- Windfall from normalizing provisions in TAF give buffer to / BUY TP8K (+22% UPSIDE)
- EGM on 13 Jan 2020
- Capex budget is set at Rp35tr in 2020
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: Strong outlook on financial services
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- Our checks with the major 4W financing companies suggest that they still expect 4W financing to still grow c.5-10% in 2020 amid better sentiment.
- Despite weak 4W market in 2019, asset quality remains robust - coupled with lower rates, we think this is supportive for 4W recovery.
- Lower rates shall also be positive for CoF and margin. Further upside might come from provision improvement in TAF. Maintain Buy on
Windfall from normalizing provisions in TAF
financial Statement - improvement in TAF's Provision might give 2-3% buffer to
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Indo Premier Publications:
Macro: Mild Nov inflation, more room for rate cuts
Banks: 10M19 Results / Lower MoM Provision - TOP PICK
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Snippets
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allocates capex budget of Rp35tr in 2020
will continue its expansion in 2020 and allocates a capex budget of Rp35tr in 2020 - note that this includes the Rp15tr payment for Jakarta-Cikampek Elevated II. About 70% of the capex needs will be sourced from bank syndication loans, while the remaining portion will be funded through alternative funding means - it aims to issue Rp500bn-1tr of zero coupon bonds in 1H20. Other options include issuance of global/rupiah bonds, refinancing, and securitization. (Kontan)
will set up an Asset Management Unit in 2020
is planning to set up an Asset Management Unit in 2020 to handle its NPL in the property sector. It allocates a total budget of Rp300-400bn for the initiative. The Asset Management Unit will undertake management the properties previously pledged for the NPLs, which could involve renovation and re-sale of the said property. For 2020, management guides for NPL below 3% and loan growth of 6-8%. (Investor Daily)
SOE ministry plans to merge/liquidate SOEs with negative performance
The SOE ministry shared its plan to merge and liquidate some SOEs that are posting negative performance. The SOE minister said that the current number of SOEs is too many and will have to be optimized. (Investor Daily)
will hold EGM on 13 Jan 2020
The full invitation for the EGM will be announced on 20 Dec 2019. At the moment there are no details on the agenda. (Kontan)
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