DAILY UPDATE
January 29, 2018
MACROECONOMIC NEWS
US Property - Singapore ousted China to become the biggest Asian investor in U.S. commercial property last year. It was the first time since 2012 that the city outspent China, according to data from Real Capital Analytics and Cushman & Wakefield Inc. Deals by Chinese investors plunged 66% to USD 5.9 billion as regulators cracked down on capital outflows. Sovereign wealth fund GIC Pte accounted for almost three-quarters of the USD 9.5 billion of Singaporean purchases, investing in properties including 60 Wall Street in Manhattan, which houses the U.S. headquarters of Deutsche Bank AG, and a portfolio of student accommodation. Real estate firm CBRE Group Inc. anticipates si ilar tre ds i 8, ith “i gapore’s i stitutio al i estors diversifying abroad and China maintaining capital controls, said Yvonne Siew, executive director for capital advisory, Asia Pacific. Vietnam Economy - Vietnam should be cautious against more monetary accommodation as it could pose risks to the economy a d the a ki g se tor, Mood ’s I estors “er i e said. Gi e the go er e t’s fo us appears to e to ards supporting headline growth, the State Bank of Vietnam may continue to pursue a eutral to a o odati e poli sta e, A ushka “hah, Mood ’s so ereig a al st i “i gapore, said. Ho e er, easier monetary policy risks undermining macroeconomic stabilit , parti ularl a id alread rapid redit gro th, “hah said. A o ti ued a eleratio i redit gro th ould also pose so e risks to the a ki g se tor erodi g a ks’ apital
uffers.
CORPORATE NEWS
TOBA - PT Toba Bara Sejahtera will issue notes (USD 250 million) that may offer coupon up to 10% pa. TOBA will use the proceeds to finance its power plant project and refinance debt.
SOCI – PT Soechi Lines allocates capex of USD 30 million – 50 million to acquire tankers this year. Currently, SOCI has a total of 39 tankers for its shipping business, with 80% utilization rate. SOCI targets to increase utilization rate to 85%-90% in 2018. MARK – PT Mark Dynamics Indonesia reached production target of 5 million tons in 2017. MARK targets 540,000 units monthly
production or up by 30% in 2018. PT. Panin Asset Management JSX Building Tower I, 3rd Floor
CORPORATE NEWS
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GMFI– PT Garuda Maintenance Facility AeroAsia targets market cap to reach USD 1 billion in 2-3 years. GMFI plans to issue 2.34 billion shares through private placement, amounting to 8.28% of issued capital. At IDR 336 per share (average price of 19 December 2017 – 25 January 2018), GMFI targets to raise a minimum of IDR 786.24 billion. BDMN – The Bank of Tokyo-Mitsubishi UFJ LTD (MUFG) targets additional 20.1% ownership in PT Bank Danamon Indonesia. MUFG is currently waiting for approval from shareholders as well as financial service authority to increase ownership to 40%.
CMPP– PT Air Asia Indonesia will add free float to 7.5% in 2Q18 from current level of 2.63%. MTRA– PT Mitra Pemuda targets revenue to reach IDR 300 billion this year (+5-6% YoY).
TBLA– PT Tunas Baru Lampung booked USD 200 million bond (or approxinmately IDR 2.69 trillion) with coupon rate of 7% per annum and term period of 5 years.
BBLD– PT Buana Finance obtained IDR 300 billion credit facility from PT Bank Tabungan Pensiunan Nasional (BPTN). The loan will be used for o pa ’s e pa sio pla .
WSBP– PT Waskita Beton Precast targets new contract in FY18 to reach IDR 11.5 trillion. Up to now, the company has obtained IDR 3 trillion new co tra t 6% of FY 8’s target .
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