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).

Minggu, 26 Oktober 2014

Morning Dew - 27 October 2014



All The President’s Men & Women

JCI fell on Friday as investors decided to stand on the sideways waiting for the cabinet announcement which turns out to be announced on Sunday. The inauguration day for the ministers will be on Monday and the cabinet is expected to start working on Tuesday.

And here are key ministers for the new government: Sofyan Djalil as the Coordinating Minister for Economics; Bambang Brodjonegoro as the Finance Minister; Sudirman Said as the Energy and Mineral Resources Minister; Rini Soemarmo Soewandi as the State-Owned Enterprises Minister; Saleh Husin as the Industry Minister; Rahmat Gobel as the Trade Minister; Amran Sulaiman as the Agriculture Minister; and Retno Marsudi as the Foreign Minister.

The President is set to announce the work program for each ministry on Monday.

USDIDR inched higher to 12,065 from 12,034 on Friday.

Earnings Season

APLN’s 9M14 revenues reached Rp3.51T vs. Rp3.48T (9M13). Recurring income grew 32.7% from Rp762.6b to Rp1.01T. Net profit fell to Rp506.5b from 597.5b.

BBMD booked net profit of Rp193.46b in 9M14, down from last year’s Rp259.01b. Net interest income were up from Rp410.95b to Rp434.24b, but operating expenses ex-interest were up to Rp176.43b from Rp62.72b, sending the operating profit down from Rp348.22b to Rp258.81b.

APII recorded net sales of Rp30.63b in 9M14, up from Rp19.25b, while revenues were up from Rp134.76b to Rp182.78b in 9M14.

Technically Speaking...

JCI slipped on Friday towards the 50-day EMA as the rally attempt faltered around 5,100 resistance. 

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, 5,150 is the next resistance, followed by 5,200 and another one at 5,251, ahead of the all-time record high at 5,262. 

The MACD was steady above zero line while the RSI increase has stalled and slipped after approaching the overbought area.

We expect the upside potential remains intact and we could see the index continues to attempt another follow-up rally on Monday.

Week Ahead

Monday will be the first day the market to get the chance to respond to the cabinet announcement. As the uncertainties are cleared, the next focus will be on how the new government will be able to execute its programs smoothly. On top of the list will be the planned rise in fuel price which is expected to jack up inflation just like last year. If this happens, BI may not hesitate to push rate up a bit. Amidst a weakening rupiah, such decision cannot be ruled out at the moment.

Diposting oleh di 11.03
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