Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Selasa, 04 Oktober 2011

U.S. Stocks Tumble to 2011 Low on Debt Concern - Bloomberg

Kim Eng - AKRA: Beneficiary of oil price hike Stronger FY11 result has been anticipated. AKR reported strong core net profit growth of 97% YoY to Rp611b, and revenue growth of 82% YoY to Rp18,806b. Both numbers were in line with our expectations. Higher revenue was supported by all division units, particularly petroleum distribution, which recorded 99.6% YoY revenue growth to Rp14.9t, and chemical distribution, where revenues were up 36.9% YoY to Rp2.65t. Sales volumes of both divisions grew by 50% YoY and 9% YoY to 2m KL and 1.24m MT respectively. Eyeing better petroleum distribution sales amid higher oil prices. We foresee that revenues at the petroleum distribution unit will be better this year amid higher oil prices. Up to end-March 2012, the average price of crude oil was US$103 per barrel or 10% above the average price in FY11 of US$95 per barrel. High crude oil prices (to the end of this year) would support AKR’s petroleum distribution sales. Based on our calculation, if crude oil prices (NYMEX) increase by 10%, sales and net profit will each increase by 7%. Revising ASP of petroleum distribution in anticipation of higher oil prices this year. We upgrade our revenue assumptions by 6% to Rp24.1t in FY12 and by 12% to Rp28.1t in FY13 as we raise the ASPs of the petroleum distribution to Rp7,500 per litre in FY12 and FY13 (from Rp7,000 per litre in FY12, and from Rp6,500 per litre in FY13), amid anticipated higher oil prices. Our assumptions for the petroleum distribution prices are based on a crude oil price of US$98 per barrel, below the 3M12 average of US$103 per barrel. Meanwhile, we maintain our sales volume growth assumptions of 26% for petroleum distribution to 2.5m KL this year, and 15% to 2.95m KL in FY13. Raising TP to Rp3,825, maintain HOLD. We raise our TP to Rp3,825 (from Rp3,600) in anticipation of higher oil prices. With the share price up 42% ytd, we believe the market has been too optimistic about AKR’s prospects. We are waiting for new catalysts to boost AKR’s earnings growth. Maintain HOLD. Kim Eng - WIKA: Applause for results breakthrough Robust showing. Wijaya Karya (WIKA) reported a 24% YoY increase in FY11 net profit to Rp354b on the back of a 29% YoY growth in revenue and robust 4Q11 results. While the top line was in line with our forecast, the bottom line beat our estimate by 7% and the consensus by 8%. Operating profit grew by 37% YoY to Rp654b, 15% above our estimate, due to higher-than-expected income from joint operation (JO). Bottom line surged 88%QoQ. On a quarterly basis, net profit jumped 88% QoQ to Rp139b from Rp74b in 3Q11. Margins were up by 3-4ppts QoQ, thanks to 8% growth in revenue and just a 1ppt increase in COGS. The recovery of other income, from negative Rp44b to almost positive value, also supported the bottom line. Higher contribution from ME projects. WIKA booked a new mechanical electrical (ME) project valued at Rp1.5t in FY11, surged by 381% YoY from previous year’s value of Rp312b. The distribution of ME projects to total order book also rose by 12ppts YoY in FY11. We expect a slower distribution growth of ME projects in the next two years, as the company turns its focus to vie for property projects that have seen a rise in number, thereby boosting its realty distribution to total order book. Margins maintained. WIKA successfully kept its FY11 operating and net margins at the same level as last year’s – 8% and 5%, respectively. Nevertheless, we expect net margin to slip by 1ppt to 4% this year on account of higher-than-expected costs. In the past decade or so, Indonesian construction companies have found it difficult to raise their margins, typically booking a single-digit figure. Limited upside, downgrade to HOLD. We adjust our assumptions and raise our FY12F-13F earnings by 5-9% to factor in the better-thanexpected FY11 results. Our TP thus goes up to Rp980 (from Rp820 previously), pegged at FY12F PER of 14.1x and EV/EBITDA of 5.6x. The new TP suggests an only 7.7% upside from the current level, thus we downgrade our call to HOLD on the counter.

Banks drag Wall Street to 13-month low on Europe fears - Reuters

(Reuters) - Stocks slumped in heavy volume to a 13-month low on Monday as investors dumped bank shares on fears that Greece's worsening financial crisis could cause a large European lender to fail.

Investors pegged losses to the sharp fall in Franco-Belgian financial group Dexia, which fell 10 percent after a Moody's warning about its liquidity due to concerns about exposure to Greece.

Markets have feared European officials will be unable to prevent Greece's fiscal crisis from turning into a global banking crisis. Greece said it will miss its deficit targets this year and next, which could limit the country's ability to receive more aid.

"Most investors fear that markets in Europe are going to run well ahead of politicians that are not going to be able to get any kind of reasonable solution," said Jack de Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.

U.S. banks have become a target for speculators. Morgan Stanley closed at its lowest since December 2008 and its cost to insure its debt has jumped as other banks hedge counterparty exposures and traders bet on the situation worsening.

The recession that wiped 12 years of gains off the S&P 500 was caused in part by a credit crisis.

"We are going to have a disorderly default in Greece and there could be another banking crisis in Europe as they are undercapitalized and loaded with (sovereign) debt," De Gan said.

Morgan Stanley has been the most volatile bank in recent weeks, with the cost to insure its debt rising to November 2008 levels, according to Markit data.

Morgan Stanley shares fell 7.6 percent to $12.47 and the S&P financial sector was down 4.5 percent.

The market's focus on Morgan Stanley stems from a perception about their reliance on short-term funding, said Harbor Advisory's De Gan. "They rely on the credit markets and that was the downfall of Lehman and other institutions three years ago," he said.

The Dow Jones industrial average dropped 258.08 points, or 2.36 percent, to 10,655.30. The S&P 500 fell 32.19 points, or 2.85 percent, to 1,099.23. The Nasdaq Composite lost 79.57 points, or 3.29 percent, to 2,335.83.

The S&P 500 closed at its lowest level since September 8, 2010.

A stronger-than-expected reading in a gauge of U.S. manufacturing briefly lifted Wall Street stocks, but global manufacturing shrank for the first time in over two years in September, reinforcing fears of another recession.

The revelations that Athens would miss its deficit targets for both this year and next despite harsh new austerity measures will be the focus of talks as euro zone finance ministers meet to discuss the next steps toward resolving the currency area's sovereign debt crisis.

Dexia called an emergency board meeting after concerns about its exposure to Greece and a Moody's warning about its liquidity position raised pressure on Belgium and France to act.

Shares of AMR Corp , parent of American Airlines, lost a third of their market value as analysts debated the prospects for a bankruptcy filing for the U.S. airline, which lags its industry peers.

About 10.9 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, about 36 percent above the year's current daily average of 7.98 billion.

Declining stocks outnumbered advancing ones on both the NYSE and Nasdaq by a ratio of about 10 to 1.

(Reporting by Rodrigo Campos; Additional reporting by Karen Brettell; Editing by Kenneth Barry)

Rabu, 21 September 2011

Sektor Pertambangan Sub Sektor Batubara ; Bukit Asam Tbk (TP 22.588) - Bang Juntri (Pengamat Pasar Modal)

 Dua Negara tujuan ekspor terbesar batubara termal di Indonesia adalah Cina dan India. Mereka mewakili 27% dan 15% dari ekspor masing-masing pada tahun 2010.

 Bukit Asam (PTBA IJ), Kideco (46% dimiliki oleh Indika Energy (INDY IJ)) dan Adaro Energy (ADRO IJ) adalah pemasok utama untuk pembangkit listrik domestik.

 Spot batubara termal Newcastle sangat berkorelasi dengan harga minyak. Keduanya adalah kunci komoditas energi regional dan global.















 Bukit Asam (PTBA) saat ini memiliki 1.99b ton total cadangan batubara termal.

 Volume produksi perusahaan tetap rendah pada 12.5m ton (7,4% yy), kurangnya produksi PTBA disebabkan oleh hambatan transportasi batubara.

 Pertumbuhan masa depan PTBA akan tergantung pada penyelesaian proyek kereta api baru USD1.6b dengan Grup Rajawali.

 Kami menyukai kenyataan bahwa PTBA menjual lebih dari 60% dari batubara kepada pelanggan lokal. Catatan bahwa dalam tujuh tahun terakhir, konsumsi batubara Indonesia telah tumbuh 14% rata-rata per tahun, mencapai 88 juta ton pada tahun 2011, menurut Departemen Energi dan Sumber Daya Mineral (ESDM).

 Ke depan, konsumsi batubara domestik yang kuat akan didukung oleh permintaan yang lebih tinggi yang berasal dari selesainya 2x10000 MW proyek pembangkit listrik PLN.

 Book Value PTBA memiliki Rata-Rata Pertumbuhan 3 Bulanan sebesar 6.77%

















 Dalam kurun waktu 3 tahun terakhir saham PTBA diperdagangkan dalam rentang PBV rata-rata di 4.98 – 7.83 x Book Value. Median PTBA berada pada 6.41 x BV. Sementara pada penutupan perdagangan PTBA di transaksikan pada 5.813 x BV.

