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MEDC: Dapat Persetujuan RUPS, Medco Siap Right...

Emiten minyak dan gas,PT Medco Energi Internasional Tbk., mendapatkan restu dari pemegang saham untuk melaksanakanrights issueatau penerbitan saham melalui hak memesan efek terlebih dahulu (HMETD).Hal itu disepakati pada Rapat Umum Pemegang Saham Tahunan (RUPST) dan Rapat Pemegang Saham Luar Biasa (RUPSLB) yang diselenggarakan pada hari ini, Kamis 25 Juni 2020.Emiten berkode saham MEDC itu akan menerbitkan 7,5 miliar saham baru yang direncanakan digelar pada kuartal III/2020 dengan nilai nominal Rp25 per saham (PUT III).MEDCmenargetkan untuk menghimpun dana segar US$150 juta yang akan digunakan untuk digunakan sebagai modal kerja baik bagi perseroan maupun anak usaha perseroan.Adapun, di tengah tingginya volatilitas harga minyak mentah dunia, emiten tambang migas itu mengalokasikan belanja modal ataucapital expendituresebesar US$240 juta.Untuk diketahui, jumlah tersebut telah dipangkas sebesar US$100 juta dari target panduan yang ditetapkan perseroan pada awal tahun ini dikisaran US$340 juta. Dari totalcapexyang baru itu sebesar US$180 juta dialokasikan untuk segmen migas, sedangkan US$60 juta untuk segmen listrik.Setiap pemegang saham yang tidak melaksanakan haknya untuk memesan saham baru dalam HMETD nantinya akan terdilusi sebesar maksimum 29,5 persen.Per 6 Mei 2020, komposisi pemegang saham MEDC terdiri atas PT Medco Daya Abadi Lestari sebesar 50 persen, Diamond Bridge Pte. Ltd. 21,38 persen, PT Medco Duta 0,19 persen, PT Multifabrindo Gemilang 0,04 persen, dan publik 27,87 persen. Adapun, perseroan memiliki saham tresuri sebesar 0,52 persen.Presiden DirekturMedco EnergiHilmi Panigoro mengatakan bahwa industri minyak sedang menghadapi masa yang sangat menantang akibat pandemi Covid-19 dan harga minyak yang rendah.Menurut Hilmi, pihaknya akan fokus untuk menjaga keselamatan dan kesehatan pekerja, sementara pad saat yang meminimalkan dampaknya terhadap bisnis perusahaan.“Kami akan tetap waspada dan mempersiapkan semua kemungkinan untuk dapat terus melanjutkan komitmen kepada pemangku kepentingan,” ujar Hilmi dikutip dari keterangan resminya, Kamis (25/6/2020).Di sisi lain,Medcoberhasil memperbaiki profitabilitasnya pada 2019 dengan mencatatkan penurunan rugi bersih yang dapat diatribusikan kepada entitas pemilik induk sebesar 46,69 persen menjadi US$27,32 juta dari US$51,30 juta pada 2018.Hal itu sejalan dengan kenaikan pendapatan sebesar 18 persen secara year on year menjadi US$1,43 miliar dibandingkan dengan perolehan 2018 sebesar US$1,21 miliar.

Penurunan Pasokan Terbangkan Harga Minyak Mentah

Hargaminyakberjangka naik di atas dua persen pada akhir perdagangan Senin (22/6) waktu AS atau (Selasa pagi WIB). Kenaikan terjadi di tengah ketatnya pasokanminyak mentahdari produsen utama dan karena penguncianVirus Coronayang terus diperlonggar.Harga minyak mentah berjangka Brent untuk pengiriman Agustus naik 89 sen atau 2,1 persen menjadi ditutup pada 43,08 dolar per barel di London ICE Futures Exchange.Sementara itu, harga minyak mentah berjangka West Texas Intermediate (WTI) untuk penyerahan Agustus, kontrak yang lebih aktif hari itu, berakhir naik 90 sen atau 2,3 persen menjadi 40,73 dolar AS per barel di New York Mercantile Exchange.WTI untuk pengiriman Juli juga meningkat 71 sen menjadi menetap di 40,46 dolar AS per barel. Kontrak Juli untuk WTI berakhir pada akhir sesi Senin (22/6/2020).Dalam pekan yang berakhir Jumat (19/6) harga minyak WTI naik 9,6 persen dan Brent naik 8,9 persen. Kenaikan didukung oleh pemulihan permintaan bahan bakar karena penguncianwilayah atau lockdowndi sejumlah negara sudah dilonggarkan.Pelonggaran tersebut membuat kegiatan ekonomiyang sempat terhenti beberapa bulabisa dimulai kembali. Selain faktor tersebut, harga minyak juga mendapat dorongan dari anjloknya jumlah rig minyak AS dan Kanada.Presiden Konsultan Lipow Oil Associates, Andy Lipowmengatakan jumlah rig menjadi indikator pasokan di masa depan. Jumlah rig minyak di AS dan Kanada memang jatuh ke level terendah baru minggu lalu.Sementara ituWakil Presiden Riset Pasar di Tradition Energy, Gene McGillian, di Stamford, Connecticutmengatakan pasar saat ini memang masih dihantui ketakutan virus corona."Meskipun demikianpasar terus bergerak lebih tinggi dengan harapan bahwa semuanya akan kembali normal," kata McGillianseperti dikutip dari Antara, Selasa (23/6).Selain itu, prospek kepatuhan yang lebih besar oleh OPEC dan sekututerhadap keputusan pengurangan produksi juga mendukung minyak.

