Top PDF Today we estimate JCI to be bearish with the support range of 5961-5966 and

KLBF : Targets Overseas Revenues of IDR1 Trillion KLBF targeted the revenue contribution of IDR1 trillion from its overseas business. This amount is equal to 6% of its total revenue. To reach the target, KLBF has started to build Myanmar - based medicine factory worth investment value of USD18 - 20 million and incorporate a joint - venture with India - based company. Such joint venture is KLBF’s strategy to perform a natural hedging relating to the mostly imported raw materials. (Investor Daily)

KRAS targets the 2019’s exports sales portion to reach 20% - 30%. It is optimistic that the operation of Hot Strip Mill Number 2 (HSM2) factory will be a boon for achieving the target. The factory increases the production capacity of steel sheets to 1.5 million tons per year. Additionally, it will expand its exports to the ASEAN’s countries, Japan, and Australia. (Kontan)

The U.S. and Mexico struck a trade deal on Monday that paved the way to replace NAFTA, the current agreement between the two nations and Canada. President Donald Trump said the deal would be called The United States - Mexico Trade Agreement, getting rid of the NAFTA name. Trump added that the deal will help farmers and manufacturers. (CNBC) TINS : Will Beef Up Inventory

CASA established the par value of IDR101 per share for the right issue. It will release 49.9 billion of shares or equal to 81.21% from the paid capital. It means that CASA will secure IDR5.05 trillion through the right issue. The proceeds from the right issue will be used as capital injection for its subsidiary, the incorporation of new subsidiary, and capital strengthening. (Kontan)

This report and any electronic access hereto are restricted and intended only for the clients and related entity of PT NH Korindo Sekuritas Indonesia. This report is only for information and recipient use. It is not reproduced, copied, or made available for others. Under no circumstances is it considered as a selling offer or solicitation of securities buying. Any recommendation contained herein may not suitable for all investors. Although the information here is obtained from reliable sources, it accuracy and completeness cannot be guaranteed. PT NH Korindo Sekuritas Indonesia, its affiliated companies, respective employees, and agents disclaim any responsibility and liability for claims, proceedings, action, losses, expenses, damages, or costs filed against or suffered by any person as a result of acting pursuant to the contents hereof. Neither is PT NH Korindo Sekuritas Indonesia, its affiliated companies, employees, nor agents liable for errors, omissions, misstatements, negligence, inaccuracy arising herefrom.

ALLI : Spends IDR1.5 Trillion on Capex AALI spends IDR1.5 trillion on the 2019 capex. 40% of the capex will be used for cultivation unproductive oil palm plants; the remaining will be spent on increasing the production capacities of its Kalimantan - based factory and adding facilities in areas surrounding its plantations. In 2018, its fresh fruit bunch (FFB) and CPO spiked 10.2% y - y and 18.5% y - y. (Kontan)

This report and any electronic access hereto are restricted and intended only for the clients and related entity of PT NH Korindo Sekuritas Indonesia. This report is only for information and recipient use. It is not reproduced, copied, or made available for others. Under no circumstances is it considered as a selling offer or solicitation of securities buying. Any recommendation contained herein may not suitable for all investors. Although the information here is obtained from reliable sources, it accuracy and completeness cannot be guaranteed. PT NH Korindo Sekuritas Indonesia, its affiliated companies, respective employees, and agents disclaim any responsibility and liability for claims, proceedings, action, losses, expenses, damages, or costs filed against or suffered by any person as a result of acting pursuant to the contents hereof. Neither is PT NH Korindo Sekuritas Indonesia, its affiliated companies, employees, nor agents liable for errors, omissions, misstatements, negligence, inaccuracy arising herefrom.

BUMI : Targets Coal Production of 92 Million Tons BUMI targets 2018’s coal production volume of 92 million tons (+9.52% y - y). In 2017, it posted the coal sales of 84 million tons through its two subsidiaries: PT Kaltim Prima Coal and PT Arutmin. Therefore, it posted 2017’s consolidated revenue of USD4.7 billion. It allocated the capex of USD50 - 60 million stemming from its internal cash with a view to increasing operational performance. (Bisnis Indonesia)

IMF stated that now USD is overvalued, while yuan is in its fundamental value. The Treasury Minister Steven Mnuchin stated that the U.S. will take a cautious evaluation whether yuan has been intentionally manipulated by the China’s government. Yuan has settled its lowest level and the China’s government has given the signal of further monetary easing with a view to strengthening economy. (CNBC)

MEDC : Prepares Global Bond of USD400 Million MEDC is processing the global bond amounting to USD400 million for refinancing. The bond will be issued through its subsidiary, Medco Platinum Road Pte Ltd. Moody’s Investor Service previously has given B2 rating with a positive outlook for the global bond. (Kontan)

