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, 06 November 2014

Morning Dew - 7 November 2014

Eyes on Jobs Data

PT Intan Baruprana Finance Tbk. has set its initial offering price between Rp311-383 per share. The company plans to use 50% of the IPO funds for working capital and the other 50% for debt repayment. About 1.67b shares are to be offered and BNI Securities has been appointed as sole underwriter.

Unemployment rate ticked up in August 2014 from 5.7% (Feb 2014) to 5.94%. According to BPS, there were 7.24 million people without a job vs. 7.15 million (Feb 2014). The jobless data is announced twice a year.

US nonfarm payrolls is set for release on Friday, the consensus expects 235k jobs added to the economy, slightly lower than September’s 248k. Unemployment rate is expected to stay at 5.9%

USDIDR jumped to 12,179 from 12,092 on Thursday.

SAME, MBSS, BRAU

SAME booked net profit of Rp41.89b in 9M14, up 37% from the same period last year which stood at Rp30.58b. Revenues were up from Rp247.13b to Rp299.96b.

MBSS’s revenues fell to US$103.83 million from US$112.05 million, sending the net profit to fell from US$28.29 million to US$16.51 million.

Moody’s downgraded BRAU to B3 from B2 for both bonds issued by BCE and Berau Capital Resources Pte. Ltd. In addition, all the ratings are also put on review for possible downgrade.

Technically Speaking...

JCI fell to 5,034 on Thursday, but it maintains its recent trading range between 4,900 and 5,100.

Downside, the psychological support 5,000 will be the first support, followed by the 200-day EMA at around 4,915 will be the subsequent cushion for the JCI, afterwards support area lies at 4,835-4,840 (prior congestion area).

On the upside, 5,100 will be the interim resistance, followed by 5,150 and 5,200 and another one at 5,251, ahead of the all-time record high at 5,262. 

The MACD continued to edge lower while the RSI stumbled after it hit the overbought area a few sessions earlier.

Upside and downside potentials seem to be in balance as the index is seen returning to its consolidation range between 4,900 and 5,100.

For Friday, expect the trading range maintained around 4,900-5,100.

Day Ahead

We still expect the JCI to remain confined within the recent range of 4,900-5.100 as the market is now waiting for the government’s decision to raise the prices of subsidized fuel.  Combined with recent GDP data which showed that slowdown continued in 3Q14, an energy shock from higher fuel prices could dent growth further. This will distance the economy farther from reaching Jokowi’s GDP target of around 7%. From abroad, the market also awaits the release of US nonfarm payrolls for October this Friday.

Diposting oleh di 13.23
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