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).

Senin, 08 Desember 2014

Morning Dew - 9 December 2014

Slippery Oil

JCI started the week on a weak footing as the index fell back below 5,150. With hardly any key positive catalysts, the already vulnerable rally finally ran out of steam. Elsewhere, US stocks also took a big slap from yet another drop in energy prices.

Brent and WTI oil fell to five-year low as oil slump continues. Brent ended down $2.88 to $66.19/barrel while WTI fell $2.79 to $63.05/barrel. Fastest pace of US production in the last three decades, rising output from the OPEC as well as weakening global demand have put the oil prices under strong pressure recently.

Domestic macroeconomic data showed that banking credit in October were up 12.4% (yoy) at Rp3,587.4T, vs. prior month’s pace of 12.6% (yoy), in line with the moderating economic growth.

USDIDR  started the week with a jump towards 12,352 vs. 12,296 seen last Friday.

TRUB, PSAB, SDPC

TRUB: Losses worsened in 6M14 to Rp160.8bn vs. Rp52.91bn seen in 6M13 as revenues fell to Rp601.88bn (6M14) vs. Rp786.94bn (6M13).

PSAB: 9M14 revenues were up 210.41% to US$202.45 million vs. US$65.22 million (9M13). The bottom line has turned from a loss of US$31.55 million in 9M13 to a net profit of US$12.14 million in 9M14. Assets also grew to US$844.23 million (end of Sep 2014) from US$805.47 million (end of Sep 2013).

SDPC: Ten-month net sales reached Rp1.18T in 2014 with operational costs hit Rp83.32bn while finance costs amounted to Rp17.85bn.  Net profit for the first ten months was at Rp4.87bn vs. Rp3.44bn seen in 9M14. Rising sales were in line with the growth of pharmaceuticals industry which is around 10%.

Technically Speaking...

JCI’s bid to break through its record high may have to wait for a while as the index is seen retreating to around its support at 5,100.

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. 

MACD continues to tick lower approaching the zero line while RSI has taken a sharper turn lower off its overbought area.

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

Day Ahead

JCI is staring at another vulnerable session on Tuesday after slippery oil market brought down the US stock indexes from record highs. Lack of major positive drivers also expected to contribute to Tuesday’s perceived weakness. As energy market continues to tumble, the pressure is mounting for the government to re-evaluate its gasoline pricing policy after recent price hike. Expect the JCI to trade between 5,100-5,150 on Tuesday.

Diposting oleh di 14.25
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