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Dear Our Clients,
Please find attached our BNIS Short Notes of Strategy: Grinding Higher on February 17, 2021 as in the attachment, prepared by our analyst Kim Kwie Sjamsudin, CFA.
2nd Session on JCI 02.16.21
JCI 6,292.396 (+22.072 pts) (+0.352%)
(H 6,308.811) (L 6,274.353)
Value 13.33 T (RG 12.54 T) (NG 786 B)
Volume 15.95 B (RG 14.42 B) (NG 1.54 B)
Foreign Net Sell: 378.971 B
LQ45 959.89 (+0.57) (+0.06%)
USD-IDR: 13,852
WTI Oil ($/bbl): 59.92
Top Value on Stocks:
TINS @ 2,330 (10.95%)
ANTM @ 2,870 (-1.03%)
AGRO @ 1,140 (9.09%)
BBTN @ 1,930 (4.04%)
WSKT @ 1,605 (-0.31%)
Top Volume on Stocks:
FREN @ 66 (13.79%)
PURA @ 111 (-6.72%)
TINS @ 2,330 (10.95%)
KPIG @ 184 (34.31%)
AGRO @ 1,140 (9.09%)
Top Most Up:
KPIG @ 184 (+34.31%)
BNBA @ 935 (+24.67%)
BANK @ 1,120 (+23.76%)
EDGE @ 21,900 (+20.00%)
ITIC @ 725 (+18.85%)
Top Most Down:
PLAN @ 164 (-9.89%)
BLTZ @ 2,790 (-7.00%)
IMJS @ 350 (-6.91%)
LPGI @ 3,240 (-6.90%)
MPRO @ 1,215 (-6.90%)
Net Buy Stocks by Foreign:
BBCA @ 34,496 (82.05 B)
BBNI @ 6,288 (62.18 B)
ANTM @ 2,894 (55.19 B)
BBTN @ 1,901 (34.79 B)
TINS @ 2,262 (20.79 B)
Net Sell Stocks by Foreign:
ICBP @ 8,848 (89.68 B)
BMRI @ 6,483 (88.85 B)
ASII @ 5,938 (62.19 B)
BBRI @ 4,684 (56.19 B)
KPIG @ 182 (33.91 B)
Net Foreign Buy (Weekly):
BBRI @ 4,670 (1.3 T)
BBNI @ 6,350 (71.4 B)
INKP @ 14,725 (40.7 B)
UNVR @ 7,025 (16.5 B)
RALS @ 740 (15.4 B)
Net Foreign Sell (Weekly):
ASII @ 5,925 (933.9 B)
ICBP @ 8,825 (312.2 B)
BMRI @ 6,475 (198.6 B)
TBIG @ 2,180 (154.0 B)
BBCA @ 34,700 (127.9 B)
-BNIS-
PT Indah Kiat Pulp and Paper Tbk plans to issue Shelf Registration Bond I Indah Kiat Phase IV 2021 with the maximum size of IDR3.25 trillion. The bonds will be issued in three series, i.e., the 1-year series A with an indicative coupon of 7.25% - 7.50%, the 3-year series B with an indicative coupon of 9.25% - 9.50%, and the 5-year series C with an indicative coupon of 10.00% - 10.50%. This issuance is a part of Shelf Registration Bond I with a total issuance target of IDR10.0 trillion. PEFINDO rating agency has assigned the rating of idA+ for the company’s bonds. The book building period will be held until February 26, 2021, while the electronic distribution will be conducted on March 23, 2021.
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Dear Our Clients,
Please find attached our BNIS’ January Update: Ninth Straight Month of Surplus, dated February 16, 2021, as prepared by our Chief Economist Damhuri Nasution and our analyst Handri Thiono.
BNIS Daily Report of February 16, 2021
RESEARCH REPORT
MPPA: A Relook into MPPA
What’s New?
