JAKARTA (TheInsiderStories) - Followings are market news compiled by Mandiri Sekuritas that may affect shares trading today:
*To boost the repatriation of assets, the Ministry of Finance (MoF) will relax the rules a tax amnesty. In the new provisions, among others, repatriation can be done through non-cash assets, such as global bonds. In addition, the diversion of funds repatriation can be done gradually, but the calculation of lock-up period starting after the funds were received, not since the waiver treasure is received.
*PT Telekomunikasi Indonesia Tbk (TLKM, Rp4.210, BUY, TP Rp3.800) explores expansion of data services in Myanmar next year. This step will add to the list of the company’s expansion in the international market.
*PT Anugerah Berkah Madani (ABMA Land) plans to reduce the target proceeds from the shares IPO to Rp1.4 trillion - Rp2.2 trillion from the original plan of 2.6 trillion to 4.1 trillion, The company is targeting a listing on the Indonesian Stock Exchange in November 2016.
*Cooking coal business will soon not only be dominated by foreign players such as BHP and Rio Tinto, because two local issuers, PT Adaro Energy Tbk (ADRO, Rp1.425, NEUTRAL, TP Rp1,100) and PT United Tractors Tbk (UNTR, Rp19.200, SELL, TP 11.000) soon become major players in the coal business. ADRO annexed IndoMet Coal Project worth US$120 million and UNTR agreed to buy a 80.1% ownership stake in PT Suprabari Mapindo Mineral.
*PT Adaro Energy Tbk (ADRO, Rp1.460, NEUTRAL, TP Rp1,100) has completed the share purchase of IndoMet Coal with transaction value of US$120 million.
*Imports of palm oil from India is expected to rise for the first time in five months due to shrinking supply and increased demand ahead of festival of Hinduism. This sentiment gives a positive boost to the price of CPO.
*PT Ratu Prabu Energi Tbk (ARTI, Rp55) recorded a net profit of Rp1,71 billion as at June 2016, down 85% on an annual basis. Profit fell due to a decline in revenues.
*PT Wijaya Karya Tbk (WIKA, Rp2.750, BUY, TP Rp3.000) will work on the toll road project in the Philippines. Currently the tender process is still in progress. Director of Operations III WIKA Destiawan said the company could not provide details on the value of the project.
*PT Bank BRI Agro Tbk (AGRO, Rp308) has set the price of the rights issue. Based on the prospectus released by the company, on Monday (17/10), the price range of the rights issue is at Rp130-Rp175 per share. This price range is below the market price of the stock AGRO today.
*PT Krakatau Steel Tbk (KRAS, Rp710) ensures the exercise price of the rights issue has not been formed. Until now the Ministry of State Enterprises has yet to set the share price for the rights issue. This is the highest level on the rights issue price range previously announced by the management of KRAS. The rights issue was previously set at Rp500 per share.
*PT Bank Negara Indonesia Tbk (BBNI, Rp5,500, NEUTRAL, TP of Rp6,000) reviewing plans to expand overseas business. Achmad Baequni, Director of BNI, conveys the network is the key factor to increase the number of customers and businesses. BNI is reviewing plans to enter Malaysia and maintaining its business in Myanmar. (*)