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, 24 Mei 2011

Indonesia Daily Focus: Still bullish on JCI amid the madness. Maintain HOLD on SMRA, trading buy on dips - UOBKH

'Twas a bloody Monday too in the US, as lack of major news and earnings report in the US brings investors to focus on Europe's turmoil and reflecting it on the market. It does seem like the debt issue is becoming deeper and extended than we initially thought it would, creating new concerns globally.

China's lower PMI data also did not fail to contribute to all the negativity in the market. Should we be on the lookout for China's slowdown too? Nouriel Roubini, “Dr. Doom”, noted for his 2008 crash forecast, is on the lookout for China's hard landing, most likely after 2013. He notes that China is now awash with excessive supply of money, infrastructure and property – a lot of ghost town of residential development and smelters closed to prevent global prices from plunging.

Our analyst, Mark Po, thinks its time for us to take a look back and review on the China cement sector, as it was one of the best performers YTD, outpacing the HSIndex (CNBM by 58.6% and Anhui by 27.2%). Hence might be a target of profit taking in the near term considering there is a slow down in number of new projects in 1Q11, down -9.4% YoY, and weaker sentiments from the likely continued China's tightening measures.

On a lighter note, we are still bullish on HK retail sector, as more retailers are planning to do IPO within 2011-2012, with the newest addition Chow Tai Fook on its plan to raise US$3-4bn by 1Q12. Which will increase attractiveness to this jewelry sector.

Meanwhile, I expect the JCI to be trading sideways for this week. Though foreign investors were net sell on Monday trading, I believe domestic players will bottom fish today, on the lookout to buy big cap names on dips, as yesterday's drop provides a good opportunity to accumulate on selective names. Mid to long term view on Indonesia is still bullish.

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