In today’s briefing:
- BFI Finance Indonesia (BFIN IJ) – Taking the Digital High Road
- Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
- Wika Gedung (WEGE IJ) – Anticipating jump in FY22F new contract
BFI Finance Indonesia (BFIN IJ) – Taking the Digital High Road
- The confirmation that Jerry Ng, one of the major shareholders of Bank Jago will take a controlling stake in BFI Finance Indonesia should create a win-win combination.
- BFI Finance Indonesia brings best-in-class exposure to multi finance, whilst integration with Bank Jago and GoTo group should help it to accelerate the company’s digitalisation and boost growth.
- The company trades on 2.7x FY21E PBV with a forecast ROE of 14.7% for FY2021E and 18.5% in FY2023E but historically it has generated ROEs of 25% plus.
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets rallied on Wednesday with the S&P and Nasdaq ending 0.9% and 0.5% higher. Sectoral gains were led by Communication Services up 3.1%, Real Estate and Utilities up 1.5-1.7%. US 10Y Treasury yields eased 2bp to 1.77%. European markets were broadly positive with the CAC and FTSE up 0.2% and 0.6% while DAX was flat. Brazil’s Bovespa closed 0.6% higher. In the Middle East, UAE’s ADX was up 0.2% while Saudi TASI closed 0.8% lower. Asian markets have opened mixed with STI up 2.1% while Nikkei was down 1.1%. Shanghai and HSI remain closed on account of the lunar new year holidays. US IG CDS spreads were 1.3bp wider and HY CDS spreads were 6.2bp wider. EU Main CDS spreads were 0.5bp tighter and Crossover CDS spreads were 0.3bp tighter. Asia ex-Japan CDS spreads were 0.4bp tighter.
Wika Gedung (WEGE IJ) – Anticipating jump in FY22F new contract
Anticipating jump in FY22F new contract
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