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In the next two weeks trading, Indonesia primary activity will be supported by some multifinance new bonds issuance. There are three companies preparing to release bond in the next two weeks; Toyota Astra Finance (TAFS), Indomobil Finance (IMFI) and BII finance. TAFS has closed its book building period on Friday last week while the book.

Indonesia recent market volatility has caused some issuers to cancel the bond issuance this year. Las week, Tower Bersama Infrastructure Tbk (TBIG:IJ) has decided to cancel the sale of IDR 3.2 trillion bond from its remaining continuous bond I program due to unfavorable market condition. The company actually has completed the book building period for IDR.

We see Indonesia bond market prices have recovered in last week trading with  the yield on medium term bonds (5-7y) and long tenured bond (10y) tighten 7-11bps while short term bond only widen 3 bps. Recovery in corp bonds market was also seen in government bonds given foreign net sell minimized to Rp 1.2 trillion.

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.

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.

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.

No surprises from 6M15’s performance, as sales and net income were in line with our/consensus FY15 estimates. Maintain NEUTRAL and IDR640 TP (0% upside) for now as we remained concerned with negative SSSG and persistently increasing inventory days. Furthermore, as Ace imports 40% of its goods from outside China, the recent import tariff hike would.

We reinitiate coverage of PT Ramayana Lestari Tbk (RALS) with a NEUTRAL rating and DCF-derived TP of IDR780 (implying a 15.8x FY15F P/E). RALS is the largest department store chain targeting the low- to mid-low income earners in Indonesia. Some of the key issues are: i) ubiquitous competition, ii) expansion outside Java is on hold,.

We reinitiate coverage of PT Mitra Adiperkasa Tbk (MAPI) with a NEUTRAL rating and DCF-derived TP of IDR5,750 (implying a 33.8x FY15F P/E). Despite the recent very welcomed spin-off of its sports division, we believe it is not easy for MAPI to return to the good old days as specialty stores are the last fortress.

3Q14 net profit reached USD222m (+14.7% q-o-q), bringing 9M14 figure to USD592m (-7.8% y-o-y), in line, comprising 70%/75% of ours/consensus FY14 target. The q-o-q net profit increase is mainly due to forex gain of USD34m in 3Q14 (vs forex loss of USD11m in 2Q14). We see that gross margin squeeze on higher gas cost to.