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Kamis, 13 Januari 2011

Deutsche Bank ade In Indonesia : No electricity rate hike for industries

Astra Int'l – Still higher four-wheeler sales in 2011
Snippets & Views
No more rate hike on electricity to industries.
 
The parliament & govt came down on PLN's plan this year to remove the 18% tariff hike cap on the tariffs. The cap removal could result in a further increase industry electricity tariffs by another 20-30% (Investor). 
DB: In any case, we have not assumed any gas price hike for PGAS in 2011, hence the delay in PLN's tariff adjustment should not impact PGAS. However, we expect PGAS' average FY11F average selling price will still be 3.5% above average FY2010 price (as PGAS had raised price in Apr-2010).

Gov't imposes antidumping duties to Chinese steel companies Antidumping duties ranging between 6.63% to 11.93% is imposed to a few Chinese steel companies which are found to have dumped their H-section and
I-section steel (long steel products) products into Indonesia (Kompas) 
DB: Long steel product represents c.25% of Krakatau's revenue, whilst more specifically to section steel; less than 5% of revenue. However, imposing duties gives us solid evidence that the gov't is proactive in maintaining domestic manufacturer's competitiveness.
 
DB Bonds’ trader comment:
A very volatile day in Indonesia bond market. Market was very flow driven and interests were mixed. Market opened softer as USD/IDR was traded at high of 9095 at open, but prices soon gapped higher (yields went as low as 9bps) as we see some buying flow. Sentiment soon reversed early afternoon when a big selling flow from offshore accounts enter the system and yields went to as high as 14bps. Late buyings soon followed and market overturned again, finally closing flatter around 3bps lower in the 10y FR53 and 3bps higher in the other parts of the curve. On the short dated (less than 1y) buyback, only a small amount of IDR 170 bn out of IDR1.021tr tendered was bought by the government. FX USD/IDR was bidded heavily, but state banks were there to support the market aggressively from 9090 to 9060 level. State banks sold a total of USD 600mn (Yield 1yr: 4.79, 5yr: 7.25, 10yr: 8.47)
Posted by Saham Pilihan at 05.34

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