DAILY UPDATE
January 19, 2018
MACROECONOMIC NEWS
were partly due to an upswing following the holiday season lull and potentially more borrowers trying to refinance before mortgage rates increase further,".US Economy - Industrial production, a measure of output at factories, mines and utilities, rose a seasonally adjusted 0.9% in December (Bloomberg consensus 0.5%) from the prior month, the Federal Reserve said Wednesday. Capacity use, a measure of slack in the industrial economy, increased 0.7% to 77.9% in December. The U.S. NAHB Housing Market Index had risen in December, coming in at 72 – this slumped from highest level since 1999. This historic confidence shows that homebuilders intend to ramp up production, as long as they can find the lots and workers to do so.
CORPORATE NEWS
GIAA – PT Garuda Indonesia’s cargo service, Garuda Cargo, booked USD 360 million or IDR 4.8 trillion profit in 2017, marking double-digit growth from last year. GIAA targets to build 15-20 more units of Center Service Cargo this year to add to the existing 80 units. GIAA aims to book 15% growth this year.
ANTM – PT Antam is looking for a new strategic partner to develop new smelters. ANTM targets gold sales to reach 24 tons in 2018 and revenue to reach IDR 14.16 trillion. In addition, ANTM allocates capex of IDR 2.8 trillion this year, in which most of the proceeds will be used for the construction of new ferronickel smelter in East Halmahera, North Maluku.
BBNI –PT Bank Negara Indonesia plans to issue IDR 2 trillion convertible bond on 2H 2018. The proceeds will be used to support funding for infrastructure loans.
BOGA – PT Bintang Oto Global targets double digit revenue
growth in 2018. PT. Panin Asset Management
JSX Building Tower I, 3rd Floor
CORPORATE NEWS
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SUGI – PT Sugih Energy will share 60% of its revenue from oil sales to Mandala Group in order to pay its corporate loan.
WICO –DKSH Holdi g AG has o pleted the te der offer of PT Wi aksa a O erseas I ter atio al’s . % shares. As a result, DKSH’s o ership i WICO increased from 60% to 70.1%.
KLBF – PT Kalbe Farma allocates IDFR 1.5 trillion capex in 2018 (+25% YoY). The proceeds will be used for creating new products, construction of factories as well as the establishment of JV. KLBF has signed an agreement to build a JV called PT Innolabs Sains International with Health Research Institute Inc, Toyota Tsusho Corporation. The JV company will manage Kalgen Clinic Laboratorium.
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