Recent news of the exercise of Exchangeable Rights by Temasek’s subsidiary has attracted investors’ attention.
Key Highlights:
• The exercise of Exchangeable Rights
• Improvements and Challenges
• Long cycle for recovery
Analyst: William Siregar
1st Session on JCI 02.15.21
JCI 6,273.832 (+51.311 pts) (+0.825%)
(H 6,283.415) (L 6,244.385)
Value 7.24 T (RG 6.97 T) (NG 266.83 B)
Volume 8.09 B (RG 7.93 B) (NG 159 M)
Foreign Net Sell: 365.76 B
LQ45 962.73 (+9.17 pts) (+0.96%)
USD-IDR: 13,903
WTI Oil ($/bbl): 60.81
Top Value on Stocks:
ANTM @ 2,920 (1.74%)
ASII @ 6,025 (2.99%)
BBCA @ 34,375 (-0.07%)
WSKT @ 1,615 (3.86%)
BBRI @ 4,710 (0.64%)
Top Volume on Stocks:
PURA @ 115 (1.77%)
BBKP @ 565 (7.62%)
BULL @ 316 (0.00%)
MCOR @ 151 (6.34%)
ANTM @ 2,920 (1.74%)
Top Most Up:
KPIG @ 136 (33.33%)
KICI @ 244 (25.13%)
BANK @ 905 (24.83%)
IMAS @ 1,345 (20.63%)
EDGE @ 18,250 (19.87%)
Top Most Down:
POLA @ 175 (-6.91%)
MRAT @ 216 (-6.90%)
SKRN @ 750 (-6.83%)
KOIN @ 178 (-6.81%)
UFOE @ 480 (-6.80%)
Net Buy Stocks by Foreign:
BBRI @ 4,710 (70.0 B)
INKP @ 14,825 (26.3 B)
BTPS @ 3,730 (23.4 B)
BBNI @ 6,225 (11.1 B)
TLKM @ 3,240 (6.2 B)
Net Sell Stocks by Foreign:
ASII @ 6,025 (326.8 B)
BBCA @ 34,375 (75.6 B)
BMRI @ 6,525 (22.7 B)
INCO @ 6,325 (11.5 B)
GGRM @ 38,775 (6.7 B)
Net Foreign Buy (Weekly):
BBRI @ 4,710 (1.2 T)
BBCA @ 34,375 (100.6 B)
UNTR @ 23,425 (62.7 B)
UNVR @ 7,125 (37.5 B)
BBNI @ 6,225 (37.1 B)
Net Foreign Sell (Weekly):
ASII @ 6,025 (391.6 B)
ICBP @ 9,000 (334.0 B)
BMRI @ 6,525 (158.3 B)
TBIG @ 2,130 (138.5 B)
TLKM @ 3,240 (43.7 B)
-BNIS-
BNIS Daily Technical Analysis of February 15, 2021
Peluang Kenaikan Masih Terbuka Dari Candle Bearish Three Inside Out & Selama Di Atas 6.193.
IHSG menunjukkan momentum bullish, didukung Stochastic bullish, candle bearish 3 inside out, MACD netral. Fase Akumulasi & trend bullish, selama di atas 6.151 gap, trend Volume menurun, penutupan di atas 6.193 (5 Day MA). Jika closed di bawah 6.151, IHSG berpeluang menuju target 6.090/6.018/5 954. Jika di tutup di atas 6.151 gap berpeluang menuju 6.228/6.282/6.324/6.410.
Trend Jangka Pendek: BULLISH (selama di atas 6.154).
Trend Jangka Menengah: BULLISH (Selama di atas 5.853).
Resist: 6.232/6.254/6.282/6.322. Support: 6.194/6.151/6.126/6.090. Perkiraan: 6.170-6.260.
