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).

Rabu, 15 Oktober 2014

Morning Dew - 16 October 2014

Not Out of the Woods Yet

JCI continued to rise on Wednesday after briefly touched 4,900 on Tuesday.  The bounce however, is seen capped at around 5,000 as the outlook continues to be gloomy.

We continue to expect the index to trade between 4,895 and 5,035 in the short-term. One major domestic event will be the announcement of the new cabinet by Jokowi scheduled a day after the inauguration of the new president. After being hit by IEA’s forecast downgrade, the US stocks remain vulnerable. Early session drop took the Dow down almost 3% before the losses were trimmed to ‘just’ 1.06%.

Coal miners continue on the defensive following the China’s move to reinstate coal import tarrifs in a move to protect Chinese miners. The levy will be as much as 6% while anthracite and coking coal got 3%. ITMG lost slightly over 11% on Wednesday while the mining sector retreated nearly 3%.

USDIDR jumped to end at 12,229 compared to 12,195 seen on Tuesday.

PSAB, UNTR

PSAB plans to issue bonds worth US$300 million. The funds raised from the bonds will be used to pay debts worth US$275 million. PSAB will issue the bonds next December through its subsidiary PT Sogo Prima Pratama with maximum coupon rate set at 10% p.a.

UNTR is set to take over the majority shares of ACST. Two ACST shareholders, PT Loka Cipta Kreasi & PT Cross Plus Indonesia are to shift their 250,500,000 shares of ACST to UNTR or the appointed subsidiary of UNTR, according to the MOU signed on October 10th 2014. The move is considered as a move to diversify UNTR’s business and to support the core business of UNTR.

Technically Speaking...

JCI continued to bounce on Wednesday after a day earlier the index briefly tested the 200-day EMA support at roughly 4,900.

Downside, the 200-day EMA at around 4,900 will be the near-term cushion for the JCI, while subsequent support area lies at 4,835-4,840 (prior congestion area).

On the upside, the psychological level of 5k will be the first hurdle, while 5,100 is the next resistance, followed by 5,150, 5,200 and another one at 5,251, ahead of the all-time record high at 5,262. 

The MACD ticked higher, but still struggling below the zero line. The RSI languishes around the oversold area but started to get flat. Volume was slightly higher on Tuesday.

Day Ahead

Sharp drop in US equities as well as European ones are posing risks for the JCI to take another hit on Thursday. Perhaps the only thing on the horizon that could lift up the souring mood will be if Jokowi announces his cabinet on 21st October, a day after his inauguration day. For now, the bias is towards the downside while 5k caps the upside. We’re definitely not out of the woods just yet.

Diposting oleh di 14.20
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