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Indonesia Daily Focus Jul...

Mirae Asset Sekuritas Indonesia
Daily Focus
Construction – New contracts 5M-6M20: Government-owned projects started to flow in May June
PTPP booked IDR8.7tr new contract as of 6M20 (-41.2% YoY), at 30.6% run-rate to ours. New contract from government started to flow in May and June 2020, as government-owned projects contribution to total new contract increased from 14% in 4M20 to 20% in 6M20. Recently, PTPP has revised down its FY20 new contract target from IDR28.5tr to IDR23.6tr. We’re currently reviewing our FY20 new contract target and may cut it accordingly, which in turn may prompt us to trim our FY21 net profit target as well.
WIKA booked IDR3.1tr new contract as of 5M20 (-78.6% YoY), at 9.4% run-rate to ours. Similar to PTPP, government-owned projects contribution to total new contract also increased from 29% in 4M20 to 32% in 5M20.
WSKT booked IDR4.1tr new contract as of 5M20 (-49.9% YoY), at 26.0% run-rate to ours. Similar to PTPP and WIKA, government-owned projects contribution to total new contract also increased from 24% in 3M20 to 34% in 5M20.
ADHI booked IDR3.2tr new contract as of 5M20 (-38.9% YoY), at 25.6% run-rate to ours. Compared to 3M20, there was no significant change of new contract composition based on project owner as government-owned projects still contributed to c. 70% of total new contract in 5M20.
WEGE booked IDR1.0tr new contract as of 6M20 (-41.2% YoY), at 13.0% run-rate to ours. New contract in May and June 2020 were still weak, and unlike PTPP, WIKA and WSKT, government-owned projects contribution declined from 39% in 4M20 to 31% in 6M20. New contract in May and June 2020 mainly supported by private-owned projects, with contribution of 27% in 6M20 (vs 22% in 4M20).
WTON booked IDR1.5tr new contract as of 6M20 (-42.3% YoY), at 26.2% run-rate to ours.
We expect government-owned projects to continue flowing throughout the rest of the year, albeit still moderate, while maintaining Neutral call on the sector. The sector is currently trading at FY20F P/E of 16.7x, +0.2sd of its 10-year mean.

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Construction - New contra...

Mirae Asset Sekuritas Indonesia Sector UpdateConstruction - New contracts 5M-6M20: Government-owned projects started to flow in May June by Joshua Michael (joshua.michael@miraeasset.co.id)July 9, 2020
Construction - New contracts 5M-6M20: Government-owned projects started to flow in May June
PTPP 6M20 new contract: IDR8.7tr, at 30.6% run-rate to oursPTPP booked IDR8.7tr new contract as of 6M20 (-41.2% YoY), at 30.6% run-rate to ours. New contract from government started to flow in May and June 2020, as government-owned projects contribution to total new contract increased from 14% in 4M20 to 20% in 6M20. Based on project type, building construction portion to total new contract increased from 14% in 4M20 to 33% in 6M20. Recently, PTPP has revised down its FY20 new contract target from IDR28.5tr to IDR23.6tr. We’re currently reviewing our FY20 new contract target and may cut it accordingly, which in turn may prompt us to trim our FY21 net profit target as well.
WIKA 5M20 new contract: IDR3.1tr, at 9.4% run-rate to oursWIKA booked IDR3.1tr new contract as of 5M20 (-78.6% YoY), at 9.4% run-rate to ours. Similar to PTPP, government-owned projects contribution to total new contract also increased from 29% in 4M20 to 32% in 5M20. There was no significant change of new contract composition based on project type.
WSKT: 5M20 new contract: IDR4.1tr, at 26.0% run-rate to oursWSKT booked IDR4.1tr new contract as of 5M20 (-49.9% YoY), at 26.0% run-rate to ours. Similar to PTPP and WIKA, government-owned projects contribution to total new contract also increased from 24% in 3M20 to 34% in 5M20.
ADHI: 5M20 new contract: IDR3.2tr, at 25.6% run-rate to oursADHI booked IDR3.2tr new contract as of 5M20 (-38.9% YoY), at 25.6% run-rate to ours. Compared to 3M20, there was no significant change of new contract composition based on project owner as government-owned projects still contributed to c. 70% of total new contract in 5M20.
WEGE: 6M20 new contract: IDR1.0tr, at 13.0% run-rate to oursWEGE booked IDR1.0tr new contract as of 6M20 (-41.2% YoY), at 13.0% run-rate to ours. New contract in May and June 2020 were still weak, and unlike PTPP, WIKA and WSKT, government-owned projects contribution declined from 39% in 4M20 to 31% in 6M20. New contract in May and June 2020 mainly supported by private-owned projects, with contribution of 27% in 6M20 (vs 22% in 4M20).
WTON: 6M20 new contract: IDR1.5tr, at 26.2% run-rate to oursWTON booked IDR1.5tr new contract as of 6M20 (-42.3% YoY), at 26.2% run-rate to ours. No details yet regarding new contract composition based on project owner and project type.
Maintain Neutral on the sectorWe expect government-owned projects to continue flowing throughout the rest of the year, albeit still moderate, while maintaining Neutral call on the sector. The sector is currently trading at FY20F P/E of 16.7x, +0.2sd of its 10-year mean.