DAILY UPDATE August 29, 2023
MACROECONOMIC NEWS
China Economy -
China's new home prices will likely show no growth this year, according to a Reuters poll, highlighting the intense pressure in the crisis-hit property sector that has put a choke-hold on the economy and left policymakers in a scramble to restore confidence.The expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed
Euro Zone Economy – Growth in lending to euro zone companies
slowed again in July, adding to already mounting evidence that sharply higher interest rates are putting a brake on credit creation and economic growth.Lending to firms in the 20-nation currency bloc expanded by 2.2% year-on-year after a 3.0%
reading a month earlier, while household credit growth slowed to 1.3% from 1.7% in June, according to an ECB report.
CORPORATE NEWS
HUMI - PT Humpuss Maritim Internasional, through its subsidiary
PT MCS Internasional (MCSI), and Mitsui OSK Lines Ltd (MOL), announced the establishment of a new joint venture, named PT McMOL Crewing International, on August 21st, 2023. The company aims to create synergies in the supply of crew, particularly in the LNG industry.
OMED - PT Jayamas Medica Industri recorded IDR 811.3 billion (-
0.25% YoY) in H1-2023 revenue and IDR 110.6 billion (-12% YoY) in net profit. Despite the decrease in revenue and net profit due to post-pandemic Average Selling Price (ASP) normalization, OMED's management reported a +4% YoY increase in sales for their main product category, medical disposables and consumables, totaling 722 million units. Furthermore, OMED's management stated that the company is implementing sustainable business expansion plans, including the development of its production facilities in Batang and Mojoagung.
PT. Panin Asset Management JSX Building Tower II, 11thFloor
Jl. Jend. Sudirman Kav. 52-53 , Jakarta 12190 T : (021) 515-0595 , F : (021) 515-0601
Commodities
Last Price Chg %Chg Oil NYMEX 80.18 -0.29 -0.4 Oil Brent 84.77 -0.55 -0.6 Coal Newcastle 159.5 0 0.2
Nickel 20,795
Tin 25,497
Gold 1,916 6.01 0.3
CPO Rott 995.00
CPO Malay 3,962 -23 -0.6
Indo Gov. Bond Yields
Last Yield Chg %Chg 1 year 6.364 -0.01 -0.08 3 year 6.408 0.00 0.00 5 year 6.32 0.00 -0.02 10 year 6.454 -0.01 -0.09 15 year 6.573 -0.08 -1.20 30 year 6.773 0.00 -0.02
Currency
Closing Last Trade
US$ - IDR 15,292 15,292
US$ - Yen 146.54 146.36
Euro - US$ 1.0819 1.083
US$ - SG$ 1.356 1.3546
Equity Markets
Closing % Change
Dow Jones 34560 0.62
NASDAQ 13705 0.84
S&P 500 4433 0.63
MSCI excl. Jap 617 0.69
Nikkei 32293 0.38
Shanghai Comp 3099 1.13
Hang Seng 18131 0.97
STI 3226 0.38
JCI 6922 0.38
Indo ETF (IDX) 18 0.79
Indo ETF (EIDO) 23 0.61
UNTR - PT United Tractors, through its subsidiary PT Danusa Tambang Nusantara (DTN), will finalize the acquisition of
two nickel companies: PT Stargate Pacific Resources (SPR) and PT Stargate Mineral Asia (SMA), for a total value of USD
270 million (IDR 4.1 trillion), with a target completion date set for the end of 2023. SPR is a company holding a mining
permit for nickel production operations in North Konawe, South Sulawesi, while SMA possesses a permit for the
development and operation of a smelter. According to UNTR's management, this move to strengthen UNTR's presence
in the new renewable energy (EBT) sector is part of the company's commitment to supporting the transition to
renewable energy.
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 opinions and estimates herein reflect the author’s judgment on the date of this report and are subject to change without 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.
WE STRONGLY ADVISE INVESTORS TO CONSULT THEIR FINANCIAL ADVISOR BEFORE MAKING THEIR INVESTMENT DECISION. ALL INVESTMENT OPPORTUNITIES PRESENT SOME SORT OF RISK. INVESTORS SHOULD ASSESS THEIR RISK SENSITIVITY IN ORDER TO DETERMINE SUITABILITY OF AN INVESTMENT OPPORTUNITY ACCORDING TO THEIR RISK PROFILE.
