|
Macro and Flow Tracker: Stay Vigilant As fiscal spending reached 48% of the state budget in July, the pace of fiscal expansion appears to be progressing slowly with July's surplus of IDR 153tn was still slightly higher than Junes. This underscores the rising expectation for an increased level of fiscal spending, to invigorating momentum in consumption growth. Additionally, the political landscape is in motion as we approach the presidential registration deadline in October. July witnessed growth in AUM for Fixed Income and Mixed asset classes, experiencing respective increases of 4.0% and 5.8% m-m, while Equity class exhibited further moderation while the cash level saw a slight increase at 7.4%. To see the full version of this report, please click here
Tower Bersama Infrastructure: Leveraging core strengths (TBIG.IJ IDR 1,980 BUY.TP IDR 2,500) Revising TBIG future earnings, we see the conditions are fitting to TBIGs strengths, building new sites for telcos and laying the groundwork for future growth on sound fundamentals. We feel TBIG is an ideal partner to build digital infrastructure with new fiber revenue depicting encouraging traction. We roll-forward our valuation, and reiterate BUY call with new TP: IDR2,500. To see the full version of this report, please click here
To see the full version of this snapshot, please click here
MARKET NEWS |
|
||
MACROECONOMY
State budget had a surplus of IDR153.5 tn in 7M23
The state budget had a surplus of IDR153.5 tn, or 0.72% of GDP, while the primary account recorded an IDR394.5 tn surplus. State revenue was IDR1,614.8 tn or rose 4.1% YoY and reached 65.6% of the 2023 State Budget objective. Meanwhile, state spending increased 1.2% YoY to IDR1,461.2 tn, or 47.7% of the budget cap, which has already been spent. (Ministry of Finance)
CORPORATE
BBNI Conducts Stock Split
BBNI will split the nominal shares with a ratio of 1:2 to increase investment interest in the company’s shares. According to BBNI, the plan will make the company’s share price affordable, especially for retail investors. As of June 2023, the composition of the Company's shareholders consists of 60.0 percent of the Government of the Republic of Indonesia, 26.1 percent of Foreign Institutional Investors, 9.1 percent of Domestic Institutional Investors, and 4.8 percent of Retail Investors. If the plan is approved, BBNI will start using the new nominal on October 10, 2023. (Emiten news)
EXCL Partners with Unsoed
EXCL, through XL Axiata Business Solutions (XLABS), collaborates with Universitas Jenderal Sudirman (UNSOED). Through this collaboration, the two parties will create digital learning ecosystem and smart campus solution in the medical faculty. The collaboration is intended to increase students’ participation in developing their skills and competence. The partnership will commence in the next 5 years. (Investor Daily)
UNVR Collaborates with POWR for Solar Panel Installation
UNVR collaborates with POWR to install one of the largest solar panels in the Jababeka Area (KIJA). The use of solar panels is an optimal solution for industrial sectors that use high amounts of energy and intensively, in addition to being able to reduce greenhouse gas emissions and contribute to the transition to renewable energy. With a capacity of 2.5 MWp, the solar panel that will be installed in collaboration with PT Cikarang Listrindo Tbk (POWR) is one of the largest in Jababeka. (Emiten News)
