MAY 2013 - Kresna Securities

Monthly Bulletin
MAY 2013
• Government of China would alleviate pressure on
its credit policy, given that its economy remains in
recovery
(% YoY)
10.0
9.5
9.0
8.5
8.0
7.5
China GDP
7.0
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Source: Bloomberg, Kresna Research
• China inflation was recorded at 2.1% YoY in
Mar13
(% YoY)
5.0
China Inflation
4.0
3.0
2.0
1.0
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
• China manufacturing was recorded at 50.9 in
Mar13 (lower than expectation at 51.2)
54.0
53.0
52.0
51.0
50.0
49.0
China Manufacturing
Source: Bloomberg, Kresna Research
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Source: Bloomberg, Kresna Research
• EU markets were lifted by speculation that ECB
would lower its reference rate to 0.5% on 2nd of
May.
(%)
2.0
ECB Rate
1.5
1.0
0.5
0.0
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Source: Bloomberg, Kresna Research
Kresna Securities may seek to do business with companies covered in its research reports. Investors should therefore be aware that the firm may have a conflict of interest
that could affect objectivity of this report. Hence, this report should form as one of many others factors in making investment decisions. PLEASE SEE ANALYST
CERTIFICATION AND IMPORTANT DISCLOSURES AT THE END OF THIS REPORT
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