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Tim Riset

Tim ahli kami merangkum berbagai macam informasi penting dari Pasar Indonesia dan global untuk membantu Anda menentukan pilihan investasi Anda

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+62 21 23587222

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research@bcasekuritas.co.id

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Seiring dengan perkembangan industri keuangan dan teknologi informasi yang tiada henti, riset keuangan dapat menjadi faktor penentu dalam pembuatan keputusan investasi yang membawa kesuksesan ataupun kegagalan. Untuk itu, telah menjadi tugas utama kami untuk memberikan panduan bagi para nasabah agar mereka dapat mengembangkan pemahaman yang lebih baik tentang berbagai risiko dalam trading maupun kegiatan investasi lainnya.
BCA Sekuritas telah mempunyai landasan yang kokoh dalam riset keuangan berkat dukungan para ahli dan analis yang obyektif serta sinergi yang baik dengan grup BCA. Nikmati keuntungan dari pendekatan unik kami yang telah terbukti, dan buatlah prediksi yang lebih baik hari ini.

 

Riset Saham Harian

20 June 2019

BCAS Vista 20-Jun-19

MACRO

Govt to reduce bond interest income tax to 5%

Financial Minster, Sri Mulyani, plans to reduce interest income tax for infrastructure bonds to 5% from previously 15%. (CNBC Indonesia)

 

 

 

INDUSTRY

MRT Phase II to complete in 2024

MRT Jakarta targets to operate MRT Phase II (Bundaran HI – Kota) in 2024. MRT’s Jakarta CEO, William Sabandar, states that currently the Bundaran HI – Harmoni route is still in the auction process, and the winner will be announced in Nov-19. Total project value of MRT Phase II reaches IDR22.5tn. (Investor Daily)

 

Government open for 3.5GHz spectrum sharing

Rudiantara, the communication minister, stated that the government is opening the opportunity to share the 3.5GHz spectrum for 5G usage to be shared with satellite usage. Official from the ministry also stated that most possible way for the spectrum sharing will be through segmented operations area, where 5G will only be operable on areas unreached by satellite frequencies (ie. big cities). For a nationwide 5G coverage, operators will need to wait until 2024 where the license for the 3.5GHz frequency expires. (Bisnis Indonesia)

 

 

 

COMPANY

Adhi Karya (ADHI) 5M19 new contract realization

ADHI booked IDR5tn new contracts in 5M19, reaching 20% of the company’s FY19 target. New contracts came from several projects, including RDMP Office & Lab Pertamina and building renovation for the Transportation Ministry. The biggest contribution still comes from Energy and Infrastructure. Up to end of May-19, construction progress of Jabodetabek Phase I has reached 62.6%. (Bisnis Indonesia)

 

Antam (ANTM) booked 10.7k tons FNi sales

ANTM recorded 5M19 FNi production of 10.7k TNi (+1.1% YoY), while nickel ore production reached 3.98mn wmt (+24.8% YoY). On the sales side, ANTM managed to book 10.7k TNi (+12.8% YoY) with nickel ore sales jumped to 3.11mn wmt (+93.2% YoY).  Management also mentioned that the company’s P3FH smelter in East Halmahera is expected to begin production in 2H18 (13.5K TNi capacity). Additionally, to utilize their low grade nickel ore, ANTM together with Ocean Energy Nickel International will cooperate to build a nickel pig iron smelter with a capacity of 320k ton (30k ton nickel) which will begin its first phase of production in 4Q20. (Company)

 

Delta Dunia (DOID) recorded 32.2m bcm of OB removal in May-19 (+2.5% YoY)

DOID recorded OB removal of 32.2m bcm in May-19 (+2.5% YoY, -2.4% MoM) which brings total OB removal of 162.2m bcm in 5M19, came 40.1% of our full year target of 404.4m bcm in 2019F. In term of coal production, it reached 4.3m tons (+16.2% YoY, +4.9% MoM). SR ratio decreased to 7.5x vs. 8.1x in the previous month. (Company)

 

Nusantara Infrastucture (META) to adjust toll road tariff

Under Regulation No. 38/2004, META plans to implement tariff adjustment for Pondok Ranji – Pondok Aren, Tallo – Sultan Hasanuddin Airport and Soekarno Hatta Port – Pettarani toll roads in Oct-19. (Kontan)

 

