INDONESIA
CIMB TRADERAM Retail Research
Contact: Mastono Ali –
[email protected] Patricia Sumampouw -
[email protected]
14 Apr 2010
Reminders
What’s Relevant • Indonesia: JCI kemarin ditutup di level 2884.70, +3.36 poin atau +0.12% dengan value Rp 4.8 triliun dan volume 5.5 miliar. PGAS 4050 (+3.1%) menjadi top value dengan nilai Rp 279 miliar (5.8% dari total transaksi), sementara TMPI 205 (+25%) sebagai top volume. Saham-saham yang naik kemarin dipimpin oleh: TMPI 205 (+25%), LMPI 310 (24%), MNCN 455 (15%), POLY 131 (+12%). Sementara yang turun dipimpin oleh: MTDL 115 (-11%), DILD 1070 (-10%), DOID 1100 (-6%), CNKO 81 (-4.7%). Prediksi kami tepat kemarin dengan JCI bergerak flat to negative. 6 dari 10 sektor ditutup positif, dipimpin oleh tambang +1.3%, basic indu +1.3%, sementara sektor yang melemah dipimpin oleh agri -1.5%, misc indu -1.5% • US: Dow Jones kemarin ditutup di level 11019.42, +13.45 poin atau +0.12% dan berhasil mempertahankan level 11k karena earnings results yang positif. Pada awalnya Dow bergerak negatif karena result Alcoa dibawah ekspektasi, namun result Intel Corp yang naik 4x yoy memberi insentif beli. Dow telah naik 10 hari dalam 13 hari terakhir. VIX naik 4% kemarin setelah menyentuh level terendahnya sejak Jul07 karena kekhawatiran akan adanya big swings. Survey analis mengatakan sekitar 40% perbankan akan mengumumkan kerugian pada 1Q10, namun bank dengan skala besar kemungkinan sudah mulai kembali pada laba. • Oil: Harga minyak per barel (untuk delivery May) kemarin turun $0.33 menjadi $84.01 karena API melaporkan naiknya crude inventory menjadi 1.4mn barel.
Corporate news • Astra Agro Lestari (AALI) mengatakan produksi CPO 1Q10 turun 3.2% menjadi 218k ton • Telekomunikasi Indonesia (TLKM) & Elnusa (ELSA) akan menjual seluruh saham mereka di Patra Telekomunikasi Indonesia, masing-masing memiliki 40% saham. (Sumber: Bloomberg)
Trades for the Day Technically • • • •
(Sumber: RTI)
Ciputra Development (CTRA IJ; IDR 850) – Sell on Strength Summarecon Agung (SMRA IJ; IDR 880) – Trading Sell/Buy Holcim Indonesia (SMCB IJ; IDR 2325) – Hold Bakrieland Development (ELTY IJ; IDR 250) – Hold
CIMB Events 13-14 Apr 15-16 Apr
• CIMB menaikan target index JCI dari 2950 menjadi 3230, masih dengan bottom up basis, sekitar 17x & 14x CY10-11 earnings. Hal ini disebabkan oleh earning upgrade 3-5% karena result 4Q yang brilian, termasuk makroekonomi. Ketika JCI menyentuh new high dan PER ada pada 3yr MA, market telah price in ekspektasi tinggi. Consensus yang masih rendah serta yield spread yang menyempit mendukung OVERWEIGHT untuk JCI. Katalis jangka pendek adalah earning upgrade setelah 1Q result yang baik. Kami tetap menyukai sektor perbankan, consumer retail, komoditas & otomotif. Semen, jalan tol dan infrastruktur juga tetap menarik. Contrarian call kami adalah BBCA, PGAS, TLKM (semuanya UNDERPERFORM)
JCI Chart & Summary Chaikin Money Flow (0.07263) 0.4 0.3 0.2 0.1 0.0 -0.1
0.4 0.3 0.2 0.1 0.0 -0.1 Money Flow Index (69.1232)
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MACD (61.0969)
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Jakarta Com pos ite (2,850.63, 2,870.97, 2,833.24, 2,845.01, -5.82300)
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Support I Support II Resistance I Resistance II
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BBTN NDR BBTN NDR
