IP Report: JCI - Window dressing in December?; Macro - Room for BI Rate Cut; DMAS; Jiwasraya
Tuesday, December 03, 2019       13:29 WIB
  • JCI: Window dressing in December to happen? or this year is a different year?
  • Macro: Inflation remains low -> Room for BI Rate Cut in 2020!
  • : Cum Dividend Date Today! Rp21/share
  • Govt won't inject equity to Jiwasraya

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JCI: Window Dressing in December to happen? Or this year is a different year?

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Inflation remains low -> more room for Bank Indonesia to cut further policy rate next year 2020
Nov19 inflation was 0.14% mom (3.00% yoy; Nov18: 3.23% yoy) lower than consensus and our expectation (0.2% and 0.24% mom, respectively) on the back of food (5%), processed food (3.9% yoy), and housing & utilities categories (1.8% yoy)
  • Food prices were up due to increasing prices of onion, vegetables, and chicken; whereas processed food prices escalated mostly because rising cigarette prices.
  • All other categories, including clothing, education had remained non-contributive to inflation (average historical contribution 2016-18: c. 3% and 4%).
  • Lower realization of inflation this month likely to lower BI's projected FY19 inflation of 3.1% and ours (3.2%), to reach slightly below 3% by year end.

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will distribute interim dividend of Rp21 per share - Today is the Cum Dividend date
Cum dividend date is 3 Dec, recording date is 5 Dec, and the payment date is 18 Dec. (IDX)
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Snippets
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  plans to acquire Link Net 
MNC Vision () has openly expressed its interest to acquire Link Net () to expand its broadband services. 's management cited that it has signed the term sheet for the acquisition, and guides for the acquisition price to be at Rp5,400/share. Assuming that completely acquires Asia Link Dewa and First Media's shares, total transaction value could amount to Rp9.8tr. (Kontan)
  introduces Burgundy Commercial 
was able to sell 21 units of the total 42 units offered on its Burgundy Commercial launch in Bekasi last Saturday, implying 50% take up rate. Note that the units are priced starting Rp2.7bn/unit. (Kontan)
 Government will not inject equity to Jiwasraya 
The Ministry of Finance has assured that Jiwasraya will not be getting any kind of equity injection from the government. Currently, the government has yet to finalize the solution with regards to Jiwasraya. (Investor Daily)
 Construction companies aim for 5-25% new contract growth in 2020 
aims for 2020 new contract to grow 20-25% from 2019's achievement - as of Oct19, it has only achieved Rp31.2tr out of its 2019 target of Rp61.7tr. aims for 10% growth in 2020 - management expects 2019 realization to reach Rp42-43tr, below its initial target of Rp45tr. and has yet to finalize their new contract targets in 2020. (Bisnis Indonesia)

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