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  • OJK: Surat Utang Di Bawah 1 Tahun Akan Diatur BI

    19 November 2018 - 06:09 WIB, Oleh : Tegar Arief 

    Bisnis.com, SOLO — Kewenangan untuk mengatur tata cara serta mekanisme teknis mengenai penerbitan surat utang jangka pendek akan diserahkan sepenuhnya kepada Bank Indonesia (BI). Surat utang yang dimaksud berdurasi 1 tahun ke bawah.
    ...
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    Adapun, Otoritas Jasa Keuangan (OJK) hanya akan mengatur tentang mekanisme penerbitan surat utang dengan durasi lebih dari 1 tahun. Rencananya, pengaturan secara detail mengenai hal ini akan dituntaskan pada tahun depan.

    Kepala Eksekutif Pengawas Pasar Modal OJK Hoesen memaparkan bahwa pemisahan ini merupakan salah satu bagian dari pemerintah untuk menertibkan penerbitan surat utang jangka menengah alias medium term notes (MTN) yang dianggap kurang transparan.

    "Nanti akan diserahkan sepenuhnya kepada BI yang 1 tahun ke bawah. Mau namanya MTN atau surat utang apa itu nanti terserah kepada BI saja. Kalau 1 tahun ke atas kami yang atur," jelasnya, akhir pekan lalu.

    Hoesen menambahkan, surat utang yang diatur oleh OJK nanti akan dibagi ke dalam dua jenis, yakni surat utang dengan penawaran umum dan surat utang nonpenawaran umum. Untuk jenis yang kedua, sejauh ini masih belum ada regulasi yang memayungi.

    Dalam konsepnya, OJK menyimpulkan bahwa MTN tidak termasuk sebagai efek bersifat utang. Dia menjelaskan bahwa yang membedakan antara MTN dengan obligasi korporasi atau sukuk menurutnya bukan berdasarkan instrumennya namun berdasarkan mekanisme penawaran. "MTN kan kebanyakan private placement," imbuhnya.

    Dia menjelaskan, pengaturan ini ditujukan untuk meningkatkan transparansi dan meminimalisasi adanya permasalahan dalam penerbitan MTN atau surat utang dengan tenor pendek yang ditawarkan hanya kepada investor terbatas. Dengan demikian, adanya potensi gagal bayar atau risiko lainnya bisa diminimalisasi. 

    "Kami sedang membenahi agar investir terutama ritel ada batasannya, mengurangi risiko kerugian bagi investor yang tidak paham. Ini akan benar-benar kami tertibkan," tegasnya. 
    ••••••••••••

    http://m.bisnis.com/market/read/20181119/92/861152/ojk-surat-utang-di-bawah-1-tahun-akan-diatur-bi
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  • PASAR OBLIGASI: November, Arus Masuk Investasi Asing Mulai Deras

    19 November 2018 - 06:10 WIB, Oleh : Emanuel B. Caesario 

    Bisnis.com, JAKARTA—Sepanjang November, yield surat utang negara-negara di Asean rata-rata mengalami penurunan, dengan penurunan paling tajam terjadi di Indonesia dan Filipina.
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    Berdasarkan data Asian Bonds Online, Indonesia dan Filipina memang menjadi dua negara dengan tingkat penurunan yield paling besar sepanjang November hingga Kamis (15/11).
    Penurunan yield surat utang 10 tahun Fillipina adalah yang tertinggi, mencapai 60,2 bps ke level 7,41%, sedangkan Indonesia di posisi kedua dengan penurunan 42,5 bps ke posisi 8,12%.

    Selanjutnya, Singapura hanya turun 5,97 bps, Thailand turun 4,6 bps, dan Viet Nam tidak berubah. Malaysia justru meningkat 4,7 bps. Sementara itu, Asia Timur, yakni RRC turun 12,4 bps, Hong Kong turun 8,9 bps, Jepang turun 1,8 bps, dan Korea Selatan turun 1,5 bps.

    Penurunan yang tajam pada yield kedua negara sebanding dengan tingkat kenaikkannya sepanjang tahun ini. Filipina masih tercatat sebagai negara dengan kenaikan yield tertinggi sepanjang tahun ini, yakni mencapai 223,9 bps, sedangkan Indonesia naik 179,9 bps.

    Desmon Silitonga, Riset Analis Capital Asset Management, mengatakan bahwa penguatan yang terjadi pasar obligasi dalam negeri didukung oleh membaiknya kepercayaan investor asing terhadap surat utang Indonesia.

    Hal ini didukung oleh neraca keseimbangan primer yang tercatat surplus pada Agustus 2018 sebesar Rp11,5 triliun dan hanya defisit Rp2,4 triliun hingga September 2018. Ini cukup baik jika dibandingkan dengan September 2017 yang mana keseimbangan primer defisit Rp99,2 triliun.

    Hal ini menandakan pengelolaan fiskal pemerintah Indonesia sangat baik. Alhasil, investor asing tercatat melakukan beli bersih surat berharga negara (SBN) Indonesia senilai Rp13,47 triliun sepanjang Oktober 2018 dan Rp16,7 triliun sepanjang November 2018.

    Di sisi lain, Desmon menilai spread atau selisih antara imbal hasil surat utang Indonesia dengan US Treasury sudah melebar melebihi 500 bps.

    Spread ini bahkan sudah melebihi spread India yang sebelumnya justru lebih tinggi dibandingkan dengan Indonesia.
    “Dari situ kita bisa ambil kesimpulan bahwa memang harga bond kita sudah terlalu rendah, tidak sesuai dengan fundamental kita,” katanya pekan lalu.

    Desmon mengatakan, dibandingkan dengan negara lain, masalah Indonesia memang adalah pada tingginya angka CAD serta kurs yang tidak stabil. Namun, dari segi prospek pertumbuhan ekonomi Indonesia jauh lebih menjanjikan.

    Menurutnya, tren penguatan rupiah sepanjang November ini menjadi katalis yang mendukung pemulihan pasar obligasi sepanjang bulan ini. Namun, sejauh ini sentimen eksternal belum sepenuhnya kondusif sehingga cukup sulit untuk berharap penguatan akan bertahan cukup lama.
    ••••••••

    PASAR OBLIGASI: November, Arus Masuk Investasi Asing Mulai Deras | Market - Bisnis.com http://market.bisnis.com/read/20181119/92/861151/pasar-obligasi-november-arus-masuk-investasi-asing-mulai-deras#.W_IQ_qW2X5E.whatsapp
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  • https://databoks.katadata.co.id/datapublish/2018/11/14/bank-bri-memimpin-perolehan-laba-emiten-di-bursa-jakarta-jan-sep-2018
    Bank BRI Memimpin Perolehan Laba Emiten di Bursa Jakarta Jan-Sep 2018 - Databoks
    Databoks adalah portal data statistik ekonomi, bisnis, riset, migas, serta industri yang terbaru dan terlengkap di Indonesia
    DATABOKS.KATADATA.CO.ID
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  • Good morning,

    Stocks post steep weekly losses as Facebook, Amazon and Apple shares struggle

    Tech under pressure as chip stocks give weak forecasts
    ...
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    Stocks posted sharp weekly losses on Friday after a strong downturn in technology shares.

