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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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+62 21 23587222

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research@bcasekuritas.co.id

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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

11 October 2019

BCAS Vista 11-Oct-19

INDUSTRY

Cibitung – Cilincing toll road to operate by 2020

Cibitung – Cilincing toll road construction progress has reached 61.2% with land acquisition progress achieving 80.2%, expecting to gradually operate starting 2020. Note that 45% of the toll road are owned by Pelindo II with the remaining 55% owned by WSKT toll road. Total investment for the toll road is IDR10.8tn, and will connect with Jakarta Outer Ring Road II. (Investor Daily)

 

Financial technology (fintech) NPL spiked up

Data from financial services authority shows that the NPL of P2P lending reached 3.06% in Aug-19 vs. 1.57% in May-19.  In addition, as of 8M19, P2P lending has distributed up to IDR54.71tn translating to 141.4%  YoY growth . (Bisnis Indonesia)

 

COMPANY

Bank Rakyat Indonesia (BBRI) booked 13% of micro loan growth

BBRI’s CFO, Haru Koesmahargyo, stated that as of 3Q19, BBRI booked 13% YoY micro loan growth, in line with the company’s 2019 target of 12% YoY loan growth.  Note that during 1H19, BBRI has booked IDR292.6tn of micro loan which translated to 13.6% YoY growth. (Investor Daily)

 

Bank Tabungan Negara (BBTN) eyes for IDR1tn Peruri housing mortgage

BBTN, collaborating with BPJSTK, is building a housing for Perum Peruri’s employees, where BBTN estimates to distribute up to IDR1tn new loan. BBTN’s consumer director, Budi Satria, stated that this agreement will also support BBTN to achieve the FLPP target. (Investor Daily)

 

Bank Mandiri (BMRI) booked IDR43,1tn mortgage in 3Q19

As of 3Q19, BMRI booked up to IDR43.1tn mortgage, translating to 4.2-4.5% growth (YoY). The sloping growth was as the result of the company’s strategy to shift the mortgage segment from investors to low-end segment since the early period of 2H19 until Feb-20. BMRI’s EVP Consumer Loan, Ignatius Susatyo Wijoyo, stated that the company targets to achieve IDR45tn mortgage by the end of 2019, translating to 5% growth YoY. (Investor Daily)

 

Bumi Serpong Damai (BSDE): 9M19 marketing sales reached IDR5.3tn (-2.3% YoY)

BSDE secured another IDR2.5tn marketing sales in 3Q19, translating to 9M19 marketing sales of IDR5.3tn (-2.3% YoY). This realization marks 89.2% of our FY19 target. Following its successful launch of FleekHauz earlier this month with 100% take-up rate, company plans to launch another cluster with same specification (160 units) and ASP of IDR938mn-IDR1.2bn (+~10% compared to previous launch). (Company)

Comment: Company has exceeded our expectation in 3Q19, despite company only achieved 46.2% of our FY19 target in 1H19. This is supported by ~IDR1tn coming from company’s new launches during the period. Our last call for BSDE is a BUY with TP of IDR1,830.

 

Ciputra Development (CTRA) booked IDR4.2tn 9M19 marketing sales

CTRA managed to book IDR4.2tn (-19.4% YoY) for 9M19 marketing sales, representing 69% of FY19 marketing sales target. This translates to 3Q19 marketing sales of IDR1.7tn, where IDR981bn coming from the company’s 4 new launches (103.3% of initial target). On separate note, company also managed to book another IDR900bn post 9M19, which brought YTD marketing sales to reach IDR5.1tn (85% of FY19 target). (Company)

Comment: Company started to pick up their marketing sales achievement, compared to 40% in 1H19, with take-up rates achievement above 80% for new launches below IDR1.6bn per unit. This strengthen our thesis that demand on property is better for ASP <IDR1.5bn ticket size, particularly in Greater Jakarta area. Our last call for CTRA is a BUY with TP of IDR1,610.

 

Medco (MEDC) to acquire another block next year

MEDC’s founder, Arifin Panigoro, stated that the company is aiming increase their gas block portfolio through acquisition next year. Aside from acquisition, he also mentioned that the company will sell several unprofitable assets. Additionally, the listing of Medco Power and Amman is expected to be done next year. (Bisnis) 

 

Telkomsel (TSEL) launched By.U

TSEL has launched By.U, a mobile app which has the capability to customize phone numbers, data package and quota, aiming for millennial subscribers.  Aside the customization, By.U’s basic services includes a 10Gb quota at the price of IDR50K. Management is expecting acquire 200k subscribers by end of 2019. (Bisnis Indonesia)

Daily Research bonds

08 October 2019

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BCAS Insight 08-Oct-19

Market Summary

  • Pada pagi hari ini, bursa Asia Pasifik dibuka di teritori positif (Topix +0,60%, Kospi +0,70%, ASX 200 +0,50%, Hang Seng flat, S&P Futures +0,10%) dipicu oleh upaya pembicaraan kembali untuk mengakhir konflif dagang antara China-AS yang telah membuat pertumbuhan ekonomi global diekspektasikan terus menurun jika perang tarif dibiarkan berlarut-larut.    
  • Dilaporkan bahwa delegasi dari China yang dipimpin oleh Wakil Perdana Mentei Liu He dan Gubenur bank sentral China, Yi Gang akan mengadakan pertemuan dengan perwakilan AS di Washington. Dengan level pertemuan yang dihadiri oleh para pejabat tinggi dari China dan AS, maka pelaku pasar berspekulasi akan ada kesepakatan yang muncul dari meeting tersebut dan berimbas positif pada sentiment pasar.                                             
  • Yield UST Tenor 10Y rebound naik ke level 1,56%, masih berada di level terendah dalam sebulan terakhir.  
  • Yen melemah ke level 107,31/US$, begitupula dengan Euro yang terdepresiasi ke level US$1,0973/EUR.    
  • Harga minyak mentah WTI naik tipis ke level US$53,07/bbl karena ekspektasi akan adanya kesepakatan dagang antara China-AS pada minggu ini. 
  • Rupiah pada pagi ini dibuka stabil di level 14,164/US$.
  • Imbal hasil dari FR0078, acuan SUN 10Y dibuka naik sedikit ke 7,222% pada sesi pagi hari ini.
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