Need assistance? Want to find out more? Call our call centre executives at 1800-538-9889, Jakarta office at (6221) 5151330 or email:
[email protected]
Fundamentally
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• Cadangan devisa Indonesia diperkirakan akan mencapai $80bn, atau melampaui target semula $74.8bn. Hingga akhir Mar10 lalu, telah mencapai $71.82bn • ANTM berencana membangun pengolahan feronickel dengan kapasitas 23k MT per tahun, yang akan mulai beroperasi 2014, kemungkinan di Halmahera • Menurut EPFR, inflow yang masuk ke emerging market telah mencapai $3.27bn pada 7Apr, sehingga ytd mencapai $10.8bn • Tahun ini akan ada 244 pilkada di 7 provinsi, sehingga KPK, Bawaslu dan PPATK akan mengawasi • Menteri keuangan yakin bahwa pertumbuhan GDP tahun ini akan lebih besar dari target semula 5.5% karena tingginya ekspor dan investasi dengan inflasi dibawah 5.7%. • Kenaikan HET pupuk bersubsidi +33.4% akan menekan margin perusahaan CPO, karena 40% komponen biaya adalah pupuk. • World bank mengatakan ekonomi Indonesia akan +5.6% tahun ini, setelah +4.5% tahun lalu. Angka ini akan menjadi +6.2% tahun depan. • Pres SBY akan menghadiri KTT Asean ke 16 di Hanoi minggu depan, dengan 3 agenda utama, arsitektur regional, kelanjutan pembangunan, perubahan iklim • Presiden SBY meminta semua mentri mewaspadai derasnya laju investasi kedalam negeri karena dikhawatirkan adalah hot money
April
CDS -0.22% ke level 153.27 bp, Dow Fut +0.21%, NKI Fut +0.90% sementara untuk bursa Asia dibuka menguat: NKI +0.60%, ASX +0.58%, KLCI +0.49%, FSSTI +0.81%. Dow Jones kemarin ditutup di level 11019.42, +13.45 poin atau +0.12% dan berhasil mempertahankan level 11k karena earnings results yang positif. Pada awalnya Dow bergerak negatif karena result Alcoa dibawah ekspektasi, namun result Intel Corp yang naik 4x yoy memberi insentif beli. Dow telah naik 10 hari dalam 1 3 hari terakhir. VIX naik 4% kemarin setelah menyentuh level terendahnya sejak Jul07 karena kekhawatiran akan adanya big swings. Survey analis mengatakan sekitar 40% perbankan akan mengumumkan kerugian pada 1Q10, namun bank dengan skala besar kemungkinan sudah mulai kembali pada laba. VIX +3.98%, KBW -1.1%, BDIY +0.6% dan Rupiah pagi ini dibuka menguat di 9006. JCI berpotensi untuk menguat hari ini seiring dengan penguatan Rupiah dan bursa regional. CIMB juga baru saja menaikan target index dari 2950 menjadi 3230. Namun demikian VIX yang naik 4% kemarin memungkinkan volatilitas yang mulai meningkat pada bursa regional dalam waktu dekat. Terjadi penurunan marginal dalam kemiringan di Standard Error Channel, dari 10 menjadi 9,9 di selang waktu yang sekarang mencapai 44. Meskipun demikian, garis linear regresi volume masih bertahan di trend naik. Berbeda dengan Chaikin dan Money Flow yang dikhawatirkan akan terpuruk, masing-masing dari 0,08 dan 69,1 ke 0,05 dan 64,1. MACD yang terlihat stagnant, mengindikasikan posisi 2856,3 sebagai angka pertahanan awal bagi indeks untuk hari ini
Selected Statistics Indices JCI Index Dow Jones Index Nikkei 225 Index Hang Seng Index ASX200 Index FBM KLCI Index Shanghai Index FSSTI Index Top Volume TMPI BMTR TIRT MNCN BNBR Top Gainers INTP UNVR PTBA MEDC INDS Top Losers ASII GGRM AALI SMAR UNTR Currency & Commodities IDR/USD CPO (RM/ton) Nickel ($/ton) Tins ($/ton) Crude Oil ($/barel) Coal (Newcastle) ** * Libur kemarin ** Dilaporkan mingguan
PLEASE READ THE IMPORTANT DISCLOSURES CAREFULLY AT THE END OF THIS PUBLICATION.