 Pembangunan Perumahan (PTPP) form strategic partnership with Hyundai Engineering & Construction (Hyundai E&C)

PTPP has signed an MoU with Hyundai E&C to form a long term strategic partnership for various projects domestically and internationally. PTPP's COO, Abdul Haris Tatang, stated that the Company will be collaborating as well as conducting information transfer on the constructions, EPC and infrastructure development projects. (Investor Daily)

 

Danareksa acquires 67% of Jalin

67% of Jalin Pembayaran Nusantara (Jalin), TLKM’s ATM/EDC switching subsidiary as well as the principal company which held GPN license, has been acquired by Danareksa. This acquisition is still in line with the company’s initial plan which will be acquired by the parent company of SOE’s financial holding. With this, the government is expecting to lower the cost of transfer. (Bisnis Indonesia)

 

WIKA completed the construction of International Oecusse Airport in Timor Leste

WIKA has completed the construction of Oecusse International Airport in Timor Leste, as its first overseas airport construction with total project value of USD119mn. WIKA CEO Tumiyana stated the construction consisted of terminal and airport expansions, including the new 2.5km runway. (Investor Daily)

 

Bank Jatim (BJTM) appoints Hadi Santoso as the new CEO

BJTM EGM appointed Hadi Santoso (formerly BJTM Compliance Director) as the new BJTM CEO, replacing R Soeroso. The new BoD and BoC structures as follow:

(Investor Daily)

HEADLINE NEWS

 

 

Daily Research bonds

20 June 2019

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BCAS Insight 20-Jun-2019

BERITA  

 

Market Summary

  • Bursa Asia Pasifik pagi ini melanjutkan kenaikan sebelumnya (Topix +0,10%, Hang Seng +0.30%, S&P 500 Futures +0.30%, Australia ASX 200 +0,01%) yang sepenuhnya disokong oleh pernyataan The Fed mengenai prospek ekonomi AS dan arah kebijakan bunga acuan yang ternyata lebih dovish dibandingkan dengan ekspektasi pasar sebelumnya. Perlu diketahui bahwa per Maret 2019, belum ada satu pun anggota FOMC yang memproyeksikan The Fed akan memangkas bunga acuan di tahun ini. Di proyeksi ekonomi terbaru, 8 orang dari total 17 anggota FOMC membuka peluang The Fed untuk memotong Fed rate pada kisaran 25-50bps, dan bahkan 7 orang diantaranya memperkirakan bunga acuan dapat diturunkan sampai 50bps sampai akhir tahun ini. Hal ini dilakukan oleh The Fed untuk menjaga momentum ekspansi ekonomi dari efek buruk perang dagang AS-China. Sekarang, para bond trader mempercayai The Fed akan mulai menurunkan bunga pada FOMC meeting selanjutnya di 31 July-1 Agustus mendatang.        
  • Yield UST Tenor 10Y ditutup ke level terendah sejak November 2016 di 1,98% bersama dengan imbal hasil tenor 2Y.   
  • Yen langsung menguat ke level 107,59/US$, begitupula Euro yang juga terapresiasi ke US$1,264/EUR.  
  • Minyak mentah WTI melanjutkan kenaikan ke level US$54,42/bbl karena sentiment penurunan bunga acuan oleh bank sentral negara-negara maju.
  • Rupiah dibuka menguat tipis ke 14.245/US$ pada pagi ini.
  • Imbal hasil dari FR0078, acuan SUN 10Y dibuka lebih rendah ke level 7,491% pagi ini.

 

Bond Market News

  • Mengenai rencana penerbitan Obligasi Berkelanjutan I Tahap I senilai Rp500 milyar yang dikeluarkan oleh PT Waskita Beton Precast Tbk (WSBP), Manajemen mencatat penawaran obligasi ini mengalami oversubscribe atau kelebihan permintaan yang masuk sebanyak Rp 1,091 triliun (2,18x dari jumlah yang ditawarkan sebanyak Rp 500 Miliar). Perlu diketahui obligasi ini hanya terdiri dari satu tenor yakni tenor 36 bulan. Masa penawaran awal atau bookbuilding pada 29 Mei-18 Juni 2019 dan masa penawaran umum pada 1-2 Juli 2019. Obligasi tersebut telah mendapatkan rating BBB+ dari Fitch Ratings Indonesia. 
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