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Good morning,
CAD
Starts to Rise In 1Q, BOP Surplus Continues
Indonesia’s current account
in its BOP registered a slightly higher deficit of
USD2.4bn, or 1% of GDP in 1Q17. Moving forward, the current account
deficit (CAD) is expected to widen to USD19.4bn, or
2% of GDP in 2017. This is from minus USD16.3bn, or -1.8% of GDP in
2016. This is on expectations of:
1. A smaller surplus in the merchandise trade account due
to growing imports;
2. A larger deficit in the services account.
¨ The financial
account recorded a higher surplus. The financial account’s inflow, however,
recorded a higher surplus of +USD7.9bn in 1Q17 from
+USD7.6bn in 4Q16. It stood at +USD9.8bn in 3Q16.
This
was due to higher inflows of portfolio investments in rupiah-denominated
instruments (SUN, SPN, and stock) and the issuance of the government’s global
sukuk, while foreign direct investments (FDIs) recorded lower net inflows.
This was largely due to outflows of direct investment in th eoil and gas
sector, and other investment deficits mainly due to the placement of private
sector assets abroad.
¨ Surplus
in the balance of payments (BOP) stabilised. As a result, the
surplus in BOP remained unchanged at USD4.5bn in 1Q17,
from the same level in 4Q16 and +USD5.7bn in 3Q16. (Rizki Fajar)
Link
to report to be sent out later
Link
to daily report: Indonesia Morning Cuppa 150517
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Media Highlights:
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Corporate
Semen Indonesia plans IDR3trn bond
Meikarta sales exceeds target
Gajah Tunggal considers USD500mn global
bond
MNC Sky to undertake rights issue
Loan growth up to April 2017 reaches 9.8%
Domestic motorcycle sales dips while export
soars
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Our
Recent Publication:
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Sector Update: Coal Mining – Recent
Pullback Creates Opportunity To Accumulate
Link to report: Recent
Pullback Creates Opportunity To Accumulate
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Sector Update: Engineering &
Construction – Key
Takeaways From Marketing In Singapore
Link to report: Key
Takeaways From Marketing In Singapore
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Sector Update: Plantation – Stock-To-Usage
Ratio To Normalise Soon
Link to report: Plantation – Stock-To-Usage Ratio
To Normalise Soon
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Corporate News Flash: Alam Sutera – A
Decent Take-Up Rate For Chiara
Link to report: Alam
Sutera : A Decent Take-Up Rate At Chiara
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Company Update: Surya Semesta
Internusa – Positive Outlook Unchanged
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Economics Update: Economic Growth Sustained
In 1Q17
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Company Update: Bank Mandiri – Spring Has
Finally Sprung
Link to report: Bank
Mandiri : Spring Has Finally Sprung
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Company Update: Waskita Karya – Stellar
Performance
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Company Update: Pembangunan Perumahan
Persero – The Most Undervalued Contractor
Link to report: Pembangunan
Perumahan Persero : The Most Undervalued Contractor
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Company Update: Telekomunikasi Indonesia –
Blazing The Trail
Link to report: Telekomunikasi
Indonesia : Blazing The Trail
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Results Review: Ciputra Development –
Expect Numbers To Improve In The Quarters Ahead
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Best regards,
Helmy Kristanto
Director
Head of Indonesia Research
PT. RHB Securities Indonesia
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