Currency
Closing
Last Trade
US$ - IDR
13555
13558
US$ - Yen
113.33
113.34
Euro - US$
1.1874
1.1839
US$ - SG$
1.3436
1.3449
Commodities
Last
Price Chg %Chg
Oil NYMEX
58.14
0.09
0.16
Oil Brent
64.64
0.16
0.25
Coal Newcastle
100.2
-0.05
-0.05
Nickel
12070
30
0.2
Tin
19350
-125
-0.6
Gold
1265.6
-2.09
-0.16
670
-8.8
-1.29
2389.5
1.5
0.06
CPO Rott
CPO Malay
Indo Gov. Bond Yields
Last
Yield Chg %Chg
1 year
5.34
-0.01
-0.13
CMPP – PT Rimau Multi Putra Pratama plans to acquire 5 A320
airbus. In addition, CMPP targets IDR 6.19 trillion revenue in
2018.
3 year
5.84
-0.00
-0.02
5 year
5.99
-0.02
-0.27
10 year
6.39
-0.01
-0.11
15 year
6.98
-0.01
-0.20
ADRO – PT Adaro Energy will distribute 2017 interim dividend of
USD 0.00313 per share. Cum dividend is on 28th of December
2017.
30 year
7.26
0.00
0.03
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
PTPP – As of January-November 2017, PT PP booked IDR 37.4 trillion new contract (+25% YoY). The achievement is
e ual to 9 . % of FY 7’s ta get. Ne o t a t that as o tai ed y the o pa y i No e e a ou ti g to IDR
3.9 trillion.
SIIP – PT Suryainti Permata will issue a maximum of IDR 2.1 million new shares in conjunction to its convertible bond.
The principal amount of the convertible bond is IDR 941.7 billion while the conversion price/share is IDR 440.
SIDO – PT Sidomulyo Selaras plans to conduct private placement by issuing 113.5 million new shares. SIDO expected
to obtain minimum IDR 30.8 billion from the proceed. The proceed will be used for the expansion and operational
of its business.
TOBA – PT Toba Bara Sejahtera plans to issue USD 250 million notes or equivalent to approximately IDR 3.4 trillion.
The term period is 5 years while the maximum interest rate is 10% per year. The proceed will be used for loan
repayment as well as the expansion and capex of the company.
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 he ei efle t the autho ’s judg e t o the date of this epo t a d a e 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
UK Economy - U.K. consumer confidence slipped to a four-year
low in December and risks weakening further in 2018, according
to a report. GfK said its key index fell by one point to minus 13,
the lowest since December 2013 and below the level reached in
the aftermath of the Brexit vote last year. Households declared
themselves deeply pessimistic about the economic situation and
less willing to make major purchases than at any time since 2014.
Thailand Economy - Thaila d’s e t al a k kept its e h a k
interest rate unchanged near a record low in the face of subdued
inflation, and raised economic growth forecasts for this year and
next. Monetary policy committee members voted unanimously
to keep the one-day o d epu hase ate at .5%, he e it’s
been since 2015, according to a Bank of Thailand statement. The
Bank of Thailand has fought off calls to ease monetary policy this
yea despite i flatio e ai i g elo the e t al a k’s ta get
band of 1% to 4%.
CORPORATE NEWS
TPIA – PT Chandra Asri Petrochemical targets its butadiene
factory construction to be completed on 1Q2018 and for it to be
operational by 2Q2018. Production capacity is targeted to
increase from 100,000 tons per year to 137,000 tons per year. In
addition, TPIA estimates its capex to increase from USD 253
million this year to USD 398 million and USD 534 million in 2018
and 2019 respectively.
WEGE – PT Wijaya Karta Bangunan Gedung recorded IDR 12.7
trillion order book up to 2W December 2017, or 98.3% from the
targeted IDR 12.92 trillion.
PANR – PT Panorama Sentrawisata projected sales and profit to
grow 20% next year. This year, PANR expects sales growth to
reach 15-18%.
Equity Markets
Closing
Dow Jones
% Change
24782
0.2
NASDAQ
6965
0.1
S&P 500
2685
0.2
699
0.0
22864
-0.0
MSCI excl. Jap
Nikkei
Shanghai Comp
3300
0.4
29367
0.5
STI
3395
0.4
JCI
6183
1.2
Indo ETF (IDX)
24.16
1.9
Indo ETF (EIDO)
27.64
2.1
Hang Seng
Currency
Closing
Last Trade
US$ - IDR
13555
13558
US$ - Yen
113.33
113.34
Euro - US$
1.1874
1.1839
US$ - SG$
1.3436
1.3449
Commodities
Last
Price Chg %Chg
Oil NYMEX
58.14
0.09
0.16
Oil Brent
64.64
0.16
0.25
Coal Newcastle
100.2
-0.05
-0.05
Nickel
12070
30
0.2
Tin
19350
-125
-0.6
Gold
1265.6
-2.09
-0.16
670
-8.8
-1.29
2389.5
1.5
0.06
CPO Rott
CPO Malay
Indo Gov. Bond Yields
Last
Yield Chg %Chg
1 year
5.34
-0.01
-0.13
CMPP – PT Rimau Multi Putra Pratama plans to acquire 5 A320
airbus. In addition, CMPP targets IDR 6.19 trillion revenue in
2018.
3 year
5.84
-0.00
-0.02
5 year
5.99
-0.02
-0.27
10 year
6.39
-0.01
-0.11
15 year
6.98
-0.01
-0.20
ADRO – PT Adaro Energy will distribute 2017 interim dividend of
USD 0.00313 per share. Cum dividend is on 28th of December
2017.
30 year
7.26
0.00
0.03
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
PTPP – As of January-November 2017, PT PP booked IDR 37.4 trillion new contract (+25% YoY). The achievement is
e ual to 9 . % of FY 7’s ta get. Ne o t a t that as o tai ed y the o pa y i No e e a ou ti g to IDR
3.9 trillion.
SIIP – PT Suryainti Permata will issue a maximum of IDR 2.1 million new shares in conjunction to its convertible bond.
The principal amount of the convertible bond is IDR 941.7 billion while the conversion price/share is IDR 440.
SIDO – PT Sidomulyo Selaras plans to conduct private placement by issuing 113.5 million new shares. SIDO expected
to obtain minimum IDR 30.8 billion from the proceed. The proceed will be used for the expansion and operational
of its business.
TOBA – PT Toba Bara Sejahtera plans to issue USD 250 million notes or equivalent to approximately IDR 3.4 trillion.
The term period is 5 years while the maximum interest rate is 10% per year. The proceed will be used for loan
repayment as well as the expansion and capex of the company.
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 he ei efle t the autho ’s judg e t o the date of this epo t a d a e 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.