Indonesia Daily| 22 Mei 2017
IHSG
♦ Berita emiten
Index
Juta saham
6,000
40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0
5,500 5,000 4,500 4,000 3,500 19‐May‐16
5791.9
146.4 Last
Avg 6 month
Volume (juta saham)
7,309
10,048
Nilai (Rp miliar)
7,381
5,396
Ticker
Harga Akhir
Chg %
Volume (juta saham)
1
RIMO
144
0.7 ▲ 1,077
2
MYRX
132
0 ● 926
3
BUMI
396
‐1 ▼ 640
4
DEWA
55
0 ● 271
5
BRMS
69
‐1.4 ▼ 262
Source: Bloomberg, Maybank Kim Eng
Bumi Serpong Damai (BSDE, BUY) : Kinerja laba di 1Q17 in line.
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Adhi Karya (ADHI, HOLD): Perkembangan konstruksi LRT mencapai 15%.
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Barito Pacific (BRPT, not rated): Selesaikan Akuisisi Star Energy di akhir 2017.
Market Review
IHSG menguat signifikan (+2.6%), dan menembus record barunya di level 5,791.9 pada Jumat pekan kemarin. Menguatnya IHSG dipicu oleh lembaga peringkat international, S&P yang menaikkan rating hutang Indonesia 1notch dari BB+ menjadi BBB- ( level invesment grade). Pelaku pasar bersepekulasi sentimen positif tersebut akan membuat suasana investasi akan menjadi lebih menarik dimata investor asing, dan juga akan berpengaruh dengan menuunnya biaya bunga di Indonesia. Hampir semua saham big caps ditutup menguat signfikan, seperti : BMRI, TLKM, BBRI, ASII, UNVR, GGRM, BBCA, ICBP, dan HMSP. 2.6% Meski adanya sentimen positif tersebut, namun investor asing juga melakukan net selling sebesar IDR101miliar kemarin. Dari mata uang Rupiah ditutup stabil di level IDR13,300-an, atau ditutup di IDR13,325/USD pada Jumat kemarin.
Top 5 saham berdasarkan volume No
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Dari bursa regional dibuka rata-rata positif, ditengah bursa Wall Street yang ditutup positif, rata-rata +0.6% pada Jumat pekan kemarin. Meningkatnya saham di bursa Wall Street seiring reboundnya saham sektor keuangan, dan sektor Industry, ditengah Investor yang masih mengamati gejolak politik yang terjadi pada Pemerintah Presiden Donald Trump. Sementara dari regional, tadi pagi Jepang mengumumkan data Neraca perdagangan bulan April, surplus USD481.7b Yen, ditopang oleh meningkatnya ekspor, tumbuh 7.5% YoY, dan impor 15.1% YoY. Sementara pelaku pasar juga fokus terhadap data2 makro ekonomi US di pekan ini, seperti : 1) FOMC minutes (25 May), 2) data GDP Annualized di 1Q, (akan diumumkan 26 May), diperkirakan consensus tumbuh +0.9% QoQ vs. kwartal tahun lalu di +0.7% QoQ. 3) Data Durable Goods Orders bulan April (26 May), diperkirakan consensus,melemah -1.5%, Dari komoditas minyak mentah di NYMEX ditutup menguat +1.99% mennjadi USD50.33 per barrel pada Jumat kemarin. Menguatnya minyak mentah dipicu spekulasi bahwa penurunan supply minyak akan berlanjut, setelah adanya persetujuan perpanjangan penurunan produksi minyak OPEC pada pertemuan OPEC pada tanggal 25 May mendatang. Sebelumnya negara Saudi Arabia dan Rusia yang berjanji akan memperpanjang penurrunan produksi minyaknya hingga 6 bulan ke depan.
Hal | 2
Bumi Serpong Damai (BSDE, BUY) : Kinerja laba di 1Q17 in line. • • •
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Berdasarkan riset report BUMI Serpong Damai, Aurelia Setiabudi mempertahankan rekomendasi BUY dengan TP tetap di IDR2,500 per saham. TP berdasarkan discount 30% terhadap RNAV, atau mencerminkan 2.1x P/BV FY17F, sesuai dengan rata-ratanya dalam 5 tahun terakhir. BSDE masih menjadi saham Ungggulan di sektor property, Aurelia berhadap dengan baru-baru ini rating Indonesia yang dinaikkan ke level investment grade, akan membuat biaya Bunga akan turun, dan akan mendorong sektor property. Laba bersih BSDE tumbuh 166% YoY mencapai IDR733miliar di 1Q17, adalah in line dengan ekspektasi Aurelia (26% dari target FY17E), namun diatas perkiraan consensus analyst sebelumnya (30% dari target FY17E). Pendapatan naik 59% YoY karena meningkat secara siginifikan penyelesaian proyek2 rumah. BSDE juga membukukan keuntungan dari investasi, yang mendorong net margin naik signifkan mencapai 42% (dari 28% di akhir tahun 2016). Meskipun penjualan (pre sales) secara organik, masih lemah mencapai IDR755miliar di 1Q17 (turun 37% YoY), namun Aurelia masih tetap positif terhadap outlook pre sales BSDE di tahun ini. Aurelia percaya dengan lokasi yang premium, maka BSDE akan menjadi salah satu perusahaan property yang diuntungkan dari meningkatnya permintaan property, yang juga didukung oleh turunnya suku bunga. Diluar dari segmen perumahan (residential), Aurelia juga positif terhadap segmen comerical seiring dengan pemulihan ekonomi. BSDE telah bekerjasama dengan Mitshubhishi membentuk JV untuk mengembangkan proyek Mixed used (apartemen, ruko, mall) seluas 19 ha di kawasan BSDE. Aurelia melihat BSDE juga masih akan terus menjual tanah untuk segmen komersial ke pihak ketiga dalam kwartal2 berikutnya.
