Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

While the ongoing slowdown in China and concerns about the global economy are expected to continue to weigh on Indonesia’s exports, gradually improving domestic demand is likely to see non-oil imports growth move back into positive territory. The four rate cuts that Bank Indonesia has undertaken since the start of 2016 is expected to provide a lift to domestic demand in the economy.On a 3 month moving average (3mma) basis, exports declined 8.8% y-o-y in June compared to a decline of 11.9% in…

While the ongoing slowdown in China and concerns about the global economy are expected to continue to weigh on Indonesia’s exports, gradually improving domestic demand is likely to see non-oil imports growth move back into positive territory. The four rate cuts that Bank Indonesia has undertaken since the start of 2016 is expected to provide a lift to domestic demand in the economy.On a 3 month moving average (3mma) basis, exports declined 8.8% y-o-y in June compared to a decline of 11.9% in…

Indonesia: Non-Oil Imports Growth Likely to Turn Positive on Gradually Improving Domestic Demand

The recent rate cut by Bank Indonesia at its policy meeting on 16th June is expected to provide some support to domestic demand in the months ahead. The benchmark rate now stands at 6.50%. With inflation expected to stay within Bank Indonesia’s target range of 3% to 5% in the near term, having edged lower to 3.3% y-o-y in May, growth concerns were clearly the dominant driver for the recent move.Credit growth in Indonesia has continued to slow, with lending by commercial banks having risen 8.0%…

The recent rate cut by Bank Indonesia at its policy meeting on 16th June is expected to provide some support to domestic demand in the months ahead. The benchmark rate now stands at 6.50%. With inflation expected to stay within Bank Indonesia’s target range of 3% to 5% in the near term, having edged lower to 3.3% y-o-y in May, growth concerns were clearly the dominant driver for the recent move.Credit growth in Indonesia has continued to slow, with lending by commercial banks having risen 8.0%…

Indonesia: Bank Indonesia May Have Room to Cut Rates Further

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

Foreign direct investment into Indonesia continues to arrive, but there are issues in relation to radical Islam, labor constraints and corruption. If the new government of President Widodo can resolve some of these, even larger capital inflows can be expected.

Foreign direct investment into Indonesia continues to arrive, but there are issues in relation to radical Islam, labor constraints and corruption. If the new government of President Widodo can resolve some of these, even larger capital inflows can be expected.

FDI into Indonesia on a Roll, but Reforms Needed

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

<div class="content-highlight">The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for investors.</div> We live in a world where investors are uncertain about asset values both in financial and non-financial companies.  Whilst a lot is written about the nature of bad debts at banks, little has been comprehensively written about the balance sheets of non-financial companies.We see the following evidence in our analysis: <ul><li><div class="content-highlight">The failure of some…</div></li></ul>

The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for investors. We live in a world where investors are uncertain about asset values both in financial and non-financial companies.  Whilst a lot is written about the nature of bad debts at banks, little has been comprehensively written about the balance sheets of non-financial companies.We see the following evidence in our analysis: The failure of some…

Indonesia

PT Adi Sarana Armada Tbk is a company that is engaged in the integrated technology-based of people and goods mobility ecosystem that serves the retail, corporate, and other public segments through three main business pillars: 1) Transportation (Vehicle Lease, Autopool, and Driver); 2) End-to-end Logistics (ASSA Logistics and Express Delivery – Anteraja); and 3) Used Vehicle Ecosystem (Auction – JBA and Online-to-Offline Used Car Dealer – Caroline) under subsidiary PT Autopedia Sukses Lestari Tbk.

PT Zebra Nusantara Tbk provides metered taxis, luxury cars, and buses services for passengers in Surabaya area.

PT Panorama Transportasi provides tourism transportation services.

PT Express Transindo Utama Tbk is a taxi operator in Indonesia.

Eka Sari Lorena Transport Tbk PT provides transportation services. The Company operates inter-city bus lines across Indonesia.

