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, 03 Desember 2014

Morning Dew - 4 December 2014

Slowing Down

JCI took a step back on Wednesday, but it remains on track to break its own record high at 5,262. Lack of key data and news will slow down the advance as investors may prefer to adopt a wait-and-see stance.

BUMI: S&P cut the corporate credit rating of BUMI to “default” from “selective default” as the company is expected to be unlikely to service any of its debt at least within the next six months.

SOCI: After briefly up to Rp700 per share, SOCI eventually settled its trading debut at Rp620 per share, up 12.73% on Wednesday. The coming year, SOCI is planning to bring the total number of fleets to 40 from the current 33. About US$80 million will be readied for this purpose as the new vessels are expected to arrive within 1H15. For the remainder of this year, two vessels will be bought.

USDIDR  resumed its climb on Wednesday, hitting 12,295 vs. 12,276 seen on Tuesday.

Archi Scraps IPO

Archi Indonesia has decided to call off its bid to go public on Wednesday after extension of its book-building period has been unable to lift investors’ interest. The stock was initially priced within the indicative price range of Rp1,895 to Rp2,445 per share or equal to 2015 EV/Ebitda valuation of 6.3 to 8.0 times. Underwriters appointed for the IPO were CIMB, Danareksa, Mandiri Sekuritas and Valbury.

Archi is under Rajawali Corp, owned by Peter Sondakh.

Technically Speaking...

JCI stays on track to breach its all-time high despite recent minor setback.

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. 

While MACD remains stable, RSI has reached the overbought area.

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

Day Ahead

New month but hardly any potential surprises on the news front. The next big thing possibly the release of US nonfarm payrolls. Still, the data may not be able to derail the FOMC from entering higher interest rate environment in mid-2015. Domestic calm may put the JCI stable around 5,000-5,262, but with upside bias as the index maintains its chance to set a new record high.

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