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The demand for stated owned bonds continue to rise amid the Otoritas Jasa Keuangan (OJK) plan to include  50% of those bonds into minimum investment of government securities for non-bank financial institution, as stated by OJK draft circulated last week. The increasing appetite for SOE bonds could be seen from the bids received for those.

Delta Dunia Makmur, Tbk (DOID IJ), a mining contractor company, had as many as nine main contract worth USD1.6bn until 2019. The ninth contracts such are: (1). Adaro (Paringin); (2). Kideco, (3). Berau Coal (Lati); (4). Berau Coal (Suaran); (5). Berau Coal (Binungan); (6). KPC Bengalon; (7). Darma Henwa; (8). Sungai Danau Jaya; and (9)..

Semen Indonesia, Tbk (SMGR IJ) plans to sell one of its subsidiary, parts of company’s working capital increase plan. Based on 1Q2016 data, Semen Indonesia had 15 subsidiaries engaged in a variety of fields, such as the cement industry and supporting of industries cement. As a cement holding state owned enterprises (SOE), Semen Indonesia has.

Indosat, Tbk (ISAT IJ) current ratio at 0.44 times, or be under level 1 time, indicated the company’s current asset isn’t quite fulfill its current liabilities. For the record, the company have bonds maturing worth IDR 554 billion by next June. These bonds are bonds series A 370-day tenors with interest of 8.55% per year, which is part of the shelf registration bond.

Maintain BUY with a higher TP of IDR2,300 (from IDR2,150, 16% upside) The stock has jumped by 62% since Feb 2016 due to a recovery in adex and its low valuation. We foresee higher ad revenue growth for Media Nusantara to 12.6%/10.8% in FY16F-17F respectively. This would be supported by its RCTI TV station, which.

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.

The newly offered bonds by Bank Rakyat Indonesia, Tbk (BBRI:IJ) are priced at 8.5% for 1y bond while the 3y and 5y bonds priced at 9.25% and 9.6% respectively. They all are higher by 5-10bps than the coupon rate given on its similar bonds last year. Note that the bank has also issued 3 bonds.

The company is having another up-to-50% sales promotion this month to reduce its excessively high 227 inventory days as of 9M15 – the highest among retailers under our retail coverage. Better Consumer Confidence Index in Dec 2015. Indonesia’s Consumer Confidence Index rose for the second time above 100 in Dec 2015 (Oct 2015: 99.3; Nov.

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.

It is a good home improvement retailer, but at the current share price, exceptionally high inventory days and weak 9M15 SSSG, we believe it is overvalued. Weak 9M15 results. ACE Hardware, Tbk (ACES IJ) 9M15 sales were at 71% and 69% of our and consensus sales forecasts respectively. Likewise, net income accounted 72% and 69%.