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Our expert analysts cover a multitude of key sectors from Indonesian market updates to help you make investment decisions

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As the world of finance and information technology continue to evolve, financial research can be a determining factor in an investment decision-making that lead to a major success or a complete failure. Hence, it is our main job to provide guidance for the clients so they can develop a better grasp of their risks in trading and other investment activities.

BCA Sekuritas has maintained a strong foundation in financial research by a team of expert and objective analysts and the good synergy with BCA Group. Take advantage of our unique, proven approach and make a better forecast today.

Daily Research Stock

19 September 2019

BCAS Vista 19-Sep-19

MACRO

The Fed cut FFR by another 25bps

The Fed has decided to cut Federal Funds Rate (FFR) by 25bps to 1.75-2%. Low inflation rate and the impact from global dynamics to US’ economy outlook became the main reason for the decision. (CNBC Indonesia, Bloomberg)

 

INDUSTRY

Government plans to annul the need of Construction Permit (IMB)

Government plans to reduce the need for permits in property sector, with IMB as one of the main discussion. Violation of those permits are the main driver for the elimination of IMB, which will be substituted with a new standard quality surveillance for the constructed buildings. (CNBC Indonesia, Detik)

 

Progressive tax for land owner is cancelled

Government has decided to cancel the progressive taxation for land from the regulation draft. Along with this cancellation, the new land regulation draft will not regulate regarding land taxation and will be regulated in separate regulation. (CNBC Indonesia)

 

Bangka Belitung to implement zoning on tins mining

Regional government of Bangka Belitung is preparing to issue a coast and small islands zoning plan (RZWP3K) to organize tins mining in Bangka Belitung. Thus if to be implemented, there will be around 4,140 ha total tin ore mining which will be terminated. Note that, 75.5% of TINS’ total offshore mining permits of 184,400ha is in Bangka Belitung. (Kontan)

 

COMPANY

Bank Mandiri (BMRI) disbursed USD129mn loan to Antam (ANTM)

BMRI has disbursed USD129mn loan to ANTM to refinance its investment loan which will mature in Jun-24. The agreement is made with financial efficiency as main consideration as the loan facility has a more competitive rate. (Company, Investor Daily)

 

Kimia Farma (KAEF) gained approval for IDR3tn right issue and BoD & BoC changes

KAEF has gained the approval from the for the IDR3tn right issue plans from its EGM meeting on 18-Sep-19. Honesti Basyir, the previous CEO of KAEF, stated that the right issue is with the aim to increase liquidity, in which current floating share is at 9.9% ownership. The Company also stated that the pharmaceutical holding program is projected to be established in Sep-Oct 2019, with Bio Farma as the parent with 3 companies below it, including KAEF, Phapros (PEHA), and Indofarma (INAF). On another note, the KAEF’s new BoD and Boc structure is as follows: (Investor Daily)

 

Mitra Adiperkasa (MAPI) to paid IDR200bn bonds

MAPI paid off their 2014 shelf-registered bond phase III with a total of IDR205.5bn. Note that the bond has a 5 years tenor which is due by 19-Sep-19. (Investor Daily)

 

WSKT targets Jakarta – Cikampek (Japek) II Elevated to operate by end of 2019

Japek II Elevated (36.4km) will be operated by end of 2019, where currently construction progress has reached 95%. According to WSKT, Japek II Elevated is expected to be completed by Sep-19 with only have one entrance (KM 17, East Bekasi and KM 53, West Karawang) and is expected to reduce 30% of traffic in Japek. (Bisnis Indonesia)

 

Digital Mediatama Maxima to IPO

Digital Mediatama Maxima, a digital cloud advertising company and NFC Indonesia’s (NFCX) subsidiary, plans to list 2.7bn shares (35% of ownership) through IPO. The Company plans to use 75% of the proceeds for working capital, 20% for IT development and 5% for human resources. Kresna Sekuritas (affiliated) and Trimegah Sekuritas Indonesia are chosen as the underwriters. (Investor Daily)

                                                                                                                                                                

Phapros (PEHA) to conduct right issue

PEHA plans to raise fund through a pre-emptive right issue with 862.74mn of new shares. The proceed is expected to reach IDR1.1tn (IDR 1,445 exercise price) and to be conducted on 13th Nov-19. 50% of the proceeds will be used for the company and subsidiaries’ business development while the the remaining will be used for short term debt repayment and working capital. (Investor Daily)

Daily Research bonds

19 September 2019

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BCAS Insight 19-Sep-19

Market Summary

  • Bursa Asia Pasifik pada pagi hari ini dibuka naik (Topix +0,80%, Kospi +0,20%, ASX 200 +0,20%, S&P 500 Futures +0,00%) setelah The Fed memutuskan memangkas suku bunga kebijakan sebesar 25bps, sejalan dengan ekspektasi pasar. Berikutnya, pasar mengalihkan perhatian ke rapat dewan gubernur Bank of Japan (BoJ), dimana investor memprediksi suku bunga acuan dan pembelian aset keuangan oleh otoritas moneter tersebut tidak akan berubah, namun tidak sedikit yang mengharapkan BoJ akan menambah besaran stimulus untuk mengkompensasi dampak pelemahan ekonomi global. 
  • Dari rapat FOMC terakhir, pelaku pasar membaca arah kebijakan The Fed masih akan data dependent, dimana mereka akan agresif memperlonggar kebijakan moneternya jika data-data menunjukan ekonomi AS terkontraksi cukup dalam. Dari sebaran pandangan peserta FOMC terhadap pergerakan bunga acuan kedepannya, diketahui bahwa 17 voters mengambil sikap yang cukup berimbang, 5 peserta melihat bunga acuan seharusnya lebih tinggi dari posisi setelah penurunan kemarin, 5 peserta setuju terhadap pemangkasan 25bps kemarin dan tidak melihat adanya penurunan tambahan sampai akhir tahun, sedangkan 7 peserta masih melihat adanya peluang untuk kembali menurunkan Fed rate sebanyak 25bps sampai akhir tahun. 
  • Dari domestik, Bank Indonesia akan mengumumkan hasil rapat dewan gubernur bulanan pada hari ini dan kami mengestimasikan bunga acuan akan kembali dipangkas sebanyak 25bps menjadi 5,25%.                                 
  • Yield UST Tenor 10Y relative stabil di level 1,79%.  
  • Yen melemah ke level 108,45/US$, serta Bloomberg Dollar Index kembali flat.    
  • Harga minyak mentah WTI kembali turun ke level US$58,17/bbl. 
  • Rupiah kemarin ditutup menguat ke 14,067/US$.
  • Imbal hasil dari FR0078, acuan SUN 10Y ditutup stabil di 7,221% kemarin.

 

Bond Market News

  • PT Adira Dinamika Multifinance (ADMF) atau Adira Finance akan segera menawarkan obligasi seri terbaru sebesar Rp 1,19 triliun yang terdiri dari tiga series. Nilai obligasi seri A mencapai Rp 299 miliar dengan tingkat bunga tetap 6,75% dan jangka waktu 370 hari. Seri B dengan nilai Rp 703 miliar bertenor tiga tahun yang menawarkan kupon sebesar 7,80%. Untuk seri C, Adira menawarkan nilai Rp 190 miliar dan bertenor lima tahun serta penawaran kupon di 8,10%. Surat utang ini merupakan bagian dari Obligasi Berkelanjutan IV Adira Finance dengan total target dana Rp 9 triliun. Perusahaan akan menggunakan dana penerbitan obligasi kali ini untuk kegiatan pembiayaan konsumen.
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