 Kami mencoba menggunakan beberapa scenario perhitungan dalam rentang BV PTBA dalam kurun waktu 3 tahun dengan pertumbuhan BV yang moderat. Untuk kategori

Euforia PTBA pada 7.83x BV atau setara dengan Rp. 30.286,
Optimis PTBA pada 6.41x BV atau setara dengan Rp. 24.800,
Pesimis PTBA pada 4.98x BV atau setara dengan Rp. 19.262.

 BV Sektor Pertambangan (batubara) sebesar 5.84x BV atau setara PTBA Rp. 22.588.

Wall Street ends flat as early gains evaporate - Reuters

(Reuters) - Stocks ended little changed on Tuesday as investors waited to see if the Federal Reserve would offer more economic stimulus and if Greece made progress in talks to avoid a default.

In the lowest volume session since late August, the market gave up earlier gains of about 1 percent as investors were wary of going home with long positions after an overnight downgrade of Italy's credit rating.

Semiconductors were among the worst performers with the PHLX semiconductor index .SOX off 1.3 percent, dragging the Nasdaq down, after Xilinx (XLNX.O) cut its second-quarter outlook. Shares of the chipmaker fell 4.5 percent to $30.03.

Helping temper some European debt worries, Greece promised further cuts to its public sector before a second conference call with international lenders, whom Athens must persuade to extend more loans to avoid bankruptcy next month.

At the end of its two-day meeting on Wednesday, the Fed is expected to announce plans to intervene in the bond market to push long-term interest rates -- already near historic lows -- even lower in a move known as Operation Twist.

"They are focusing on the fact that a lot of people are expecting more out of the Fed than they are going to get -- they are going to get the twist, they are not going to get a QE3," said Ken Polcari, managing director at ICAP Equities in New York.

"They are looking for certainty, not guesswork because it's the uncertainty that causes the markets to become erratic. If the markets are clear on where they are going, then they start to trade back on fundamentals, but if it's unclear, then it just trades on the headline news because it becomes erratic."

Defensive sectors such as utilities, telecommunications and health care were the biggest advancers, indicating some investor nervousness.

The Dow Jones industrial average .DJI gained 7.65 points, or 0.07 percent, to 11,408.66 at the close. The Standard & Poor's 500 Index .SPX fell 2.00 points, or 0.17 percent, to 1,202.09. The Nasdaq Composite Index .IXIC lost 22.59 points, or 0.86 percent, to 2,590.24. Read More

China could roll out 4.65tr yuan stimulus package - Bloomberg

Deutsche Bank AG said that China may roll out stimulus of as much as 4.65 trillion yuan (Dh2.67 trillion), including subsidies on consumer goods, in the event of a global slump.

While highly speculative, a sketch of the government's possible response is emerging from "our discussions in China," Hong Kong-based economist Ma Jun said in a note on Friday.

The government would limit the scale of any measures because of the costs associated with the previous package, including asset bubbles, inflation and non-performing loans, Ma said.

Even in a severe global recession, the amount would be unlikely to be larger than half the 9.3 trillion yuan fiscal and monetary expansion that Deutsche Bank estimated took place from November 2008 to the end of 2010, he said.

China's government is wrestling with elevated inflation and the threat of a deeper economic slowdown because of the debt crisis in Europe, the nation's biggest export market, and weakness in the US economy. Deutsche forecasts that China's growth may cool to 7.3 per cent in the first quarter of next year compared with 9.5 per cent in the second quarter of 2011.

The Shanghai Composite Index fell 1.4 per cent as of the 11.30am local-time break in trading, set for the lowest close in 14 months.

Fiscal steps
Stimulus measures would mostly be fiscal rather than monetary, Ma added.
Efforts to boost consumption could include consumer vouchers, subsidies for consumer goods, temporary cuts in fees for electricity and water, and temporary tax breaks for small businesses.

The government could allocate more investment to public housing and "long neglected" agricultural infrastructure, Ma said.
He said that 40,000 dams, or about 45 per cent of the total, are in need of repair. The labour-intensive services sector could be used to absorb workers from export industries, he said.

China worried Europe debt crisis will hit trade - AP

China's Commerce Ministry said Tuesday it is worried that Europe's debt crisis could spark trade friction and hurt sales to the country's largest export market.
The comments from ministry spokesman Shen Danyang come as debt-laden European countries fight Beijing over trade barriers, and as the U.S. prepares a retaliatory trade measure against China.

A statement released by the office of U.S. Trade Representative Ron Kirk said he will announce a major trade enforcement action against the world's No. 2 economy at a press conference later Tuesday.
The European Union and U.S. have long complained about China's restrictions on foreign companies that include obstructing access to its markets in violation of free-trade pledges and pushing foreign companies out of promising fields such as clean energy.

U.S. Ambassador to China Gary Locke said in a speech Tuesday in Beijing that such practices will hinder China's development and innovation.
"China's current business climate is causing growing frustrations among foreign business and government leaders, including my colleagues in Washington," said Locke.
He said China's lack of openness in finance, energy, health care and other areas of its economy and society will lead to less innovation from Chinese businesses, fewer opportunities for the Chinese people and slower growth for the economy.
He also repeated complaints that China's undervalued currency was unfairly benefiting its exports and that rampant intellectual property theft in the country is costing foreign companies billions of dollars every year.
Locke's comments come at an especially sensitive time as foreign governments look to China's relatively robust economy to help drive global growth amid fears of a worldwide recession.

Shen, the commerce spokesman, told a regular news conference that he was worried about the debt problems in Europe.
"As the crisis within the EU intensifies ... bilateral trade friction may be increased, which is detrimental to China-EU economic and trade relations," he said.
"Of course, we believe there's opportunity in the crisis. Everyone can work hard together to turn the crisis into an opportunity."
Shen also said China is disappointed that it has not been recognized as a market economy under world trade rules by the EU, despite its rapid economic transformation.

"After 30 years of reform and opening up, China has completed the transformation from a planned economy to a market economy, but the EU still does not recognize China's full market economy status. China is very disappointed," Shen said.
Trade tensions with Europe are expected to rise, but will likely be contained, in part because of Beijing's greater heft in negotiations resulting from its investment in European debt, said Liu Yuanchun, professor in international trade at Beijing's Renmin University.
"Yes, we're going to see more trade friction, but it will not turn up to be substantial," Liu said.

In a commentary Tuesday, the government's Xinhua News Agency called for an end to measures and attitudes that discourage Chinese investment in developed economies.
"It would help the United States and the EU break away from their current financial woes should they ditch protectionist measures and sincerely open their arms to Chinese investments, allowing China to make the most of its rich foreign exchange reserves," the commentary said.

Beijing is Washington's biggest foreign creditor and has appealed to U.S. leaders to avoid taking steps in response to its economic woes that might erode the value of the dollar and China's Treasury debt and other U.S. assets.
The state-backed People's Daily reported Tuesday that China will continue to buy U.S. Treasuries.

PT Indika Energy Perusahaan Teladan Dunia 2011 - TempoInteraktif

PT Indika Energy Tbk terpilih sebagai perusahaan teladan atau role model companies dalam ajang World Economic Forum Global Growth Companies 2011 yang berlangsung di Dahlian, Cina.

“Ini bukan hanya kebanggaan bagi kami, tapi juga untuk seluruh kalangan bisnis di Indonesia,” kata Wakil Direktur Utama Indika Energy Wishnu Wardhana dalam keterangannya hari ini, Selasa, 20 September 2011.

Indika menjadi yang terbaik dari 315 anggota WEF Global Growth Companies (GGC) mewakili lebih dari 60 negara. Indika menjadi satu-satunya perusahaan Indonesia yang pernah menerima pengakuan itu di Forum yang bergengsi ini. Kiprah Indika Energy dimuat dalam Buku Profil GGC yang diluncurkan pada Summer Davos kali ini.

Wishnu mengatakan integrasi yang solid di seluruh mata rantai suplai energi menjadi penggerak utama bisnis perseroan meskipun menghadapi berbagai tantangan.

“Kami ingin mengkombinasikan kekuatan sumber daya alam, jasa, dan infrastruktur secara penuh,” ujar Direktur Utama Indika Energy, M. Arsjad Rasjid yang juga terpilih sebagai WEF Young Global Leader 2011.

Menurutnya, mengutip kajian WEF, 90 persen pemimpin perusahaan sektor energi percaya, perubahan signifikan pada struktur sistem energi dunia sedang terjadi dan 36 persen pihak percaya dunia sudah berada di titik perubahan bersejarah yang akan mengubah arsitektur energi global.

Arsjad menilai penting komitmen politik dan perubahan pola pikir masyarakat untuk memastikan transisi yang baik menuju arsitektur energi baru tersebut. “Apakah kita bisa bergerak menuju bauran energi yang lebih efisien atau tidak, ini berawal dari pemahaman publik tentang apa yang penting bagi masa depan,” kata dia.

