- IDX: Jakarta Composite index gained 40,46 points (0,99%), inline with our
prediction. We are still confident with the upper line target at around 4162 level.
From technical analysis point of view, our favorite sectors are infrastructure, with
sub-sector telco and some coal stocks. So, stick on your strategy. Today’s trading
range is between 4015 - 4100 - 4120 (support) and 4155 - 4162 - 4176
(resistance).
- ISAT: Increasing demand on this stock indicated a strong bull. We see the upward
trading range of IDR5150 - 5350, according to the upper line. TRADING BUY.
- ERAA: Bullish mode is still valid, following the doji style in the past two days. We
see upward trend,
Jumat, 10 Agustus 2012
Infrastructure: President signed land acquisition regulation
Infrastructure: President signed land acquisition regulation
President Susilo Bambang Yudhoyono has finally signed a land acquisition
regulation of Presidential Decree No2/2012.
Investors and business in Indonesia have been waiting for the regulation for many
months.
The regulation set a maximum time of 583 days for the completion of land acquisition
and details steps to be taken for the handover of land for public projects.
The regulation would not be applicable retroactively.
Analyst Comment:
The regulation provides clarity on the time frame and steps to be taken in the land
acquisition process. The exact time frame should ensure timely completion of
infrastructure projects.
While we believe that the new regulation would accelerate the development in the
domestic infrastructure, it would only be applicable to the new projects. Projects
which currently undergoing land acquisition process would adhere to the previous
regulation.
Several sectors which should benefit from this new regulation are: Toll road,
construction, and cement.
President Susilo Bambang Yudhoyono has finally signed a land acquisition
regulation of Presidential Decree No2/2012.
Investors and business in Indonesia have been waiting for the regulation for many
months.
The regulation set a maximum time of 583 days for the completion of land acquisition
and details steps to be taken for the handover of land for public projects.
The regulation would not be applicable retroactively.
Analyst Comment:
The regulation provides clarity on the time frame and steps to be taken in the land
acquisition process. The exact time frame should ensure timely completion of
infrastructure projects.
While we believe that the new regulation would accelerate the development in the
domestic infrastructure, it would only be applicable to the new projects. Projects
which currently undergoing land acquisition process would adhere to the previous
regulation.
Several sectors which should benefit from this new regulation are: Toll road,
construction, and cement.
Banking (OVERWEIGHT): BI keeps benchmark rate unchanged at 5.75%
Banking (OVERWEIGHT): BI keeps benchmark rate unchanged at 5.75%
- Bank Indonesia keeps benchmark rate at 5.75%, inline with our estimate. We are
forecasting that current policy stance will last until the end of this year. This implies
that the maximum 6.25% Rupiah time deposit rate for the big banks remains.
Therefore, any changes in lending rates going forward will be driven more by
competition instead of cost pressure.
- We recommend BUY on BRI.IJ and BCA.IJ. Our TP for BBRI.IJ is IDR8,500/share
(12.6x 2012F PER; 3.3x 2012F PBV). For BBCA.IJ TP is IDR9,300/share (18.4x
2012F PER; 4.6x 2012F PBV).
- Bank Indonesia keeps benchmark rate at 5.75%, inline with our estimate. We are
forecasting that current policy stance will last until the end of this year. This implies
that the maximum 6.25% Rupiah time deposit rate for the big banks remains.
Therefore, any changes in lending rates going forward will be driven more by
competition instead of cost pressure.
- We recommend BUY on BRI.IJ and BCA.IJ. Our TP for BBRI.IJ is IDR8,500/share
(12.6x 2012F PER; 3.3x 2012F PBV). For BBCA.IJ TP is IDR9,300/share (18.4x
2012F PER; 4.6x 2012F PBV).
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