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Tim Riset

Tim ahli kami merangkum berbagai macam informasi penting dari Pasar Indonesia dan global untuk membantu Anda menentukan pilihan investasi Anda

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Seiring dengan perkembangan industri keuangan dan teknologi informasi yang tiada henti, riset keuangan dapat menjadi faktor penentu dalam pembuatan keputusan investasi yang membawa kesuksesan ataupun kegagalan. Untuk itu, telah menjadi tugas utama kami untuk memberikan panduan bagi para nasabah agar mereka dapat mengembangkan pemahaman yang lebih baik tentang berbagai risiko dalam trading maupun kegiatan investasi lainnya.
BCA Sekuritas telah mempunyai landasan yang kokoh dalam riset keuangan berkat dukungan para ahli dan analis yang obyektif serta sinergi yang baik dengan grup BCA. Nikmati keuntungan dari pendekatan unik kami yang telah terbukti, dan buatlah prediksi yang lebih baik hari ini.

 

Riset Saham Harian

28 November 2019

BCAS Vista 28 Nov-19

MACRO

Global macroeconomic may continue to pressure 2020 budget

Pessimistic view on global macroeconomic condition has resulted with a possibility of revision in 2020 budget deficit target. Suahasil Nazara, Vice Minister of Finance, mentioned that Indonesia still has the room for a revision as the initial target of 1.76% is lower than the maximum deficit allowed by regulation of 3%. (Investor Daily)

 

INDUSTRY

Kunciran – Serpong toll road completed

Head of Toll Road Authority (BPJT), Danang Parikesit, stated that Kunciran – Serpong toll road is completed and prepared to be inaugurated by President Joko Widodo. Currently, the toll road is pending the feasibly study certificate. (Investor Daily)

 

Ministry of Agriculture to conduct culling on 28mn hatching eggs (HE)

The Ministry of Agriculture is planning to conduct culling on 28mn HE in Dec-19, with the aim to maintain farmer’s poultry reference price. The HE culled will be the 19 days old HE and projected a total of 7mn HE to be culled weekly. The plan aims to reduce the Day Old Chicken Final Stock (DOC FS) by 26.6mn/month (6.65mn/week). Note that in Nov-19, the government has also culled a total of 8mn HE (2mn/week). On another news, the poultry farmers has requested the government to set live bird reference price accordingly to each regions. (Kontan, Bisnis Indonesia)

 

COMPANY

Bank Negara Indonesia (BBNI) targets 17% net profit growth in 2020

BBNI targets 15-17% net profit growth in 2020. BBNI’s CEO, Achmad Baquini, stated that thenet profit growth target in 2020 is driven by the company's plans to lower cost of fund and increase fee based income. In addition, the low growth for this year (5%) will also result in a low base income for 2020 growth. (Investor Daily)

 

Bank Rakyat Indonesia (BBRI) to receive IDR120tn KUR ceiling

Bank Rakyat Indonesia (BBRI) to receive IDR120tn KUR ceiling

BBRI will receive IDR120.2tn of KUR in 2020, an increase from this year's allocation of IDR87.9tn (36.6% YoY). BBRI’s CEO, Sunarso, stated that with the additional ceiling quota, the company will allocate maximum of 40% of KUR for trading sector while the other 60% for productive sectors, such as industry and services sector. Note that, as of Oct-19, the company has distributed up to IDR83.3tn KUR, translating to 94.7% of this year ceiling. On another news, BBRI targets 10-11% loan growth, 10-11% deposit growth in 2020 and 9-11% asset growth in 2020. In addition, the company also targets 8-9% net profit growth for 2019. (Bisnis Indonesia, Kontan)

Comment: Assuming there is a cannibalism on KUR rate cut by 1% (from 7% to 6%) in 2020, the impact to BBRI earnings is about -3.4%. On the BBRI target in 2020 is still in line with our projection.

 

Bank Tabungan Negara (BBTN) appointed new CEO and President Commissioner; and targets 5-7% loan growth

BBTN, through extraordinary general meeting (EGM), appointed Pahala Nugraha Mansury and Chandra Hamzah as their new CEO and President Commissioner, replacing Suprajarto and  Asmawi Syam. Moreover, BBTN has also cut the number of its BoD from 8 to 7 and BoC form 8 to 6. The company claimed that the change of the structure as an effort to achieve a more dynamic structure to face the digital era. In another context, BBTN targets 5-7% loan growth, 10-11% deposit growth and 10-11% asset growth in 2020.

(Bisnis Indonesia, Kontan)

Comment:  We  think BBTN is taking a conservative approach to their loan growth target as we forecast it to be 7-9% in 2020.  On the other hand, the deposit and asset growth is in-line with out expectations.

 

SIDO EGAM appointed new BoD

SIDO's EGM has approved to appoint Darmaji Sidik as the company’s director replacing Gerry Mustika, bringing the new BoD structure as follows: (Bisnis Indonesia)

Daily Research bonds

13 November 2019

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BCAS Insight 13-Nov-19

Market Summary

  • Pagi ini, mayoritas bursa Asia Pasifik dibuka terkoreksi (Topix -0,30%, Kospi -0,80%, ASX Australia -0,30%, FTSE Straits -0,50%, S&P Futures -0,20%) dengan pelaku pasar memfokuskan perhatiannya terhadap upaya rekonsiliasi dagang China-AS setelah sentiment lain sudah diantisipasi oleh investor yakni ekspektasi kebijakan moneter The Fed yang akan menahan suku bunga refrensi-nya sampai ada perubahan material dalam ekonomi, dan hasil dari laporan kinerja keuangan perusahaan-perusahaan besar di Wall Street yang tidak terlalu mengecewakan.  
  • Saat ini pelaku pasar global tengah menunggu kepastian mengenai jadwal penandatanganan perjanjian dagang tahap pertama antara China-AS. Trump masih mengatakan bahwa kedua negara masih on track untuk mencapai kesepakatan tanpa menyebut detail. Sebelumnya, pelaku pasar mengkhawatirkan perkembangan upaya renegosiasi karena pernyataan yang bertentangan dari Trump dimana AS belum sepenuhnya menyetujui poin penarikan tarif impor seutuhnya jika perjanjian dagang diteken oleh China.   
  • Yield UST Tenor 10Y minim perubahan di 1,92%.   
  • Yen melanjutkan penguatan ke level 108,93/US$, namun Euro sedikit melemah terhadap US$ ke level $1,1022.    
  • Harga minyak mentah WTI relative stabil di level US$56,66/bbl.  
  • Rupiah pada pagi ini dibuka sedikit melemah ke level 14,083/US$. 
  • Imbal hasil dari FR0078, acuan SUN 10Y dibuka flat di level 7,015%.