Pemerintah dan partai politik memegang peranan sangat penting dalam memastikan ketahanan energi dan transisi yang mulus menuju arsitektur energi baru di Indonesia. “Pemerintah sudah berhasil melakukan konversi penggunaan minyak tanah menjadi elpiji untuk segmen rumah tangga dan bisnis mikro, tetapi kita harus menggandakan suplai listrik di Jawa sebelum tahun 2020 dan juga di luar Jawa,” kata Arsjad.

Selain masyarakat dan komitmen politik, faktor ketiga yang juga penting menurut Arsjad adalah dukungan dari pihak swasta untuk bekerja sama dalam mengatasi isu-isu energi satu dekade ke depan.

Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun - TopSaham

Siam Cement Group melalui SCG Chemicals CO., Ltd. menguasai 30% saham PT Chandra Asri Petrochemical (TPIA) senilai Rp 3,76 triliun. Saham tersebut dibeli dari PT Barito Pacific Tbk dan anak usaha Temasec, Apleton Investments Ltd.

Siam Cement Group adalah Perusahaan asal Thailand. Penandatanganan kerjasama beralihnya kepemilikan dilakukan antara Barito, Apleton ,dan Barito Pasific. Barito melepas 7,13% saham atau sebanyak 218.520.300 lembar saham. Sedangkan Apleton melepas 22,87% saham sebanyak 701.338.625 lembar. Kesepakatan harga saham yang dilepas adalah Rp 4.088 per lembar.

Presiden Direktur TPIA, Erwin Ciputra di Hotel Shangri-La, Jakarta, Selasa (20/9) mengatakan, setelah jual beli saham, maka SCG akan memiliki 30% saham di perseroan, serta publik 5,13%. Sementara kepemilikan Barito Pasific berkurang menjadi 64,87%.

Disebutkan, pengalaman SCG Chemicals Co., Ltd. merupakan perusahaan petrokimia terkemuka di Asia, akan menambah nilai operasional bisnis, dan akan mempercepat rencana ekspansi Cracker Perseroan. SCG merupakan produsen kimia terintegrasi dengan produk olefin, styrene, monomer, polyethylene, polupropylene, dan polystyrene.

IMF memangkas proyeksi pertumbuhan ekonomi di seluruh kawasan di dunia - VivaNews

Lembaga Moneter Internasional atau International Monetary Fund (IMF) memangkas proyeksi pertumbuhan ekonomi global dan memperkirakan munculnya dampak yang parah jika Eropa gagal mengatasi krisis utangnya atau rencana kebijakan fiskal Amerika Serikat menemui jalan buntu.

Prediksi lembaga dunia ini disampaikan dalam laporan World Economic Outlook seperti dikutip dari Bloomberg, Selasa, 20 September 2011.

IMF menaksir pertumbuhan ekonomi dunia akan tumbuh 4 persen pada tahun 2011 dan 2012 atau lebih rendah dari perkiraan sebelumnya yang dikeluarkan pada Juni 2011 yaitu sebesar 4,3 persen dan 4,5 persen pada tahun 2012.

Sementara pertumbuhan ekonomi AS akan menyusut dari perkiraan sebelumnya 2,5 persen menjadi 1,5 persen.

"Aktivitas global semakin melemah dan makin tak pasti, kepercayaan telah runtuh dan risiko penurunan semakin berkembang," ujar IMF dalam laporan tersebut.

IMF berharap para pemimpin negara harus memegang prinsipnya untuk mengambil langkah apapun untuk menjaga kepercayaan terhadap kebijakan negaranya dan Eropa.

Managing Director IMF Christine Lagarde pekan lalu mendorong pembuat kebijakan di seluruh dunia untuk mencari penyelesaian kolektif mengingat investor sudah mulai khawatir dengan kebangkrutan Yunani dan Bank Yunani terpaksa merugi dengan menjual surat utang di wilayah yang memiliki kondisi utang terbesar. Di luar skenario alternatif pertumbuhan ekonomi, Eropa dan AS diperkirakan akan masuk jurang resesi.

Lembaga keuangan yang berpusat di Washington AS ini mengatakan laporan terbarunya ini diperkirakan dengan melihat aktivitas ekonomi terbaru di sejumlah negara maju dan pertumbuhan yang kuat dari negara berkembang. Kondisi ekonomi tersebut mensyaratkan pembuat kebijakan di wilayah Eropa menjalankan penanganan ekonomi melalui mekanisme bailout yang disetujui pada Juli lalu.

Pasar Keuangan

Laporan IMF juga memperkirakan tingkat volatilitas di pasar keuangan yang tidak akan bertambah parah dan otoritas di AS yang sepakat untuk menjalankan rencana fiskalnya akan mendukung ekonomi dan konsolidasi fiskal dalam jangka menengah.

"Faktor utama aktivitas ekonomi yang lebih kuat dalam jangka pendek termasuk didalamnya membaiknya aktivitas di Jepang, turunnya harga minyak mentah dan pangan, serta kuatnya pertumbuhan permintaan dari negara berkembang," ujar IMF.

IMF memperkirakan pertumbuhan ekonomi di kawasan negara ekonomi berkembang mencapai 6,4 persen pada tahun ini dan 6,1 persen pada tahun depan. Prediksi itu turun dari sebelumnya 6,6 persen dan 6.4 persen.

Negara-negara kaya kemungkinan hanya akan mengalami pertumbuhan ekonomi 1,6 persen atau turun dari perkiraan sebelumnya pada Juni lalu sebesar 2,2 persen. Sementara tahun depan diperkirakan hanya tumbuh 1,9 persen dari sebelumnya 2,6 persen.

Jepang merupakan salah satu anggota G7 yang mengalami revisi pertumbuhan ekonomi terbesar yaitu hanya tumbuh 0,5 persen dari sebelumnya 0,7 persen. Sementara pada tahun 2012, hanya tumbuh 2,3 persen turun 0,6 persen dari perkiraan sebelumnya.

Wilayah Eropa

Di kawasan Eropa, IMF memperkirakan pertumbuhan ekonomi hanya berkisar 1,6 persen dari sebelumnya 2 persen. Sedangkan tahun depan hanya akan tumbuh 1,1 persen. "Suntikan modal perbankan dan restrukturisasi atau menutup bank merupakan hal yang esensial," ujar IMF.

Bank Sentral Eropa (ECB) juga diusulkan untuk menurunkan tingkat suku bunga jika ingin risiko pertumbuhan ekonomi berkurang. Saat ini ECB mematok suku bung 1,5 persen.

Dalam skenario penurunan pertumbuhan ekonmi, IMF beraumsi bank harus menyerap kerugian dengan dampaknya pengurangan modal sebesar 10 persen.

Pertemuan FED pertimbangkan langkah baru dorong ekonomi - AntaraNews

Washington (ANTARA News/AFP) - Pembuat kebijakan penting Federal Reserve meluncurkan pertemuan dua hari pada Selasa untuk memutuskan alat-alat baru mereka yang dapat membantu mendorong perekonomian AS yang hampir stagnan tanpa memicu lonjakan inflasi.

Komite Pasar Terbuka Federal (FOMC) diperkirakan datang dengan tindakan ringan untuk menurunkan lebih lanjut suku bunga jangka panjang, dengan harapan mendorong bank-bank yang kaya dana tunai untuk meminjamkannya dan perusahaan untuk berinvestasi meskipun prakiraan ekonomi suram.

Tapi kekhawatiran oleh beberapa anggota FOMC tentang kenaikan harga diperkirakan mencegah setiap tindakan menuju sebuah program "pelonggaran kuantitatif" baru, menyuntikkan miliaran dolar likuiditas ke dalam perekonomian.

Sebelum operasi"QE2", yang berakhir pada akhir Juni, menambah 600 miliar dolar ke dalam perekonomian selama enam bulan, mencegah deflasi namun gagal menghasilkan pertumbuhan ekonomi berkelanjutan.

SCG Chemicals buys Chandra Asri - Insider Stories

SCG Chemicals Co Ltd, subsidiary of Siam Cement Group, has entered into an agreement to acquire 30% shareholding in PT Chandra Asri Petrochemical Tbk (TPIA) worth Rp3.76 trillion.

SCG Chemical has committed to buy Chandra Asri from PT Barito Pacific Tbk (BRPT), a parent company that is controlled by Indonesian tycoon Prajogo Pangestu, and Appleton Investments Ltd, a subsidiary of Singapore-based investment company Temasek Holdings.

From the transactions, Barito will grab Rp893.31 billion from the sale of 7.13% stake or 218.52 million shares in Chandra Asri. The takeover agreement has been signed on September 19 2011.
President Director Loeki S. Putra at Barito Pacific said the sale proceed will be used by Barito to strengthen commitment of investment diversification in Barito Group.

"The decision to sell 7.13% stake in Chandra Asri is a strategic for the group," Loeki said today. Post the sale, Barito remains a controlling shareholder in Chandra Asri with 64.87% stake.
The participation of Thai-based SCG will create an opportunity to develop business of Chandra Asri onwards.

