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December 21, 2017


US Housing – Housing starts rose 3.3% in November from the prior month to a seasonally adjusted annual rate of 1.297

illio , the Co er e Depart e t said. Last o th’s gai s

were buoyed by new single-family construction, which grew to the highest level in a decade. Single-family building in the South and West both reached their highest monthly rates since July 2007. Residential building permits, which can signal how much construction is in the pipeline, fell 1.4% to an annual pace of 1.298 million last month.

US Economy – The U.S. current account deficit narrowed significantly from USD 124.4 billion (revised) in the second quarter to USD 100.6 billion in Q3 (Bloomberg consensus -116.2 billion). The decline that occurred in the current account deficit came as little surprise because previously released monthly data on trade in goods and services, which comprises the vast majority of the current account, had showed the trade deficit narrowing by more than USD 7 billion in Q3.

Indonesia Economy – Fitch Ratings has upgraded Indonesia's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'BBB', from 'BBB-'. The Outlook is Stable. The upgrade of Indonesia's IDRs reflects Indonesia's resilience to external shocks has steadily strengthened in the past few years, as macroeconomic policies have consistently been geared towards maintaining stability. A more flexible exchange-rate policy since mid-2013 has helped foreign reserve buffers swell to USD126 billion as at November 2017, reaching seven months of current account payments, compared with the 'BBB' median of six months. Moreover, monetary policy has been sufficiently disciplined to limit bouts of volatile capital outflows during challenging periods. Macro-prudential measures have helped curb a sharp rise in corporate external debt, while financial deepening has coincided with improved market stability.


MTFN – PT Capitalinc Investment plans to allocate USD 10 million capex next year for the expansion of its oil and gas business (both upstream and downstream). The company plans to acquire seismic 2D which contract value amounting to USD 2.1 million. In addition, MTFN will also develop a well in South Sumatera.

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ENRG – PT Energi Mega Persada allocates USD 330 million capex next year. The company optimists that revenue will grow by 10% next year.

UNSP – PT Bakrie Sumatera Plantations booked revenue of IDR 1.1 trillion and net loss of IDR 500 billion in 9M17. BBTN – PT Bank Tabungan Negara provides mortgage access to 27,000 Go-jek Partners in 14 cities in Indonesia. BBNI –PT Ba k Negara I do esia targets o su er redit growth to rea h 5% YoY i 8, higher tha this year’s target of 13-14% YoY.

DSFI – PT Dharma Samudera Fishing Industries targets IDR 717.65 billion revenue 2018 (10% growth yoy).

FISH – PT FKS Multi Agro and its affiliates obtained USD 200 – 240 million credit facility from 7 different banks. The fund will be used for working capital and capital expenditures.

DILD – PT Intiland Development capital expenditure may reach IDR 2 trillion in 2018 to fund the construction of its 5 projects, namely Praxis, Spazio Tower, Regatta, Rosebay and Graha Golf.



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