We project that today JCI rallies with the support range of 6380-6420 and the

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Morning Brief

Daily | Jan 23, 2019

JCI closed slightly lower after the modest pace. The lackluster mining sector due to the world's upbeat coal price hampered JCI's movement. Top Gainers: Basic Industry (+1.42%), Consumer (+0.74%), Property (+0.69%)

Daily Foreign & Domestic Sector Movement

Foreign investor posted the net buy of IDR89 billion, getting lower as what we estimated. The banking sector was the most favorable sector and secured the net foreign buy of IDR79 billion. BBCA stocks were foreign investors' most favorable stocks as they lowered the accumulation of BMRI and BBRI's stocks.

Meanwhile, domestic investors spent the net buy of IDR68 billion on ASII, the automotive sector, and IDR63 billion on ASII's subsidiary: UNTR. Investor domestics digested that the possible divestment of PT Bank Permata Tbk (BNLI) by ASII will be a positive sentiment for ASII.

Today’s Outlook: Crude Prices Spiral Lower and Lower

We project that today JCI rallies with the support range of 6380-6420 and the

resistance range of 6500-6550. JCI cheers positive sentiments emerging from

January's effects and 4Q unaudited release showing most companies buoyant performance. From the global outlook, global crude prices dip lower; for example, WTI crude prices tumble by 2.46% to USD52.5/ barrel. That becomes positive sentiments for Indonesia because the current account deficits can be narrowed due to lower cost spent on imported crude.

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Company News

Domestic & Global News

Sri Mulyani: IMF's Projections Proves Futile for Indonesia

IMF's lower correction to the 2019 and 2020 global economic growth leaves no significant impact on Indonesia's economic growth as the Minister of Finance Sri Mulyani assured that the murky projection of the global economy should not curtail Indonesia's economy. Indonesia's debt ratio to GDP was at 30%, by far the lowest level against the international benchmark. Indeed, low trade deficits of below 1.8% were the lowest among its peers whose debt to GDP are higher than 60%, and trade deficits are above 2%. (Kontan)

U.S. Reported to Have Cancel Meeting With China

U.S. reported to have cancel a trade meeting with Chinese officials. The report was later confirmed by a source familiar with the situation to CNBC's Kayla Tausche. White House economic advisor Larry Kudlow, however, denied that report, telling CNBC that "there was never a planned meeting" other than the scheduled visit by Chinese Vice Premier Liu He next week. The U.S. and China are aiming to strike a deal to break their trade impasse before March 1. The two economic powerhouses have been locked in an ongoing trade war since 2018 which has seen both sides slap billions of dollars worth of tariffs on each other's goods. (CNBC)

ANTM : Cheers Soaring Sales and Productions

ANTM cheered its excellent sales and production of 2018. The sales of ferronickel grew by 10% y-y and 14% y-y,

spurred by the production capacities of Pomalaa-based

factory. Furthermore, the sales of gold skyrocketed by 114% thanks to its successful strategies for developing domestic and export markets. (Kontan)

CMNP : Constructs 4 Toll Roads in 2019

CMNP will construct 4 toll-road sections in 2019. The four

sections are the extension of Depok-Antasari toll-road,

Cileunyi-Sumedang-Dawuan toll-road, Harbour Road 2 toll -road, and Bandung North South Link (NSL) toll-road. In

2019, it ploughed IDR8.5-10 trillion on the projects. (Bisnis

Indonesia)

ACST : Aggressively Targets Toll-Road Projects

ACST has secured a number of contracts to build new toll

-road; nevertheless, it keeps targeting other toll-road

projects through bidding. It allocates the capex of IDR150 billion which is also used to purchase new machinery and equipment. In 2019, it targets the growth of 50% to IDR15 trillion in new contracts. (Bisnis Indonesia)

ASRI : Targets Revenues of IDR4.5 Trillion

ASRI targets revenues of IDR4-4.5 trillion and net profit

margins of 25%-30% in 2019. To hit its targets, ASRI

develops new projects in Alam Sutera and Suvarna Sutera for middle to high-class segments. Thus, it allocates the

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Global Economic Calendar

Source: Bloomberg

Date Country Jakarta Hour Event Period Actual Consensus Previous

Monday CHN 09:00 Industrial Production YoY Dec 5.70% 5.30% 5.40%

21- Jan CHN 09:00 GDP YoY 4Q 6.40% 0.064 0.065

Tuesday USA Tentative Trade Balance Nov -$54.0b -$55.5b

22 - Jan USA Tentative Factory Orders Nov 0.30% -2.10%

USA Tentative Housing Starts Dec 1252k 1256k

USA Tentative New Home Sales Nov 567k 544k

USA Tentative Retail Sales Advance MoM Dec 0.001 0.002 USA Tentative Durable Goods Orders Nov F 0.80% 0.80% UK 16:30 Claimant Count Rate Dec 2.80% -- 0.028

UK 16:30 ILO Unemployment Rate 3Mths Nov 4.00% 4.10% 4.10% UK 16:30 Jobless Claims Change Dec 20.8k -- 21.9k

GER 17:00 ZEW Survey Current Situation Jan 27.6 42.8 45.3 GER 17:00 ZEW Survey Expectations Jan -15.0 -18.8 -17.5

USA 22:00 Existing Home Sales Dec 4.99m 5.27m 5.32m USA Tentative Wholesale Inventories MoM Nov P 0.50% 0.80%

Wednesday USA 19:00 MBA Mortgage Applications 18-Jan -- 0.135

23 - Jan USA Tentative Wholesale Inventories MoM Nov F 0.005 --

Thursday JPN 07:30 Nikkei Japan PMI Mfg Jan P -- 5260.00%

24 - Jan GER 15:30

Markit/BME Germany Manufacturing

PMI Jan P 5110.00% 5150.00%

EU 16:00 Markit Eurozone Manufacturing PMI Jan P 5130.00% 5140.00% EU 19:45 ECB Deposit Facility Rate 24-Jan -0.40% -0.40%

EU 19:45 ECB Main Refinancing Rate 24-Jan 0 0

USA 20:30 Initial Jobless Claims 19-Jan -- 213k

USA 21:45 Markit US Manufacturing PMI Jan P -- 5380.00%

USA 22:00 Leading Index Dec -0.001 0.002

Friday JPN 06:30 Tokyo CPI Ex-Fresh Food YoY Jan 0.90% 0.90%

25 - Jan GER 16:00 IFO Business Climate Jan 100.5 101

USA 20:30 Durable Goods Orders Dec P -- --

USA 22:00 New Home Sales Dec -- --

Corporate Calendar

Date Event Company

Monday Extraordinary Shareholder Meeting ITTG

21- Jan

Wednesday Rights Offerings SQMI

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