    Dow.....25413 +123.95 +0.49%
    Nasdaq..7248 -11.2 -0.15%
    S&P 500.2736 +6.1 +0.22%

    FTSE.......7014 -24.1 -0.34%
    Dax........11341 -12.7 -0.11%
    CAC.........5025 -8.4 -0.17%

    Nikkei....21680 -123.3 -0.57%
    HSI.........26184 +80.2 +0.31%
    Shanghai.2679 +10.9 +0.41%
    ST Times.3084 +29.1 +0.95%
     
    Indo10Yr..8.2501 -0.0551 -0.66%
    INDOBex237.3559 +0.6093 +0.26%
    US10Yr......3.074 -0.044 -1.41%
    VIX............18.14 -1.84 -9.21%

    USDIndx .....96.4650 -0.6230 -0.64%
    Como Indx..187.30 +1.76 +0.95%
    (Core Commodity CRB)
    DJUSCL.......61.09 +0.07 +0.11%
    (Dow Jones US Coal Index) 

    IndoCDS...148.185 -0.33 -0.22%
    (5-yr INOCD5) 

    IDR........14611.50 -53.50 -0.36%
    Jisdor....14594 -170 -1.15%
    IDR Fut..14546.50 -18.40 -0.13%

    Euro.........1.1415 +0.0088 +0.78%

    TLKM...27.93 +0.64 +2.35%
    (4076)
    EIDO......24.62 +0.33 +1.36%
    EEM.......40.90 +0.08 +0.20%

    Oil...........56.46 -0.09 -0.16%
    Gold ......1223.00 +9.30 +0.77%
    Timah...19387.50 +25.00 +0.13%
    Nickel..11395.50 +72.50 +0.64%

    Coal price 102.50 -1.65 -1.58%
    (Nov/Newcastle)
    Coal price 100.85 -2.95 -2.84%
    (Dec/Newcastle)
    Coal price 89.10 -0.40 -0.45%
    (Nov/Rotterdam)
    Coal price 85.40 -2.30 -2.62%
    (Dec/ Rotterdam)

    CPO(Sept) 1975 -5 -0.25%
    (Source: bursamalaysia.com)
    Corn...........375.75 -2.50 -0.66%
    SoybeanOil 27.57 -0.32 -1.15%
    Wheat........515.25 +0.50 +0.10%

    Rubber.......158.00 -0.60 -0.38%
    (Tokyo)JPY/kg

    Pulp(BHKP) - - -


    * : weekly


    (DE/ls 17-11-18)
     
    ***
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  • "Dollar, U.S. yields slide on Fed official rate talk"

    The U.S. dollar weakened and Treasury yields slid on Friday after a top Federal Reserve official said U.S. interest rates were near a neutral rate, while the S&P 500 ended positive after a seesaw session helped by optimism over U.S.-China trade ties.

    Oil prices steadied but still posted their sixth straight week of losses. Uncertainty over Britain's exit from the European Union clouded currency and other markets.
    ...
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    Markets were shaken by comments made by Richard Clarida, newly appointed Fed vice chair, in a CNBC interview that U.S. interest rates were nearing Fed estimates of a neutral rate, and being at neutral "makes sense."

    He also said there was "some evidence of global slowing."

    While the Fed is widely expected to raise rates in December, the number of hikes next year is a matter of debate.

    "The big driver right now is Fed speech," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott in Philadelphia. "Clarida indicated a modestly dovish bent on Fed policy, and not a particularly aggressive stance."

    On Wall Street, the Dow Jones Industrial Average rose 123.95 points, or 0.49 percent, to 25,413.22, the S&P 500 gained 5.94 points, or 0.22 percent, to 2,736.14 and the Nasdaq Composite dropped 11.16 points, or 0.15 percent, to 7,247.87.

    Clarida's comments helped support stocks, which were also boosted by comments from President Donald Trump on trade.

    Trump said he may not impose more tariffs on Chinese goods after Beijing sent the United States a list of measures it was willing to take to resolve trade tensions.

    "The market is paying attention very closely to anything surrounding trade," said Veronica Willis, investment strategy analyst at Wells Fargo Investment Institute in St. Louis. "(A trade deal) would boost expectations for global growth, which would ultimately be good for stocks."

    Investors are pointing toward the G20 meeting later this month, when leaders from the United States and China are expected to meet, and the Fed's meeting in December as key events for markets.

    Weighing on equity sentiment and the Nasdaq was a disappointing forecast by chip company Nvidia Corp. Nvidia shares tumbled 18.8 percent while the Philadelphia semiconductor index fell 1.2 percent.

    MSCI's gauge of stocks across the globe gained 0.35 percent.

    The pan-European STOXX 600 index lost 0.20 percent as traders waited on more clarity involving Britain's exit from the EU, known as Brexit.

    British Prime Minister Theresa May won the backing of the most prominent Brexiteer in her government as she fought to save a draft EU divorce deal that has stirred up a plot to force her out of her job.

    After tumbling a day earlier, sterling was last trading at $1.2825, up 0.40 percent, while the euro was up 0.78 percent to $1.1414.

    "Sterling volatility has woken up from its 100-year slumber and is likely to remain reactive," said Ulrich Leuchtmannan, FX strategist at Commerzbank.

    The dollar index, which measures the greenback against a basket of currencies, fell 0.49 percent.

    Benchmark 10-year notes last rose 12/32 in price to yield 3.0738 percent, from 3.118 percent late on Thursday.

    U.S. crude settled unchanged at $56.46 a barrel, and Brent settled at $66.76 a barrel, up 0.21 percent.
    ****

    "Dollar, U.S. yields slide on Fed official rate talk" - http://www.reuters.com/article/us-global-markets/dollar-u-s-yields-slide-on-fed-official-rate-talk-idUSKCN1NL02E
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  • "China says no developing country will fall into debt trap by cooperating with China"

    China's foreign ministry said on Sunday that no developing country would fall into a debt trap simply because of its cooperation with Beijing.

    Chinese Foreign Ministry spokeswoman Hua Chunying made the comment in an online statement responding to remarks made by U.S. Vice President Mike Pence.
    ...
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    "No developing country will fall into debt difficulties because of cooperation with China," Hua said.

