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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

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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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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.

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