Last Closing Last % chg 2884 0.12 11019 0.12 11161 -0.81 22103 -0.16 4951 -0.66 1334 -0.38 3161 1.02 2971 -0.19 Price % chg 205 25.77 470 10.59 107 -4.46 455 15.19 74 1.37 Price % chg 15350 3.37 12500 2.46 18050 1.69 2950 9.26 3050 8.93 Price % chg 43900 -1.46 27150 -1.63 24400 -1.41 3500 -6.67 18600 -1.06 Price Previous 9033 2580 25505 18610 84.05 98.74
9020 2585 25780 18700 84.34 94.99
Ytd%chg 13.69 5.67 5.47 1.21 2.02 5.22 -4.51 2.27 Vol (lot) 741513 704074 699647 678149 332984 Vol (lot) 13765 2850 8628 156654 1 Vol (lot) 4574 2273 1455 36 5153 % chg 0.15 -0.19 -1.07 -0.48 -0.34 3.95
INDONESIA
Trend Spotter Ciputra Development (CTRA IJ; IDR 850) – Sell on Strength FY10 P/E: x, P/BV: x
Dalam rentang periode 69 masih terlihat adanya trend kenaikan dengan kemiringan 3,9 di Standard Error Channel, akan tetapi garis linear regresi volume bergerak turun. Di lain pihak, baik Chaikin dan Money Flow cenderung bergerak naik, masing-masing 14,5% dan 8,2% ke 0,63 dan 85,1. MACD bearish sehingga dikhwatirkan posisi CTRA semakin tampak kritikal jika hari ini terpuruk di bawah IDR 800 dengan volume significant Konsolidasi bawah: minor IDR 820, major IDR 800 Konsolidasi atas: minor IDR 860, major IDR 880
Chaikin Money Flow (0.54730) 0.5
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MACD (38.5285)
Ciputra Development Tbk (870.000, 870.000, 840.000, 850.000, -20.0000)
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Summarecon Agung (SMRA IJ; IDR 880) – Trading Sell/Buy FY10 P/E: x, P/BV: x
Meskipun Standard Error Channel periode 270 masih menunjukkan adanya trend kenaikan dengan kemiringan 2,4 akan tetapi garis linear regresi volume justru bergerak turun. Demikian pula dengan Chaikin dan Money Flow yang cenderung melemah, masing-masing 37,5% dan 9,1% ke 0,2 dan 61,7. MACD yang bearish, mengindikasikan adanya pertahanan awal untuk hari ini bagi SMRA di IDR 860
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MACD (29.5745)
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Konsolidasi bawah: minor IDR 860, major IDR 840 Konsolidasi atas: minor IDR 910, major IDR 1040
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Money Flow Index (67.9291)
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Summarecon Agung Tbk (860.000, 890.000, 860.000, 880.000, +20.0000)
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Holcim Indonesia (SMCB IJ; IDR 2325) – Hold FY10 P/E: x, P/BV: x
Kalau Money Flow cenderung melemah ke 60 maka Chaikin cenderung menguat dari 0,13 ke 0,16. Menariknya pula, dalam rentang periode 353 masih terlihat adanya trend kenaikan dengan kemiringan 4,9 di Standard Error Channel, yang didukung trend serupa di garis linear regresi volume. Kombinasi dari data-data di atas dan MACD yang bullish, mengindikasikan IDR 2625 sebagai target perlawanan ketat bagi SMCB
Chaikin Money Flow (0.13181)
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MACD (88.9607)
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Konsolidasi bawah: minor IDR 2250, major IDR 2200 Konsolidasi atas: minor IDR 2350, major IDR 2625
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-100 Holcim Indonesia Tbk (2,200.00, 2,325.00, 2,200.00, 2,325.00, +125.000)
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PLEASE READ THE IMPORTANT DISCLOSURES CAREFULLY AT THE END OF THIS PUBLICATION.
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INDONESIA
Trend Spotter Technical Call Bakrieland Development (ELTY IJ; IDR 250) – Hold FY10 P/E: x, P/BV: x
ELTY menganggarkan dana berkisar Rp2-3 T untuk pengembangan tujuh proyek properti serta pusat hiburan tahun ini. Pengembangan ketujuh proyek ini dimulai kuartal III-2010. Dana pengembangan ini akan berasal dari kas internal karena perseroan masih memiliki kas sebesar Rp1 T dan fasilitas pinjaman yang belum dimanfaatkan sebesar Rp1 T (Sumber: Investor Daily) Dalam rentang periode 74 Standard Deviation Channel menunjukkan adanya trend kenaikan marginal dengan kemiringan 0,38, yang tak didukung trend serupa di garis linear regresi volume. Akan tetapi di lain pihak, Chaikin dan Money Flow cenderung bergerak naik, masing-masing dari 0,24 dan 61,9 ke 0,27 dan 64. Berdasarkan data-data yang sedemikian rupa, diindikasikan IDR 240 akan menjadi angka pertahanan awal bagi ELTY untuk hari ini Konsolidasi bawah: minor IDR 240 , major IDR 225
Chaikin Money Flow (0.23798) 0.4 0.3 0.2 0.1 0.0 -0.1 -0.2
0.5 0.0 -0.5 Money Flow Index (61.9431)
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MACD (2.68229) 30
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Bakrieland Development Tbk (245.000, 250.000, 240.000, 250.000, +0.00)
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Konsolidasi atas: minor IDR 255, major IDR 270
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Sumber: Metastocks, CIMB Securities
