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).

Kamis, 27 November 2014

Morning Dew - 28 November 2014

Waiting Mode

JCI was back up on Thursday, but still caught up within the recent consolidation range as lack of fresh leads dampened trades and turned investors into a waiting mode.

Coal exports were up 22.2% (m-o-m) to 31.4 million tons in October, defying previous concern that the exports would fall due to the new licensing system which was put into effect on October 1st 2014.

In 10M14 the total production of coal reached has reached 342.3 million tons, down 7.5% from 10M13 as output was seen curbed due to lower coal prices. Domestic coal production has fallen to 29.7 million tons in October or declined 15.9% (vs. Oct 2013). Government has put a cap on domestic output at 420 million tons with exports limited at 310 million tons.

For November 2014, the HBA (coal reference price) is set at US$65.7 per ton, down from US$67.26 per ton set for October.

USDIDR was up on Thursday, hitting 12,179 vs. 12,160 seen on Wednesday.

EPMT, ASIA, SCMA

EPMT: is targeting a 15% increase in net profit in 2015 to Rp499.43bn vs. this year’s target of Rp434.29bn. Sales on the other hand, is seen up to Rp15.6tn from this year’s Rp13.95tn, or up 11.86%. In 2015, the company plans to expand the distribution network by opening four new branches and 13 sales offices. About Rp200bn has been prepared for capex next year, up from this year’s Rp170bn. All of the funds will come from the company’s internal cash.

ASIA: is no longer listed on the IDX.

SCMA: has prepared Rp150bn for capex next year. The funds will be used program digitalization as well as equipments.

Technically Speaking...

JCI is back on track to breach its all-time high, but the near-term resistance around 5,150-.5,160 remains resilient in capping the index’s further gains.

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.

Friday is seen stable within the familiar trading range between 5,000-5,250 as the index is expected to continue its consolidation.

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 over the realization of its many programs. JCI is seen around 5,100-5,250 for now.

Diposting oleh di 14.45
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