JCI Indication
Bullish (Moderate)
Support /
Resistance: 6,198 – 6,330
Phillip Sekuritas Indonesia
Aug 28th, 2019
JCI Indication: Bullish (Moderate)
(S: 6,198; R: 6,330 )
Uncertainty over any progress in U.S -
China Trade Negotiations
- President Trump forecast another round
of talks with China
- China foreign ministry, however,
reiterated that it had not received any recent U.S. telephone call on trade
U.S. Yield Curve Inversion Deepens
- The yield spread between US10Y and the
US2Y fell to -5 bps
- The yield spread between the 3m T-Bill
and US10Y slumped to - 52 bps, its lowest since March 2007
- The US30Y yielded 1.955% and was
poised to close below the 3-m bill yield for the first time since 2007
Economic Calendar for Today
The Conference Board Consumer Confidence
Index (August)
- Edged down 0.5% (+0.3% y/y) to 135.1
from 135.8 in July
It was stronger than the estimate, 128.0
- Present Situation Index was up 3.7%
(+2.5% y/y) from 170.9 to 177.2
- Expectations Index declined 4.8%
(-2.1% y/y) to 107.0 from 112.4 in July.
In 1H19, ADRO recorded an increase in
production volume and coal sales, i.e. 18% and 21% YoY respectively. With the
increase, revenue rose 10% to USD 1.8 bn and net profit rose 38% to USD 371 mn
yoy. The management said the increase in the bottom line was supported by an
increase in sales volume during the 2Q19 is quite material compared to other
miners.
ITMG
ITMG posted net sales up 10% to USd 893
mn and net profit decreased 31% to USD 69 mn in 1H19 yoy due to climbdown of
coal average selling prices in 2Q19. The price reduction was not significantly
supported by an increase of coal production and sales volumes and the total
production cost is quite high.
GGRM
GGRM 1H19 recorded a revenue of IDR 52.7
tn or (+ 16.4% YoY), this increase in revenue was followed by an increase in
net profit of IDR 4.28 tn or (+ 20.4% YoY). And GGRM at the beginning of 2H19
has launched a new product namely Gudang Garam Patra (SKT) which market share
mostly in West Java.
Medium Term Trend: Bearish
Trade Buy : 4,780
Target Price 1: 4,940
Target Price 2: 5,150
Stop Loss: 4,560
Stock: MAIN
Short Term Trend: Sideways
Short Term Trend: Downtrend
Medium Term Trend: Bearish
Spec Buy : 925
Target Price 1: 970
Target Price 2: 1,030
Stop Loss: 890
Stock: BTPS
Short Term Trend: Sideways
Medium Term Trend: Bullish
Trade Buy: 3,310
Target Price 1: 3,430
Target Price 2: 3,520
Stop Loss: 3,160
PT Phillip Securities Indonesia
ANZ Tower Level 23B, JlJendSudirman
Kav. 33A Jakarta 10220 – Indonesia
Tel +62-21 5790 0800 Fax +62-21 5790 0809
Website: www.phillip.co.id
