DISCLAIMER

This research report is prepared by PT MINNA PADI INVESTAMA Tbk for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. The report has been prepared without regard to individual financial circumstance, need or objective of person to receive it. The securities discussed in this report may not be suitable for all investors. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investor’s individual circumstance and objective and should be independently evaluated and confirmed by such investor, and, if appropriate, with his professional advisers independently before adoption or implementation (either as is or varied).

Selasa, 24 Juni 2014

Morning Dew - 25 June 2014

CPGT Sunk

JCI bounced after a series of declines, but still need to move higher to reduce the risk for deeper fall. Lack of new catalysts seem to be capping both upside and downside potentials, at least until we pass the July 9th presidential election.

CPGT shares plunged to as low as Rp54 per share but ended at Rp59 per share or down 26.25% after three of its top management were arrested on the suspicion of misappropriation of funds at Koperasi Cipaganti, of which financial activity is separated from the CPGT’s according to a CPGT disclosure on Tuesday.
While CPGT sunk, BUMI bounced after the shares were hit hard as the company has been unable to secure approvals from bondholders in its effort to renegotiate the bonds set to mature in early August.

USDIDR ticked up to 11,971 on Monday, compared to 11,967 a day earlier.

Mitrabara Adiperdana

Coal miner Mitrabara Adiperdana aims to raise Rp313billion to Rp368billion from an IPO which offers 22% of its shares (273,03 million shares) at the price range of Rp1,150-1,350 per share.

About 58.5% of the proceeds will be used for facility improvements in the company’s subsidiary, while 35% will be used for working capital  and 6.5% for the company’s capital expenditures.

Sucorinvest Central Gani and Danareksa Sekuritas were appointed as underwriters of the IPO.

Technically Speaking...

JCI bounced to end the day at 4,862. It still risks heading towards the next EMA support: the 100-day EMA at 4,775-4,780, however.

Prior 50-day EMA has turned into resistance at 4,870 while the next one lies at 4,909, followed by 5k and subsequently at 5,091. Beyond the latter the index will aim at 5,251 – the all-time high seen last year.

Next support is now seen at 4,800 and 4,775-4,780 afterwards where the 100-day EMA lies.

MACD inched slightly higher but still below the zero line while RSI also turned slightly higher but still near the oversold zone. Volume went down a bit as the fall deepened, suggesting the downside pressure has eased.

No additional recommendation for now.

Day Ahead

Despite Tuesday’s rebound, JCI has broken its lower bound of its consolidation range at 4,865. This could weaken the index further to 4,770-4,800 support area as lack of fresh catalysts caps the upside potential. Domestic political landscape continues to heat up ahead of the July 9th election day.

Diposting oleh di 14.19
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