Jakarta, CNBC Indonesia – Stock trading activity earlier this week was still influenced by the development of the handling of the corona virus (covid-19) and trade relations between the United States and the US. In addition, there is some news from last week that will affect trade earlier this week.
As a reminder, at the end of last week the Composite Stock Price Index (JCI) on Friday (7/8/20) closed in the red zone with a decrease of 0.66% at the level of 5,143.89.
Within a week the JCI was recorded to have corrected 0.11% and closed at the level of 5,143.89. JCI had recorded a strengthening, but in the last trading day on Friday (7/7/2020) IHSG fell 0.66%.
Last week, tensions between the United States and China returned to heat. The latest US President Donald Trump issued an executive order on Thursday (6/8/2020) that prohibits US companies or individuals from transacting with ByteDance, the Chinese company that owns the video sharing app Tik Tok, and Tencent, owner of the WeChat application.
Domestically, Indonesia’s foreign exchange reserves (cadev) skyrocketed in July, surpassing the all-time high recorded more than 1.5 years ago.
After a sharp decline in March, Indonesia’s cadev has been on the rise for 4 straight months. One of the triggers for cadev’s skyrocketing last month was the issuance of global bonds.
Apart from this news, also pay attention to the incidents of issuers that occurred during last week’s trading.
1. Telkom Receives Net Profit of IDR 10.99 T in Semester I-2020
PT Telkom Indonesia Tbk (TLKM) managed to maintain a net profit of IDR 10.99 trillion in the first semester of 2020, amidst the economic slowdown due to the corona virus pandemic.
This telecommunication SOE recorded the Company’s consolidated revenue of Rp.66.9 trillion. EBITDA (Earnings Before Interest Tax Depreciation Amortization) is getting stronger with a growth of 8.9% YoY to IDR36.08 trillion and EBITDA margin growing 6.2% to 54.0%. The net profit margin also shows a better trend compared to the same period last year to 16.4% from 16.0% previously.
2. Oops! 24 Kresna Asset Suspension Mutual Fund Products OJK
The Financial Services Authority (OJK) is known to have suspended 24 mutual fund products issued by the investment manager company PT Kresna Asset Management. It is not certain the reason for this suspension by OJK.
Based on S-INVEST data, the OJK instruction for the suspension of 24 Kresna Asset mutual fund products will be effective this Friday (7/8/2020).
3. Angkasa Pura 2 Issues Rp 2.25 T
The state-owned airport operator, PT Angkasa Pura 2, will issue bonds worth Rp 2.25 trillion to meet the needs for working capital payments and capital expenditure.
In the prospectus issued, these bonds are from the Sustainable Bonds I AP 2 with a total value of Rp 3 trillion and have been issued since 2018. Previously, AP II had issued bonds of Rp 750 billion.
These bonds consist of 4 series, namely Series A with a principal amount of Rp. 32 billion, with a fixed interest rate of 7.80% per year and a term of 3 years. Series B principal amount of Rp. 159 billion with an interest rate of 8.50% and a term of 5 years.
5. Official! Fitch Ratings Raises Bukopin’s Rating to AA-
The rating agency PT Fitch Ratings Indonesia announced the increase in the rating of PT Bank Bukopin Tbk (BBKP) to AA- (idn) from previously BBB + (idn) and entered into a Positive Rating Watch.
This was revealed in a publication on the Fitch Ratings website, Friday (7/8/2020). In assigning ratings, Fitch relies on factual information it receives, starting from the issuer as well as other sources.
6. Wow! Menara Djarum shares for foreign sale of Rp. 1.3 trillion, this is the reason
During the trading of the Composite Stock Price Index (IHSG) at the end of Friday (7/8/20) market players were again amazed. This is because the transaction data on the Indonesia Stock Exchange recorded that foreigners made net sales of Rp. 1.08 trillion in the regular market, even if all markets were taken into account, foreign investors were recorded to have net sells of Rp. 1.33 trillion.
Apparently there is one share that foreign investors are selling on the regular and negotiating markets. The shares are PT Sarana Menara Nusantara Tbk (TOWR), a telecommunication tower company owned by the Djarum Group.
TOWR shares were sold by foreigners for Rp 926 billion, which caused TOWR shares to be corrected 6.09% to a price of Rp 1,080 / unit. Previously, TOWR had dropped to touch the bottom auto reject point (ARB) with a 6.96% decline in the price of IDR 1,070 / unit.
7. Duh! Failure to Pay, Fitch Cuts down its APLN Rating to C
The global rating agency, Fitch Ratings, has lowered the company’s rating for PT Agung Podomoro Tbk (APLN) for its long-term debt issuance in rupiah currency to C from CCC-.
At the same time, Fitch also placed US $ 300 million in bonds maturing in 2024 into Rating Watch Negative (RWN).
The rating downgrade occurred after the company announced an extension of the maturity of debt securities issued by PT Sinar Menara Deli (SMD), a subsidiary of the company, worth IDR 350 billion, which will mature 26 August 2020 to 22 August 2021.
8. Wow, there is an Indonesian company expanding to Colombia
The Indonesian Foreign Minister (Menlu) Retno Lestari Priansari Marsudi held a bilateral meeting with the Colombian Foreign Minister, Claudia Blum de Barberi on Wednesday (05/08/2020). In a virtual meeting, it was said that the pharmaceutical company Kimia Farma would enter the Colombian market.
“Two days ago I had virtually a bilateral meeting with the Colombian Foreign Minister. This meeting coincided with the 40th anniversary of diplomatic relations between Indonesia and Colombia,” said Retno during a press briefing, Friday (7/8/2020).
9. Relieved Investors, Modernland Adds Debt Restructuring Guarantee
The General Meeting of Bond Holders (RUPO) of property issuers finally approved the restructuring of the company letter worth Rp 150 billion, which previously had a payment delay.
This is the Modernland Realty I Phase I 2015 Series B Sustainable Bond with a principal value of IDR 150 billion, which should mature on Tuesday, 7 July 2020.
In the announcement made by the Executive Head of the Division of Corporate Valuation 2, Mugi Bayu Pratama and the Head of the Trade and Operations Regulation Division, Irvan Susandy, based on the results of the RUPO on July 14, 2020, the due date was restructured to 7 July 2021 with an interest rate previously 12.5% per year to 10% per year.
10. Fitch Cut Alam Sutera’s Rating To CCC-, This is the reason
Global rating company, Fitch Ratings has lowered the rating of PT Alam Sutera Tbk (ASRI) to CCC- from the previous B-.
At the same time, Fitch also downgraded the bonds issued by its two subsidiaries, Alam Synergy Pte Ltd, which are guaranteed by a company with the same rating.
The downgrading of the company is due to the liquidity risk faced by the company to refinance its subsidiary’s debt securities. The bonds in question are bonds worth US $ 115 million which will mature on April 22, 2021.
11. Mandiri Tunas Finance Releases IDR 858 Billion Bonds, Interesting 8.6%
The multi-company owned by PT Bank Mandiri (Persero) Tbk (BMRI), PT Mandiri Tunas Finance, plans to issue Sustainable Bonds V Mandiri Tunas Finance Phase I 2020 with a principal amount of up to IDR 858 billion.
This bond is the first part or Phase I of the V Mandiri Tunas Finance Sustainable Public Offering with a target of funds to be raised totaling Rp 5 trillion which will be used for business expansion purposes.
(HPS / HPS)