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, 08 Juni 2011

Indonesia Equity Sales (update 1) - Credit Suisse

Highlights of the Day

· Markets: Review and Outlook
· Indonesia Bank Sector: Lower Rates of Merely Normalizing?
· Local News: Cement Sector / ASII / BTEL
· Upcoming Event: Move Over BRIC…PASEAN is Coming to London !
· Picture of the Day: Jakarta Enforces Zoning Laws

Markets: Review and Outlook

Equities: The JCI again traded in narrow range and ticked marginally higher – closing at 3842. Turnover slightly improved to US$450 mn, though still 30-40% lower than the YTD average. Local investors were more active in the market, trading second liner and Bakrie Group names. The JCI is projected to open lower on weak regional markets open, with calm market sentiment ahead of the central bank meeting on June 9.

Fixed Income: The government raised Rp7.0 tn, vs Rp5.0 tn targeted, in yesterday’s bond auction, suggesting strong market appetite for Indonesia sovereign. 10-year government bond yield was flat at 7.35% yesterday.

Currency: The rupiah closed firm at its 7-year high at 8513/US$, supported by the strong appetite for the government bond and expectation of stable interest rate in Bank Indonesia ’s policy meeting on June 9. The rupiah opens at 8513/US$ this morning.

Indonesia Bank Sector: Lower Rates of Merely Normalizing?
Sales commentary: Good analysis from Teddy, showing how sticky lending rates are, and even stickier funding rates, in Indonesia . With robust loan demand in Indonesia , the real competition is actually happening on the funding side. BMRI, BBNI and BBRI are state banks with strong deposit franchise in Indonesia .

· Analyst Teddy Oetomo views Indonesia banking sector’s lending and deposit rates to merely normalizing, as opposed to declining, which implies: 1) low competition in the lending market; and 2) tight liquidity on the funding side.
· In such environment, banks with low LDR and high CASA would be the winners: Bank Mandiri (BMRI, O, PT Rp8,950) and Bank Negara (BBNI, O, PT Rp5,000). Teddy also likes Bank Rakyat (BBRI, O, PT Rp8,330) on undemanding valuations.

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