Bank BCA Outperformed Bank Mandiri and Bank BRI in Profit Growth
Bank Central Asia, Tbk (BBCA IJ), the largest private bank, saw its loan growing by 5.8% yoy to IDR386.1trn in 9M16). Its bad loan as reflected by its non-performing loan (NPL) ratio which doubled to 1.5% from 0.7% a year earlier, therefore its loan-loss provision rose was up 47.8% yoy to IDR11.3trn. The management saw.
Read More...Two New SOEs to Enliven Next Week Primary Market
Eximbank and Sarana Multi Infrastruktur (SMI) have started the book building for the new bonds this week. SMI is offering Shelf Registration Bond I tranche of IDR5trn which split into 5 series of several tenors, they are; Series A (3 yr) guided at 7.25%-8.00%, Series B (5yr) at 7.50%-8.25%, Series C (10yr) at 8.15%-8.90% and.
Read More...Weekly Rating Action on Positive Note
Pemeringkat Efek Indonesia (Pefindo) has upgrade the outlook on Wika Realty Tbk (WKTY) to positive from stable whilst its rating remains at idBBB+. The outlook upgrade was driven by improved capital structure and better cash flow following capital injection of IDR1.7trn from its parent Wijaya Karya Tbk (WIKA:IJ, idA+/Sta) and potential land sales. The bulk.
Read More...Banks And Multifinance Dominated Indonesia Primary Issuances in 9M16
Total corporate bonds issuance in the first nine month of this year has reached a staggering IDR79trn, up by 26% than full year issuances in 2015. This year issuances were still dominated by banks and multifinance firms with their combined issuances accounted for 80% of total year to date issuances. The biggest issuer was Eximbank,.
Read More...Indonesia Media, A Magic Year To Continue
In our view, 3Q16 adex will be soft after the Ramadan season. However, we think 4Q16 adex will accelerate on the back of the Christmas season in December. We maintain OVERWEIGHT on the media sector as: 1. We expect a recovery in Indonesia’s economy; 2. We have seen an improvement in the sales growth of.
Read More...Aneka Tambang Rating Downgraded to idBBB+ from idA-
Pemeringkat Efek Indonesia (Pefindo) has downgraded the rating for Aneka Tambang, Tbk (ANTM IJ) to idBBB+/Stable from idA-/Negative, underpinned by the weaker nickel prices which then pressures its already weak profitability following the ban on exports of unprocessed mineral ores. The company has high debt level used to finance the construction of its downstream processing.
Read More...Two New Issuers From Multifnances Names
Indonesia primary market remains light at this week trading with two new issuers from multifinance eyeing to release bond, they are; BFI Finance Indonesia (BFIN IJ, idA+/Pos) and Maybank Indonesia Finance (MIF, idAA+/Sta). BFIN is offering IDR1trn bonds which split into 3 series with tenures of; 370 days priced at 8.00% – 8.75% 3 years.
Read More...Indonesia Primary Remains Light Amid US Rate Hike Speculation
We saw issuers continued to rush into primary market with two new names offering the bonds this week namely: Waskita Karya Tbk (WSKT IJ,idA-/Sta) and Medco Energi Internasional Tbk (MEDC IJ, idA+/Neg). Waskita Karya offering 5y bond of IDR900bn at 8.5% to finance its construction business and and projects in its subsidiaries. Meanwhile, Medco Energi.
Read More...SMAR Dowgraded to idA+/Sta; MAYA Outlook Revised Back to Stable
Pemeringkat Efek Indonesia (Pefindo) has downgraded rating on rating Sinar Mas Agro Resources and Technology Tbk (SMAR IJ) to idA+/Sta from idAA-/Neg, driven by its high leverage which likely to sustain on short to medium term, weak cash flow, and lower production volume which will translate into higher debt to finance its working capital. The.
Read More...Indonesia Media, Media Nusantara Retains Its Top Spot
We maintain our OVERWEIGHT call on the sector with Media Nusantara as our Top Pick. We continue to like the company as an attractive stock in the sector. We view that it could book better advertising (ad) revenue growth in FY16F-17F from its audience shares domination. This ought to translate into a higher rate card,.
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