ASII,INTP,ELSA,WSBP,ADRO,BRPT
Analyst : Andri Zakarias Siregar
Indonesia Bond Market News
PEFINDO rating agency has affirmed the rating of idAAA for Shelf Registration Bond IV Astra Sedaya Finance Phase IV 2020 Series A and Shelf Registration Bond Astra Sedaya Finance Phase I 2018 Series B. These IDR882.0 billion and IDR550.0 billion bonds will mature on April 7, 2021 and May 25, 2021, respectively. PEFINDO has also affirmed the rating of idAAA(sy) for Shelf Registration Sukuk Mudharabah I Astra Sedaya Finance Phase I 2018 Series B amounting to IDR175.0 billion which will mature on May 25, 2021. The company’s readiness to repay its maturing bond and sukuk will be supported by its cash and cash equivalent of IDR736.0 billion at the end of December 2020 and financing receivable collections of IDR2.6 trillion per month. PT Astra Sedaya Finance provides financing for car sales and heavy equipment leasing distributed by Astra Group and other third parties. As of September 30, 2020, the company’s ownership structure consisted of PT Astra International Tbk (ASII) (46.875%), PT Garda Era Sedaya (28.125%), and PT Sedaya Multi Investama (25,00%), both are also ASII’s subsidiaries.
PT Bank Mandiri Taspen plans to issue Shelf Registration Bond I Bank Mandiri Taspen Phase II 2021 with the maximum size of IDR2.0 trillion. The bonds will be issued in two series, i.e., the 3-year series A with an indicative coupon of 6.50% - 7.25%, and the 5-year series B with an indicative coupon of 7.00% - 7.75%. This issuance is a part of Shelf Registration Bond I with a total issuance target of IDR4.0 trillion. Fitch Rating Indonesia rating agency has assigned the rating of AA(idn) for the company’s bonds. The book building period will be held until February 24, 2021, while the electronic distribution will be conducted on March 19, 2021.
Dear Our Clients,
Please find attached our BNIS’ Update Makro Ekonomi Mingguan (Edisi 15 Februari 2021), dated February 15, 2021, as prepared by our Chief Economist Damhuri Nasution and our analyst Handri Thiono.
BNIS Daily Report of February 17, 2021
RESEARCH REPORT
Strategy: Grinding Higher
Key Highlights:
• Strong gain MTD but underperforming other emerging markets
• Incipient sign of peaking new cases
• Commencement of phase two of vaccination
• Remain constructive on the market
Analyst: Kim Kwie Sjamsudin, CFA
1st Session on JCI 02.16.21
JCI 6,289.575 (+19.251 pts) (+0.307%)
(H 6,308.811) (L 6,274.353)
Value 7.97 T (RG 7.54 T) (NG 429.75 B)
Volume 10.72 B (RG 9.60 B) (NG 1.12 B)
Foreign Net Sell: 190.92 B
LQ45 960.28 (+0.96 pts) (+0.10%)
USD-IDR: 13,913
WTI Oil ($/bbl): 60.28
Top Value on Stocks:
TINS @ 2,330 (10.95%)
ANTM @ 2,910 (0.34%)
AGRO @ 1,145 (9.57%)
BBTN @ 1,915 (3.23%)
WSKT @ 1,640 (1.86%)
Top Volume on Stocks:
FREN @ 62 (6.90%)
TINS @ 2,330 (10.95%)
AGRO @ 1,145 (9.57%)
KPIG @ 184 (34.31%)
BULL @ 318 (0.63%)
Top Most Up:
KPIG @ 184 (34.31%)
BANK @ 1,130 (24.86%)
BNBA @ 935 (24.67%)
EDGE @ 21,900 (20.00%)
MSIN @ 236 (16.83%)
Top Most Down:
PLAN @ 164 (-9.89%)
GSMF @ 108 (-6.90%)
MPRO @ 1,215 (-6.90%)
POLA @ 163 (-6.86%)
NICK @ 272 (-6.85%)
Net Buy Stocks by Foreign:
BBCA @ 34,450 (27.6 B)
BBNI @ 6,275 (23.3 B)
UNVR @ 7,000 (8.2 B)
CPIN @ 6,275 (6.7 B)
BTPS @ 3,790 (5.1 B)
Net Sell Stocks by Foreign:
BMRI @ 6,500 (33.7 B)
ASII @ 5,950 (29.3 B)
BBRI @ 4,710 (21.4 B)
GGRM @ 38,600 (17.6 B)
INKP @ 14,800 (14.3 B)
Net Foreign Buy (Weekly):
BBRI @ 4,710 (1.3 T)
BBNI @ 6,275 (71.4 B)
INKP @ 14,800 (40.7 B)
UNVR @ 7,000 (16.5 B)
RALS @ 740 (15.4 B)
