Analisa Saham Indonesia Hari Ini Pagi | Mirae Asset Sekuritas Indonesia | 20 Juli 2017
Market comment by Taye Shim (taye.shim@miraeasset.com)
Foreign investors are pacing up their selling initiatives creating a greater gravitational pull to the south. We expect cautious investment sentiment to continue ahead of the ECB meeting today. Furthermore, given disappointing government spending outlook, we believe consumer names and infrastructure development theme to perform weak for the time being.
Market Indicator
JCI: 5,806.69 (-0.26%)
EIDO: 27.09 (0.00%)
DJIA: 21,640.75 (+0.31%)
FTSE100: 7,430.91 (+0.55%)
USD/IDR: 13,321 (+0.09%)
10yr GB yield: 6.93% (-3bps)
Oil Price: 47.12 (+1.55%)
Foreign net purchase: -IDR1,611.2bn
Foreign net purchase on single stocks (HOTS screen #0141)
TOP BUY: BBRI, BBCA, INDF, DOID, ITMG
TOP SELL: ASII, UNTR, SMRA, WIKA, BBTN
Most actively traded stocks (HOTS screen #0102)
ASII, BBRI, UNTR, BBCA, BMRI
Mirae Asset Sekuritas Indonesia Equity Movers
Investment Information Team (utfi.humaya@miraeasset.co.id)
*U.S. crude-oil inventories down 4.7 million barrels last week: EIA
*KMTR +7%. Controlling holder says Hainan Rubber will have priority to get its 45% stake in Indonesia natural rubber company PT Kirana Megatara for $119.1 million.
*SCMA +3.6%. Broker KS gives recommendation 'buy' to Surya Cipta Media. The Company is expected to announce its earnings on July 28.
*PTBA +2.5%. Jabodetabek market absorb 60% of Tanjung Enim briquette production.
*FPNI +2.5%. Lotte Chemical Titan plans to add business activities in real estate through leasing of land.
*ASII -2.3%. Domestic auto sales fell 27.4% yoy to 66,370 units in June, from 91,488 a year earlier.
Daily write up
Pembangunan Perumahan (PTPP) 2Q17 preview: The light is turning green by Franky Rivan (franky@miraeasset.co.id)
- We are positive PTPP’s earnings for 2Q17 will be in line with our optimistic view, with IDR6.5tr in revenue and IDR596.2bn in net profit.
- It is worth noting that the management guided that its 1H17 revenue and net profit would come in at IDR8.1tr and IDR625bn, respectively (translating to 2Q17 revenue and net profit of IDR5.18tr and IDR494.8bn, respectively). Given the c.16% discrepancy between management’s guidance and our estimate, we believe an earnings surprise in 2Q17 would still exhibit potential upside risks.
- We maintain our Buy recommendation on PTPP and target price of IDR4,200 as we expect positive upside risks from its 2Q17 earnings. PTPP is currently trading at a 14.5x 17F P/E, below its five-year average of 18.8x.
<Market Headlines>
ACES will boost up expansion until the end of 2020 (Kontan)
ACES targets to have 200 outlets across Indonesia until 2020. Until the first half of 2017 the number of ACES outlets has reached 136 outlets.
BPJS Kesehatan is still budget deficit (Kontan)
BPJS Kesehatan booked a mismatch of IDR5.8tr. Until June 2017, BPJS booked premium revenue (pendapatan iuran) of IDR35.6tr. While the claims expenses reached IDR41.4tr.
PP Properti will issue debt securities amounting IDR1.2tr (Investor Daily)
PT PP Properti Tbk (PPRO) plans to issue debt securities amounting IDR1.2tr in 2H17. The debt securities proceeds will be used for capital expenditure.
Lotte Chemical diversify to property sector (Investor Daily)
PT Lotte Chemical Titan Tbk (FPNI) through its subsidiary, which namely PT Lotte Chemical Titan Nusantara (LCTN) plans to diversify to property sector such as land rent.
PPRO releases 2 new projects in 2H17 (Bisnis Indonesia)
The projects would be construction of five towers in Jatinagor Bandung on an area of 1.7 hectares.
MMLP will build new warehouse (Bisnis Indonesia)
MMLP plans to build new 75,000 sqm warehouse in second half this year.
(Jakarta Post)
KAIJ obtains IDR2tr capital injection from state for LRT project
Indonesia to promote, expand trade in S.Africa, Nigeria
Microcredit facility sees rise in micro, small producer borrowers: Minister
BNI Syariah disburses IDR168bn loan for new Transjakarta buses.
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