PT. Panin Asset Management
DAILY UPDATE December 21, 2017
MACROECONOMIC NEWS
US Housing – Housing starts rose 3.3% in November from the
prior month to a seasonally adjusted annual rate of 1.297
illio , the Co
er e Depart e t said. Last o th’s gai s
were buoyed by new single-family construction, which grew to
the highest level in a decade. Single-family building in the South
and West both reached their highest monthly rates since July
2007. Residential building permits, which can signal how much
construction is in the pipeline, fell 1.4% to an annual pace of
1.298 million last month.
US Economy – The U.S. current account deficit narrowed
significantly from USD 124.4 billion (revised) in the second
quarter to USD 100.6 billion in Q3 (Bloomberg consensus -116.2
billion). The decline that occurred in the current account deficit
came as little surprise because previously released monthly
data on trade in goods and services, which comprises the vast
majority of the current account, had showed the trade deficit
narrowing by more than USD 7 billion in Q3.
Indonesia Economy – Fitch Ratings has upgraded Indonesia's
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) to 'BBB', from 'BBB-'. The Outlook is Stable. The upgrade
of Indonesia's IDRs reflects Indonesia's resilience to external
shocks has steadily strengthened in the past few years, as
macroeconomic policies have consistently been geared towards
maintaining stability. A more flexible exchange-rate policy since
mid-2013 has helped foreign reserve buffers swell to USD126
billion as at November 2017, reaching seven months of current
account payments, compared with the 'BBB' median of six
months. Moreover, monetary policy has been sufficiently
disciplined to limit bouts of volatile capital outflows during
challenging periods. Macro-prudential measures have helped
curb a sharp rise in corporate external debt, while financial
deepening has coincided with improved market stability.
CORPORATE NEWS
MTFN – PT Capitalinc Investment plans to allocate USD 10
million capex next year for the expansion of its oil and gas
business (both upstream and downstream). The company plans
to acquire seismic 2D which contract value amounting to USD
2.1 million. In addition, MTFN will also develop a well in South
Sumatera.
Equity Markets
Closing
Dow Jones
% Change
24727
-0.1
NASDAQ
6961
-0.0
S&P 500
2679
-0.1
699
-0.1
22794
-0.4
MSCI excl. Jap
Nikkei
Shanghai Comp
3288
-0.3
29210
-0.1
STI
3388
-0.2
JCI
6109
-0.9
Indo ETF (IDX)
23.71
-1.1
Indo ETF (EIDO)
27.06
-0.9
Hang Seng
Currency
Closing
Last Trade
US$ - IDR
13579
13543
US$ - Yen
113.4
113.34
Euro - US$
1.1871
1.1872
US$ - SG$
1.3446
1.3441
Commodities
Last
Price Chg %Chg
Oil NYMEX
58.05
0.30
0.52
Oil Brent
64.48
0.59
0.92
Coal Newcastle
100.25
-0.05
-0.05
Nickel
12040
285
2.4
Tin
19475
120
0.6
Gold
1267.7
4.67
0.37
CPO Rott
678.75
-7.0
-1.02
2388
-9.0
-0.38
CPO Malay
Indo Gov. Bond Yields
Last
Yield Chg %Chg
1 year
5.36
-0.06
-1.03
3 year
5.87
-0.02
-0.29
5 year
6.04
-0.01
-0.23
10 year
6.47
-0.01
-0.09
15 year
7.05
-0.00
-0.06
30 year
7.26
0.00
0.00
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
ENRG – PT Energi Mega Persada allocates USD 330 million capex next year. The company optimists that revenue
will grow by 10% next year.
UNSP – PT Bakrie Sumatera Plantations booked revenue of IDR 1.1 trillion and net loss of IDR 500 billion in 9M17.
BBTN – PT Bank Tabungan Negara provides mortgage access to 27,000 Go-jek Partners in 14 cities in Indonesia.
BBNI – PT Ba k Negara I do esia targets o su er redit growth to rea h 5% YoY i
target of 13-14% YoY.
8, higher tha this year’s
DSFI – PT Dharma Samudera Fishing Industries targets IDR 717.65 billion revenue 2018 (10% growth yoy).
FISH – PT FKS Multi Agro and its affiliates obtained USD 200 – 240 million credit facility from 7 different banks. The
fund will be used for working capital and capital expenditures.
DILD – PT Intiland Development capital expenditure may reach IDR 2 trillion in 2018 to fund the construction of its
5 projects, namely Praxis, Spazio Tower, Regatta, Rosebay and Graha Golf.
