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FROM EQUITY RESEARCH DESK |
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BRIDS FIRST TAKE
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MARKET NEWS |
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MACROECONOMY
China One-Year Medium-Term Lending Facility Rate
The People’s Bank of China (PBoC) launched a total of CNY300bn into financial institutions via a one-year medium-term lending facility (MLF) on December 25th at an unchanged rate of 2.0%. That compared with CNY1.45tr of MLF loans due this month, marking a net cash withdrawal of CNY1.15tr, the most since 2014. It was the third consecutive month of a steady MLF rate following a record 30bps reduction in September. (Trading Economics)
The World Bank raised on Thursday its forecast for China’s economic growth in 2024 and 2025
The World Bank raised on Thursday its forecast for China’s economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year. Thanks to the effect of recent policy easing and near-term export strength, the World Bank sees China’s gross domestic product growth at 4.9% this year, up from its June forecast of 4.8%. Although growth for 2025 is also expected to fall to 4.5%, that is still higher than the World Bank’s earlier forecast of 4.1%. (CNBC)
US Initial Jobless Claims Eased by 1,000
Initial jobless claims in the US eased by 1,000 from previous week to 219k in the second week of December, contrasting with market expectations that they would have risen to 224k. It was the lowest reading since the near seven-month low of 213,000 from one month prior. On the other hand, outstanding unemployment claims rose to 1,9mn in the first week of December, the highest in three years. (Trading Economics)
SECTOR
Commodity Price Daily Update Dec 24, 2024
CORPORATE
BBRI Provides Term Loan Facility to SAPX worth Rp85bn
BBRI has provided a term loan facility worth Rp85bn to SAPX. The agreement was signed on 20th Dec24, with an interest rate of 11.25% per year. According to SAPX, the loan facility has a maximum credit term of 72 months, including the disbursement period, while each disbursement has a maximum term of 60 months. This facility will be used for additional operational capital, capital expenditures, and general needs related to the Company's business activities. (Emiten News)
BTPN Provides Financing Facility to SUN Energy worth US$10mn
BTPN has provided a financing facility worth US$10mn to PT Surya Utama Nuansa (SUN Energy). This funding will be used to support the operations and expansion of solar energy projects in the commercial and industrial sectors. The funds will be utilized for the procurement of raw materials for solar energy, which is a strategic step to enhance competitiveness in project tenders. (Emiten news)
JSMR Reports Nearly 1mn Vehicles Leave Jabotabek Ahead of Christmas 2024
JSMR reported that 993,440 vehicles left Jabotabek between 18th-23rd Dec24 (H-7 to H-2 Christmas), through four main toll gates: GT Cikupa (Merak), GT Ciawi (Puncak), GT Cikampek Utama (Trans Java), and GT Kalihurip Utama (Bandung). This represents a 15% increase from the normal average of 863,724 vehicles but a 9.1% decrease compared to the 1,093,363 vehicles recorded during the same period last year. (Kontan)
PTBA Strengthens Coal Exports to Southeast Asia
PTBA is optimistic that its coal export sales to Southeast Asian countries will surge by 2025. Exports to Thailand reached 1.31 mn tons as of 9M24 (+363% yoy), while sales to Vietnam also increased significantly to 2.01 mn tons (+346% yoy). The potential for PTBA's coal exports to Southeast Asia remains very promising in the future. According to the latest report from the International Energy Agency (IEA), there are positive indications that coal will continue to play an important role in the global energy mix at least until 2027. (Kontan)
UNTR Records Sales of 4,167 Komatsu Units as of Nov24
UNTR reported a total sales volume of 4,167 Komatsu heavy equipment units during 11M24 (-17.6% yoy). UNTR's Komatsu sales YTD through Nov24 were dominated by customers from the mining sector, accounting for 66%. Additionally, sales were distributed to the forestry sector at 8%, construction at 15%, and agriculture at 11%. The decline was driven by weaker sales of smaller machines, as Sany expanded its market share in the construction and agricultural sectors. (Bisnis)
UNVR New Director Candidates for 2025 EGMS
UNVR will appoint three new directors at its Extraordinary General Meeting (EGMS) on 14th Jan25, following the resignation of three current directors. The proposed candidates are Alejandro Meinardo Santos Concha, Vandana Suri, and Neeraj Lal. Santos Concha, from the Philippines, has over 30 years of experience in sales and management. Lal, from the US, brings 16 years of financial expertise, currently leading global operations at UniOps. Suri, from India, has 20 years of marketing experience, including leadership roles at Hindustan Unilever. The meeting will also discuss changes to director remuneration and the sale of UNVR's ice cream business. (Bisnis)
