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…

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Solusi Tunas Pratama / Equity Capital Markets

The controlling shareholder and Carlyle plan to sell a combined 27% stake in PT Solusi Tunas Pratama Tbk (SUPR) for ~US$275m. SUPR&nbsp;shares are listed, but free-float and trading remain limited with the above two shareholders owing 69% of the stock, hence, there are days when the shares don't trade at all. Thus, this is more of an IPO than a deal, but since the shares have a listed history we choose to run it through our deal framework.In our view, the deal appears attractive at the lower end and lesser so at the high-end, since the higher end implies an EV/EBITDA multiple which is in range of its larger listed peers, which might limit upside (as it doesn't provide any incentive to buy SUPR shares when you could buy larger, more liquid comps). Given the high historic growth and bright future prospects we would be inclined to take the deal.&nbsp;

The controlling shareholder and Carlyle plan to sell a combined 27% stake in PT Solusi Tunas Pratama Tbk (SUPR) for ~US$275m. SUPR&nbsp;shares are listed, but free-float and trading remain limited with the above two shareholders owing 69% of the stock, hence, there are days when the shares don't trade at all. Thus, this is more of an IPO than a deal, but since the shares have a listed history we choose to run it through our deal framework.In our view, the deal appears attractive at the lower end and lesser so at the high-end, since the higher end implies an EV/EBITDA multiple which is in range of its larger listed peers, which might limit upside (as it doesn't provide any incentive to buy SUPR shares when you could buy larger, more liquid comps). Given the high historic growth and bright future prospects we would be inclined to take the deal.&nbsp;

Growth prospects remain good, however, upside may be limited at the high end

Indonesia

PT Solusi Tunas Pratama Tbk develops and constructs telecommunication towers for the wireless communications industry.

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Solusi Tunas Pratama (SUPR 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

Growth prospects remain good, however, upside may be limited at the high end

The controlling shareholder and Carlyle plan to sell a combined 27% stake in PT Solusi Tunas Pratama Tbk (SUPR) for ~US$275m. SUPR shares are...

Sumeet Singh

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