weleh JPMorgan koq keknya kamse, emang emiten energi bisa nambah pendapatan BBM naik? yg ada juga bisa turun lagi. koq isi sama judul ga nyambung nih boss? isinya buy BBRI sell UNTR? wedew.......
--- In [email protected], positif01 <positif01@...> wrote: > > Sebagaimana muncul dalam *sub-heading* "*Background* Ekuitas Domestik > Indonesia Pertengahan Maret" dalam *tweet* kami Senin, 19 Maret, yang > berjudul: "Harum Energy (HRUM) *Roadshow Goes to Europe* Minggu Ini > *by* Goldman > Sachs" (http://tinyurl.com/6mwjcym), disebutkan: > > "Meredanya euforia yang diimpor dari dinamika ekuitas AS dua minggu pertama > Maret, membantu mayoritas pelaku pasar untuk memetakan kembali secara lebih > jernih kekuatan dan kelemahan sektoral pasar. Berikut adalah *key > points* sepanjang > minggu lalu yang akan menjadi catatan tersendiri bagi IHSG mengakhiri bulan > Maret. *Key points* berikut akan dijelaskan lebih lanjut dalam *post* > individual > berikutnya." > > Di antaranya: > > "- Kamis, 15 Maret: J.P. Morgan ("JPM") merilis rekomendasi untuk investor > institusinya agar memulai *hedging* posisi terhadap model portofolio > ekuitas Indonesia atas pertimbangan kenaikan BBM pasca-pemangkasan subsidi, > melalui *shifting*/peralihan sektoral. > JPM:* In ASEAN, our focus was to rotate into energy stocks. We sold United > Tractors (UNTR IJ) and Bank Rakyat Indonesia (BBRI IJ). We advise > investors look > to hedges against higher energy prices OW Energy. Domestic demand plays > Banks and consumer discretionary stocks underperformed over the last > quarter. Sectors that benefit form a weaker Rupiah Utilities, Industrials > and Energy have been outperformers recently*;" > > Dalam rilis riset ekuitas yang bertajuk "Key Trades and Risks" pada 15 > Maret lalu JPM sudah kembali mewanti-wanti ekuitas Indonesia atas "fuel > prices in focus". JPM mengumumkan perubahan Model Portofolio Regional APxJ > (Asia Pacific ex-Japan) termasuk saham pilihan dari Indonesia. Dalam sell > side-nya JPM mengambil posisi keluar/jual terhadap United Tactors (UNTR) > dan Bank Rakyat Indonesia (BBRI). > > Lebih lanjut JPM menekankan pentingnya antisipasi kenaikan BBM > pasca-pemangkasan subsidi BBM. > > *Indonesia: Fuel prices in focus* > * > * > *Distinctive country drivers* > *MSCI Indonesia is a significant underperformer among MSCI EM countries in > 2012. This is in sharp contrast to it 24% outperformance in 2011. The > catalysts for recent weakness are: A weak Rupiah (IDR depreciated vs. USD > by 8% and 1.2% since Sep 2011 and ytd respectively). Currently CPI is > benign (3.5% y/y in March) but the plan to raise domestic fuel prices in > April will result in higher inflation. Domestic demand plays Banks > and consumer > discretionary stocks underperformed over the last quarter. Sectors that > benefit form a weaker Rupiah Utilities, Industrials and Energy have been > outperformers recently.* > * > * > *Factors driving future performance* > *The trajectory Inflation as well as the policy response could be a source > of uncertainty through 2012. We forecast a 33% gasoline increase which is > calculated to result in a CPI peak over 8%oya. It should then moderate. We > forecast no more interest rate reductions in 2012. Moody's & Fitch > upgrading Indonesia to investment grade, the land acquisition law and fuel > price increases set the stage to step up infrastructure spending which is > an imperative for growth to sustain. Recent policy curbs on foreign > ownership in the mining sector may add to uncertainty, potentially putting > premium multiples at risk. The economy should be resilient to higher fuel > prices. Growth may moderate this year, but should remain well above 5%. > 12-15% nominal GDP growth rate translates to strong and consistent EPS growth > and a strong reason to maintain long term positions in the market. > Declining discount rates make a 13x forward multiple reasonable relative to > growth.* > * > * > *Indonesia's 32% premium to MSCI EM on 12m Fwd PE is a source of risk. A > current account dipping to a deficit (0.6% of GDP expected in FY12E) means > that the balance of payments are dependent on Capital Flows. Rising wages > boost consumption in the short term, but could hit competitiveness and FDI > over the long term.* > * > * > *Investment strategy* > * > * > *We advise investors look to hedges against higher energy prices.* > -- > '+' > > Follow positif01indo on Twitter: https://twitter.com/#!/positif01indo > > Persetujuan *request followers* baru diberikan hanya satu kali tiap akhir > kuartal maks 500 *request */ diskresi kami. > ------------------------------------ Kunjungi situs http://www.info-saham.com untuk informasi seputar saham. SEMUA POSTING DI MILIS INI TANGGUNG JAWAB PENGIRIM EMAIL DAN BUKAN ADMIN MILIS. SEMUA POSTING DI MILIS INI BUKAN UNTUK MENGAJAK MEMBELI ATAU MENJUAL EFEK. SETIAP KEPUTUSAN INVESTASI MENJADI TANGGUNG JAWAB PIHAK PEMILIK INVESTASI ATAU PEMILIK MODAL. [email protected] untuk berhenti dari milis saham [email protected] untuk bergabung ke milis saham Yahoo! 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