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Sri Rejeki Isman (SRIL) Fast-forward fashion § Textile & garments – flourishing amid global recovery: Helped by its expansion plan, SRIL, Indonesia’s largest integrated textile-garment manufacturer, is set to enjoy growth in the next few years on the back resilient domestic niche market in military uniforms and improving export markets. Macro variables such as: Indonesia’s current account deficit, improving global […]
SRIL: Fast-forward fashion
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• Penyelesaian investasi BUMI di Recapital senilai $350jt, akan dilakukan secara non tunai dalam bentuk saham dengan nilai yang diharapkan setara. Tidak disebutkan kapan akan dilakukan dan saham apa saja yg akan disetor Recapital. *ltc • SMGR akan refinancing utang Thang Long Cement (TLCC), perusahaan semen Myanmar yg baru diakuisisi, dengan pinjaman dari BMRI dan Stanchart senilai $100jt yg berbunga […]
Berita Saham 2013 10 04
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Preliminary Sept 4-wheeler sales: 117.1k units (+15% YoY; +50% MoM) Car sales reached a new record high in September supported by new model launches and financing availability. In total, the car sales increased by 9% YoY to 307.2k units in 3Q13 and 11% YoY to 909.5k units 9M13, which are slightly ahead and implies monthly sales of 96.8k units needed […]
Strong Sep 4-wheeler sales; a new record high
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● We have not seen any supply discpline by coal mining companies and therefore coal price has remained low longer than expected period and shows no reaction to the signs of improvement in Chinese economy. ● Our global commodity team has revised down its coal price assumptions by 2–12% for 2013–15 (Full report). We have revised our earnings estimates accordingly. […]
Mining Contracting Sector: Revising earnings on lower coal price assumptions
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● Coal price has remained low longer than expected. It does not seem to react to signs of China’s economy recovering. Demand has never been an issue as China’s coal import remains high and India continues to demand low grade coal from Indonesia. ● Indonesia’s coal export saw record growth of 14% in Jan-Jul. It accounted for 40% of seaborne […]
Indo Coal Mining: Revising earnings on lower coal price assumptions
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Direktur APEC bagian Pendukung Kebijakan, Dr Denis Hew memperkirakan kondisi pelemahan rupiah ini akan membaik dalam 3 bulan ke depan. Hew mengatakan, saat ini kondisi perekonomian di Amerika memang sedang tak stabil, begitu juga di Eropa. Namun dia memperkirakan, beberapa mata uang yang nilai tukarnya melemah terhadap dolar termasuk rupiah akan stabil seiring pemulihan ekonomi di Amerika dan Eropa.
Kondisi pelemahan rupiah ini akan membaik dalam 3 bulan ke depan
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Gajah Tunggal (GJTL) Tires, trials and tribulations § 2H13 top line improvement expected: While 1H13 top line was slightly weaker than expected (-4% y-y, exhibit 6) due to slow overseas performance, we think GJTL will book improved 2H13 exports on current global economic recovery. At this stage, we expect 2H13 revenue to reach IDR6.9t, up 10% y-y, bringing FY2013 top […]
GJTL – Tires, trials and tribulations
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Bank Mandiri’s (BMRI) President Director, Budi Gunadi, stated that the bank’s 3Q13 loan growth had reached IDR438t or +20% y-y. Note that BMRI has recently downgraded its 2013 loan target from previously 20-22% to 19-20%. Additionally, BMRI’s Finance and Strategy Director, Pahala N Mansury indicated 3Q13 LDR ratio of around 84-85%, further declining in 4Q13 to 83% from 85.2% in […]
BMRI revealed 3Q13 loan growth
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Following intensive year-long negotiations, attempts to lift trade barriers in crude palm oil (CPO) and rubber in 21 Pacific-rim economies have led Indonesia to a dead end. The outcome of the concluding senior officials meeting (CSOM) of the Asia-Pasific Economic Cooperation (APEC) Summit in Bali on Wednesday proved that there was insufficient support from APEC members for Indonesia to have […]
Indonesia’s hope for CPO and rubber deals shattered
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Although bearish in the short term, we remain positive on Indonesia’s equity market over the long run as it enters a downcycle that is not yet fully priced in. We expect a modest recovery from 2Q14 onwards as the monetary policy will be relaxed during the election. Defensive stocks with low gearing should provide a cushion against volatility in 4Q13. […]
Near-Term Headwinds; Modest Recovery in FY14
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