DAILY UPDATE May 16, 2019

MACROECONOMIC NEWS Equity Markets

Global Trade – Citing the U.S. imposition of 25% tariffs on USD Closing % Change
200 billion worth of Chinese goods, China announced it will Dow Jones 25648 0.45
impose tariffs as high as 25% on USD 60 billion of U.S. goods. That NASDAQ 7822 1.13
new tariff rate will be effective on June 1, the Chinese S&P 500 2851 0.58
government said in a statement. Trump tweeted that China will MSCI excl. Jap 636 0.35
be “hurt very badly if you don’t make a trade deal” noting that Nikkei 20990 -0.94
companies would be forced to leave the country without an Shanghai Comp 2939 1.91
agreement. Hang Seng 28269 0.52
STI 3208 -0.34
The Fed – Fed Vice Chairman Richard Clarida gave a speech JCI 5981 -1.49
Monday morning on the central bank’s ongoing review of its Indo ETF (IDX) 20 -2.16
overall monetary policy strategy, saying “we expect to make our Indo ETF (EIDO) 23 -2.06
conclusions public in the first half of 2020.” Minneapolis Fed
President Neel Kashkari told CNBC that he is not calling for an Currency
interest-rate cut, but that he might change his mind if he saw jobs Closing Last Trade
growth “really slowing down.” Kashkari is not a voting member US$ - IDR 14463 14458
of the rate-setting Federal Open Market Committee this year. US$ - Yen 109.6 109.42
Euro - US$ 1.1201 1.12
Indonesia Economy – Indonesia’s April trade balance plunged to
US$ - SG$ 1.3683 1.37
a deficit of USD 2.5 billion after recording trade surpluses in the
previous two months, Statistics Indonesia (BPS) has reported. Commodities
The figure is the largest monthly deficit recorded since 2013 and Last Price Chg %Chg
during the administration of President Joko ‘Jokowi’ Widodo, Oil NYMEX 62.29 1.0 1.6
surpassing the USD 2.05 billion trade deficit in December 2018. It Oil Brent 72.03 1.13 1.6
is a contrast to March and February when Indonesia recorded Coal Newcastle 84.45 -0.35 -0.4
surpluses of USD 670 million and USD 330 million respectively. Nickel 12149 229 1.9
Exports dropped 10.8% MoM to USD 12.6 billion, mainly due to Tin 19845 50 0.3
a 35% MoM decline in oil and gas exports to USD 740 million. Gold 1296.4 -1.2 -0.1
Imports in April increased 12.25% MoM to USD 15.1 billion, CPO Rott 542.5 17.5 3.3
caused by a 47% MoM increase in oil and gas imports to USD 2.24 CPO Malay 1953.5 37 1.9
billion.
Indo Gov. Bond Yields
CORPORATE NEWS Last Yield Chg %Chg
1 year 6.798 0.00 -0.03
MEDC – PT Medco Energi Internasional issued USD 650 million 3 year 7.308 0.00 0.06
bond listed in Singapore Exchange Securities Trading Limited 5 year 7.545 0.01 0.19

(SGX-ST). The bond have 7 year tenure with the first four years 10 year 8.031 0.00 0.00

non-callable (7NC4) and the proceed will primarily be used to 15 year 8.525 0.00 -0.02

fund acquisition of Ophir Energy. 30 year 8.683 0.00 0.01

TOBA – PT Toba Bara Sejahtra have obtained shareholder’s
approval to conduct preemptive rights issuance of 470 million
shares and stock split with ratio of 1:4.
PT. Panin Asset Management
JSX Building Tower II, 11th Floor
Jl. Jend. Sudirman Kav. 52-53 , Jakarta 12190
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CORPORATE NEWS – cont’d
ANTM – PT Aneka Tambang may potentially acquire PT Nusa Halmahera Minerals (NHM) divested share. NHM is
expected to divest 26% of its share by July 2020. NHM targets gold production of 200,000 – 240,000 ounce in 2019.

MARK – PT Mark Dynamics Indonesia will distribute IDR 26.6 billion cash dividend or at IDR 7.- per share. The
dividend payout ratio is 32% of FY18’s net income and the cum dividend date is on 22 May 2019.

BRPT – PT Barito Pacific allocates USD 560 million capex budget in 2019, where USD 460 million will be used for
expansion in petrochemical business, USD 80 million – 100 million will be used for energy business.

SUPR –PT Solusi Tunas Pratama allocates IDR 400 billion – 500 billion capex budget in 2019. The proceed will be
used to fund addition of up to 5 thousand km fiber optic in 2019.

SOCI – PT Soechi Line reports fleet utilization of 92.7% in 1Q 2019.

MAPA – PT MAP Aktif Adiperkasa allocates IDR 300 billion capex budget in FY 2019, rose by +18.6% yoy compared
to last year’s realization. The company plans to open up to 150 – 200 new stores this year with total area up to
22,000 – 25,000 m2.

IPOL – PT Indopoly Swakarsa Industry will distribute USD 1.33 million FY 2018 cash dividend or at IDR 3/share. The
dividend payout ratio is at 27.57% of FY 2018’s net income and the cum dividend date has not been disclosed. In
addition, IPOL allocates USD 1.5 million capex budget in FY 2019, mainly for operational and maintenance needs.

ERTX – PT Eratex Djaja targets for its revenue to grow by 15% YoY in FY 2019 to around USD 87.65 million.

DILD – PT Intiland Development allocates IDR 1.5 trillion capex budget in FY 2019. The fund will primarily be used to
fund several main projects in Jakarta and Surabaya. In addition, DILD targets IDR 2.5 trillion marketing sales in FY
2019. Up to 1Q 2019, DILD reports IDR 254.2 billion marketing sales, representing 10.2% of FY 2019’s target.

BBRI – PT Bank Rakyat Indonesia has obtained approval at the AGM to distribute IDR 16.17 trillion FY 2018 cash
dividend or at IDR131/share. The dividend payout ratio is at 50% of FY 2018’s net income and the cum dividend date
has not been disclosed.
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