Indonesia Corporate Bonds Issuances Reached IDR10.45Trn
Indonesia primary market was seen lighter in February with a total bonds issuance reaching IDR9.69trn versus IDR760bn in January. Total year to date issuances sum up to IDR10.45trn, it was doubled than last year issuance that amounted only IDR5.07trn in the first two months of the year. Bank BRI was recorded as biggest issuer so.
Read More...Matahari Department Store, The Best Operator In Indonesia
Despite the heated competition from more foreign players in the market, we believe Matahari would remain the winner. Its strong private brands portfolio for its target market enabled the firm to achieve margins expansion in 2015 while an excellent balance sheet and strong operating cash flow facilitated the opening of 11 stores last year. Maintain.
Read More...Indonesia Media, Recovery Is Visible
We maintain OVERWEIGHT on the sector as we believe the consumption recovery is happening. Furthermore, we expect sector adex to grow 12% YoY in FY16 – supported by the FMCG sector and e-commerce companies. According to Nielsen, adex grew 7% YoY last year thanks to the recovery in the local economy in 2H15. This boosted.
Read More...Matahari Putra Prima Straight Talk With The Strongest Hypermart Operator
Revealed that despite margin pressure from 4Q15’s clearance sales, Matahari managed to improve its inventory days by end-FY15 and targets to reach 70 inventory days within the next few years. It also aims to keep its costs manageable by improving labour productivity per store and closing two unprofitable hypermart stores this year. We noticed its.
Read More...Ramayana Lestari Supermarket Still Dragging Down Ramayana
The street was over exuberant with the 5.5% SSSG in Jan 2016 due to the Chinese New Year and distribution of benefits from Kartu Jakarta Pintar (KJP) in Jan 2016. However, we observe that the supermarket division recorded a lower SSSG of -7% in Jan 2016 (vs Dec 2015: -3.8%), with early indication pointing to.
Read More...Indonesia Bank Sulselbar’s Rating Upgraded to A+
Indonesia Bank Pembangunan Daerah Sulawesi Selatan and Barat’s (Bank Sulselbar) rating and its outstanding bond I/2011 were upgraded to ‘idA+’ from ‘idA’. The rating on bank’s sukuk mudharabah I/2011 was also upgraded to ‘idA+(sy)’ from ‘idA(sy)’ with a stable outlook. The rating upgrade due to its financial indicators are continuously improved including capitalization and asset.
Read More...Three New Eximbank Bonds to Color Indonesia Secondary Trading Next Week
Eximbank (idAAA/Stable) will list three new bonds series on Monday (22/02) where likely dominate secondary market activity next week. However, the offering coupon rate for these three new bonds series seem to be fairly valued relative to other Eximbank’s bonds being traded in the secondary market. For series A (370 days), Eximbank offers 8.5% coupon.
Read More...Siloam International, Slower Capacity Ramp-Up for Hospitals Outside Java
We remain NEUTRAL on Siloam with a lower IDR9,500 TP (from IDR13,000, 8% upside), as we note that it is not easy to attract qualified, full-time specialist doctors in a densely-populated area like Medan. This resulted in a low c.30% bed occupancy rate for its Medan hospital in the first eight months of operation. Siloam.
Read More...TAXI’s Rating Cut to A-/Negative as Competition Stiffens
Fitch Rating has downgraded Express Transindo Utama Tbk’s (TAXI:IJ) national long term rating to ‘A-(idn)’ from ‘A(idn)’ and the outlook was revised to negative from stable. The downgrade was driven by stiffer competition in Indonesian taxi industry. The industry is facing fierce competition from mobile app-based transportation services which has reduced TAXI’s ability to recruit.
Read More...Sido Muncul, Tolak Linu Gaining Broader Acceptance
While its low-margin energy drink sales could still decline this year, sales volume of Sido’s high-margin flagship herbal medicine product, Tolak Angin, has rebounded strongly and its new herbal medicine product, Tolak Linu, has been gaining solid traction since its launch in Jun 2015. Sido would continue its share buyback as it had used only.
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