Senin, 19 September 2011

Sektor Perdagangan Sub Sektor Alat Berat - United Traktor Tbk (TP 34.257) - Bang Juntri (Pengamat Pasar Modal)

 Komatsu 7M11 penjualan mencapai 5.061 unit, didorong oleh aktivitas tinggi industri pertambangan batubara karena tetap tinggi dan harga batubara yang lebih tinggi global.

 Kontrak Divisi Pertambangan: Kinerja Inline. Pama mencatat hasil kinerja inline dalam 7M11.

 Divisi pertambangan Batubara memproduksi 353k ton batubara, terjadi penurunan 1,5% QoQ dibandingkan bulan sebelumnya karena kinerja yang kurang menggembirakan dari produksi batubara Dej (6,6% QoQ lebih rendah). Produksi total batubara dari kedua konsesi sudah 56,8% dari target.

















 Book Value UNTR memiliki Rata-Rata Pertumbuhan 3 Bulanan sebesar 10.25%


 Dalam kurun waktu 3 tahun terakhir saham UNTR diperdagangkan dalam rentang PBV rata-rata di 2.49 – 4.81 x Book Value. Median UNTR berada pada 3.65 x BV. Sementara pada penutupan perdagangan UNTR di transaksikan pada 3.705 x BV.

 Kami mencoba menggunakan beberapa scenario perhitungan dalam rentang BV UNTR dalam kurun waktu 3 tahun dengan pertumbuhan BV yang moderat.
Euforia UNTR diperdagangkan pada 4.81x BV atau setara dengan Rp. 45.070,
Optimis pada 3.65x BV atau setara dengan Rp. 34.257,
Pesimis pada 2.49x BV atau setara dengan Rp. 23.332

Week Ahead: Fed Expected to Launch New Program While Europe Debt Troubles Bubble - CNBC

The Fed in the week ahead is widely expected to pull the trigger on a new easing program, as the European debt crisis continues to boil.
The housing market will also be a focus when new and existing home sales data is released Tuesday and Wednesday. New data this past week showed a jump in foreclosure starts, signaling that a big wave of foreclosed properties will hit the struggling housing market early next year.

The Dow and S&P 500 had their best week since July and second best week since July 2010, as European officials showed support for Greece. The Nasdaq did even better — jumping 6.3 percent, for its best week since July, 2009.

Market expectations are high that the Fed will announce a new program — dubbed "operation twist" — at the end of its two-day meeting Wednesday.

"Twist" is different than the much larger scale "QE2" quantitative easing program which involved the purchase of $600 billion in Treasury securities. Fed watchers expect this program to raise the duration of the securities the Fed holds, not the amount. The program, in theory, could reduce long-term interest rates as the Fed buys more securities in the middle and longer end of the yield curve.

"It's not their job to bail out the whole world, but next week there's high expectations for the Fed," said Nomura Americas Treasury strategist George Goncalves. The Fed this past week joined with the European Central Bank and others to provide more dollar liquidity for euro zone financial institutions.

European finance ministers ended their meeting in Poland with no signs of progress in handling the sovereign debt crisis. Some traders were looking for the officials to provide some clarity on the purchases of sovereign debt, which so far has fallen to the ECB. The euro zone countries are in the process of voting on enhancing the powers of the European Financial Stabilization Facility bailout fund, or EFSF.

In the coming week, the IMF meets in Washington and Europe will certainly be on the agenda. Ahead of that meeting, representatives of the BRICS (Brazil, Russia, India, China, and South Africa) are expected to meet to discuss whether they can help the European situation.

Meanwhile, Greek Prime Minister George Papandreou canceled his trip to the U.S. He said in a statement that the coming week is "particularly critical for the implementation of the July 21 decisions in the euro area and the initiatives which the country must undertake."

Inspectors from the IMF, EU and ECB will be working with Greek officials this week as they struggle to get approval for their next 8 billion euro funding tranche, without which Greece would default.

President Obama is expected on Monday to propose a new tax rate for people making over $1 million, dubbed the "Buffett Tax," after billionaire investor Warren Buffett famously complained he wasn't paying enough taxes. It will replace the alternative minimum tax and was designed to ensure that the wealthy will pay at least the same rate as the middle class. The president is also expected to put forth a proposal seeking $300 billion to $500 billion in Medicare and Medicaid savings over the next 10 years. Read More

US STOCKS-Europe propels Wall Street higher for week - Reuters

* Investors reassured major euro zone disruption unlikely
* Geithner urges unity in tackling debt crisis
* United Technology lining up funds for big buy--sources
* Research In Motion tumbles after steep profit drop
* Indexes up: Dow 0.7 pct, S&P 0.6 pct, Nasdaq 0.6 pct
* For up-to-the-minute market news see [STXNEWS/US] (Updates with volume in final two paragraphs and adds Moody's on Italy in paragraph 12)

By Caroline Valetkevitch

NEW YORK, Sept 16 (Reuters) - U.S. stocks rose for a fifth day in a row on Friday and the S&P 500 scored its best week since early July on signs euro zone leaders were acting together to limit any damage from its sovereign debt crisis.

The leaders took steps this week to show they were tackling the debt crisis, which has plagued markets for weeks, including coordinated central bank moves to give European banks greater access to funding in dollars.

U.S. Treasury Secretary Timothy Geithner urged EU finance ministers to leverage their bailout fund to better tackle the debt crisis and to start speaking with one voice, but there was no agreement on what steps to take. For details, see [ID:L3E7KG0KC]

Still, the encouraging headlines out of Europe helped the S&P 500 post a 5.4 percent gain for the week, its best since early July, and the five-day string of gains was the broad index's strongest since the end of June.

The Nasdaq composite index registered its best weekly percentage advance since July 2009, reflecting strength in technology shares on Friday. The S&P tech index .GSPT rose 1 percent, while the S&P consumer discretionary index .GSPD also gained 1 percent.

"The market seems to be a little bit more reassured that (their) support will not allow for a major disruption in Europe," said Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Bethesda, Maryland, which manages about $14.8 billion.

The Dow Jones industrial average .DJI ended up 75.91 points, or 0.66 percent, at 11,509.09. The Standard & Poor's 500 Index .SPX was up 6.90 points, or 0.57 percent, at 1,216.01. The Nasdaq Composite Index .IXIC was up 15.24 points, or 0.58 percent, at 2,622.31.

The Nasdaq gained 6.3 percent for the week while the Dow rose 4.7 percent.

Still, major obstacles must be overcome in solving the euro zone's debt crisis.

Less than 75 percent of private sector creditors have signaled they will take part in a scheme to buy back Greek debt, far less than the 90 percent target set by Greece. The shortfall could jeopardize the planned second bailout package for Athens. [ID:nLDE78F0E3]

Greece's international lenders said on Friday they would delay a crucial visit to the country next week, and European finance ministers demanded that Athens fulfill its pledges to win further aid. [ID:nLZM0939XL]

After the market's close, Moody's Investors Service left Italy's Aa2 foreign sovereign currency credit rating unchanged but reiterated that it remained on review for a possible downgrade. [ID:nWNA8718]

Among U.S. stocks, General Electric Co (GE.N) gained 1.6 percent to $16.33 after forming two new joint ventures in Russia that it said could generate $10 billion to $15 billion in new revenue over the next few years. [ID:nL3E7KG1UI]

Another Dow component, United Technologies Corp (UTX.N), is lining up financing for a major acquisition in the United States, according to people with direct knowledge of the matter.

The U.S. industrial conglomerate is tapping the credit market for funds that could top $20 billion, said one of the sources. Its shares slipped 0.1 percent to $75.50. [ID:S1E78F0H8]

One of the worst hit stocks, BlackBerry maker Research In Motion Ltd (RIM.TO)(RIMM.O) slid 19 percent to $23.93 a day after it reported a steep drop in quarterly profit and offered little hope of a turnaround soon. [ID:nS1E78E1MR]

U.S. economic data showed consumer sentiment inched up in early September, but Americans were gloomy about the future. A gauge of expectations fell to its lowest level since 1980. [ID:nS1E78F0G4]

Volume was a strong 8.8 billion shares on the New York Stock Exchange, Amex and Nasdaq, above last year's average of roughly 7.6 billion.

Advancers led decliners by 15 to 14 on the NYSE and by about 7 to 6 on Nasdaq. (Reporting by Caroline Valetkevitch; Editing by Kenneth Barry)

Germany Rejects Using ECB Leverage to Increase European Rescue Fund’s Size - Bloomberg

Germany’s top two finance officials rejected using the European Central Bank to boost the euro-area rescue fund’s firepower, rebuffing a suggestion by U.S. Treasury Secretary Timothy Geithner.
Inviting Geithner to a euro meeting for the first time, European finance chiefs who wrapped up two days of talks in Wroclaw, Poland, today also said the 18-month debt crisis leaves no room for tax cuts or extra spending to spur an economy on the brink of stagnation.

The German stance risks leaving the euro area without sufficient means to prevent the crisis from engulfing Spain and Italy. Geithner floated a variation of a 2008 policy he developed while at the New York Federal Reserve that would expand the reach of the 440 billion-euro ($607 billion) European Financial Stability Facility using leverage in a partnership with the ECB, said Irish Finance Minister Michael Noonan.

