The Dow fell 0.1% to close at 21,784.78 however EIDO rose 0.53% to close at 26.79 so can support the IHSG this morning.
IHSG closes right on strong resistant diagonal line yesterday with foreign investor selling interest still high.
IPO - PT Garuda Maintenance Facility Aero Asia
PT Garuda Maintenance Facility Aero Asia (GMF) plans to hold an IPO by selling a maximum of 10.89 billion shares (30% of issued and paid up capital). GMF will use 60% of its IPO fund for capacity building investment for maintenance, about 15% to repay the loan, and the rest for working capital. The initial offering period on September 11-20, 2017 with the expectation of obtaining an effective statement on September 28, 2017 and listing of shares on the Indonesia Stock Exchange on October 10, 2017.
CTRA - Marketing Sales
PT Ciputra Development (CTRA) booked Rp 3.85 trillion sales sales in 8M 2017 of about 45% of the target of this year's achievement of Rp 8.5 trillion. CTRA develops 7 new projects this year including Citra Garden Sidoarjo project worth Rp 500 billion which will be launched in 3Q 2017, CitraLand Cibubur and CitraLand Talassa City Makassar project. CTRA also plans to launch the Ciputra Beach Resort project, The Newton 2-Ciputra World Jakarta 2 (CWJ) Extention, The Suites Apartment - CWJ 2, and CitraPlaza Batam.
TAXI - Pefindo lowered ratings
PT Pemeringkat Efek Indonesia (Pefindo) downgraded PT Express Transindo Utama (TAXI) bond from idBBB to idBB + with a negative outlook on bonds issued in 2014 worth Rp 1 Trillion. The downgrade was given because TAXI performance still has not recorded positive trend. TAXI booked a net loss of Rp 133.1 Billion in 1H 2017 compared to a loss of Rp 42.9 Billion in 1H 2016.
TINS - Bond issuance plan
PT Timah (TINS) plans to issue bonds worth Rp 1.5 trillion consisting of Rp 1.2 trillion worth of bonds and ijara bonds worth Rp 300 billion. The bonds consist of two series in which Series A with 3-year tenor offers 8.5% -9% coupon and Series B with 5-year tenor offering 8.75% -9.25% coupon as the ijarah sukuk also consists of two series in which series A with a 3 year tenor where ijarah repayments 8.5% -9% and series B with 5-year tenor with ijarah repayment 8.75% -9.25%. Bonds and sukuk ijarah get idA + ratings from Pefindo. About 70% of the proceeds will be used for capital expenditures consisting of equipment reconditioning as well as increased production capacity and another 30% will be used to repay some of the short-term debts from working capital credit facilities. While the proceeds from issuance of ijara sukuk will be used for reconditioning production equipment.
WSBP - Added production capacity
PT Waskita Beton Precast (WSBP) plans to increase the capacity of precast concrete factories in Palembang to 450 thousand tons per year, compared to the current production capacity of 250 thousand tons. The addition of capacity is still possible supported by the widespread land ownership in the region. Currently, the new company uses 6 Ha or 25% of the total land owned by the company. To support the expansion, the company allocated Rp 897 billion for capital expenditure in 2018, of which Rp 700 billion will be used for the development of precast plants and the remaining 197 billion for readymix development. Meanwhile, WSBP booked a new contract worth Rp 7 Trillion per August 2017, equivalent to 56.9% of the total new contract worth Rp 12.3 Trillion this year.
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