Kategori: Infrastructure Transportation

PT Bank Nagari is offering 10.6% – 11.1% for 5y conventional and sukuk bond with the issue size of IDR 500 bn and IDR 100 bn respectively. Bank Nagari and its conventional and sukuk are rated at A by Pefindo. The book building will be on 8 – 17 Dec 2015 while the public offering.

Newly issued Indonesia sukuk worth IDR1.5trn by XL axiata Tbk (EXCL:IJ) brought total ytd sukuk issuance to IDR3.07trn, the highest sukuk issuance since the last 10 year. There were 5 sukuk issuers this year where the largest issues released by XL Axiata whereas the sukuk split into 4 series:1y,3y,5y, and 7y. In telecommunication industry, Indosat.

Bank Syariah Mandiri (BSM) is reviewing to issue Subordinate Sukuk worth IDR500Bn in 1H16. The proceeds will be used to refinance the maturing sukuk worth IDR 500 bn next year. Besides, PT Bank BNI Syariah Tbk (BNIS:IJ) is also planning to release another sukuk after successfully issuing sukuk mudharabah worth IDR 500 bn in April.

Pemeringkat Efek Indonesia (Pefindo) affirmed idAA for PT Mandiri Tunas Finance (TUFI) and its outstanding Shelf Registration Bond I/2013. The same rating also affirmed for the proposed Shelf Registration Bond II/2015 with a maximum amount of IDR 2 trn. The rating reflects the company’s status as core subsidiary of Bank Mandiri (BMRI:IJ idAAA/Stable), strong business.

Some Indonesia State Owned Enterprise (SOE)s who have stated to release bond next year were; Jasa Marga, Tbk (JSMR:IJ), Wijaya Karya, Tbk (WIKA:IJ), Semen Indonesia, Tbk (SMGR:IJ) and PP Properti, Tbk (PPRO:IJ). In the purposed state budged 2016, WIKA would receive IDR 3 trn from state capital to work on some infrastructure projects. The company.

We initiate coverage on Express Transindo with a NEUTRAL and a DCF-derived IDR200 TP. The Saratoga M&A cancellation on non-conducive market conditions resulted in a 74% YTD drop in share price. Its focus now is on improving the financial performance via a business reorganisation, lowering gearing levels and improving receivables collection. We opine for slower.

BII Finance Center is currently offering two new series bond under the program of Shelf Registered Bond I Tranche I. Two offering bonds are; Series A (3 years) priced at 10.35% and Series B (5 years) at 10.90% coupon rate with the face value of IDR 300 billion and IDR 200 billion respectively. The bond.

Last week’s IDR weakness that tumbles back to IDR 13,695/USD coupled with lackluster market sentiment have stirred market participant on the sideline. Trading activities on last week trading were weak with total market volume declined 27% WoW to IDR 2,246bn vs IDR 3,055 bn in the previous week. Meanwhile, trading frequency decreased slightly to 493x.

We initiate coverage on Express Transindo with a NEUTRAL call and DCF derived IDR300 TP. The recent cancellation of the M&A from Saratoga’s group due to uncondusive market condition has resulted into 74% YTD dropped in share price. The company’s now focus to improve their financial performance by reorganise their business, lowering gearing level, and.

Corporate flows were active on last week trading, led by multifinance and banks bonds. Total weekly flows were IDR 3,055 bn, rising from IDR1,778 bn last previous week. Trading frequency was also increasing, almost doubled from 283x last week to 493x. Trading activity last week was skewed to multifinance and banks bonds with a combined.