Net Foreign Sell (Weekly):
ASII @ 5,950 (933.9 B)
ICBP @ 8,925 (312.2 B)
BMRI @ 6,500 (198.6 B)
TBIG @ 2,160 (154.0 B)
BBCA @ 34,450 (127.9 B)
-BNIS-
BNIS Daily Technical Analysis of February 16, 2021
Peluang Kenaikan Masih Terbuka Dari Candle Small Bullish Opening Marubozu & Selama Di Atas 6.217.
IHSG menunjukkan momentum bullish, didukung Stochastic overbought, candle bullish small opening marubozu, MACD netral. Fase Akumulasi & trend bullish, selama di atas 6.151 gap, trend Volume menurun, penutupan di atas 6.217 (5 Day MA). Jika closed di bawah 6.151, IHSG berpeluang menuju target 6.090/6.018/5 954. Jika di tutup di atas 6.151 gap berpeluang menuju 6.228/6.282/6.324/6.410.
Trend Jangka Pendek: BULLISH (selama di atas 6.154).
Trend Jangka Menengah: BULLISH (Selama di atas 5.853).
Resist: 6.283/6.322/6.360/6.398. Support: 6.246/6.224/6.194/6.151. Perkiraan: 6.220-6.320.
BBTN,SMGR,ADHI,CTRA,KLBF,PWON
Analyst : Andri Zakarias Siregar
BNIS Fixed Income Daily Report of February 16, 2021.
Bond Market Review (Mon, 2/15)
Indonesia’s local currency bond prices declined early this week along with mixed external catalysts. Most government bond yields increased 1 - 5 bps along the curve, in which, the 10-year Government bond yield rose 2 bps to 6.22%. Meanwhile, the USD-denominated bond yields moved sideways, in which INDON-31 and INDON-51 yields were still closed at 1.97% and 2.98%, respectively. The IDR strengthened slightly to IDR13,910/USD yesterday, compared to last Thursday’s closing level of IDR13,973/USD.
The outright trading volume of Government securities was recorded at IDR21.9 trillion yesterday, increasing from Thursday’s trading volume of IDR16,9 trillion, and also slightly higher than the year-to-date average daily trading volume of IDR21.8 trillion. FR0081 and FR0086 were the two most actively-traded series in the secondary market, with the trading volume of IDR2.3 trillion and IDR1.5 trillion, respectively. Meanwhile, the outright trading volume of corporate bonds was recorded at IDR1.4 trillion yesterday.
Bond Market Preview (Tue, 2/16)
Indonesia’s bond yields are expected to continue its sideways trend in the near term. Global market pressure eased amid increasing hopes that the successful vaccine rollouts in Europe will fasten the economic recovery. The UK announced that 15 million peoples had received their first doses, increasing hopes of a relatively prompt relaxation of stringent lockdown measures in the country. With a population of around 67 million, the UK's vaccination progress is among the fastest in the world. On the economic data front, Japan’s GDP came in at 3.0% QoQ in 4Q20, higher than consensus expectation of 2.3% QoQ. Those sentiments triggered the European stock market strengthening last night (DAX +0.42%; FTSE 100 +2.52%), which was followed by increasing the 10-year German and UK Government bond yields to -0.38% (+5 bps) and 0.57% (+5 bps), respectively. Meanwhile, the US stock and bond markets were closed last night due to Presidents’ Day. Increasing global optimism may bring a positive impact to the domestic bond market. Still, the likelihood of declining Indonesia’s bond yields, both IDR and USD denominated bonds, may be curbed by a lack of fresh catalyst from the global market. The market participants are also expected to focus on today’s Government bond auction. If investors’ demand is still strong, and the government manages to issue bonds in line with its indicative target, then it may add a positive catalyst to the market.