PT Sidomulyo Selaras Tbk is a transportation company. The Company core business is dangerous goods transportation services as well as offers a wide range of logistics services.

PT Nusantara Infrastructure Tbk is an investment holding company. The Company holds subsidiaries engaged in toll road, sea port, and other infrastructure related business.

PT Garuda Indonesia Persero Tbk provides airline services. The Company offers domestic and international flights, online check in, and associated services for passengers, baggage, and cargo.

PT. Trans Power Marine Tbk is a marine shipping transportation company. The Company offers tug and barge services for the transportation of bulk cargo. PT Trans Power Marine operates out of Indonesia and South East Asia.

PT Cardig Aero Services TBK provides ground and cargo handling services to airports throughout Indonesia. The Company also provides catering, in-flight catering and facilities management services for mining operations nationally.

Sichuan Fulin Transportation Group Co Ltd provides vehicle maintenance, vehicle and fuel management, urban bus operations, driving training and other related supporting services, forming a large-scale transportation network.

Taiwan Taxi Company Ltd. provides local transportation services. The Company offers taxi services, vehicle dispatching, and satellite monitoring services to passengers throughout Taipei City, Taiwan.

ICHINEN HOLDINGS CO., LTD. leases automobiles and a variety of machinery and equipment.  The Company provides car maintenance services.  Ichinen also sells petroleum and other lubricant.

Kanagawa Chuo Kotsu Co., Ltd. mainly provides bus and taxi transportation services in the Kanagawa area.  The Company also leases and sells real estate and operates leisure facilities, hotels, travel agents, and restaurants. Kanagawa Chuo Kotsu is affiliated with Odakyu Electric Railway.

Lindsay Australia Limited is an integrated transport, logistics and rural supply company.  The Company primarily services customers in the food processing, food services, fresh produce, rural and horticultural industries.

Jiangxi Changyun Co.,Ltd. provides bus transportation services.  The Company provides long distance scheduled passenger transportation, tourism transportation, and other services. Jiangxi Changyun also operates automobile loans, property management, and other businesses.

Tourism Holdings Limited provides tourist services in New Zealand and Australia. The Company's services include campervan and motor homes, car rentals and coach services.  The Company also offers sightseeing tours, Antarctic tourist centers, boating tours and cave expeditions.

Longzhou Group Co., Ltd. offers modern logistics services. The Company provides asphalt supply chain, comprehensive port terminal, and other freight logistics services. Longzhou Group also conducts car manufacturing, passenger transportation, and natural gas wholesale businesses.

Fujian Longzhou Transportation (002682 CH)

K.R.S. Corporation provides transportation services for its parent company, Q.P. Corporation.  The Company also manages regular and chilled inventories for their customers.  K.R.S. offers delivery services with Kyuso (rapid delivery) association to form nationwide trucking network.

ZERO CO., LTD. provides vehicle and general cargo transport services.  The Company operates used-car auction house.  ZERO also provides car maintenance services.

PT Blue Bird Tbk is a transportation services company. The Company offers taxis, limousines, car rentals, and chartered buses.

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Blue Bird (BIRD IJ)

Indonesia: Non-Oil Imports Growth Likely to Turn Positive on Gradually Improving Domestic Demand

While the ongoing slowdown in China and concerns about the global economy are expected to continue to weigh on Indonesia’s exports, gradually...

Rajan Govil

Indonesia: Bank Indonesia May Have Room to Cut Rates Further

The recent rate cut by Bank Indonesia at its policy meeting on 16th June is expected to provide some support to domestic demand in the months...

Rajan Govil

FDI into Indonesia on a Roll, but Reforms Needed

Foreign direct investment into Indonesia continues to arrive, but there are issues in relation to radical Islam, labor constraints and corruption....

Bixmoor

Beware Impairments in EM and Asia

The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for...

Mark Artherton

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