In today’s briefing:
- Arwana Citramulia (ARNA IJ) – Tiling a Porcelain Path
- Bank Central Asia: GEM Funds Hit Max Exposure
- Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
- Bank Syariah Indonesia (BRIS IJ) – The largest sharia bank in the largest Muslim populated country
Arwana Citramulia (ARNA IJ) – Tiling a Porcelain Path
- Tile manufacturer Arwana Citramulia (ARNA IJ)‘s 4Q2021 results confirmed a strong finish to the year and management expects an equally vibrant performance in 2022, as a top quality Indonesian industrial
- Increased capacity, better product mix, greater efficiencies on gas usage, and the new line of porcelain tiles will help to drive better margins this year.
- Arwana Citramulia throws off high returns with ROEs of more than 30%. Valuations do not look challenging with a strong EPS 30% growth and a forward PER of 11x.
Bank Central Asia: GEM Funds Hit Max Exposure
- PT Bank Central Asia has ownership among GEM active funds has hit record highs.
- Aggressive Growth managers account for 14 of the largest 20 positions in the stock, led by Virtus EM Growth (4.16%) and Mirae EM Great Consumer (4.07%).
- It is the 12th most widely held stock globally and the 4th most widely held stock in the Financials sector. Competition lies in Sberbank, CCB and Ping An Insurance.
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
S&P and Nasdaq saw a risk-on move, up 1.6% and 2.5%. Sectoral gains were led by IT and Consumer Discretionary, up 2.7% and 2.1% each. The US 10Y Treasury yield rose by 5bp to go back above the 2% mark to 2.03%. European markets were also higher with the DAX, CAC and FTSE up 2%, 1.9% and 1.1% each. Brazil’s Bovespa closed 0.8% higher. In the Middle East, UAE’s ADX was up 0.3% and Saudi TASI closed 1.2% higher. Asian markets have opened broadly higher with Shanghai, HSI, STI and Nikkei up 0.7%, 1.3%, 0.1% and 2.1% respectively. US IG CDS spreads were 1.9bp tighter and HY CDS spreads were 9.5bp tighter. EU Main CDS spreads were 1.8bp tighter and Crossover CDS spreads were 8.8bp tighter. Asia ex-Japan CDS spreads were 2.3bp wider.
Bank Syariah Indonesia (BRIS IJ) – The largest sharia bank in the largest Muslim populated country
The largest sharia bank in the largest Muslim populated country
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