ADRO : Kestrel Acquisition Is Completed in 3Q18 ADRO assured that the acquisition of Kestrel mine will have been completed in 3Q18 as in May, ADRO and its partner obtained a license for the acquisition worth USD2.25 billion from the Australian government. Thus, it allocated funds of USD1.10 billion equal to 49% acquisition as designated in such acquisition. The funds derive from its internal cash and the bank loan. (Bisnis Indonesia)

MYRX planned to join in the investment of Serpong - Maja toll road amounting to IDR3 trillion - IDR5 trillion. It will give a positive sentiment for MYRX. The toll road construction near to MYRX location will be advantageous as it beefs up its land price. (Bisnis Indonesia)

MEDC sets the global bonds emission to amount USD500 million with the coupon of 6.95%. The global bond is issued through its subsidiary, Medco Platinum Road Pte. Ltd. Moody’s Investor Service has given B2 rating with a positive outlook on the issued global bonds. The proceeds from the bond issuance will be used for refinancing. (Kontan)

Bank Indonesia (BI) is estimated to re - raise its benchmark rate in this month. BI certainly raises its 7Day Reverse Repo Rate because it upholds the pre - emptive, front loading, and ahead of the curve policies. It will hold monthly RDG from 26 to 27 September. The market consensus collected by Reuters estimates that BI will hike its benchmark rate by 25 bps to 5.75%. Under Governor Perry Warjiyo’s administration, BI’s stance tends to be hawkish as he had increased benchmark rates by 100 bps since May 2018. (CNBC Indonesia)

This report and any electronic access hereto are restricted and intended only for the clients and related entities of PT NH Korindo Sekuritas Indonesia. This report is only for information and recipient use. It is not reproduced, copied, or made available for others. Under no circumstances is it considered as a selling offer or solicitation of securities buying. Any recommendation contained herein may not suitable for all investors. Although the information hereof is obtained from reliable sources, its accuracy and completeness cannot be guaranteed. PT NH Korindo Sekuritas Indonesia, its affiliated companies, employees, and agents are held harmless form any responsibility and liability for claims, proceedings, action, losses, expenses, damages, or costs filed against or suffered by any person as a result of acting pursuant to the contents hereof. Neither is PT NH Korindo Sekuritas Indonesia, its affiliated companies, employees, nor agents are liable for errors, omissions, misstatements, negligence, inaccuracy contained herein.

ADRO’s 1Q18 cash was at USD1.12 billion nudging up 1% on the annual basis, yet it spent the cash on investment instead of buyback. Now, it is focusing on the power plant business through the I and II Units of South Kalimantan project, and coal-fired power plant (PLTU) Batang. Most of its cash will be ploughed into 80% acquisition of Kestrel’s mining stocks. (Kontan)

PORT has obtained approval from its shareholders to perform right issue. The IPO offers stock buy of 1.5 billion with the target of IDR1.1 trillion. The proceeds from the IPO will be spent on working capital, capex, and expansion. Of note, PORT’s stocks ownership will be diluted by 34.77%. (Bisnis Indonesia)

We estimate JCI to move higher with the support range of 5900-5915 and resistance range of 5980-6000. Bank Indonesia (BI) offers 5 strategies of Sharia -based economic development so that Indonesia can compete with other countries. According to BI Governor Perry Warjiyo, the Sharia-based economic shall be set as a national program. The development of Sharia-based economic required the concerted endorsement from the Indonesian government and BI is confidence that Joko Widodo can give the needed support.

This report and any electronic access hereto are restricted and intended only for the clients and related entity of PT NH Korindo Sekuritas Indonesia. This report is only for information and recipient use. It is not reproduced, copied, or made available for others. Under no circumstances is it considered as a selling offer or solicitation of securities buying. Any recommendation contained herein may not suitable for all investors. Although the information here is obtained from reliable sources, it accuracy and completeness cannot be guaranteed. PT NH Korindo Sekuritas Indonesia, its affiliated companies, respective employees, and agents disclaim any responsibility and liability for claims, proceedings, action, losses, expenses, damages, or costs filed against or suffered by any person as a result of acting pursuant to the contents hereof. Neither is PT NH Korindo Sekuritas Indonesia, its affiliated companies, employees, nor agents liable for errors, omissions, misstatements, negligence, inaccuracy arising herefrom.

SMGR posted the decrease of 55.5% y - y into IDR2.01 trillion in net profit, yet it posted the growth of 6.4% y - y into IDR27.81 trillion in revenue. However, the incline in raw material and fabrication costs were attributable to the incline of 22% y - y into IDR19.85 billion in COGS. The intense industrial competition caused SMGR to decrease 2017’s average selling price by 3.7%. (Kontan)