Presiden Direktur ADHI berharap PT Kereta Api Indonesia akan meginjeksi dana senilai IDR2t ke ADHI setelah libur lebaran. Disisi lain, diberitakan KAI juga tengah mencari pinjaman senilai IDR18t, untuk mendanai proyek LRT senilai IDR27t. Sebelumnya, pemerintah telah menerbitkan Perpres No.49/2017 terkait percepatan proyek LRT.
Barito Pacific (BRPT, not rated): Selesaikan Akuisisi Star Energy di akhir 2017. • • • • • •
Adhi Karya (ADHI, HOLD): Perkembangan konstruksi LRT mencapai 15%. •
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Dikutip dari Kontan, Adhi karya (ADHI) mengklaim konstruksi proyek LRT di Jabodetabek telah mencapai 15% penyelesaian, dan telah menghabiskan IDR3.3t dari proyek tersebut (IDR1.4t dari injeksi modal pemerintah (PNM), dan IDR1.9t dari pinjaman bank). -2-
Dikutip dari Kontan, rencana akusisi Barito Pacific (BRPT), atas sebagian besar saham Star Energy Group Holdings Pte terus berjalan. Menurut Direktur Utama BRPT, Agus Salim Pangestu, closing pada kwartal IV 2017, atau paling lambat pada kwartal I 2018. Rencana tersebut merupakan kelanjutan penandatanganan dengan dua pemegang saham SEGHL, 21 Maret lalu, yaitu Star Energy Invesment dan SE Holdings Ltd. BRPT juga tengah mencari pinjaman seniolai USD300juta dari perbankan untuk membeli Star Energy, dengan menjaminkan 850juta saham PT Chandra Asri Petrochemical (TPIA). Berita terpisah, Star Energy Geothermal juga mendapat fasilitas pinjaman senilai USD660juta, dari sejumlah bank, yaitu: Maybank, Credit Suisise, dan DBS. Pinjaman Star Energy untuk membeli asset Chevron.
Key corporate actions
Commodities Nickel (USD/ton)
Change 19‐05‐2017 18‐05‐2017 (USD)
Cum date
Change (%)
9,325.00
9,136.50 188.50 2.06
Tin (USD/ton)
20,550.00
20,345.00 205.00 1.01
Gold (USD/t.oz)
1,255.91
1,247.14 8.77 0.70
CPO Malaysia (USD/ton)
667.75
662.39 5.36 0.81
Oil NYMEX (USD/barrel)
50.33
49.35 0.98 1.99
Coal ‐ ARA region (USD/ton)
71.88
71.88 ‐
‐
Note:*Libur | Sumber: Bloomberg
Local (IDR) Change ADR % Equivalent IDX Close % Prem
Company
ADR Ticker
ADR Close 19‐05‐2017
Telkom ‐ NY (USD)
TLK US
34.25
6.57
1,825.53
4,530
(59.70)
250
Indosat ‐ NY (USD)
IIT US
‐
‐
‐
7,500
‐
50
BLT ‐SG (SGD)
BLTA SP
‐
‐
‐
IDR
13,325.00
SGD
9,587.03
Shares Per ADR
‐
Sumber: Bloomberg
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Ex date
Company
Action
Price (IDR) Note
22-May-17 23-May-17 Lautan Luas (LTLS)
Dividend
12.00
22-May-17 23-May-17 Soechi Lines (SOCI)
Dividend
4.00
23-May-17 24-May-17 Nippon Indosari Corpindo (ROTI)
Dividend
13.73
23-May-17 24-May-17 Multi Indocitra (MICE)
Dividend
10.00
23-May-17 24-May-17 Asuransi Multi Artha Guna (AMAG)
Dividend
8.00
23-May-17 24-May-17 Ramayana Lestari Sentosa (RALS)
Dividend
36.00
24-May-17 26-May-17 Adira Dinamika Finance (ADMF)
Dividend
505.00
24-May-17 26-May-17 Goodyear Indonesia (GDYR)
Dividend
13.47
24-May-17 26-May-17 Bank Mayapada International (MAYA)
Dividend
40.00
24-May-17 26-May-17 Rukun Raharja (RAJA)
Dividend
2.45
24-May-17 26-May-17 Kino Indonesia (KINO)
Dividend
25.00
24-May-17 26-May-17 Mahaka Radio Integra (MARI)
Dividend
41.00
26-May-17 29-May-17 Bank Mestika Dharma (BBMD)
Dividend
14.67
26-May-17 29-May-17 Industri Jamu dan Farmasi Sido Muncul (SIDO)
Dividend
26.00
26-May-17 29-May-17 Reksa Dana Premier ETF Indonesia Sovereign Bonds
Dividend
1.42
10-May-17 8-Jun-17
Tender Offer
Sorini Agro Asia (SOBI)
4,250
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