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, 26 November 2014

Morning Dew - 27 November 2014

Conundrum

JCI trimmed earlier losses as the index settled at 5,133 on Wednesday amidst lack of fresh leads from both the domestic and overseas fronts.

PTPP: Total contract as of November has reached Rp37tn, with Rp21.93tn came as last year’s carryover while new contracts obtained worth Rp15.1tn this year. For 2014 the company is aiming at Rp22tn worth of new contracts, so the current figure represents 67% of target for this year. For the coming year, PTPP expects Rp27.37tn worth of new projects or 25% increase from 2014 target.

To achieve its target, PTPP set the budget for capex amounting to Rp1.8tn next year, the amount is significantly higher than this year’s capex which was set at Rp466bn. About Rp800bn will be used to construct properties through its will-be-listed PT PP Properti and the rest of the capex budget will be used to build other projects. The capex will be financed both internally and externally (50%:50%). 
USDIDR was slightly lower on Wednesday, hitting 12,160 vs. 12,166 seen on Tuesday.

SPMA, SMBR

SPMA: expects sales to grow by 20% year-on-year in 2015, considering the market potentials for paper and tissue in Indonesia remain high. To tap into this opportunity, SPMA will increase its production capacity by adding its ninth production engine at the start of next year. Around US$25 million has been spent for the machine. About 20% of the capex was financed from internal cash while the rest came from bank loans. Capacity for production will increase to 40k MT per year from 25k MT.

SMBR: targets cement sales to reach 1,315,089 tons in 2014, up 4% from last year’s sales of 1,262,389 tons. ASP for this year is seen up 3% from last year to Rp957.425/ton.

Technically Speaking...

Another attempt took the JCI back on track to breach its all-time high.

However, 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.

Need to see if the index can maintain its position above 5,150. If it can, a clean and decisive break beyond the 5,150 will bring the index to test 5,200 and subsequently 5,251, ahead of the all-time record high at 5,262. 

Both MACD and RSI have been stabilizing near its neutral area.

Thursday is again, seen contained within recent the trading range between 5,000-5,250 as the index is expected to continue its consolidation.Day Ahead

Day Ahead

Barely any new catalysts in place will send the JCI back into its tight consolidation move, but with an upside bias as the technical outlook remains encouraging. Political front has somewhat dimmed a bit, while all eyes will focus on Jokowi’s cabinet realization for its programs. JCI is seen around 5,100-5,250 for now.

Diposting oleh di 14.15
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