Main media social oke. Tapi lebih oke lagi bila kini mulai untuk “main investasi”.
Indonesia export grew 6.1% YoY (10.24% MoM) to USD 15.6 bn in March. However, a potential pick up of consumption goods import growth starting April as domestic firm will face Ramadhan period starting in May.
Reksadana adalah investasinya cewek milenial. Dengan pilihan instrument investasi seperti pasar uang, saham, atau lainnya, cewek milenial akan mendapat keuntungan yang luar biasa di samping dapat mempertahankan gaya hidupnya di masa tua sekalipun.
March inflation was at 0.20% MoM (3.40% YoY), which came above Bloomberg consensus but slightly below our estimates.
Rupiah was the main focus as global volatility rose due to The Fed policy stance and US protectionism policy. BI will retain its policy rate on in 2018 before lifting it up in the beginning of 2019.
“Gue gak suka reksadana” begitu kata seorang kawan dengan nada keras. Kenapa emangnya? Katanya, sekarang ini banyak investasi bodong.
Better performance of manufacture stimulated positive job growth for the first time in nearly one-half year.
Tax revenue still generate positive catalyst after it recorded 13.6% YoY growth (2017: 8.6% YoY) to Rp 160.7 tn (9.9% of target) in the first two month 2018 (2M18).
According to BPS, food inflation was trending down to 0.13% MoM (3.40% YoY) as New Year high season has ended. Following the uptrend of oil price, Pertamina increased its non-subsidized fuel even until 2 times for several products.
Bank Indonesia (BI) retained its policy rate at 4.25% in the latest BoG meeting. Central bank kept its eye open to watch rising global volatility due to increasing expectation of higher FFR increase in 2018.
BPS recorded Indonesia export price experienced deflation at -1.49% YoY (-0.05% MoM), making the export value growth remained single digit. Significant growth of imports brought trade balance to deficit territory for two months in a row.
Full year growth was at 5.07% which made Indonesia for the first time reached a trillion US dollar GDP. Food and Beverages, which had biggest proportion of consumption, stimulated higher consumption growth as it grew 5.37% YoY or the highest in 2017.
Annual inflation was dragged down to 3.25% due to high basis in January 2016. In line with our estimation, food inflation remained high in the beginning of 2018 with 2.34% MoM (2.95% YoY). Pertamina increased some fuel prices like Pertalite (Ron 90) by 1.3% to Rp7,600/liter and Pertamax (Ron 92) by 2.3% to Rp8,600/liter.
Bank Indonesia (BI) retained its policy rate at 4.25% in the beginning of 2018. BI decided to accelerate the implementation of new macroprudential policy after assessing weak domestic banking intermediation and procyclicality behavior.
BPS reported that Indonesia’s exports were down 3.45% MoM (6.93% YoY) in December, below our expectation and Bloomberg consensus (see table on the left). BPS reveals that aggregate price only grew 0.71% YoY and even decrease on monthly basis at -4.39% MoM. November imports data still had a strong annual growth at 17.83% YoY even though slightly decreased by 0.29% MoM.
Indonesia entered year end high season with a milder inflation in November. Food inflation was reported at 0.37% MoM (-0.49% YoY), much lower than previous year at 1.66% MoM (8.52% YoY). Low core inflation at 0.13% MoM (3.05% YoY) showed that domestic demand was still struggle to recover. November’s Large Wholesale Price Index (LWPI) for non Oil and Gas increased by 0.39% MoM.
Palm oil remains the most traded vegetable oil in the world with only three countries to supply 75% of total world production, i.e. Indonesia, Malaysia and Argentina. The palm oil plantations in Indonesia has faced a long standing environmental and social issue and due to moratorium imposed by the Government since 2011, the annual growth of Indonesian palm oil output experiencing a downward trend.
Indonesian property remains attractive with influx of Foreign Direct Investment (FDI) in real estate sector increased by 22% YoY and reached USD2.04 bn in 9M17. The rise in real estate FDI outpaced the total FDI growth which only improved by 11% YoY to USD23.88 bn. Up to 9M17, the contribution of real estate FDI to total FDI up by 72 bps to 8.5% from similar period in 2016.
On October 25, 2017, Brent crude oil price rose to USD58.44/b (+2.85% YtD), while WTI price decreased to USD52.2/ton (-2.9% YtD), causing wider spread between the two benchmark prices, and indicating a sharp increase in U.S.
The Newcastle coal price was gradually down and bottomed at USD73.3/ton in mid-May’17. The Chinese Government’s decision to loosen the 276 working days ban has put a pressure on coal price.
The construction sector plunged about 20% Ytd, underperforming the JCI significantly by 32%. This was due to investor’s concern for 1) contractors funding constraints, 2) reduced visibility of new contract growth on perceived government budget limit and 3) government’s plan to limit contractor sourcing precast from subsidiary by 50%.
After seeing a 38% decline growth in 2015 to 6,068 units and a 8% growth in 2016 units to 6,554 units, Indonesia’s heavy equipment sales volume is back to double digit growth this year. As during 8M17, the nation’s sales heavy equipment sales expanded robustly by 62% to 7,091 units or already exceed full year 2016 sales.
Banks went through weak credit cycle from mid-2015 to 2017 on weak economy and rising non-performing loan (NPL). Many of the policy tone was very expansive to push the lackluster credit growth (i.e 200 bps rate cuts in 2016-2017, LTV relaxation in 2016, asset quality relaxation in 2015-2017); but elevated NPL and weak loandemand still hampered credit growth in 2016-2017.
Global economyis projected by IMF to expand by 3.6% in 2017 and 3.7% in 2018. Growth will be mainly driven by developing countries which are expected to grow 4.6% in 2017 and 4.9% in 2018. Developed countries growth is seen to strengthen at 2.2% rate in 2017 before it moderates to 2.0% in 2018.