    "On the contrary, cooperating with China helps these countries raise independent development capabilities and levels, and improves the lives of the local people."

    Speaking at the Asia Pacific Economic Co-operation (APEC) summit on Saturday, Pence took aim at China's Belt and Road initiative, saying countries should not accept debt that compromised their sovereignty.
    ***

    "China says no developing country will fall into debt trap by cooperating with China" - http://www.reuters.com/article/us-china-usa/china-says-no-developing-country-will-fall-into-debt-trap-by-cooperating-with-china-idUSKCN1NN04R
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  • https://www.merdeka.com/uang/perluas-paket-kebijakan-xvi-industri-agribisnis-dan-digital-kini-dapat-tax-holiday.html
    Perluas Paket Kebijakan XVI, Industri Agribisnis dan Digital Kini Dapat Tax Holiday | merdeka.com
    Menteri Koordinator Perekonomian, Darmin Nasution, mengatakan perluasan tax holiday ini akan diberikan kepada kelompok agribisnis dan digital. Kedua kelompok ini dinilai perlu mendapat tax holiday karena memiliki nilai investasi yang besar di Indonesia.
    WWW.MERDEKA.COM
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  • Trimegah (LG)

    UNTR - Upgrade TP on Martabe gold mine acquisition (BUY TP 47000)

    Martabe gold mine acquisition would be value accretive
    ...
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    UNTR already signed CSPA to acquire 95% of Martabe gold mine with transaction value of USD917.9mn (implied 5.1x PE & 3.5x EV/EBITDA 2018F). The management recently guided that the acquisition to be done in Jan’19 and to be fully funded by UNTR’s internal cash. We assume Martabe gold mine to be fully consolidated in 2019F. Martabe has 4.3mnoz Gold reserves and to produce 400koz of Gold this year with relatively cheap cash cost of USD400/oz (vs PSAB of USD600/oz and MDKA of USD500/oz) thanks to its low stripping ratio (0.9x in 2017). However, note that UNTR will book additional amortization cost in martabe of USD200/oz due to the effect of acquisition. We expect Martabe to have flat gold production of 400koz until the reserves to be depleted (2029F) with flat gold price of USD1,200/oz. We assume Martabe gold mine to have net profit (net UNTR’s portion 95%) of USD141/157mn or IDR2.1/2.4trn in 2019F/20F.

    Earnings upgrade on Martabe gold acquisition and higher USDIDR
    After consolidating martabe gold mine in 2019F, the revenue mix for UNTR will become: Mining contracting 39%, construction machinery 36%, coal mining 14%, Martabe 7%, and construction 4% (from previously 42/39/15/0/5%). We revised UNTR’s coal mining business with lower sales volume. We did not change any operational assumption for other business segment. We increase our earnings estimate by +3/+30/19% in 2018F/19F/20F. The earnings growth in 2019F is driven by Martabe gold mine (contributes 56% of the earnings growth) and also 6% USDIDR adjustment from 13,667 to 14,500 (contributes 44% of the earnings growth). Note that UNTR is a beneficiary of USDIDR appreciation, as most of the revenue is based on USD while the cost is based on IDR. Note we assume Martabe gold mine to have net profit (net UNTR’s portion 95%) of IDR2.1/2.4trn in 2019F/20F or c13 % of UNTR’s net profit 18/19F. We increase our target price by 15% from IDR41,000 to IDR47,000 on higher earnings estimate, higher USDIDR assumption, and also taking into account lower cash level in 2019F post Martabe gold mine acquisition.

    Upgrade Buy with higher TP IDR47,000
    We upgrade our DCF-based TP of IDR47,000 that implies PE 14.1/10.7x PE 2018/19F. UNTR is trading at 10.5x/8.0x 2018-19 P/E. The current 12M forward PE is 36% discount to its 5-years historical fwd P/E. Key risks to our call: 1) Sustained drop in coal price, 2) Weaker than expected operational volume
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  • INDONESIA TO ISSUE NEW ECONOMIC STIMULUS PACKAGE
    (Paket Kebijakan Ekonomi XVI)

    - The new economic package will be announced tomorrow (Friday, Nov. 16) on 9.30 a.m at the Presidential Palace

    ...
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    - The stimulus may include new incentives on taxation, industry, foreign investment, financial services, banking sector

    - Coordinating Economic Minister, Finance Minister, Industry Minister, BI Governor, OJK Chairman will attend the briefing
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  • [09:18, 11/16/2018] +62 815-7319-0777: FR CGS-CIMB (YU) : Economic Update | PDF
    Oct 2018 trade
    Author(s): Yee Ping LIM +60 (3) 2261 9083, Michelle CHIA

    --------------------------------------------------------------------------------
    ...
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    ■ The trade balance swung back into deficit in Oct, as surging import growth outpaced the improvement in export expansion.
    ■ Non-O&G balance dipped into deficit again due to falling CPO prices and higher capital goods imports while higher oil prices worsened the O&G deficit.
    ■ Our revised 2018 CAD forecast takes into account a wider US$5.1bn trade deficit. We expect the CAD to improve in 4Q18 from 3.4% of GDP in 3Q18.
    [09:19, 11/16/2018] +62 815-7319-0777: FR CGS-CIMB (YU) : Economic Update | PDF
    Nov 2018 BI meeting
    Author(s): Yee Ping LIM +60 (3) 2261 9083, Michelle CHIA

    --------------------------------------------------------------------------------


    ■ Bank Indonesia (BI) unexpectedly raised its 7-Day Reverse Repo Rate (7DRRR) by 25bp to 6.00%.
    ■ The surprise decision underscores BI’s commitment towards addressing the current account deficit after a worse-than-expected trade deficit in Oct.
    ■ We expect BI to raise 7DRRR from 6.00% in end-2018 to 6.50% by end-2019.
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  • Indonesia Strategy: 6th Rate Hike in 7 Months, BI Being More Proactive
    (Henry Wibowo- RHB)

    EIDO +4.1%
    The surprise Rate hike received positive reception!
    ...
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    Top RHB Indo 10 Picks: ASII, BBRI, BMRI, UNTR, ITMG, ADRO, ICBP, GGRM, SCMA, JPFA

    Report Link:
    https://research.rhbtradesmart.com/attachments/14/rhb-report-ind_surprise-rate-hike_strategy_20181106_rhb-1755140532317975bedee2a59790.pdf

