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

Rabu, 06 April 2011

Indonesia Equity Daily, 6 Apr 2011 - Kim Eng

§ Top Idea

Banking
Banking – Positive Outlook for 2011
- With an estimated average earnings growth rate of 23% for 2011F, we are still bullish on the banking sector. Our top picks are Bank Mandiri (BMRI IJ) and Bank Rakyat Indonesia (BBRI IJ).
- We expect strong loan growth and cost control to enable the banks in maintaining attractive NIM. There is also a possibility of a positive earnings surprise should the government pass the bill on a loan haircut for state-owned banks.

§ Market Talk

Banking: Bank Mandiri (BMRI IJ) and AXA SA will jointly take over Asuransi Dharma Bangsa (ADB), a local general insurance company. After the acquisition, Mandiri will control 60% stakes in ADB, while AXA will hold the remaining 40%. This joint venture will build on the existing life insurance joint venture AXA Mandiri Financial Services, which was formed in 2003. The transaction is expected to be completed by 3Q11, pending the finalization of agreements, shareholder approvals, and regulatory approvals. Pg. 3

Investment: Global Mediacom (BMTR IJ) and Media Nusantara Citra (MNCN IJ) are reported to sell 395.76 million treasury stocks each in the period of 18 months starting 7 March 2011. Pg. 3

Mining: President Director of Berau Coal (BREAU IJ) stated that shareholders have given consent on the company’s US$450m bond buyback. Pg. 3

Automotive: Investor Daily quoted Chairman of the association of car producers (Gaikindo), Jhonny Darmawan, indicating domestic car sales for March 2011 at 81,706 units (up 16.5% m/m and 23.5% y/y).

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