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, 18 November 2014

Morning Dew - 19 November 2014

The Tightening

Bank Indonesia raised its rates in response to the rise in the prices of subsidized fuel. The key interest rate has been raised by 25 basis points to 7.75% while the Lending Facility rate has been raised by 50 basis points to 8%. Deposit Facility stays at 5.75%.

Earlier estimate by Bank Indonesia stated that an Rp2,000 per liter price hike will add around 2.5 percentage points to the annual inflation pace for about three months before the impact dissipates. This will bring annual inflation to 7% in November-January before normalizing in subsequent months. 

JCI soared on Tuesday as the market turns optimistic over the raise in subsidized fuel prices. Some had expected the hike would have been by Rp3,000 instead of Rp2,000 per liter, while on the other hand, the subsidies will be channeled to fund the building of infrastructures – a long-term benefit for the economy.

USDIDR eased further to 12,146 on Tuesday from 12,193.

SRIL & APOL

SRIL has reduced the value of its bond emission to US$70 million from US$200 million. The bond will be issued through its subsidiary, Golden Legacy Pte Ltd. The fixed interest rate is set at 9% p.a. and will be due in 2019. The proceeds from the bond issuance will be used to finance the general needs of the company, including the expansion of the company’s production capacity.

APOL will conduct its General Bondholders Meeting (RUPO) on December 11th 2014 regarding the company’s decision to delay the payment of interests on its bonds. The bond was scheduled to have been due on September 30th 2014. The 
RUPO aims at gaining agreement on the delay so that the company can conduct restructuring in the company.

Technically Speaking...

JCI rallied on Tuesday as it ended the session back above 5,100, the top of its recent trading band.

Should the index fails to follow through the recent gains with a clean break of 5,100 resistance level, it will risk returning to the bottom end of the current consolidation range between 4,900 and 5,100.

A clean and decisive break beyond 5,100 will lead towards the next interim resistance at 5,150, followed by  5,200 and another one at 5,251, ahead of the all-time record high at 5,262. 

The MACD continues to tick above zero while RSI curled lower a bit after recent rebound.

For Wednesday, expect the trading range between 4,900 and 5,100 to shift upwards towards 5,000-5,250.

Day Ahead

As the fog of uncertainties over the prices of subsidized fuel clears, the market responded positively, bringing the JCI back at the top of its recent consolidation range of 4,900-5,100. A rise in BI rate also cleared the uncertainties on the monetary front, preparing the economy towards higher inflation as well as higher global rates environment. For Wednesday, expect more upside to be explored.

Diposting oleh di 14.50
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