* Politics – a secretariat (sekretariat bersama or Setgab) for the coalition parties has been formed, with president SBY as the chairman and Aburizal Bakrie as the operational leader. Sales view: expect a stronger coalition among Partai Demokrat, Golkar, PAN going forward. Political power base shifting in favour of the Golkar party and the Bakrie group, buy Bumi Resources.
* Euro bail-out – Eu500bn package has been agreed, Eu440bn of which to come from loan guarantees and Eu60bn from existing budget. Legal basis for the Eu440bn to be worked out in the “next days”. IMF may provide up to Eu220bn extra. ECB will also announce intervention in the markets today.
* Sales call – Five Indonesian big/mid cap stocks to buy on this rebound: (1) Bumi Resources, (2) Astra International, (3) Bank Rakyat Indo, (4) Ciputra Development, (5) PT Inco.
* Research call – Greek contagion in Asia. In this report we stress-test Asian companies with European exposure. The stress test is the first order impact of these assumptions:
o Euro at parity to the US dollar (spot 1.26)
o Double dip in European economy
o Oil to dip to $60 by 2010 end
https://mm.jpmorgan.com/servlet/PubServlet?skey=R1BTLTQxMTUzNy0w&Name=GPS-411537-0.pdf
* Medco Energi (MEDC) – rumor column in Kontan newspaper speculating about the Panigor family potentially selling its stake in Encore Energy Ptd (parent company to Medco) to Pertamina. (Kontan).
* Jusuf Merukh, through Merukh Enterprises, is looking to acquire mining assets (gold) currently owned by Avocet in Malaysia and Indonesia, worth US$250mn. (Kontan).
* Bank Panin (PNBN) – selling a 14% stake in PT ANZ Panin Bank for Rp400bn, leaving a 1% residual ownership. (Investor Daily).
* Multistrada (MASA) – getting US$175mn loan for capacity expansion. (Investor Daily).
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