Given the potential sideways market movement, then, a short-term trading strategy may remain attractive to be adopted by market participants. Several Government bonds such as FR0070, FR0077, FR0086, FR0078, FR0087, FR0074, FR0068, FR0088, FR0075, and FR0083 may be attractive for trading purposes.
Indonesia Bond Market News
Indonesia Government will conduct another bond auction today with the indicative target of IDR35.0 trillion. The Government will offer seven series of bonds i.e., SPN03210519 (3-month), SPN12220203 (12-month), FR0086 (5-year), FR0087 (10-year), FR0088 (15-year), FR0083 (19-year), and FR0089 (30-year). Investors’ demand is expected to be strong along with the easing global market pressure as well as robust investors’ liquidity early this year. Given the solid investors’ demand, the Government is expected to be able to issue bonds in line with its indicative target. Taking into account the market condition in recent days, we forecast the indicative yields for today’s auction are as follow :
SPN03210519 : 2.95% - 3.10%
SPN12220203 : 3.17% - 3.30%
FR0086 : 5.23% - 5.33%
FR0087 : 6.19% - 6.29%
FR0088 : 6.20% - 6.30%
FR0083 : 6.84% - 6.94%
FR0089 : 6.70% - 6.80%
Dear Our Clients,
Please find attached our BNIS Short Notes of PT Matahari Putra Prima Tbk (MPPA) on February 16, 2021 as in the attachment, prepared by our analyst William Siregar.
NOT RATED
2nd Session on JCI 02.15.21
JCI 6,270.324 (+47.803 pts) (+0.768%)
(H 6,283.415) (L 6,244.385)
Value 12.26 T (RG 11.56 T) (NG 695 B)
Volume 13.60 B (RG 12.41 B) (NG 1.19 B)
Foreign Net Sell: 693.486 B
LQ45 959.32 (+5.76) (+0.60%)
USD-IDR: 13,891
WTI Oil ($/bbl): 60.76
Top Value on Stocks:
ASII @ 5,950 (1.71%)
ANTM @ 2,900 (1.05%)
BBCA @ 34,000 (-1.16%)
BBRI @ 4,710 (0.64%)
WSKT @ 1,610 (3.54%)
Top Volume on Stocks:
PURA @ 119 (5.31%)
BBKP @ 570 (8.57%)
ZINC @ 143 (7.52%)
BULL @ 316 (0.00%)
ANTM @ 2,900 (1.05%)
Top Most Up:
KPIG @ 137 (+34.31%)
PTIS @ 208 (+33.33%)
KICI @ 250 (+28.21%)
BNBA @ 750 (+25.00%)
AKSI @ 875 (+25.00%)
Top Most Down:
MBTO @ 120 (-6.98%)
HITS @ 428 (-6.96%)
CASA @ 484 (-6.92%)
POLA @ 175 (-6.91%)
SKRN @ 750 (-6.83%)
Net Buy Stocks by Foreign:
BBRI @ 4,718 (129.76 B)
ANTM @ 2,915 (77.67 B)
BBNI @ 6,218 (37.21 B)
INKP @ 14,657 (36.25 B)
BTPS @ 3,645 (31.76 B)
Net Sell Stocks by Foreign:
ASII @ 6,045 (530.07 B)
BBCA @ 34,194 (173.03 B)
BMRI @ 6,524 (35.30 B)
INDF @ 6,319 (30.37 B)
INCO @ 6,239 (26.31 B)
Net Foreign Buy (Weekly):
BBRI @ 4,710 (1.2 T)
BBCA @ 34,000 (100.6 B)
UNTR @ 23,250 (62.7 B)
UNVR @ 7,050 (37.5 B)
BBNI @ 6,225 (37.1 B)
Net Foreign Sell (Weekly):
ASII @ 5,950 (391.6 B)
ICBP @ 8,975 (334.0 B)
BMRI @ 6,500 (158.3 B)
TBIG @ 2,140 (138.5 B)
TLKM @ 3,220 (43.7 B)
-BNIS-
Dear Our Clients,
Please find attached our Corporate Bond Commentary (PT Bank Mandiri Taspen) on February 15th, 2021, as prepared by our analyst, Ahmad Hapiz.