    Summary:
    We are Neutral on Indonesia with JCI target of IDR6,200 at end-2018. We attended BI conference call, led by Deputy Governor Mr Dody Budi Wahuyo. The benchmark rate was raised by 25bps to 6% from 5.75% during the November meeting, the sixth hike this year, totaling to 175bps from 4.25% in April. This is a surprise hike, albeit positive, as consensus (28 out of 31 economists) expected no change. We believe this was driven by the recent widening of CAD in 3Q18, or 3.4% of GDP (from 3% in 2Q18) and pre-emptive measures to stay ahead of the curve near the pending Dec- 2018 US Fed rate hike. Defending IDR’s stability is the priority right now, with monetary policy intervention seen as the most ideal approach. Top 10 picks: ASII, BBRI, BMRI, UNTR, ITMG, ADRO, ICBP, GGRM, SCMA, JPFA.
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  • PT Waterfront Sekuritas Indonesia, 16 November 2018


    Dow Jones 25.289,27 +208,77 +0,83%
    S&P500 2.730,20 +28,62 +1,06%
    ...
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    Nasdaq 7.259,03 +122,64 +1,72%

    Oil +0.37% +0.21 $56.46
    CPO +0.35% +7 RM1980
    Nikel +1.02% +115 $11340
    Tin +0.67% +130 $19475
    Gold +0.2% +2.4 $1213.42
    NWC Coal Nov18 +0.77% +0.8 $104.15
    EIDO +4.07% +0.95 24.29

    Indeks di bursa Wall Street ditutup menguat setelah diberitakan tarif impor lanjutan AS terhadap China akan dihentikan sementara karena optimisme akan tercapainya kesepakatan dagang antara AS dan China. Namun juru bicara perwakilan dagang AS membantah laporan tersebut. Data retail sales AS Oktober naik 0,8%, lebih tinggi dari estimasi 0,5%. Dari Inggris, kabinet menyetujui draft kesepakatan Brexit dimana dalam draft tersebut antara lain disebutkan masa transisi dapat diperpanjang hingga pertengahan 2020.

    Dari domestik, data neraca perdagangan RI bulan Oktober kembali mengalami defisit sebesar USD1,82 miliar akibat kenaikan impor sebesar 23,6% disaat ekspor hanya tumbuh 3,59%. Secara tak terduga BI menaikkan suku bunga menjadi 6% yang membuat aset berbasis rupiah menjadi menarik. Rupiah mengalami kenaikan, yield obligasi turun dan net buy asing di BEI pada perdagangan kemarin mencapai Rp1,37 triliun yang mendorong kenaikan IHSG sebesar 1,66%.

    IHSG diperkirakan bergerak pada kisaran 5850-6020. Cermati: BBNI, BBTN, BMRI, BBRI, TLKM, ASII, AKRA, JSMR, PGAS, ITMG, ADRO, INDF, ICBP, KLBF, SMGR, GIAA, WIKA, WSKT, ADHI, PTPP

    NEWS:
    • Pefindo Tegaskan Peringkat MYOR Pada idAA
    • TOBA Targetkan Produksi Batu Bara Hingga 5,6 Juta Ton
    • Pabrik Feronikel Haltim ANTM Ditargetkan Selesai Tahun Ini
    • TIRA Jual Aset Tanah Senilai Rp7,28 Miliar
    • Pefindo Tegaskan Peringkat SMBR Pada idA Dengan Outlook Stabil
    • Anak Usaha BIPP Terima Pembiayaan Rp3,226 Miliar
    • HOME berencana rights issue dengan target perolehan dana Rp2 triliun
    • RUPSLB MEDC setujui private placement 10% saham dengan target dana Rp1,54 triliun pada harga Rp868/saham
    • DIVA menetapkan harga IPO pada Rp2.950/saham
    • Reminder: hari ini cum dividen SPTO (Rp20) dan MAYA (Rp35)
    • Reminder: hari ini listing PT Pool Advista Finance Tbk (POLA) harga IPO Rp135/saham dan waran seri I (rasio 1:1) dengan harga pelaksanaan waran Rp168/saham

    (disclaimer on – RL)
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  • Indonesia's Telkom In Talks to Buy Stake in Go-Jek: Times
    By Joyce Koh
    (Bloomberg) -- Telkom, Indonesia’s largest telecommunications service provider, may spend 4t rupiah to buy minority stake in Go-Jek, according to the Straits Times, citing a source with knowledge of the plan.
    Talks come as Go-Jek set to expand in Southeast Asia, starting in Vietnam and Thailand and looking to move into Philippines and Singapore, the newspaper says
    Go-Jek aiming to start service in Singapore in January, later than 3rd week of November initially planned: Times
    ...
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    Go-Jek’s investors include Tencent Holdings, Warburg Pincus, Google and Temasek
    NOTE: Go-Jek Is Said in Talks to Raise at Least $2 Billion (1)
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  • Maybank-KE research: Indonesia Coal

    Isnaputra Iskandar maintains POSITIVE views on Indonesia coal. He comments on changing licence from CCoW-1G to IUPK.

    Isnaputra doesn’t expect the change from CCoW-1G to IUPK will have significant negative financial implications for coal companies under his coverage. In fact, the impact could even be positive. PTBA and UNTR are his Top Picks in the sector due to potential earnings and dividend surprises.
    ...
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    Coal companies under the scheme of Coal Contract of Work 1st Generation (CCoW-1G) are approaching expiry dates of their contracts. The coal companies include: 1) Arutmin Indonesia [Oct 2019; subsidiary of BUMI (Not Rated, IDR166)]; 2) Kaltim Prima Coal/KPC (Dec 2021; subsidiary of BUMI); 3) Adaro Indonesia [Oct 2022; subsidiary of ADRO (IDR1,540, BUY, TP IDR2,600)]; and 4) Kideco Jaya Agung [May 2023; subsidiary of INDY (Not Rated, IDR2,620)].

    According to mining law no. 4/2009, once a CCoW expires, the government will change it to IUPK (Ijin Usaha Pertambangan Khusus/Special Mining Business Licence), which will have different royalty and tax treatments than CCoW’s.

    Isnaputra understand the government is considering a number of royalty and tax treatments. One option is to change the current scheme (royalty of 13.5% and income tax of 45%) to a new one (royalty of 15%, income tax of 25% and an additional royalty of 10% of net profit).

    Based on his analysis suggests that a CCoW-1G holder would benefit from the new scheme as long as its profit before tax margin is higher than 12%. For 9M18, ADRO’s PBT margin was 24%.

