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, 22 Oktober 2014

Morning Dew - 23 October 2014

Awaiting the Cabinet

JCI rallied on Wednesday on partly on strong gains from abroad as well as speculation over a favorable cabinet set to be announced by Jokowi in the evening.
It turned out the cabinet announcement was delayed with no clear explanation about the cancellation. The market continues to speculate on the names of the ministers while also worries about possible interferences behind the announcement delays. This may not be good for the JCI outlook on Thursday considering external factor such as falling US stocks.

The trio of major US indexes ended in the red with the Dow fell 0.92%, the S&P 500 slipped 0.73% and the NASDAQ tripped 0.83%. Profit-taking is likely to be the trigger behind the US equities drop, considering recent solid gains.

USDIDR bounced to end at 12,026 on Wednesday after it fell to 11,993 on Tuesday.

Earnings Season

BBRI recorded profit worth Rp18.12T during the first nine months in 2014, up 19% from last year’s 9M13 Rp15.23T. Total credit reached Rp464.19T by the end of September 2014 or up 12.32% against last year’s Rp413.27T.

BNII’s 9M14 net profit was down from Rp1.1T (9M13) to Rp339.74b as operational costs jumped 57% (yoy). Net interest income were up from Rp4.13T to Rp.4.33T.

AISA has readied Rp676b to be used for expansion next year. The capex amount is 49.7% higher than the amount set this year (Rp676b).

Technically Speaking...

JCI  turned higher on Wednesday and settled at 5,074 after previously fell to as low as 5,016.

Downside, the psychological support 5,000 will be the first support, followed by the 200-day EMA at around 4,900 will be the subsequent cushion for the JCI, afterwards support area lies at 4,835-4,840 (prior congestion area).

On the upside, 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 continued to tick higher above zero line while the RSI has turned flat after recent rise.

We expect the upside potential remains intact and we could see the index continues fluctuates between 5,000 and 5,100 on Thursday.

Day Ahead

The delay of cabinet announcement and the poor showings on the US equities may push back JCI back to the red this Thursday. There is still uncertainties surrounding the cabinet announcement, but it is likely within this week. A widely accepted cabinet will boost JCI and could spring it back beyond 5,100 while a less favorable cabinet could set up another fall for the index.

Diposting oleh di 15.51
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