In today’s briefing:
- Adi Sarana Armada (ASSA IJ) – Crystalizing Used Car Value
- Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
- Bank Negara Indonesia (BBNI IJ) – Expecting earnings recovery back to pre-pandemic level
Adi Sarana Armada (ASSA IJ) – Crystalizing Used Car Value
- Adi Sarana Armada (ASSA IJ) has successfully spun off its Auto trading subsidiary Autopedia Sukses Lestari (ASLC IJ) through an IPO reducing debt and raising capital to grow the business.
- Autopedia will focus on growing its online O2O business through Caroline, with a captive supply of used cars from its auction and car leasing businesses plus offline infrastructure in place.
- Adi Sarana Armada (ASSA IJ) also looks attractive for its logistics and last-mile business, which is close to profitability and now more than 50% of its revenues and growing fast.
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets closed almost flat with the S&P ending 0.15% lower and Nasdaq closing almost unchanged. The indices erased gains of over 2% post the hawkish FOMC meeting (details below). Sectoral gains were led by IT, up 0.7% while Real Estate led the losses, down 1.7%. US 10Y Treasury yields jumped 7bp higher to 1.85%. European markets recovered sharply yesterday with the DAX, CAC and FTSE up 2.2%, 2.1% and 1.3%. Brazil’s Bovespa closed 1% higher. In the Middle East, UAE’s ADX was flat and Saudi TASI was up 0.6%. Asian markets have opened in the red with Nikkei and HSI down 3.1% and 2.6% while Shanghai and STI are down 0.9% and 0.6% respectively. US IG CDS spreads were 1.4bp wider and HY CDS spreads were 5.4bp wider, EU Main CDS spreads were 1.3bp tighter and Crossover CDS spreads were 6.2bp tighter. Asia ex-Japan CDS spreads were 2bp tighter.
Bank Negara Indonesia (BBNI IJ) – Expecting earnings recovery back to pre-pandemic level
Expecting earnings recovery back to pre-pandemic level
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