Pressure Eases as the Fed Delayed Rate Hike
The bond market experienced a sharp volatility in the first four days of last week trading with the credit and govvies yield rallied significantly. Credit yield in AAA space jumped by an average of 30 bps in all tenors in four days trading as investors acted cautiously prior to FOMC meeting. However, investors bought back.
Read More...Aneka Tambang and Wika Realty Rating Got Slashed
On rating front, Pemeringkat Efek Indonesia (Pefindo), local rating agency, downgraded two companies last week; Aneka Tambang, Tbk (ANTM:IJ) and Wika Realty. Aneka Tambang was lowered to A-/negative (from A/negative) on the back of weakening business margin due to the decline ferronickel prices amid increasing funding needs for the expansion of capacity of ferronickel plant.
Read More...Indonesia Primary Activities are Picking Up
Eximbank released 3 new bonds series last week with a total of IDR1,979 billion issuance size. The three series bonds are; Series A (370 days) has IDR757 billion in principal value while Series B (3 year) and Series C (5 year) carried IDR 309 billion and IDR 913 billion of principal value respectively. This new.
Read More...Heavy Buying on Higher Grade Multifinance Names
Investors become more defensive to respond recent market uncertainty amidst ongoing IDR sharp depreciation. Transaction volume in Indonesia secondary market dropped to IDR 3691 trillion last week, down by 13% WoW. Transaction frequency was also down to 394 times from 424 times in earlier week. Secondary flow skewed to AAA names dominating 70% of the.
Read More...Federal Finance Hit Primary Market with 2 New Bond Series
The new bonds release has been falling since the last two months as issuers turned cautious on higher premium expected by investors. However, there were two new bonds series released by Federal International Finance (idAAA) totaled IDR 1.5 trillion. Company issued short term bonds i.e. Series A (1 year) offered 8.5% coupon rate on IDR.
Read More...Express Transindo More Cars Hit The Road
Express Transindo (TAXI IJ) is Indonesia’s second largest taxi operator that offers: i) a high predictability of future cash flow due to daily fixed payments, ii) robust volume-driven growth, and iii) minimum exposure to operating expenses such as fuel and maintenance. We initiate coverage with a BUY and DCF-based TP of IDR2,100, providing a potential.
Read More...Matahari Putra Prima Healthy Operations Despite a Weak Economy
Due to the weak economy and seasonal factors, Matahari Putra’s 6M15 sales fell below our/consensus forecasts. Thus, we cut our DCF-based TP to IDR4,100 (from IDR4,650, 41% upside) on lower SSSG and its store expansion plan. However, we maintain BUY, as it remains the healthiest, largest hypermarket chain operator in Indonesia. Its robust operations lifted.
Read More...Quiet Primary Activities
Activity in Indonesia primary market was quite during this month. There was no new bond released in the last 5 weeks. The last issuance was on 10 July. Last month, we saw 5 issuers with 14 bonds issued worth IDR 9.3 trillion in total. Meanwhile, this month’s primary market activities were filled up only by.
Read More...Yields Widened the Most in AAA Space
We saw yields continued moving upward in last week trading with the yields in AAA space widened the most as compared to other lower rated bonds. Yields in AAA space widened by an average of 14 bps WoW whilst AA and A rated bonds only rose by an average of 7bps WoW. However, yields in.
Read More...Adira Finance to Issue Another IDR 1.44 Trillion Bond
Adira Dinamika Multifinance, TBk (ADMF:IJ) will offer 2nd tranche of its for Shelf Registered Bond III 2015 worth IDR 1.44 trillion. The bond is part of Shelf Registered Bond III program worth IDR 8 trillion, whereas first tranche of the bond worth IDR 979 billion has been issued at end of June. In the second.
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