    Isnaputra doesn’t expect the proposed scheme to apply to CCoW-2G and -3G holders because the contract expiry dates are still more than seven years down the road, and their income tax rates (25-30%) are already in line with the proposed one.
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  • MNCS Compendium 2018 – Consumer Sector Update: Overweight

    WAITING FOR THE HARVEST

    3Q18 Results: Slow but sure!
    ...
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    Konsumsi rumah tangga yang berkontribusi sebesar 55,26% terhadap total GDP di 3Q18 bertumbuh sebesar 5,01% YoY. Retail Sales Index masih mengalami peningkatan sebesar 4,77% YoY sepanjang 9M18 (vs 6.04% pada 8M18) didorong oleh festival kemerdekaan dan kegiatan besar bertaraf internasional seperti Asian Games 2018. Pendapatan perusahaan sektor konsumsi yang masuk dalam coverage kami di 9M18 mencatatkan peningkatan rata-rata sebesar 11,95% YoY yang merefleksikan 74.12%/73.50% dari target MNCS/Konsensus. Kami memprediksikan pada FY18E-FY19F, sektor konsumsi berpotensi membaik dengan tingkat pertumbuhan penjualan ritel berada pada level 3,59%/4,66% YoY sejalan dengan ekspektasi pertumbuhan GDP yang meningkat 5,2%/5,3%.

    2019: Berharap pada Kebijakan Pemerintah yang Populis Meskipun….
    Kami melihat Pemerintah terus berfokus pada langkah-langkah populis untuk mendorong daya beli masyarakat pada FY19F. Beberapa kebijakan tersebut antara lain: 1) Peningkatan jumah dana Program Keluarga Harapan (PKH); 2) Menahan peningkatan tarif BBM dan listrik hingga akhir FY19F; 3) Pendistribusian Dana Desa FY19F dianggarkan sebesar Rp85 triliun; 5) Peningkatan Upah Minimum Provinsi (UMP) sebesar 8,03% pada FY19F; 6) Meningkatkan bantuan makanan non tunai (Bantuan Pangan Non-Tunai) kepada 15,6 juta keluarga; 7) Meningkatnya jumlah penerima manfaat dari BPJS Kesehatan.

    Dibayangi oleh Sentimen Negatif atas Rencana Implementasi Free Float Adjustment pada FY19F
    Implementasi free float adjustment oleh BEI yang akan diberlakukan mulai Februari 2019 kami perkirakan mampu membawa dampak negatif bagi laju pergerakan saham khususnya di sektor barang konsumsi dimana per 12 November 2018 bobot segmen barang konsumsi terhadap keseluruhan market cap Indeks LQ45 sebesar 27,2% dan berpotensi menurun signifikan menjadi 13% setelah diberlakukannya implementasi tersebut. Namun kami percaya investor akan kembali rasional mengingat kebijakan ini tidak berpengaruh terhadap fundamental Perusahaan.

    Overweight Outlook dengan Top Picks: ICBP, GGRM, HOKI dan SIDO
    Kami prediksikan pada FY18E-FY19F sektor konsumsi berpotensi membaik dengan segmen rokok dan FMCG sebagai pilihan. Tren daya beli dan momentum tahun politik merupakan beberapa hal yang wajib dicermati. Selain itu, perkembangan bisnis e-commerce, harga raw material dan fluktuasi nilai tukar juga menjadi perhatian khusus. Dengan melihat beberapa katalis positif dan risiko yang ada, kami menilai OVERWEIGHT untuk Sektor Konsumsi di Indonesia dengan saham pilihan GGRM (BUY; TP: Rp85.500), HOKI (BUY; TP: Rp1.230), ICBP (BUY; TP: Rp9.600), dan SIDO (BUY; TP: Rp1.050).

    Disclaimer On
    MNCS Institutional Research Team

    https://www.mncsekuritas.id/detailpost/consumer-sector-update-151118
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  • Good morning,

    S&P 500 snaps 5-day losing streak as shares of Apple, JP Morgan gain

    The major stock indexes snapped multiday losing steaks Thursday as J. P. Morgan Chase led banks higher and iPhone maker Apple rebounded after dipping into bear market territory earlier in the week.
    ...
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    Dow.....25289 +208.8 +0.83%
    Nasdaq..7259 +122.6 +1.72%
    S&P 500.2730 +28.6 +1.06%

    FTSE.......7038 +4.2 +0.06%
    Dax........11354 -58.9 -0.52%
    CAC.........5034 -35.2 -0.70%

    Nikkei....21804 -42.9 -0.20%
    HSI.........26103 +448.9 +1.75%
    Shanghai.2668 +35.9 +1.36%
    ST Times.3055 +11.3 +0.37%
     
    Indo10Yr..8.3052 -0.0036 -0.04%
    INDOBex236.7466 +0.1171 +0.05%
    US10Yr......3.12 unch +0%
    VIX............19.98 -1.27 -5.98%

    USDIndx .....97.0880 +0.048 +0.05%
    Como Indx..185.54 -2.52 -1.34%
    (Core Commodity CRB)
    DJUSCL.......61.02 -0.80 -1.29%
    (Dow Jones US Coal Index) 

    IndoCDS...148.515 +1.735 +1.18%
    (5-yr INOCD5) 

    IDR........14665.00 -121.50 -0.82%
    Jisdor....14764 +9 +0.06%
    IDR Fut..14564.90 -190.0 -1.29%

    Euro.........1.1327 +0.0013 +0.11%

    TLKM...27.29 +1.34 +5.16%!!
    (4030)
    EIDO......24.29 +0.95 +4.07%!!
    EEM.......40.82 +0.89 +2.23%

    Oil...........56.55 +0.55 +0.98%
    Gold ......1213.70 +2.30 +0.19%
    Timah...19362.50 +30.00 +0.16%
    Nickel..11322.50 +20.00 +0.18%

    Coal price 104.15 -1.35 -1.28%
    (Nov/Newcastle)
    Coal price 103.80 +0.15 +0.14%
    (Dec/Newcastle)
    Coal price 89.50 -1.50 -1.65%
    (Nov/Rotterdam)
    Coal price 87.70 +1.20 +1.38%
    (Dec/ Rotterdam)

    CPO(Sept) 1980 +7 +0.35%
    (Source: bursamalaysia.com)
    Corn...........378.25 +0.25 +0.07%
    SoybeanOil 27.89 +0.11 +0.40%
    Wheat........514.75 +2.75 +0.54%

    Rubber.......158.60 -0.50 -0.31%
    (Tokyo)JPY/kg

    Pulp(BHKP) - - -


    * : weekly


    (DE/ls 16-11-18)
     
    ***
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  • Bahana (DX) 14 Nov 2018

    Meeting with Ignasius Jonan, Minister for Energy and Mineral Resources
    Summary: On 14 November 2018, we conducted a meeting with the Minister for Energy and Mineral Resources, Ignasius Jonan, which was attended by 13 institutions consisting of foreign and local investors. During this meeting, the energy regulations were clarified particularly: i) DMO fulfillment and penalties, ii) Transfer quota, iii) No change on gas DMO, iv) Freeport divestment, and v) Indonesia’s O&G prospects. The regulations discussed would change the outlook for coal, oil, and gas in 2019. Below are our key takeaways.