“The EFSF’s sole purpose is the financing of states and that’s in order as long as it’s done via the capital market,” Bundesbank President Jens Weidmann told reporters today. “If it’s done via the central bank it constitutes monetary state financing,” which is forbidden under European Union rules.
‘Non-Member’

Luxembourg Prime Minister Jean-Claude Juncker, who chairs meetings of euro region finance ministers, said yesterday: “We’re not discussing the increase or the expansion of the EFSF with a non-member of the euro area.” Instead, the ministers recommitted to a July 21 decision to empower the fund to buy bonds in the secondary market, offer precautionary credit lines and create a bank-recapitalization facility.

“We don’t think that real economic and social problems can be solved by means of monetary policy,” said German Finance Minister Wolfgang Schaeuble, speaking alongside Weidmann after the meeting of EU finance ministers and central bank governors. “That has never been the European model and it won’t be.”

Neither German policy maker ruled out leveraging the backstop’s lending capacity, saying the feasibility of the idea depends on how it’s done. It wouldn’t be acceptable to leave the ECB with the risks from such an operation, said Weidmann.
Europe projects an image of “ongoing conflict” between national governments and the central bank, hampering efforts to put the economy on a sounder footing, Geithner said yesterday at a banking conference in between euro meetings.

‘Big Question Marks’
Europe’s economy will barely grow in the second half of 2011, a casualty of the debt buildup that 256 billion euros in aid for Greece, Ireland and Portugal has failed to extinguish.

Germany’s credit risk on its contribution to the EFSF may reach 465 billion euros, the Ifo Institute said today. The risk has risen from less than 400 billion euros in April, the Munich- based economic institute said in a statement.
Weidmann said he would put “big question marks” on proposals to give the EFSF a license to let it operate as a bank that could tap the ECB for its refinancing.
The ECB was in the forefront again this week, joining other major central banks in offering dollar loans to ease a liquidity crunch that had confronted European banks with the highest costs for obtaining the U.S. currency in almost three years.

The ECB last month started buying Italian and Spanish government bonds after Europe’s debt crisis pushed their yields to euro-era records. Since starting its bond program on May 10, 2010, the Frankfurt-based central bank had spent 143 billion euros on sovereign bonds through Sept. 9.

Moody's revises Indosat ratings outlook - Insider Stories

Moody's Investors Service has revised to stable from negative the outlook on PT Indosat Tbk's Ba1 corporate family ratings and senior unsecured ratings.
"The revision in outlook primarily reflects Indosat's improved financial and liquidity positions, its improving headroom under its covenants which we believe to be sustainable, and our expectations for prudent liquidity management moving forward," said a press statement today.

The improvement in Indosat's leverage metrics in FY2010 and LTM June 2011 was partly driven by lower capex spending of Rp6.5 trillion as compared to over Rp10 trillion for the previous 2 years.
"With its increased focus on enhancing content for its data segment, as against more capital-intensive network expansion, we expect near-term capex spending to range between Rp6.5 trillion- Rp7.5 trillion per year."
Such reduced capex also reflects the increased emphasis on tower and infrastructure sharing through collocations.

"Furthermore, we also draw comfort from Indosat's demonstrated ability to secure financing in both rupiah and US$, despite ongoing volatility in the credit markets, thereby helping to substantially reduce refinancing risk and extend its debt maturity profile through prepayment of Rp6.7 trillion of its debt in 2010."
Indosat's rating combines an assessment of its fundamental strength, which at Ba2 reflects its established network and market position as Indonesia's second largest cellular operator in terms of revenue and subscribers, expectations of moderate growth in the cellular market, and its improving financial profile.

Hingga Agustus 2011, Marketing Sales ASRI Capai Rp1,9 Triliun - TopSaham

PT Alam Sutera Realty Tbk (ASRI) mencatat kenaikan marketing sales hingga Agustus 2011 menjadi sebesar Rp1,9 triliun. Angka tesebut melampaui target marketing sales sebesar Rp 1,7 triliun.

Sekretaris Perusahaan ASRI,Hendra Kurniawan dalam siaran persnya, Jakarta, Jumat (16/9/2011) menjelaskan, diraihnya angka penjualan sebesar itu ditopang oleh kinerja perseroan yang sukses memasarkan produk-produk properti baik residensial maupun komersial. Berbagai proyek-proyek terbaru seperti Ruko The Prominence, sub-claster Pelangi dan Jingga, hingga penjualan Alam Sutera Office Tower memberikan kontribusi signifikan dalam sales revenue Alam Sutera.

Di Agustus Alam Sutera mampu memperoleh penjualan unit properti sekitar Rp 629 miliar. Tingginya pendapatan bulan ini sebagian besar diperoleh dari penjualan kompleks komersial terbaru, yaitu The Prominence sebesar Rp444 miliar.

Ruko tiga lantai tersebut berhasil terjual seluruhnya hanya dalam waktu tiga jam sejak awal diluncurkan. Selain itu, perolehan penjualan juga ikut disumbangkan oleh penjualan perumahan seperti sub-cluster Pelangi dan Jingga.

Ditambahkan, terlampauinya target Rp1,7 triliun pada Agustus, membuat Alam Sutera berpotensi merevisi target penjualannya di 2011 sejalan dengan tingginya peningkatan penjualan. “Kami berpotensi melakukan revisi target, tapi saat ini kami belum bisa menyebutnya secara pasti. Namun, kemungkinan besar target tahun ini akan berubah menjadi sekitar Rp2,2 triliun,” paparnya.

Chandra Asri Pastikan Right Issue Setelah Kondisi Pasar Membaik - TopSaham

PT Chandra Asri Petrochemical Tbk (TPIA) menegaskan, tetap akan melakukan penawaran umum terbatas I melalui HMETD alias (rights issue) sekurang-kurangnya 20% setalah kondisi pasar dan bursa dunia membaik.

Direktur Chandra Asri, Suryandi dalam penjelasan y6ang disampaikan ke BEI di Jakarta, mengatakan right issue semata-mata untuk meningkatkan jumlah saham yang beredar di publik.

Dijelaskan, dengan terlaksananya rights issue ini maka jumlah pemegang saham dapat bertambah dan likuiditas saham perseroan di pasar juga terbentuk. Saat ini, jumlah saham di bawah 5% dari perseroan adalah 157.205.550 (5,13%) dari modal disetor dan ditempatkan.

Jumlah pemegang saham perseroan pada 31 Agustus 2011 sebanyak 376 pihak.

Namun, saat ini kondisi pasar dan bursa dunia tengah mengalami penurunan sehingga perseroan menunda rencana rights issue.

Adhi Karya Garap Proyek Pertamina Rp8 Triliun - VivaNews

PT Adhi Karya Tbk bekerja sama dengan Goldstar Co Ltd memenangi proyek EPC Residual Fluid Catalytic Cracking (RFCC) Cilacap senilai US$931,48 juta atau sekitar Rp8 triliun. Adhi selaku pimpinan konsorsium secara resmi ditunjuk oleh PT Pertamina sebagai pemenang pada 12 September 2011.

"ADHI-Goldstar mengikuti proses tender terbuka yang dimulai sejak 2010, dan akhirnya dinyatakan sebagai pemenang," kata Sekretaris Perusahaan Adhi Karya, Kurnadi Gularso, dalam keterangan tertulis di Jakarta, Minggu 18 September 2011.

Penandatanganan perjanjian proyek (signing ceremony) direncanakan pada 27 September 2011. Proyek RFCC merupakan proyek kilang (refinery) Pertamina Cilacap dengan kapasitas 62.000 BPSD, yang menggunakan Technology Licensor UOP dan AXENS. Proyek ini dijadwalkan selesai --operational acceptance-- dan diserahterimakan dalam waktu 39 bulan.

Menurut dia, RFCC juga merupakan proyek prestisius Pertamina. Dengan beroperasinya RFCC Plant itu, nantinya Pertamina akan bisa melakukan banyak penghematan dalam pengoperasian kilangnya.

"Jadi dapat menghemat pengeluaran negara, yang salah satunya adalah penghematan subsidi BBM," tuturnya.

Sementara itu, Goldstar yang bersama Adhi menggarap proyek itu adalah perusahaan EPC besar dari Korea Selatan. Goldstar memiliki keunggulan dalam pengalaman membangun EPC RFCC. Enam EPC RFCC telah dibangun Goldstar, di antaranya RFCC Ruwais UAE (United Arab Emirates).

Proyek tersebut merupakan RFCC terbesar di dunia dengan kapasitas 127.000 BPSD atau dua kali lipat kapasitas RFCC Cilacap. Adhi Karya sendiri dalam proyek EPC telah berpengalaman mengerjakan proyek Tuban Aromatic-TPPI.

Proyek ini merupakan bagian dari rencana jangka panjang Adhi Karya 2012-2016 dalam memantapkan bisnis EPC, selain investasi, dan sebagai kontraktor.

