JCI Indication

Bullish (Moderate)

Support / Resistance: 6,223 – 6,303

Market Drivers:

The Federal Reserve

- Cut interest rates for 2nd time this year to 1.75%-2.00% in a 7-3 vote

- Signaled further cuts are unlikely as the labor market remains strong

- Raised expectations for growth since the last projections in June

- The Fed now sees GDP rising at a 2.2% pace this year vs 2.1% in June, though the longer-run expectations remain at 1.9%.

- Inflation projections are unchanged at 1.8% for 2019 and 2.5% over the longer run

Bank of Japan (BOJ)

- Widely expected to maintain its pledge to guide s/t interest rates at -0.1% and the 10yr JGB yield around 0%

- Investors will closely watch BOJ Governor Haruhiko Kuroda’s post decision press conference to see how he assesses risks to Japan’s economic outlook

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MARKET NEWS

KAEF

KAEF is eyeing the acquisition of funds of around IDR 3 trillion through rights issue. This action aims to expand access to funding in the market hence the company expects the floating share is increasing. The funds from the rights issue will also be used for business expansion.

TOTL

TOTL is optimistic that it will achieve the new contract target of IDR 2 trillion by the end of 2019. Supported by the company's success in achieving four new projects within last two months. Therefore the contract has reached IDR 1.6 trillion or around 80% of the total target until September 2019.

BMRI

BMRI distributed an investment loan of USD 129 million to Antam. The loan aims to finance Antam's previous investment loans that are due in June 2024. The interest rates for these loans are floating interest and more competitive compared to the previous interest rate.

Technical Recommendations :

Stock: *JPFA*

Short Term Trend: Sideways

Medium Term Trend: Sideways

Trade Buy : 1,590

Target Price 1: 1,645

Target Price 2: 1,710

Stop Loss: 1,530

Stock: *BSDE*

Short Term Trend: Bullish

Medium Term Trend: Sideways

Spec Buy: 1,405

Target Price 1: 1,455

Target Price 2: 1,510

Stop Loss: 1,345

Stock: *DMAS*

Short Term Trend: Sideways

Medium Term Trend: Sideways

Trade Buy : 298

Target Price 1: 310

Target Price 2: 318

Stop Loss: 288

Stock: *PNLF*

Short Term Trend: Uptrend

Medium Term Trend: Bearish

Trade Buy : 306

Target Price 1: 320

Target Price 2: 330

Stop Loss: 294

PT. Phillip Sekuritas Indonesia
Research Department
ANZ Tower Level 23B
Jl. Jend. Sudirman Kav. 33A, 10220 Jakarta
Ph: (62 21) 57900 800
Email: research@phillip.co.id
Website: www.poems.co.id