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    On coal, the Minister stated that DMO fulfillment is non-negotiable for coal miners and said that the ministry will enforce sanctions on miners failing to meet the quota. Note that the sanction willl be on the reduced production quota for 2019, set at 4x DMO realization in 2018. We believe that this will translate into a bidding war for excess DMO by miners that exceeded their own quota in 2018. This will benefit Bukit Asam (Not Rated) and Kideco (a subsidiary of Indika/INDY IJ, IDR2.620, Not Rated), which exceeded their DMO quota as of 9M18

    Bukit Asam said that it has received interested enquiries for its excess DMO quota, but has not agreed on the price, with the current bid price being USD8-10/tonne lower than its asking price. But we believe there is an actual shortage of DMO quota given the cut-off date for the calculation of excess/shortage at the end of September, i.e. excess sales to the domestic market in 4Q18 did not count towards the excess DMO quota. Meanwhile, miners will need to buy quota based on the expected DMO shortage for their 2018 production.

    As for gas DMO, Mr. Jonan said that nothing has changed despite the media reporting a plan to cap the gas DMO price at USD6/mmbtu. The regulation remains that gas prices at the wellhead and plant gate are capped at 8% and 14.5% of the Indonesian Crude Price (ICP) respectively. With ICP at USD77.6/bbl in October, this translates into a plant gate cap of USD11.2/mmbtu. Given the formula, we believe that Perusahaan Gas Negara (PGN) can maintain its distribution margin to PLNif the ICP remains above USD55/bbl.

    Freeport’s mining license will be released after the divestment process is completed. The divestment is currently in progress with shareholder meetings, agreements, etc. The process is expected to be completed by the end of this year.

    The Minister was also bullish on the exploration prospect of Indonesia’s O&G fields following the shift to a gross split policy, which he said has been warmly accepted by both global and local O&G players. He believes that the regulation promotes efficiency because contractors stand to benefit from it. Mr. Jonan also denied the rise of resource nationalism and said the reason Pertamina obtained several large termination blocks was that it was more aggressive in its bidding.
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  • Bukit Asam (PTBA IJ): Upgrade to BUY at Street High TP: IDR6,000 (from HOLD 4000) Index Inclusion + Good 3Q18 Results
    (Henry Wibowo - RHB Sekuritas)

    Report Link:
    https://research.rhbtradesmart.com/attachments/0/rhb-report-ind_bukit-asam_results-review_20181115_rhb-351325719449248725becc7ae37c4b.pdf
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    Summary:
    Upgrade to BUY from Neutral, new street-high TP of IDR6,000 from IDR4,000, 26% upside (including c.3% FY19F yield). Our upgrade is largely due to PTBA’s solid 3Q18 numbers (EPS: +6% QoQ, +31% YoY) as well as MSCI Indonesia’s recent announcement that PTBA will be included in the index effective from 30 Nov 2018 (strong expected incoming fund flows in near-medium term). We raise 2018/2019F EPS by 13%/20% on its higher ASP (DMO price cap concern overdone), volume and cost management. PTBA now trades at an undemanding 10x FY19F P/E, with 28% ROE.
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  • Maybank-KE research: Semen Indonesia (SMGR)

    Isnaputra Iskandar upgrades recommendation to BUY (prior: HOLD) on Semen Indonesia (SMGR), and raising TP to IDR12,400 from IDR10,100 per shares. New TP is based on Discounted Cash Flow (DFC) methodology, using WACC 8.9%, and LTG: 5%.

    Isnaputra comments on acquisition Holcim Indonesia (SMCB) by SMGR. He views the deal will be positive for both industry and SMGR.
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    SMGR acquired an 80% stake in SMCB (Not Rated, IDR1,905) for an EV of USD1.75b (100% basis), which suggests an equivalent share price of c.IDR2,250. The implied EV/capacity of USD117/t looks fair and is in line with SMGR’s USD115/t.

    Isnaputra sees a tender offer will likely follow given the change of control at SMCB. SMGR has secured funding from foreign and local banks for the acquisition.

    Isnaputra views the deal is positive for industry consolidation and will strengthen the company’s position in key domestic markets.

    Post the deal, he forecasts SMCB’s earnings to improve due to 1) the absence of royalty fees, 2) lower financing cost and 3) synergies created with SMGR. He has not factored in potential synergies in his analysis. He estimates his 2019 earnings forecast would increase by 1.9% for every 0.5% increase in SMCB’s EBITDA margin.

    Isnaputra factor in earnings from SMCB in his FY19E forecast which falls by 11.1% on the back of higher interest expense. Based on his estimates, the higher interest expense could be covered by a c.2% EBITDA margin improvement, which he thinks SMGR can achieve through cost efficiencies and raising prices. However, For FY20E, he raises his earnings forecast assuming a stronger IDR, a better industry outlook, lower coal prices and higher earnings contribution from SMCB.
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  • Company Brief Astra International (Buy): 10M18 4W sales results

    • 10M18 national sales came in at 962.8k units, as per our bullish view until end of year.
    • ASII’s 10M18 market share surged to 50.3% (vs. 1H18 of 48.5%), competitor’s market share e.g. Suzuki and Mitsubishi continued to decay.
    • Daihatsu standalone October sales broke its record at 21k units (up 25.5% YoY), which we still attribute to its robust SUV sales.
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    At last, above-50
    After trading hours on November 14, Astra International (ASII IJ) released the national 4W sales data for 10M18, at 962.8k units (+7.1% YoY). October sales for 4W were 106k units (+12.3% YoY), a robust figure in accordance with our expectation of bullish sales continuance until end of year. The 10M18 4W figure came in at 84.7% of our FY estimate; hence, we maintain our national 4W estimate of 1.136mn units for 2018F.

    ASII’s standalone October 4W market share figure stood at 56.5%, buffering ASII’s 10M18 market share to above-50 figure of 50.3% (vs. 9M18 at 49.6% vs. 8M18 at 49.1%), at last. We are still on our view that ASII’s robust performance stemmed from its strong SUV sales (please refer to our ASII report “Shaping the market into SUV” dated August 14). Worth noting that Daihatsu’s standalone October sales were spectacular at 21k (all-time high figure; up 25.5% YoY). We conclude the remarkable achievement stemmed from solid Terios variant delivery. ASII’s 10M18 market share is getting closer to our 2018 full-year market share estimate of 51.1% (vs. 53.6% as of FY17).

    We continue our view of weaker competitor position in the 4W market going forward. Suzuki’s 4W market share in 10M18 is going down to 10.3% (vs. 11% as of 1H18), which we think will further solidify our view that the Suzuki Ertiga lacks attractiveness to overall 4W consumers. Mitsubishi’s 4W 10M18 market share continued to deteriorate to 17.4% (vs. 18.1% as of 1H18), a further confirmation that Mitsubishi will no longer be a threat to ASII’s 4W throne. Previously we argued that Mitsubishi would have lower sales going forward given its subsidy cut to Xpander variety prices (please refer to our ASII report “Reclaiming the missing pie” dated May 21).

