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

Selasa, 31 Mei 2011

Foreign investors to continue switch to JCI. China electricity price hike will benefit coal plays - UOBKH

Wake up America, holiday is over. While US were on Memorial day break marking the start of summer, it's been a wild one in Europe. It was reported that The Troika (EU, IMF, ECB) and Greece are moving closer together, as they are likely to provide 65 billion EUR in loans, BUT in exchange, they want Greece to give up some form of sovereignty, i.e. for the country's function relating to tax collection and privatizations to be handled by an outsider. Not so sure if the 'already protesting' people of Athens will react positively to this. Nevertheless, Euro surged on opening today, on confidence that AT LEAST there won't be a total restructuring in Greece.

Meanwhile in China, amid the power shortage troubles, everyone was surprised by Chinese government’s price hike for retail power price by Rmb0.02/Kwh - applies to industrial, agricultural, and commercial users effective on June1st. So much for the price cap concern. This price increase should temporarily alleviate concerns on possibility of coal price cap in the future. Our analyst Helen believes coal price will rise further and inventory to continue to decline. (Open link below for her report) I believe the Chinese government will still continue to import coal, as a cheaper alternative. Indo coal to potentially benefit. We like ITMG (N/R) and ADRO (N/R)

Moreover, we might see more foreign investors switch from Thailand market to other emerging markets like Indo, as Thailand is prepping up for the July 3rd general election. The central bank is due to increase interest rate for the 4th time this year to 3% tomorrow afternoon. Our Thai HOR, Athaporn just came back from a marketing trip and feedback shows that foreign investors are likely to stay on the sidelines on Thailand this time of year on the back of expensive valuations (SET have climbed 4.2% ytd, higher than any SouthEast Asian markets) and worries on political instability. (Report below) Foreign investors in the JCI were slightly net buy on Monday trading, coming back after a week of sell-off.

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