Kode Saham TLKM ELTY MEDC PGAS AKRA ADHI WIKA BUMI SMRA ELSA MEDC JSMR BNBR ENRG SMGR ASII BSDE CTRS TOTL INDY
Definition Trading Sell/Buy Trading Buy/Sell Trading Buy Buy on Weakness Sell on Strength Trading Sell Hold
Konsolidasi harian bawah (IDR) minor major 8050 7850 250 240 2475 2400 4200 4100 950 930 465 455 340 330 2225 2175 850 830 530 570 2525 2450 1770 1750 73 68 136 149 8100 7650 434950 43450 630 610 670 650 193 185 2800 2750
Konsolidasi harian atas (IDR) minor major 8350 8450 265 285 2575 2675 4300 4700 1000 1050 490 500 355 370 2375 2475 890 1020 680 770 2650 2750 1810 1840 77 84 159 177 8450 8650 46800 49850 690 710 710 740 205 215 2950 3150
Tanggal 5 /4 5/4 5/4 5/4 6/4 6/4 6/4 6/4 7/4 7/4 7/4 7/4 8/4 8/4 8/4 8/4 9/4 9/4 9/4 9/4
Rekomendasi Trading Buy/Sell Hold Buy on Weakness Trading Buy/Sell Hold Trading Sell/Buy Tradign Sell/Buy Hold Buy on Weakness Trading Sell/Buy Hold Buy on Weakness Trading Sell/Buy Trading Buy/Sell Hold Trading Sell/Buy Trading Sell/Buy Sell on Strength Sell on Strength Trading Sell/Buy
pertimbangan jual untuk kemudian membeli kembali pertimbangan membeli untuk kemudian menjualnya pertimbangan untuk membeli pada harga penutupan pertimbangan untuk membeli di harga koreksi pertimbangan untuk menjual jika terjadi penguatan harga pertimbangan untuk menjual menahan posisi dahulu
PLEASE READ THE IMPORTANT DISCLOSURES CAREFULLY AT THE END OF THIS PUBLICATION.
February
March
April
INDONESIA
Important Dates Apr 2010 SUN
MON
TUE
WED
THU
FRI
SAT
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2
3
CPI (Inflasi) Ekspor, impor, trade balance US ISM manufacturing index
4 Eas ter
11
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Danareksa Consumer confidence US unemployment rate
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8
RDG menentukan BI rate US jobless claims
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15 US retail sales, jobless claims
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US housing starts, industrial production
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US Consumer confidence
28
US new home sales
9
10
Cadangan devisa US wholesales inventory
Consumer confidence index US business inventory, U-Mich confidence
18
Good Friday US unemployment
US PPI, jobless claims, leading indicators
29
US initial jobless claims
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Peredaran uang (M1 & M2)
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Wholesale price index Konsumsi semen nasional Data penjualan motor & mobil nasional US CPI
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US existing home sales
May 2010 SUN
MON
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1/8
CPI (Inflasi) Ekspor, impor, trade balance US ISM manufacturing
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RDG menentukan BI rate US initial jobless claims & pending home sales
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12
Cadangan devisa
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US wholesale inventory
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US housing
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30
24
US FOMC
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US existing home sales
US durable goods order
US consumer confidence
US purchasing manager
Consumer confidence index US NFP, unemployment
13 Hari kebangkitan US initial jobless claims
20 US initial jobless claims, leading indicators
27 US initial jobless claims
14
21
Source: Bloomberg
22
Wholesale price index Konsumsi semen nasional Data penjualan motor & mobil nasional
28 Hari Waisak US GDP, confidence
31 US personal spending
15
Peredaran uang (M1 & M2) US retail sales
* Not later than
PLEASE READ THE IMPORTANT DISCLOSURES CAREFULLY AT THE END OF THIS PUBLICATION.
29
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RETAIL RESEARCH RECOMMENDATION FRAMEWORK STOCK RECOMMENDATIONS
SECTOR RECOMMENDATIONS
BUY: The stock's total return is expected to be +15% or better over the next three months.
OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of +15% or better over the next three months.
HOLD: The stock's total return is expected to range between +15% and -15% over the next three months.
NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) an equal number of stocks that are expected to have total returns of +15% (or better) or 15% (or worse), or (ii) stocks that are predominantly expected to have total returns that will range from +15% to -15%; both over the next three months.
SELL: The stock's total return is expected to be -15% or worse over the next three months.
UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of -15% or worse over the next three months.
CIMB-GK Research Pte Ltd (Co. Reg. No. 198701620M)