Delta Dunia 8M overburden rises 15.62% - Insider Stories

PT Delta Dunia Makmur Tbk (DOID), parent of Indonesia's second largest coal contractor PT Bukit Makmur Mandiri Utama (BUMA), reported a flat coal production in the first 8 months of this year.

Delta Dunia produced 22.7 million tons of coal in 8M 2011, a 0.44% increase from 8M 2010. In August 2011, Delta Dunia produced 2.9 million tons of coal, a drop from 3.1 million tons in August 2010.

Despite a stagnancy in coal production, Delta Dunia's overburden removal rose 15.62% to 186.7 million bank cubic meter (bcm) in 8M 2011 from 160.9 million bcm in 8M 2010. Overburden removal in August reached 30.9 million bcm from 27.3 million bcm.

Permintaan China akan dongkrak harga tembaga - Bisnis Indonesia

JAKARTA: Permintaan dari China diperkirakan mendorong harga tembaga naik ke kisaran US$8.000-US$9.000 per metrik ton di London Metal Exchange pada kuartal keempat.

Janet Kong, seorang analis komoditas di China International Capital Corp, mengatakan konsumsi tembaga olahan atau rafinasi China dapat meningkat 5,5% tahun ini menjadi 8,25 juta ton. Kong, dalam konferensi di Shenzen hari ini, mengatakan permintaan dari negara pemakai tembaga terbesar di dunia dapat meningkat 5,4% tahun depan menjadi 8,7 juta ton.

Harga tembaga untuk pengiriman 3 bulan di London Metal Exchange menurun ke level terendah dalam 8 bulan US$8.446,25 per ton pada 9 Agustus di tengah kekhawatiran global mengenai negatifnya kondisi ekonomi makro. Harga telah jatuh 9,4% tahun ini, tertinggal dari kenaikan 3,4% dalam indeks GSCI Standard & Poor atas 24 komoditas.

"Krisis utang Eropa dan perlambatan ekonomi AS menimbulkan risiko penurunan harga tembaga, tetapi seiring China yang membeli pada saat harga turun tajam guna menimbun stok, maka setiap ada kemerosotan [harga] akan dibatasi [permintaan China]," kata Wu Yuneng, Wakil Presiden Jiangxi Copper Co., akhir pekan lalu.

"Kami melihat arus modal yang sangat ketat di antara perakit hilir, dan pada saat yang sama, ekspor produk dipengaruhi oleh masalah-masalah Eropa dan AS," kata Wu seperti dikutip Bloomberg.

Sementara itu, kata Wu, biaya pengerjaan—harga yang dibayarkan untuk peleburan oleh para penambang untuk mengubah bijih menjadi logam, akan naik ke US$70 per ton tahun depan karena ada kontrak jangka panjang antara pabrik peleburan China dan perusahaan pertambangan global.

Harga yang mesti dibayar untuk peleburan saat ini sekitar US$45 per ton, setelah naik sampai US$120 per ton karena gempa dan tsunami 11 Maret di Jepang menghentikan operasi beberapa tempat peleburan.

"Biaya peleburan harus meningkat karena pasokan bijih internasional berkembang pada 2013 sampai dengan 2014," kata Wu.

Medco Akui Telah Pakai Hasil Penerbitan Obligasi US$5,09 juta - TopSaham

PT Medco Energi Internasional Tbk (MEDC) mengakui telah memakai dana hasil penerbitan obligasi tahap pertama senilai US$5,09 juta per 14 September 2011.

Nilai penerbitan obligasi tahap pertama perseroan sebesar US$50 juta. Dana yang baru digunakan sebesar US$5,09 juta untuk belanja modal. Perseroan belum melunasi utang dari penerbitan obligasi tersebut. Demikian disampaikan manajemen Medco dalam keterbukaan informasi ke Bursa Efek Indonesia (BEI), Jumat (16/9).

Rencana penerbitan obligasi itu akan digunakan untuk melunasi utang sebesar 60% atau US429,61 juta dan sebesar 40% atau US$19,75 juta akan digunakan untuk belanja modal.

Jumat, 16 September 2011

Sektor Perbankan : Bank Mandiri Tbk (TP 9.173) - Bang Juntri (Pengamat Pasar Modal)


 Sektor perbankan masih memberikan kinerja yang cemerlang sepanjang tahun 2011 ini. Laju pertumbuhan kredit masih sangat baik dengan rata-rata industry tumbuh sekitar 25% YoY. Pertumbuhan kredit mikro dan consumer tetap moderat dan NPL tetap terjaga rendah. Sektor perbankan masih memberikan ROE yang cukup tinggi.

 Sektor Perbankan memiliki PBV sebesar 3.0x BV dan PER sebesar 16.31x.


















 Ekspansi Kredit menyebabkan Net Profit pada 1H’11 naik 57% YoY. Kenaikan net profit ini diatas konsensus analis atau sudah mencapai 51% dari FY’11.

 Net Interest Margin naik ke 5.4% dari 5.2% YoY sedangkan fee base income naik 74% YoY. NPL down to 2.4%.

 Dengan ekspansi kredit yang dilakukan kami percaya Net Profit BMRI akan tumbuh 35% YoY.

 Book Value BMRI memiliki Rata-Rata Pertumbuhan 3 Bulanan sebesar 6.02%

 Dalam kurun waktu 3 tahun terakhir saham BMRI diperdagangkan dalam rentang PBV rata-rata di 2.03 – 3.71 x Book Value. Median BMRI berada pada 2.88 x BV. Sementara pada penutupan perdagangan BMRI di transaksikan pada 2.83 x BV.

 Kami mencoba menggunakan beberapa scenario perhitungan dalam rentang BV BMRI dalam kurun waktu 3 tahun dengan pertumbuhan BV yang moderat. Untuk kategori Euforia BMRI diperdagangkan pada 3.71x BV atau setara dengan Rp. 11.313, Optimis pada 2.83x BV atau setara dengan Rp. 8.798, Pesimis pada 2.03x BV atau setara dengan Rp. 6.268.

 BV Sektor Perbankan sebesar 3x BV atau setara BMRI Rp. 9.173

Asian Stocks Rise, Paring a Weekly Loss - Bloomberg

Asian stocks rose, paring the regional benchmark index’s decline this week, after the European Central Bank and international policy makers coordinated to lend euro-area banks U.S. dollars, increasing confidence the region’s debt crisis may be contained.

The MSCI Asia Pacific Index gained 1.1 percent to 119.17 as of 9:12 a.m. in Tokyo. All 10 industry groups on the measure rose, with about 14 stocks advancing for each that felld.

The index this week fell to its lowest level since Aug. 25, 2010, dragging the measure towards its second weekly loss. Concern the global economy was slipping back into a recession amid a worsening European-debt crisis and slowing U.S. growth triggered a 16 percent plunge in the MSCI Asia Pacific Index between this year’s high on May 2 and yesterday.

To contact the reporter on this story: Anna Kitanaka in Tokyo at akitanaka@bloomberg.net

To contact the editor responsible for this story: John McCluskey

Goldman Sachs Maintains Crude Oil, Copper Forecasts Even as Risks Increase - Bloomberg

Brent crude and copper may rally as global economic growth led by emerging markets remains adequate to drive an expansion in raw-materials demand, Goldman Sachs Group Inc. (GS) said, sticking with forecasts for price gains.

“We remain constructive on commodities,” Allison Nathan, an analyst at Goldman for more than a decade, said in an interview today. Still, “risks to our bullish views have risen,” said Nathan, citing Europe’s sovereign-debt problems and a “mixed bag” of economic data from the United States.

Goldman’s position contrasts with the outlook from Societe Generale SA’s global asset-allocation team, which said commodities are in a “danger zone” as growth slows, according to a report distributed yesterday. The Standard & Poor’s GSCI Spot Index of 24 commodities has shed 14 percent since April 11 on speculation that the global recovery is faltering.

“We’ve seen emerging-markets demand for key commodities, including oil, holding up well,” Nathan said in Singapore. There haven’t yet been signs that the economic woes in developed markets are spreading to emerging economies, she said.

Goldman correctly advised investors to sell oil and copper in April, then turned bullish in May before prices rebounded. Last month, the bank forecast gains for Brent crude, zinc, and other commodities over the next 12 months, analysts led by Jeffrey Currie said in an Aug. 8 report.

Copper may climb to $11,000 per metric ton, while Brent gains to $130 a barrel, the report said. Three-month copper on the London Metal Exchange, which reached a record $10,190 per ton in February, traded at $8,660 per ton at 4:10 p.m. in Singapore, while Brent was at $112.60 per barrel.
Greek Rescue

French President Nicolas Sarkozy and German Chancellor Angela Merkel said yesterday that they are “convinced” Greece will stay in the euro area, boosting equity and metals prices. European governments are aiming to ratify a July 21 accord to bolster a bailout fund and extend a second rescue to Greece.

Investor skittishness over the spread of Europe’s debt crisis combined with signs that U.S. growth may be slowing have roiled markets worldwide. Recent data have shown U.S. retail sales were unchanged in August, while the economy generated no jobs and earnings fell.

