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, 09 September 2014

Morning Dew - 10 September 2014

Dizzying Heights

JCI surrendered its recent gains as new heights seemed to be too dizzying to endure for now. The index is now back below 5,200, triggered by heavy profit-taking after a brief spell above 5,251 prior resistance.

USDIDR bounced to 11,754 on Tuesday compared to Monday’s 11,722.

Steel producer KRAS aims at sales of 500k tons of steel this year. KRAS also setup a joint venture with Osaka Steel Co. through a company named PT Krakatau Osaka Steel. The JV will utilize a new steel manufacturing plant in Cilegon which cost Rp2.3t or US$220 million. KRAS owns 20% of the JV while 80% is owned by its Japanese counterpart.

PWON obtains loans worth Rp1.25t from BMRI and BBCA. The loans are aimed to finance PWON’s construction projects at Tunjungan Plaza, Surabaya. Each bank contributed Rp625b in this syndicated loan.

WTON set Rp600b for capex in 2015, somewhat lower than 2014 capex which worth Rp628b.

SRIL, ASII

SRIL has decided to delay its issuance of global bonds worth US$200 million. The reason behind the delay was unspecified , but the company intends to conduct its financing through bank loans.

ASII will distribute its interim cash dividend for FY2014 at Rp64 per share. Cum and ex dividend is set on 14 and 15 October 2014 in the regular/negotiation market and on 17 and 20 October in the cash market with the payment to commence in 31 October 2014.

Technically Speaking...

JCI tumbled as the index failed to hold above recent resistance at 5,251 and fell to 5,197.12, down 0.94% on Tuesday.

As for now, JCI is expected to aim at recovering its ground above 5,200, 5,251 and subsequently the focus will turn to the next resistance at 5,300, the next psychological hurdle for the index. Near-term supports are seen at 5,150-65 (congestion area) and then 5,135, the former lower consolidation band, 5,039 and 5,000, followed by 4,950, the former EMA-50 resistance now turned as support. 

The MACD turned negative again after a brief spell on the positive side, while the RSI fell to form a potentially bearish divergence pattern accompanied by higher volume. 

There are seven open recos with SMRA being the most recent entry. WSKT and ADRO still await for entries.

Day Ahead

Technical outlook underlines the potentially bearish implication of the RSI pattern which is showing a bearish divergence with failure swing while MACD which turned positive went back below the zero line. With no positive catalysts around, only bargain hunting will support the index on Wednesday to trigger a technical rebound. Else, we’re staring at an indeed a slippery road ahead.

Diposting oleh di 13.59
Label:

Tidak ada komentar:

Posting Komentar

Langganan: Posting Komentar (Atom)