RISET PEFINDO :
1.GDST FR PEFINDO
(12 Juni 2013)
Target Harga
Terendah : RP 125
Tertinggi : Rp 135
SEE LINK : http://www.idx.co.id/Portals/
2.CSAP FR PEFINDO
(07 JUNI 2013)
Target Harga
Terendah : RP 380
Tertinggi : Rp 485
SEE LINK : http://www.idx.co.id/Portals/
Downgrade Indonesian banks
Indonesia’s revised state budget will cause the budget deficit to widen from Rp153tr to Rp224tr, which implies that Rp71tr funding will be needed. We expect this to crowd out bank deposit growth in an already relatively tight environment. We cut our 2013 loan forecast by 2% pts to 18–20% and lower our deposit forecast by 2% pts to 13–15%. This shaves off 2–5% from our sector earnings. In this environment, we expect big banks with large deposit franchises (BMRI, BBCA, BBNI and BBRI) to outperform their smaller peers.
VALUATION SUMMARY :
BBKP-Outperform-Tp 1,300
BBCA-Neutral-Tp 11,100
BDMN-Underperform-Tp 4,925
BJBR-Not Rated-Tp 1,280
BMRI-Outperform-Tp 11,300
BBNI-Outperform-Tp 5,500
PNBN-Underperform-Tp 820
BBRI-Neutral-Tp 8,900
BBTN-Outperform-Tp 1,520
BTPN-Underperform-Tp 5,100
3.Commodities Update | China Commodity Trade Data May 2013
Author(s): Daniel HYNES, Warren EDNEY
Patchy signs of improvement continued in China’s commodity trade data for May, with strong raw material imports but weak imports of refined products. Overall it was a slightly disappointing data release, continuing a subdued trend in import demand over the past few months. This seems consistent with the consumer side, where demand is picking up but also remains subdued. As such, we don’t expect any sustainable recovery over the coming months. In the base metals, imports of raw materials remained strong, most notably zinc concentrates. However, imports to China of refined metal were weak; the one positive was copper, where net copper imports rose for the first time since September 2012. In energy, crude oil imports held steady from May while on the products front, diesel demand was muted due to weather issues.
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