Our Comment
Rupiah continued to appreciate despite the benchmark rate cut by the central bank. Stronger rupiah is positive for stocks with heavy exposure (in terms of costs and debt) in US dollar such as Astra International, Indofood, Kalbe Farma, Tempo Scan, Unilever.
On the other hand, export-oriented companies (i.e., mining and plantation stocks) will experience pressure, but the pressure is compensated to a certain extent by the rise in commodity prices.
Oil price touched US$70/bbl on Friday before sliding. There is speculation that oil price will repeat last year´s tumble.
The IMF upgraded its forecast on Indonesia ´s GDP growth in 2009 to 3%-4% from 2.5% previously.
Katarina Setiawan Highlights
o Elnusa: Board commissioners of Pertamina refused to increase stake in Elnusa
o Aqua: Plans to go private o Nusantara Infrastructure: To seek financing From our chartist desk
o IDX: Upward direction is still intact, referring to daily TD sequential on buy countdown on 7th day and strengthening Rupiah, with longer term target 2200 (lower target is 2029 - but it is unlikely).. We maintain Rupiah target at Rp9300. BUY ON WEAKNESS is recommended. Today´s trading range is between 1971-2017-2048 (support) and 2094-2109-2155 (resistance) .
o INKP: The stock price will try to break above moving average (MA 14 and 20 day). This sentiment is supported by increasing money flow. BUY
o BBCA: Net-buying position on averaging during last 10 days. We like this stock, as its price is above MA 50 days. TRADING BUY
Sunday, June 7, 2009
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