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DAILY UPDATE

January 26, 2018

MACROECONOMIC NEWS

US Economy - The IHS Markit Flash U.S. Manufacturing PMI rose

to 55.5 i Ja uar Bloo erg o se sus 55 fro De e er’s

55.1. The latest reading indicated towards the sharpest rebound in manufacturing business conditions since March 2015. Input purchasing rose at the most rapid pace since early-2015, stimulated by increasing production and attempts to build inventories throughout the manufacturing sector. The latest rise in stocks of purchases was the most robust since January 2017. Eurozone Economy - The flash pur hasi g a agers’ i de es for the eurozone was surprisingly strong with the composite reading climbing to 58.6 from 58.1 in December and expectations of a pullback to 58.0.

Malaysia Economy - Malaysia's central bank on Thursday raised its key interest rate for the first time in four years ahead of general elections due by August. Bank Negara Malaysia raised its overnight policy rate, used by banks to calculate interest rates, to 3.25 percent from 3 percent, citing a stronger domestic and global economy.

CORPORATE NEWS

WIKA – PT Wijaya Karya obtained USD 594 million loan from the China Development Bank (CDB) for its Jakarta – Bandung express train project.

CTRA – PT Ciputra Development allocates capex of IDR 1.5 trillion this year, same as last year’s realization. The proceeds will be used for land acquisition and commercial property development. CTRA aims to acquire 100 hectares land and sets a conservative target of 15-20% sales growth this year.

LPPF – PT Matahari Development Store plans to launch 6-8 new stores in 2018 to boost revenue.

BBRI – PT Bank Rakyat Indonesia will raise up to IDR 10 trillion through the issuance of bonds. The proceeds will be used to repay its loans and working capital expansion this year.

SIDO – PT Sidomulyo Selaras will conduct private placement with target proceed of IDR 30.75 billion or exercise price of IDR 270.84

per share. PT. Panin Asset Management JSX Building Tower I, 3rd Floor

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CORPORATE NEWS

o t’d

GMFI – PT Garuda Maintenance Facility AeroAsia plans to expand by opening Maintenance, Repair and Overhaul (MRO) branch in Middle East, East Asia, Indo China, and Australia.

TBLA – PT Tunas Baru Lampung will issue USD denominated global bond amounting to USD 200 million (eqv. IDR 2.698 trillion). The term period is 5 years while the coupon rate is 7%. The proceed will be used to repay loan and fund interest reserve account.

PGAS –PT Perusahaa Gas Negara o tai ed shareholders’ appro al to ha ge its status from state owned to non-state owned. 56.96% ownership that is currently hold by the government will be controlled by PT Pertamina. SOBI – PT Sorini Agro Asia Corporindo will hold extraordinary general shareholder meeting on 27 February 2018 to obtain shareholders’ appro al to go pri ate.

FORZ – PT Forza Land Indonesia plans to conduct right issue with target proceed of IDR 500 billion in 3Q18. The proceed will be used for 100 ha land acquisition in 5 different locations.

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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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