Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Jumat, 15 April 2011

Asia Equity Strategy - Overvalued cyclicals: Take profit - Credit Suisse

● While we continue to Overweight undervalued cyclicals (namely Korean tech, autos, industrials, Chinese oils and Australian resources), in this note we highlight some overvalued cyclicals where we believe investors should take profits.
● In our 12 April report, Cyclicals have outperformed defensives by 82%, we highlighted Indonesian coal as trading on a 50% premium to the region. Figures 1, 2 and 3 highlight premiums of 106% for ITMG, 102% for PTBA and 69% for Adaro Energy. We highlight that CS analyst Fonny Surya in her 13 April note downgraded Adaro Energy to UNDERPERFORM as rising costs pose downside risks.
● In the 12 April report, we also highlighted the 23% premium for Singapore/Malaysia palm oil stocks. While IOI’s premium is 24%, Figure 4 highlights the 78% premium for Sime Darby. CS analyst Tan Tingmin has UNDERPERFORM ratings on both stocks.
● Within Chinese cement, Anhui Conch’s premium is 62% versus 8% for CNBM (China National Building Materials).
Posted by Saham Pilihan at 08.39

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