    All in all, we maintain our Buy recommendation with TP of Rp9,175 on ASII (12.2% upside from last closing price). ASII is currently trading at 13.9x 18F P/E, still below its 5-year average of 15.7x.

    http://www.kresnasecurities.com/kresna2/en/news-report/disclaimer
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  • [09:19, 11/15/2018] +62 812-2276-8768: Trimegah (LG)

    PTBA BUY TP 5700

    PTBA - Dividends and possible better earnings in 4Q18 (TP5700)
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    75% dividend payout is likely (7.7% yield)
    We think there is a high probability for a 75% payout ratio (for 2018 earnings, paid in mid-2019), as PTBA’s majority shareholder, Inalum, just issued USD4bn bonds to acquire Freeport. The annual coupon payment is USD240mn (weighted avg coupon 6%). Assuming 75% payout from PTBA’s 2018F net profit of USD350mn, Inalum would receive dividend of USD170mn from PTBA and the remaining annual interest payment can be funded from Inalum’s EBITDA (remaining ~USD70mn for interest payment is 50% of Inalum-only EBITDA in 2017). Note that the potential dividend from other Inalum’s subsidiaries, TINS and ANTM, is only USD10mn.

    DMO transfer quota may bump up 4Q18 earnings
    There is also potential earnings upside from DMO (Domestic Market Obligation) transfer quota (excess quota is 6mn tonnes) that could increase PTBA’s earnings by as much as 10% in 2018F, and the sale of PTBA’s treasury shares (the 1st phase is in May’19) which we think should be 497mn shares or c60% of the total treasury share. It would give potential additional cash of IDR2.4trn (assuming IDR4,900/sh) that would trigger special dividend payout, as Inalum needs cash, with potential yield 4%. The remaining treasury shares sales phase 2 and 3 would be in Dec’19 and Dec’21.

    Solid 9M18 results, to benefit from high CV coal in 4Q18
    PTBA booked solid 9M18 results with net profit of IDR3.93trn which is 75% of our estimate and consensus’. 3Q18 PTBA’s earnings up by 20% QoQ on higher ASP (mostly due to USD appreciation), higher sales volume, and lower cash cost (thanks to lower stripping ratio in Banko Barat site). We have not included the potential income from DMO quota transfer, could be c10% upside to FY18 earnings. PTBA also aims to produce 1mn tonnes of high CV coal this year, already 400k tonnes in 9M18 and the remaining 600k should be in 4Q18, meaning that ASP in 4Q18 could be even better.

    Valuation: maintain Buy call and TP 5700
    We maintain our BUY recommendation without any changes in earnings. Our SOTP-based TP is IDR5,700. Our TP implies 11.4x 2018F P/E. PTBA is trading at 9.3x/9.2x 2018-19 P/E. Also note that PTBA share price has done well this week due to its inclusion into MSCI Indonesia (announced yesterday). Downside risk is a significant drop in coal price.
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  • Ciptadana (KI)

    PGAS BUY UPGRADE TP 2720 (fr 2600)

    9M18 results significantly above expectations
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    Perusahaan Gas Negara reported more than double YoY growth in 9M18 net income to USD218 mn, far above our and consensus expectations at 97-90% of respective FY18F. Strong profit growth was mainly driven by the combined 1) 13% YoY higher in revenue to USD2.45 bn buoyed by 11% increase in gas distribution volume (despite 2.3% lower in ASP to USD8.4 mn), which lifted gas distribution revenue to USD1.94 bn (+8% YoY) and 2) 40% increase in upstream (oil & gas revenue) to USD442 mn. As COGS (+10% YoY) and Opex (+5% YoY) increased at slower pace than revenue, operating profit jumped by 41% YoY to USD380 mn, almost reached our FY18F of USD383 mn. 9M18 GPM expanded by 210bps to 28% largely helped by 3,240bps expansion in upstream unit’s GPM to 24.6% from negative 7.8% a year ago, while gas distribution GPM contracted by 220bps to 30.8% as distribution margin declined to USD2.3/mmbtu vs USD2.5/mmbtu in 9M17.

    3Q18 earnings increase helped largely by lower opex
    The company reported 10% QoQ increase in 3Q18 net profit as flat revenue (-0.3%) and declined gross profit (-13.7%) were more than offset by 35% decrease in Opex. Flat revenue came on the back of 23% decline in upstream revenue post expiry of Sanga- Sanga block despite 6% higher in distribution revenue to USD670 mn on 5% hike in distribution volume to 875 mmscfd owing to higher volume on Asian Games event and 1% hikes in ASP to USD8.4/mmbtu. Gross profit dropped by 14% QoQ weighed down by worsened profitability at upstream units where GPM contracted by 1,860bps to 19.7%. However, operating profit still managed to grow by 12% QoQ to USD130 mn as opex dropped by 35% on normalization after Lebaran bonus and employee benefit adjustment in 2Q18. Below operating line, the profitability was also helped by lower tax payment.

    No impact on planned DMO gas price
    The Energy and Mineral Resources Ministry has proposed the issuance of a regulation to impose a price ceiling for natural gas, particularly for electricity plants, to help state- owned electricity company PLN provide affordable rates to its customers and help PLN improve its financial performance. The gas prices for power plants would be set at DMO price of USD6/mmbtu while currently 41% of PGAS distribution volume is sold to power plant. In contrast to our initial view that DMO gas price will negatively impact earnings, our discussion with PGAS official reveals no impact to earnings. DMO price cap refers to upstream price (excluding distribution margin). The current policy of 7/11 for midstream gas business mentioned that trading spread on upstream gas cost at 7% plus pipeline IRR at 11% USD2.3/mmbtu.

