๐๐ฎ๐ ๐ฎ๐ฌ๐ญ ๐๐, ๐๐๐๐
* ๐๐ก๐ ๐๐๐ ๐ญ๐ซ๐๐๐ข๐ง๐ ๐ซ๐๐ง๐ ๐: ๐,๐๐๐๐ฉ๐ญ – ๐,๐๐๐ ๐ฉ๐ญย ย (๐๐๐ฌ๐ญ๐๐ซ๐๐๐ฒ ๐๐ฅ๐จ๐ฌ๐: ๐,๐๐๐๐ฉ๐ญ)
* ๐๐๐ฅ๐ฅ ๐๐ญ๐ซ๐๐๐ญ ๐๐ง๐๐๐ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐ฏ๐๐ฅ๐ฒ ๐ฐ๐ข๐ญ๐ก ๐ญ๐ก๐ ๐&๐ ๐๐๐ ๐๐ง๐ ๐๐๐ฌ๐๐๐ช ๐ก๐ข๐ญ ๐ซ๐๐๐จ๐ซ๐-๐ก๐ข๐ ๐ก๐ฌ
* ๐๐ก๐ ๐๐๐ ๐ข๐ฌ ๐๐ฑ๐ฉ๐๐๐ญ๐๐ ๐ญ๐จ ๐๐ฅ๐ฎ๐๐ญ๐ฎ๐๐ญ๐ ๐จ๐ง ๐ ๐ก๐ข๐ ๐ก๐๐ซ ๐ญ๐ซ๐๐ง๐ ๐๐ฒ ๐ฌ๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ ๐จ๐ ๐ฌ๐ญ๐๐๐ฅ๐ ๐๐๐๐๐๐ ๐๐ง๐ ๐จ๐ข๐ฅ ๐๐ฅ๐จ๐ฌ๐๐ฌ
Morning,
The Jakarta Composite Index (JCI) today (27/8) is expected to fluctuate but to trend higher ย within the range of 5,300pt โ 5,425pt by support of ย stronger USDIDR and oil close. ย Meanwhile, yesterday (26/8) in Wall Streetย theย DJIAย ended lower byย 84 points or 0.3%ย at 28,332pt , while the S&P500 and the Nasdaq both closed higher byย 1.0% and 1.7%, respectively.ย Wall Street seemed responded well on consumersโ durable goods order data that increase by 11.2% MoM in July , higher-than-expected of 4.3% MoM.
๐ฐ๐๐ ๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐
Cautious-optimistic investors in the domestic market were blasted this week by medias with news on the financial performance of Bank BRI Syariah (BRIS) for the six months ended June this year.
BRIS is one of the total 4 (four) shariah-based financial services counters listed in the Indonesia Stock Exchange. The other 3 (three) are, namely, Bank BTPN Syariah (BTPS), JMAS (Asuransi Jiwa Syariah Jasa Mitra Abadi), and PNBS (Bank Panin Dubai Syariah).
During the 1H20, BRIS reported net profit of IDR117.2bn , or an increase of 229.6% as compared to 1H19. The growth of the bottom line was supported mainly by financing growth and, of similar importance from sources of cheap third-party-fund or current account and saving account (CASA). ย Financing during the 1H20 grew by 56% YoY to IDR37.4tr, mainly backed by micro financing, which is of the highest contributor, along with the others of consumers and partnership financing segments.
Growth in the micro financing segments suggest that borrowers that involved in small-scale businesses in the country are more-than-adequately thriving during the current pandemic climate. ย Growth has also been crucially- facilitated by technology advance whereby digital application on the BRISโs products are highly accessible for borrowers.ย The growth resilience from this segment as well as the higher yield triggered higher profitability to the bank.
During the 1H20 , CASA made up of 54.3% of total third-party-funds of IDR22.3tr and grew by 91% YoY.ย ย ย As a result, the average cost-of-funds ย declined to 3.67% in 1H20 as compared to 4.72% in the 1H19. According to BRISโs management, during this time of ย uncertainties that arise from the Covid-19, people are inclined to save more, that led to higher growth of CASA. The reason is in- line with major consumer surveys conducted in Indonesia, in our note.
To make a general conclusion, the above ย suggests that expansive monetary policy, consumer behavior, and corporate responses can work in-tandem to mitigate the negative impact of Covid-19 to the economy.
At the other end, yesterday ย the WTI price closed almost unchanged by 4 cents at USD43.4/barrel on supply worries as storms hit the Gulf Coast. Meanwhile the USDIDR ย closed ย at IDR14.636 ย vs. IDR14.632 the previous one.
We advise the following recommendations, for both trading and longer-time investment purpose. ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐จ๐ณ๐ช, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ฏ๐ฅ๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต ), ๐๐๐๐, ๐๐๐๐, ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ฐ๐ข๐ญ ๐๐ช๐ฏ๐ช๐ฏ๐จ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ข๐ณ๐ฌ๐ฆ๐ต-๐ธ๐ฆ๐ช๐จ๐ฉ๐ต), ๐๐๐๐, ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ฐ๐ฏ๐ด๐ถ๐ฎ๐ฆ๐ณ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ท๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต ), ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ถ๐ต๐ฐ๐ฎ๐ข๐ต๐ช๐ท๐ฆ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ข๐ณ๐ฌ๐ฆ๐ต-๐ธ๐ฆ๐ช๐จ๐ฉ๐ต), ๐๐ง๐ ๐๐๐๐, ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ณ๐ข๐ฅ๐ฆ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ท๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต),๐๐ง๐ ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ข๐ด๐ช๐ค ๐๐ฏ๐ฅ๐ถ๐ด๐ต๐ณ๐บ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ข๐ณ๐ฌ๐ฆ๐ต-๐ธ๐ฆ๐ช๐จ๐ฉ๐ต).
Cheers,