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DAILY UPDATE

January 30, 2018

MACROECONOMIC NEWS

US Economy - GDP rose at a 2.6% annual rate in the fourth quarter, the government said. That did not match the second and

thi d ua te s’ a o e % g o th ates, ut it ex eeded the %

average that has prevailed since the early 2000s. Investment in business equipment expanded at an 11.4% annual rate in the fourth quarter after a 10.8% growth rate in the third, the best six-month stretch since a burst of activity in mid-2014, economic-output report showed. Consumer spending rose at a 3.8% rate in the period, an increase last exceeded in late 2014. Orders for durable goods, products designed to last at least three years, such as airplanes and industrial robots, increased 2.9% from the prior month to a seasonally adjusted USD 249.45 billion in

De e e , the Co e e Depa t e t said. Last o th’s gai

was led by a 55.3% jump in orders for military aircraft and a 15.9% increase in civilian-airplane orders. A closely watched proxy for business investment in new equipment, new orders for nondefense capital goods excluding aircraft, fell 0.3% in December from the prior month.

US Jobs - Initial jobless claims, a proxy for layoffs across the U.S., increased by 17,000 to a seasonally adjusted 233,000 in the week ended Jan. 20, the Labor Department said. The four-week moving average, a steadier measure, fell 3,500 to 240,000 last week. US Housing - Sales of new U.S. single-family homes fell more than expected in December, recording their biggest drop in nearly 1-1/2 years, likely as the boost from the replacement of flood-damaged houses in parts of the South affected by hurricanes faded. The Commerce Department said on Thursday new home sales declined 9.3% to a seasonally adjusted annual rate of targets 2018 new contract up 28.4% yoy to IDR 16.6 trillion. KRAS – PT Krakatau Steel allocates 2018 capex of IDR 7.3 trillion. On a separate note, KRAS may divest three subsidiaries through IPO. They are PT Krakatau Tirta Industri, PT KHI Pipe Industries, and PT Krakatau Bandar Samudra.

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CORPORATE NEWS

o t’d

BBKP – PT Bank Bukopin targets 2018 net income to grow between 10-15% yoy. BBKP will allocate IDR 150 billion to two subsidiaries, namely PT Bank Syariah Bukopin and PT Bukopin Finance.

PGAS – PT Perusahaan Gas Negara allocates capex of USD 668 million or equivalent to IDR 8.88 trillion this year, up 304.84% from 9M2017 realization.

WIKA – PT Wijaya Karya IDR 5.4 trillion global bond denominated in rupiah (komodo bond) is now listed in London Stock Exchange. WIKA claims the bond has been oversubscribed by 2.5 times.

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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 he ei efle t the autho ’s judg e t o the date of this epo t a d a e 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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