[Research Analyst] Bearishness on the macro front trumps the
still-resilient bottom-up. The market has corrected and de-rated, pricing in a
bond yield closer to 10%. While near-term volatility from Fed tapering
uncertainty remains, confidence should return in 2H14. We are neutral to
negative in the near term but more sanguine towards 2H14. The key downside risk
is if unruly politics become prevalent leading up to the Apr general election,
with higher oil prices and hence potentially further rupiah depreciation a
smaller risk factor. Politics may spring a positive surprise if a reformer is
elected as the next president. Our YE14 index target is 5,100 on a 16% COE
estimate. (Disclaimer)
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