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 without
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 Housing – Housing starts rose 3.3% in November from the
prior month to a seasonally adjusted annual rate of 1.297
illio , the Co
er e Depart e t said. Last o th’s gai s
were buoyed by new single-family construction, which grew to
the highest level in a decade. Single-family building in the South
and West both reached their highest monthly rates since July
2007. Residential building permits, which can signal how much
construction is in the pipeline, fell 1.4% to an annual pace of
1.298 million last month.
US Economy – The U.S. current account deficit narrowed
significantly from USD 124.4 billion (revised) in the second
quarter to USD 100.6 billion in Q3 (Bloomberg consensus -116.2
billion). The decline that occurred in the current account deficit
came as little surprise because previously released monthly
data on trade in goods and services, which comprises the vast
majority of the current account, had showed the trade deficit
narrowing by more than USD 7 billion in Q3.
Indonesia Economy – Fitch Ratings has upgraded Indonesia's
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) to 'BBB', from 'BBB-'. The Outlook is Stable. The upgrade
of Indonesia's IDRs reflects Indonesia's resilience to external
shocks has steadily strengthened in the past few years, as
macroeconomic policies have consistently been geared towards
maintaining stability. A more flexible exchange-rate policy since
mid-2013 has helped foreign reserve buffers swell to USD126
billion as at November 2017, reaching seven months of current
account payments, compared with the 'BBB' median of six
months. Moreover, monetary policy has been sufficiently
disciplined to limit bouts of volatile capital outflows during
challenging periods. Macro-prudential measures have helped
curb a sharp rise in corporate external debt, while financial
deepening has coincided with improved market stability.
CORPORATE NEWS
MTFN – PT Capitalinc Investment plans to allocate USD 10
million capex next year for the expansion of its oil and gas
business (both upstream and downstream). The company plans
to acquire seismic 2D which contract value amounting to USD
2.1 million. In addition, MTFN will also develop a well in South
Sumatera.
Equity Markets
Closing
Dow Jones
% Change
24727
-0.1
NASDAQ
6961
-0.0
S&P 500
2679
-0.1
699
-0.1
22794
-0.4
MSCI excl. Jap
Nikkei
Shanghai Comp
3288
-0.3
29210
-0.1
STI
3388
-0.2
JCI
6109
-0.9
Indo ETF (IDX)
23.71
-1.1
Indo ETF (EIDO)
27.06
-0.9
Hang Seng
Currency
Closing
Last Trade
US$ - IDR
13579
13543
US$ - Yen
113.4
113.34
Euro - US$
1.1871
1.1872
US$ - SG$
1.3446
1.3441
Commodities
Last
Price Chg %Chg
Oil NYMEX
58.05
0.30
0.52
Oil Brent
64.48
0.59
0.92
Coal Newcastle
100.25
-0.05
-0.05
Nickel
12040
285
2.4
Tin
19475
120
0.6
Gold
1267.7
4.67
0.37
CPO Rott
678.75
-7.0
-1.02
2388
-9.0
-0.38
CPO Malay
Indo Gov. Bond Yields
Last
Yield Chg %Chg
1 year
5.36
-0.06
-1.03
3 year
5.87
-0.02
-0.29
5 year
6.04
-0.01
-0.23
10 year
6.47
-0.01
-0.09
15 year
7.05
-0.00
-0.06
30 year
7.26
0.00
0.00
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
ENRG – PT Energi Mega Persada allocates USD 330 million capex next year. The company optimists that revenue
will grow by 10% next year.
UNSP – PT Bakrie Sumatera Plantations booked revenue of IDR 1.1 trillion and net loss of IDR 500 billion in 9M17.
BBTN – PT Bank Tabungan Negara provides mortgage access to 27,000 Go-jek Partners in 14 cities in Indonesia.
BBNI – PT Ba k Negara I do esia targets o su er redit growth to rea h 5% YoY i
target of 13-14% YoY.
8, higher tha this year’s
DSFI – PT Dharma Samudera Fishing Industries targets IDR 717.65 billion revenue 2018 (10% growth yoy).
FISH – PT FKS Multi Agro and its affiliates obtained USD 200 – 240 million credit facility from 7 different banks. The
fund will be used for working capital and capital expenditures.
DILD – PT Intiland Development capital expenditure may reach IDR 2 trillion in 2018 to fund the construction of its
5 projects, namely Praxis, Spazio Tower, Regatta, Rosebay and Graha Golf.
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 without
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.