By Any Means Necessary
European Central Bank (ECB) President Mario Draghi pledged to revive the economy through broader asset-purchase program with the goal of accelerating inflation in the ailing European economy.
Elsewhere, in China the interest rates were reduced for the first time since July 2012 as the Asian giant endured slowdown in annual growth which hitting the slowest pace since 1990.
Both Europe and China follow the path taken by Japan which had deployed fresh stimulus recently. On the contrary, the US Federal Reserve has abandoned its quantitative easing program as the economic outlook is seen improving (at least according to the Fed).
Relating to the domestic monetary condition, Bank Indonesia has recently raised the interest rates in response to the government’s step in reducing fuel subsidies to finance more productive sectors such as building up infrastructures across the country.
USDIDR was unchanged on Friday, steady at 12,161.
MDRN
MDRN aims at 20%-30% growth in sales in 2015 compared to this year’s sales. The 7-Eleven outlets and the company’s imaging division will be the contributors to sales. Fifty new outlets will be added to bring the total number of 7-Eleven outlets managed by MDRN to 200 by the end of 2014. In addition, another fifty outlets will be added next year.
For net profit, MDRN aims at 10% to 15% growth in 2015, assuming sales will grow around 20% to 30%. The 7-Eleven’s contribution to MDRN’s sales is expected to reach 70% by the end of this year (68% as of September 2014).
MDRN capex to build 50 new outlets next year will be around Rp150bn, which already prepared and ready to use.
Technically Speaking...
JCI ended higher on Friday after earlier setback took it back near its 50-day EMA support.
Should the index fails to follow through the recent gains, it will risk returning to the bottom end of the recent consolidation range around 4,900.
A clean and decisive break beyond the next interim resistance at 5,150 will bring the index to test 5,200 and subsequently 5,251, ahead of the all-time record high at 5,262.
The MACD ticked up a bit after Thursday’s slip while RSI curled higher a bit around the neutral zone.
Monday, expect the trading range between 5,000-5,250 to be maintained but with upside bias as the index is expected to continue its consolidation.
Week Ahead
Global markets cheered the China’s rate cut as well as the ECB’s commitment to push inflation up via more stimulus if necessary. This will be the positive catalyst for stocks at least for early next week. The domestic front offers no key catalysts so the JCI may as well go with the global flow in sentiment. Recently hiked fuel prices and interest rates will continue to weigh on sentiment, but eventually this will dissipate as better and broader opportunities are there should infrastructures can be realized according to Jokowi’s grand plan.
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