Early on in 2012 Indonesia finds itself in the unusual position as a laggard
to regional indices. While some of this underperformance is rotational, a
number of regulatory overhangs, a polarising central bank and renewed
inflation risk has weighed on the index and provided an excuse for profittaking.
Yet the renaissance in investment and FDI continues unabated.
We recommend being overweight the ‘supply side’ of the Indonesian
economy: cement, property/industrial land and infrastructure.
Jumat, 24 Februari 2012
Indonesia Strategy, Fuel Price Hike? Positive for Equity, Negative for Bond Markets, Citi
The government may increase the subsidized fuel price; Every Rp1,000/litre will
save Rp38trn ($4.5bn) in government’s budget — The Energy and Mineral Minister
said that the government is considering raising the price of subsidized fuel (for
everyone including 2W and public transportation) by up to Rp1,500/litre from Rp4,500
to Rp6,000/litre. The earlier plan to prohibit subsidized fuel consumption by private car
users appears to have been sidelined, but the decision to increase fuel prices will
require parliamentary approval (while the approval for rationing was already at hand).
save Rp38trn ($4.5bn) in government’s budget — The Energy and Mineral Minister
said that the government is considering raising the price of subsidized fuel (for
everyone including 2W and public transportation) by up to Rp1,500/litre from Rp4,500
to Rp6,000/litre. The earlier plan to prohibit subsidized fuel consumption by private car
users appears to have been sidelined, but the decision to increase fuel prices will
require parliamentary approval (while the approval for rationing was already at hand).
Saham Pilihan Jumat, 24 Februari 2012
ENRG : MACD berpeluang golden cross
didukung oleh histogram yang cukup prospektif dengan volume yang terus
meningkat membuka peluang penguatan lanjutan.
Support : S1 191
S2 185
Resisten : R1 196
R2 205
Kamis, 23 Februari 2012
United Tractors (UNTR.JK) Alert: Weak January Komatsu Sales But Not Alarming, Citi
United
Tractors (UNTR.JK)
Alert:
Weak January Komatsu Sales But Not Alarming
Weak
start for heavy equipment sales but management maintains guidance
—
Komatsu
sales fell 15.6% Y-Y (+0.7% M-M) in January to 617 units. The
company
attributed
the surprising drop to customers’ requests for postponement of their
order
deliveries
due to heavier-than-normal rainfall in January. We construe the drop
as
delayed
deliveries and expect a substantial rebound in the next couple of
months.
We
remain comfortable with our 13% Y-Y sales growth in 2012E to 9,560
units.
Management
also maintains its 10-15% growth guidance for 2012.
CLSA INDO update: ITMG FY11 Result 11% ahead of CLSA on strong ASP, hedging gain
Stock: Indo
Tambangraya Megah (ITMG IJ)
Market
cap, T/O:
US$5.4b, US$2.5m
Rec,
TP: BUY,
Rp46,000/sh
Event: FY11
result released, 11% ahead of 11CL, 14% ahead of consensus
estimates
Our
resources analyst Jayden’s comments below.
·
ITM
(the 3rd largest coal miner by market cap listed in Indonesia)
released audited accounts after market close today.
·
The
earnings result is 14% ahead of consensus and 11% ahead of CL
estimates.
·
Production
was in line with guidance at 24.7mt for the full year, however a strong 4Q11 ASP
led to revenues ahead of our and consensus expectations.
Saham Pilihan Kamis, 23 Februari 2012
PNLF : Muncul pola hammer pada candle
stick didukung oleh reboundnya stochastic dan menghijaunya histogram membuka
peluang terjadinya penguatan.
Support : S1
135 S2 129
Resisten : R1 149 R2 159
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