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, 10 Desember 2014

Morning Dew - 11 December 2014

Fighting Back

JCI fought back after the index took a sharp downturn earlier this week. The JCI returned to above 5,150 and ended the Wednesday’s session at 5,165, shrugging off the global dip in sentiment due to Greece and China’s issues.

Indonesia budget deficit hit Rp194.08tn by the end of October 2014, or 80.4% of the target (Rp241.5tn). The figure came in higher than the same period last year which was at Rp139.55tn or 62.2% of 2013 target.

Cement sales increased by 3.4% yoy in the first 11 months of 2014 to 54.6 million tons. This means slower growth than 5.6% annual pace seen during the full year of 2013. Politics were the major factor behind the slowdown after mid-year election sparked uncertainties for some time, resulting in delays of some infrastructure projects. Other factors attributed to the slowdown are low commodity prices, and weakened purchasing power. 

Elsewhere, oil prices fell again as Brent dropped 3.9% to $64.24/barrel and WTI fell 4.5% to $60.94/barrel. USDIDR slipped to 12,336 on Wednesday from 12,347 seen on Tuesday.

APEX

APEX: aims at revenues of US$290 million by the end of 2015. The figure is 28.88% higher than the current year’s target revenues which is set at US$225 million. Additional offshore rigs are expected to contribute positively to the company’s financial performance. Offshore contracts are still expected to dominate the company’s revenues by around 80%. On the bottom line, the 2015 figure is expected at US$30 million.

For the next three years APEX has secured a total value of contract amounting to US$614.2 million.

Technically Speaking...

JCI bounced off near its 50-day EMA and ended the Wednesday’s session up at 5,165.

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.

We have seen a test of 5,200 resistance, but successful breakout remains elusive. Beyond 5,200, the subsequent resistance will be at 5,251, ahead of the all-time record high at 5,262. 

Although the index bounced, MACD continues to tick lower approaching the zero line. RSI however, has bounced after recent decline.

Overall however, the fluctuation is expected to remain within the familiar trading range between 5,000-5,250 on this week.

Day Ahead

JCI proved resilient on Wednesday as it shrugged off the global issues such as China and Greece. While the turnaround was encouraging, the upside potential remains limited as there is hardly any new positive key catalysts around. JCI may even weaken following strong showing on Wednesday, especially with the Dow tumbled more than 200 points overnight.  Expect the JCI to trade between 5,100-5,200 on Thursday.

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