    Earnings and TP revised up on solid results
    Following stronger-than-expected 9M18 results, we revised up our 2018-19F earnings forecasts by 29-13% to USD289-294 mn. This mainly resulted from 5-3% increase in distribution volume forecasts to 843-894 mmscfd which lifted our revenue forecast by 4.5- 1.1%. We also fine tuned our costs and opex ratio to revenue assumption to align with 9M18 numbers. All things considered, we raise our target price on PGAS to Rp2,720 (prev: Rp2,600 ). As our new TP still offers 31% upside potential, we maintain our Buy rating on PGAS. The completion of Pertagas acquisition may act as further catalyst for stock price.
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  • IHSG: 5858.29
    Indeks Dow Jones dan Nasdaq ditutup melemah berturut-turut -0.81% dan -0.9% akibat aksi jual pada saham teknologi yang dimotori oleh Apple Inc dan saham-saham sektor perbankan. Saham Apple mengalami aksi jual setelah Guggenheim men-downgradenya dan UBS menurunkan prediksi penjualannya. Saham-saham sektor perbankan melemah setelah Maxine Water yang diperkirakan akan mengambil alih posisi ketua Komite Jasa Keuangan di DPR menyatakan upaya Trump untuk mengekang regulasi perbankan akan berakhir. Melemahnya saham perbankan dimotori oleh Goldman Sach, JP Morgan Chase, dan Citigroup. Faktor melemahnya indeks global diperkirakan dapat memberikan sedikit tekanan terhadap pergerakan indeks BEI hari ini. Faktor dalam negeri, investor akan mencermati hasil rapat dewan Gubernur BI pada hari ini dimana pelaku pasar memperkirakan BI akan mempertahankan suku bunga pada level 5.75%.

    Aspek teknikal indeks, indeks pada perdagangan hari ini diperkirakan akan bergerak relatif netral sampai dengan menguat terbatas. Indeks yang sudah menguat selama dua hari perdagangan terakhir diperkirakan masih berpotensi untuk kembali menguat dengan range pergerakan indeks untuk hari ini diperkirakan akan berada di rentang 5800-5960.

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    Rekomendasi Harian

    AKRA – BUY

    Harga mengalami rebound sehingga aksi beli dapat dilakukan di level Rp3,480 dengan target keuntungan di level Rp3,700.

    ADRO– BUY

    Harga melakukan rebound sehingga aksi beli dapat dilakukan di level Rp1,565 dengan target keuntungan di level Rp1,675.

    Berita Korporasi

    ADHI tetap mempertahankan target kontrak baru Rp23.3 triliun pada 2018 meski realisasi hingga Oktober 2018 baru mencapai 52.7%.

    KPAS menargetkan kapasitas produksi dapat meningkat hingga 50% di tahun depan seiring dengan penambahan mesin jenis bleeching cotton set senilai Rp10 miliar.

    CTBN optimistis mampu meraih laba pada tahun depan setelah 2 tahun berturut-turut mencatatkan kerugian.

    Sektor Semen: Penjualan semen Oktober 2018 naik 6.14% mom menjadi 7.19 juta ton dibandingkan dengan bulan sebelumnya.

    Sektor Otomotif: Penjualan mobil 2018 naik 12% yoy menjadi sebanyak 106,050 unit dibandingkan Oktober 2017 sebanyak 94,433 unit.

    GIAA melalui anak usahanya PT Citilink Indonesia mengambil alih pengelolaan operasional Sriwijaya Group yaitu Sriwijaya Air dan NAM Air.

    WSBP telah memperoleh kontrak baru 10M18 sebesar Rp4.56 triliun atau setara dengan 69% target kontrak baru 2018 sebesar Rp6.6 triliun.

    BRAM akan membagikan dividen interim 2018 sebesar Rp200 per saham dengan cum dividen di pasar reguler pada tanggal 19 November 2018.

    Info lengkap baca UOBKH retail monitor

    Please click here for full disclosures/disclaimers:
    http://research.uobkayhian.com/content_download.jsp?id=29176&h=90664f7d1cde0398e10c9466ef495b89
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  • FR CGS-CIMB (YU) : Cement | PDF
    Oct 18: positive momentum continues; stellar Holcim's volume in the past 2 months
    UNDERWEIGHT - Maintained

    Author(s): Jovent GIOVANNY +62 (21) 3006 1727, Timothy HANDERSON, Leonardo TUKIMAN
    ...
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    --------------------------------------------------------------------------------


    ■ National cement sales volume grew 6% yoy in Oct (+6% mom, in line with historical trend), which brought cumulative 10M18 growth to 5% yoy.
    ■ SMCB posted another stellar volume growth in Oct (+16% yoy) continuing its strong momentum since Sep.
    ■ Maintain UW as we think most of the good news has been priced in. Positive trend on overall pricing and normalising costs are the key upside risks.
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  • PT Waterfront Sekuritas Indonesia, 15 November 2018

    DJ-0.81%; S&P500-0.76%; Nasdaq-0.90%

    Oil +1.01% $56.25
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    CPO -1.69% RM1973
    Nikel -1.28% $11225
    Tin +0.23% $19345
    Gold +0.67% $1211.02
    NWC Coal Nov18 -2.04% $103.35
    EIDO +1.88% 23.34

    Indeks di bursa Wall Street ditutup melemah ditengah kekhawatiran investor terhadap perang dagang, gejolak politik internal di AS serta potensi perlambatan ekonomi global. Partai Demokrat mempertanyakan mengenai kesepakatan baru Nafta. Tekanan jual pada saham Apple berlanjut seiring dengan kekhawatiran akan prospek kinerja keuangan perusahaan tersebut. Harga obligasi dan emas mengalami penguatan dipicu oleh aksi beli investor terhadap aset yang dianggap lebih aman, menjelang pidato Chairman The Fed Jerome Powell pada pukul 18.00 waktu New York. Pasar mengharapkan Jerome Powell akan berkomentar menenangkan pasar yang khawatir akan kenaikan suku bunga terlalu cepat setelah data ekonomi China menunjukkan tanda-tanda perlambatan. Pasar juga masih khawatir dengan sentimen dari Brexit dan anggaran Italia.

    Hari ini akan diumumkan hasil RDG BI yang diperkirakan masih akan mempertahankan suku bunga pada level 5,75%. IHSG diperkirakan bergerak pada kisaran 5810-5910. Cermati: BBNI, BBTN, TLKM, PGAS, PTBA, ADRO, ICBP, KLBF, SMGR, CTRA, PWON, GIAA

    NEWS:
    • BBNI Memberikan Kredit Sindikasi Ke PLN Rp4,5 Triliun
    • BRAM Akan Bagi Dividen Interim Rp200/saham
    • Anak Usaha PBID Dapat Pinjaman RM16,54 Juta
    • PTBA Targetkan Produksi Batu Bara Kalori Tinggi 4 Juta Ton Tahun Depan
    • ZINC Berencana Terbitkan Obligasi Rp600 Miliar
    • Per Oktober Kontrak Baru WSBP Mencapai 54,93%. WSBP revisi target kontrak baru 2018 dari Rp8,3 triliun menjadi Rp6,6 triliun
    • KPAS akan ekspor ke Korsel
    • GIAA melalui Citilink ambil alih pengelolaan operasional Sriwijaya Air dan NAM Air dalam bentuk Kerja Sama Operasi (KSO)
    • IBJ Leasing Co Ltd akan tender offer saham VRNA
    • Reminder: hari ini cum dividen UNVR (Rp410) dan TOTO (Rp10)

    (disclaimer on – RL)
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