“If we see weakness spreading on a global basis, that would be a catalyst to expect a weaker demand environment and potentially weaker prices relative to our forecast,” Nathan said in the interview. ‘If there was a crisis in the European banking sector, a crisis akin to 2008 could occur and that would have a large impact on commodity prices.”

China Forecasts

Still, Goldman economists forecast that China’s economic growth may be 9.2 percent next year, compared with an estimate of 9.3 percent for this year, according to Nathan. The nation is the world’s largest user of metals and energy.

Low inventories of aluminum, copper and steel in China are an indicator that demand in the country “isn’t that bad,” Julian Zhu, a Goldman analyst, said at a media briefing in Singapore today. Traders and investors have been concerned that rising interest rates and a credit-tightening policy in the nation may lead to slower consumption of raw materials.

“The Chinese government is very flexible and if they need, they can reverse the tightening policy very fast,” said Zhu. “This could be very supportive to demand for commodities because investment by local governments at all levels will see a Rebound,” said Zhu.

Societe Generale’s report said that there may be a “meaningful drop” in prices of so-called cyclical commodities such as oil and copper. Gold may rally from an increase in risk aversion, according to the report.

To contact the reporters on this story: Chanyaporn Chanjaroen in Singapore

Freeport Weighs Strike Impact at Indonesian Copper Mine as Peru Halted Too - Bloomberg

Freeport-McMoRan Copper & Gold Inc. (FCX) is assessing the impact on production and deliveries at its Grasberg copper and gold mine in Indonesia after the union said 70 percent of workers started a one-month strike last night.

About 8,000 employees at Grasberg, excluding workers from contractors, joined the strike that started at midnight to demand wage increases, Juli Parorrongan, a labor union spokesman, said today. Freeport miners are also striking in Peru.

“We are disappointed that union workers decided to implement an illegal work stoppage,” said Ramdani Sirait, a PT Freeport Indonesia spokesman, in a statement. “The company has negotiated in a diligent good-faith manner with union representatives to reach a mutually satisfactory agreement.”

Grasberg has the world’s largest recoverable reserves of copper and the biggest single gold reserve, according to the Freeport website. Workers in Peru, Chile, Bolivia and Indonesia have gone on strike at copper, gold and zinc mines this year, seeking improved conditions and a bigger slice of record profits after metal prices more than doubled since the end of 2008.

Copper for three-month delivery advanced as much as 1.1 percent to $8,727 a metric ton on the London Metal Exchange today and traded at $8,647.75 a ton.

Strikes at Grasberg in Papua province 1,940 miles (3,120 kilometers) east of Jakarta, and in Peru may widen a global shortage of copper estimated at 670,000 metric tons this year by Barclays Capital and boost prices of the metal.
Mining ‘Inactive’

Concentrate shipments from Amamapare port in Papua have been halted since 5 a.m. local time, said Virgo Solossa, head of organizational affairs at Freeport Indonesia’s labor union.

“The last deliveries left the port at 11 p.m. and this morning there are three or four vessels that were unable to load,” he said. “I could say that all mining-related activities at Grasberg are inactive at the moment.”

Freeport may complete an assessment on the impact of the strike as early as tomorrow, company spokesman Sirait said by phone, without elaborating.

In Peru, Freeport miners will continue their strike after wage talks ended in disagreement, Mining Federation General Secretary Luis Castillo said by phone. Workers and officials at the Cerro Verde unit, Peru’s third-largest copper producer, are scheduled to resume government-brokered talks today, he said. About 1,200 workers had walked off their jobs, he said.
‘Better Welfare’

Copper and molybdenum concentrate output from the unit in Peru had not been “materially affected” by the strike, said an e-mailed statement from spokesman Eric Kinneberg.

In Indonesia, more workers supported the strike at the Grasberg mine including non-union members, Parorrongan said.

“Workers put down their tools as per midnight and have moved down from mining sites since 6.30 a.m.,” he said today by telephone from Timika, the closest town to Grasberg. “This is purely an act for a better welfare.”

The company and labor union at Grasberg ended 38 days of talks over 2011-2013 contract terms on Aug. 26 after failing to agree on wages. Negotiations started after the workers walked off their jobs for eight days in July. Cerro Verde miners held a 48-hour work stoppage last week.

Grasberg workers expect wages to increase to between $17.50 and $43 an hour from $1.50 to $3.50, said Solossa yesterday. The union cut their expectations from $35 to $200 an hour initially, he said Aug. 26. Freeport offered a compensation package that includes an increase in basic wages for non-staff employees of 22 percent over a two-year period, Sirait said on Sept. 5.

Copper production at the mine fell to 1.22 billion pounds (553.4 million kilograms) last year from 1.41 billion pounds in 2009, according to the website. Gold output declined to 1.79 million ounces from 2.57 million ounces.

To contact the reporters on this story: Eko Listiyorini in Jakarta

Kamis, 15 September 2011

Ayah Michael Jackson Lirik Properti Lippo Karawaci - Okezone

JAKARTA - Indonesia kembali menjadi ladang investasi yang menggiurkan bagi masyarakat dunia. Kali ini, ayah mendiang King of Pop Michael Jackson, Joe Jackson, menanamkan investasinya di Tanah Air.

Adapun dalam lawatan bisnisnya di kawasan Asia, Joseph Walter "Joe" Jackson menyambangi The St Moritz Penthouses & Residences. Kunjungan bisnis tersebut langsung diterima oleh CEO The St Moritz & Lippo Shopping Malls Group, Michael Riady.

"Kunjungan ini menjadi bukti yang kuat bahwa nama mega proyek The St Moritz Penthouses & Residences telah diakui di kalangan pebisnis dan selebriti internasional. Kunjungan ini mungkin merupakan kunjungan yang pertama dari selebriti kelas dunia Hollywood ke mega proyek yang dibangun di Indonesia," jelas Michael Riady, dalam siaran persnya kepada okezone, Kamis (15/9/2011).

Diakuinya, kunjungan bisnis sekaligus rencana investasi properti yang akan dilakukan Joseph Walter "Joe" Jackson di kawasan Asia dan Indonesia, tak lepas dari melambatnya pertumbuhan ekonomi saat ini di Amerika Serikat (AS). Di mana, Joe akan berinvestasi properti di Indonesia dan The St Moritz Penthouses & Residences.

"Saya senang dengan konsep global city yang akan terwujud di The St Moritz Penthouses & Residences dan tertarik untuk berinvestasi properti di wilayah dengan pertumbuhan yang signifikan," papar Joe Jackson.

Ditambahkan Michael, kawasan Asia dan Indonesia mengalami pertumbuhan ekonomi yang jauh lebih menarik dan investasi di bisnis properti memberikan keuntungan yang signifikan, terlebih jika investasi properti tersebut dilakukan di kawasan yang sedang bertumbuh, seperti CBD Jakarta Barat di mana mega proyek The St Moritz Penthouses & Residences sedang dibangun.

Sekadar informasi, The St Moritz Penthouses & Residences yang berlokasi di CBD Jakarta Barat memiliki keunggulan strategis, karena sangat dekat dengan bandara dan memiliki fasilitas-fasilitas dengan standar internasional, dekat dengan komunitas elit di Jakarta Barat serta didukung infrastruktur yang sangat memadai.

Lebih dari itu, kehadiran The JW Marriot Hotel West Jakarta St Moritz (hotel mewah internasional berbintang lima pertama dan satu-satunya di luar area segitiga emas CBD) dan St Moritz Mall dengan anchor tenant terkemuka seperti Debenhams Department Store dan butik-butik fesyen internasional serta restoran kelas dunia, tentu saja akan mampu mendorong pertumbuhan investasi properti yang sangat signifikan yang dilakukan di The St Moritz Penthouses & Residences.

Harga batu bara di China akan naik - Bisnis Indonesia

SINGAPURA: Goldman Sachs Group Inc mengatakan harga batubara di China akan naik tahun ini dan 2012 sebagai akibat hambatan transportasi yang memaksa untuk menutup beberapa tambang.

Menurut Julian Zhu, analis di Goldman, batubara termal dapat meningkat 7% pada 2011 dan 5% tahun depan. Harga untuk bahan bakar yang digunakan dalam pembuatan baja (kokas) diperkirakan naik 12% tahun ini dan 8% pada 2012.

Batubara termal atau steam coal, banyak digunakan untuk bahan bakar pembangkit listrik, pembakaran umum seperti pada industri bata atau genteng, dan industri semen. Sedangkan batubara metalurgi atau kokas (metallurgical coal atau coking coal) digunakan untuk keperluan industri besi dan baja serta industri kimia.

Zhu mengatakan gangguan kereta api dan konsolidasi dalam industri batubara mendorong harga lebih tinggi. Menurut McCloskey HIS—penyedia data yang berbasis di Inggris, batubara di pelabuhan Newcastle Australia, harga patokan Asia, naik US$2,35 atau 2% menjadi US$122,90 per metrik ton pada pekan yang berakhir 9 September.

Selain itu, lanjut Zhu, merger di industri batubara akan menyebabkan penutupan tambang yang lebih kecil.