BNIS Fixed Income Daily Report of February 15, 2021.
Bond Market Review (Thu, 2/11)
Indonesia’s local currency bond yields were mixed on last week’s final trading day. The government bond yields only moved between 1 - 3 bps along the curve, in which, the 10-year Government bond yield inched lower 1 bps to 6.20%. In line with the IDR-denominated bonds, the USD-denominated bond yields also moved sideways, in which INDON-31 and INDON-51 yields were closed at 1.97% and 2.98%, respectively. The IDR strengthened slightly to IDR13,973/USD on Thursday, compared to the previous day’s closing level of IDR13,983/USD.
The outright trading volume of Government securities was recorded at IDR16.9 trillion on Thursday, declining from the previous day’s trading volume of IDR22.0 trillion, and also lower than the year-to-date average daily trading volume of IDR21.9 trillion. FR0077 and FR0053 were the two most actively-traded series in the secondary market, with the trading volume of IDR1.8 trillion and IDR1.7 trillion, respectively. Meanwhile, the outright trading volume of corporate bonds was recorded at IDR1.9 trillion on Thursday.
Bond Market Preview (Mon, 2/15)
Indonesia’s bond yields are expected to extend its sideways trend in the near term. Global market participants remain focused on the prospect of US additional fiscal stimulus. Additionally, investors’ optimism also remained high on the coronavirus vaccine rollout. The US President, Joe Biden, said that the US Government has secured deals for another 200 million doses of vaccine from Moderna and Pfizer, bringing the US total to 600 million doses. Biden also said that the US will have enough supply for 300 million Americans by the end of July. On the economic data front, the US initial jobless claims which was released last week came in at 793k, lower than the previous week of 812k, yet, remained higher than the consensus expectation of 757k. Meanwhile, the US Michigan Consumer sentiment index was recorded at 76.2 in February, lower than the previous month’s level of 79.0. The US stock market strengthened slightly on Friday (Dow Jones +0.09%; S&P 500 +0.47%; Nasdaq +0.50%), which was followed by increasing the 10-year and 30-year US Treasury yields to 1.21% (+4 bps) and 2.01% (+6 bps). The mixed external sentiments are expected to open a room for another sideways movement on Indonesia’s bond yields both IDR and USD denominated bonds. The low yield regime may persist amid stable IDR movement as well as low benchmark interest rate environment. The market participants are also expected to be less aggressive early this week ahead of tomorrow’s Government bond auction.
Given the potential sideways market movement, then, a short-term trading strategy may remain attractive to be adopted by investors. Several Government bonds such as FR0070, FR0086, FR0078, FR0087, FR0054, FR0074, FR0088, FR0075, and FR0083 may be attractive for trading purposes.
Dear Our Clients,
Please find attached our BNIS Short Notes - Reinitiate of PT Indocement Tunggal Prakarsa Tbk (INTP) on February 15, 2021 as in the attachment, prepared by our analyst Maxi Liesyaputra.
Rec. : B U Y
TP : IDR 17,600