"Kita telah melihat 1.000 tambang ditutup. [Selain itu] kemacetan kereta api dan meningkatnya biaya juga akan menjaga harga naik,” ujarnya seperti dikutip Bloomberg.

Aug11 cement sales slipped 0.3% - Mandiri

Domestic cement sales slipped 0.3% yoy and 17.7% qoq in Aug11 due to seasonality factor, confirming our prediction. Continued works on property and infrastructure during the month managed to support growth, shown from the solid bulk cement sales growth (16.3% yoy), despite bag segment fell 3.8% yoy. Hence, cumulative sales growth eased to 13.1% yoy, amounting to total sales of 31.3 mn tons during 8M11. We think sales should rebound in Sept11, as no major impediments yet seen, including the weather. Our favorites are still SMCB and INTP, given consistently strong growth at their home markets, namely Jakarta and West Java, with strong presence in the ready-mix segment. We maintain overweight on the sector.

August growth softened due to religious holiday. Domestic cement sales in Aug11 recorded 3.6mn tons, fell by 0.3% yoy and 17.7% qoq. This was expected following religious festive period when similar trend occurred at least in the past 5 years. Yet, cement sales was helped by the boom in property sector and progressing infrastructure works, as indicated by the strong 16.3% growth in bulk cement sales, while bag segment fell 3.8% yoy. Growth in Jakarta (5.1%) and West Java (1.2%) also supported the argument, besides notable growth seen in resource-rich regions, including Sulawesi (42.7% yoy) and Kalimantan (+4.5% yoy). All concludes to domestic cumulative sales of 31.3mn tons, which increased by 13.1% yoy, a little softer than in the previous month of 15.1% yoy.

SMCB tackled the two giants. SMCB lead the pack in terms of growth in Aug, by posting 16.8% yoy growth, while INTP’s was flat 0.1% yoy and SMGR even recorded a decline of 8.3% yoy. As a result, SMCB’s Indonesia market share improved to 15.7%, which was the best since 2005. We see the key is on the company’s ability in tapping upbeat growth in areas outside Java, while sustaining market presence on its main areas, namely Jakarta and West Java that are experiencing bullish market condition. For INTP, despite of overall decline in Java region by 1.9% (70% of its sales), the company managed to mitigate this by strengthening its presence in areas outside Java, such as Sulawesi (+89.4% yoy), Kalimantan (3.1% yoy) and East Indonesia (40.9%), as a result of the recent improvement of the port in Tarjun, South Kalimantan that provides an additional 1mn tons cement to market. In the meantime, SMGR seemed to continue struggling in sustaining market share underpinned by weak pricing power, in our view. In Aug, SMGR market share contracted to 40.6%, the lowest, at least, in the past 6 years.

Sales should rebound in Sept11. While we don’t see any major event yet that would cloud cement demand, including economic and weather factors, sales should rebound in Sept11 that sustain cumulative sales growth for the entire year. SMCB and INTP are still our favorites given stronger pricing power, supported by strong market presence in the ready-mix segment, which outlook continue to be buoyant. We maintain overweight on the sector.

Indonesia Palm Oil Sector - Earnings sensitivity to CPO price recovered - Credit Suisse

● Earnings sensitivity to CPO prices for Indonesian companies when CPO prices range between RM3,000 and RM3,500 is now higher than that of Malaysian CPO producers. During such a CPO price range, every RM100/t increase in CPO prices translates into
an average 4.3% increase in earnings of Indonesia CPOs versus 3% for their Malaysian counterparts.
● Despite the improvement in earnings sensitivity, we find that Indonesia plantation companies are trading at a discount to their Malaysian peers. Indonesian companies are trading at 11.2x FY11E P/E, while Malaysian companies at 14.9x FY11E P/E.
● We foresee that there might be a potential return of La Nina. However, it still unclear as to what the strength of the La Nina will be, but will most likely be weaker than the one in 2010-11.
● AALI’s August 2011 CPO output was down by 4% YoY (-8% MoM) due to the holiday season and thus September may see a MoM pick-up. However, we expect a flattening output ahead with 4Q11 output likely to decline QoQ.

PT London Sumatra Plantation Tbk (LSIP) Ongoing Good Result - AAA

LSIP continued to book good result in 1H11 with revenue increased 52% yoy to Rp2.3 tn while net profit was up 112% yoy to Rp886 bn. The higher revenue was due to 12% yoy increase in CPO ASP and PK ASP of 34%, while sales volume of CPO yoy was up 27%, PKO 18% and Palm Seed 61%. These results were above our expectation. Based on these impressive results, we have recalculated our forecast and upgraded our TP to Rp3,400.

± Production In Good Shape, Sales Volume Up
The production increased 26% yoy to 860,891 tons in 1H11. This was mainly because of the favorable weather in the 1H11. FFB from plasma and 3rd parties were also up 58.8% yoy while from nucleus was 15.3%. Downstream, the CPO production increased 25% to 199,447 tons yoy. Combined with higher ASP, the higher production led to an increase in sales volume of CPO, PKO and Palm Seed of 27%, 18% and 61% respectively.

± Stable CPO Price
ASP CPO was up 12% yoy to Rp7,239/kg and ASP PK also up 34% yoy to Rp4,481/kg in 1H11. Although production or harvest in the 2H11 will likely to be higher than the 1H11, we expect CPO price to remain relatively unchanged due to strong demand particularly in Asia.

LSIP’s palm seed is highly demanded with its ASP of Rp10,700/seed. LSIP palm seed price is believed to be one of the highest quality in the industry. However, the contribution to the total sales is insignificant of about less than 5%.

± Financial Performance
LSIP’s sales to its parent, SIMP was up from 51% (Rp797.9 mn) in 1H10 to 65% (Rp1.5 tn) in 1H11. This is one of the advantages of having an integrated business within the group.

While revenue has increased 52.12% yoy to Rp2.38 tn in 1H11, the net profit soared 112.2% yoy to Rp886 mn in 1H11 from previously Rp418 mn in 1H10. Higher percentage increase yoy of net profit than revenue in 1H11 was due to the impact of economic of scale on lower manufacturing costs plus the lower operating forex losses. In addition, with IndoAgri Resources sold 8% of its ownership to PT Salim Ivomas Pratama and to public in December 2010, the share’s public float increase to 40.5% (from 35.6% previously). This entitles LSIP to 5% lower corporate tax. As of 1H11, effective tax rate was at 20%, lower than in 1H10 of 25%.

± Valuation
We revised production forecast for full year 2011 in which FFB production will reach 2 mn tons (up 8%), CPO production will reach 453 thousand tons (up 1%) and PK production will reach 108 thousand tons (down 2%). After the revision our new TP is upgraded to Rp3,400, with an implied PE of 11.5x versus PE industry of 10.5x. Our TP provides about 46.6% potential upside, making LSIP the top picks in our plantation coverage.

New BI regulation heralds as positive for domestic banks - Deutsche Bank

Plans to regulate export monies and forex borrowing could be positive for domestic banks

Soon the central bank ('BI') will require monies obtained from exports to be repatriated. In addition, BI is also putting limits on FX denominated debts issued by indonesian corporations. The proposals are aimed at "strengthening" the country's forex reserves which is so far standing at US$125bn, providing support for rupiah stability ‐ hence reducing risks of capital reversals.

We view that the new regulation should be positive for the Indonesian banking sector. Not only that this will support the already ample liqudity in the system, but it will also encourage domestic loan growth, especially for Rupiah‐based lending (which has grown 20.6% yoy ‐ lower than the overall loan growth of 23.0%). As of Jun‐11, the estimated excess liquidity remains plentiful at 22% of total loans outstanding. As most of the liquidity is concentrated in major banks, they are more likely to maintain a strong lending appetite.

We retain our overweight call for sector and we view that the main beneficiaries from the new regulation are those banks with strong deposit franchises. This bodes well with our top picks such as BBNI, BBRI, BMRI and BBCA.

Agus Marto Pasang Status Waspada Krisis Eropa - Detikfinance

Jakarta - Krisis yang berlangsung di AS dan Eropa menyebabkan kondisi ekonomi global terguncang. Pemerintah Indonesia waspada penuh dan siap melakukan antisipasi terkait krisis tersebut.

"Eropa harus kita waspadai dan kita harus mempersiapkan diri selalu merespons dengan tepat perkembangan yang ada," ungkap Menteri Keuangan Agus Martowardojo di Gedung DPR, Kamis (15/9/2011).

Antisipasi yang dilakukan pemerintah yakni melakukan kerjasama antar institusi. Antara lain dengan Bank Indonesia, Bapepam LK, dan juga Lembaga Penjamin Simpanan (LPS).

Agus menambahkan, Indonesia saat ini sudah lebih siap menghadapi krisis melalui protokol krisis yang kuat.

"Kita kemarin berkesempatan meyakini krisis managemen protokol kita berjalan dan itu adalah bentuk kerjasama yang kita lakukan ke depan khusus untuk ekonomi," tuturnya.

Agus sebelumnya mengatakan, di tengah kondisi ekonomi global yang tidak menentu pemerintah menyiapkan strategi khusus untuk mengantisipasi dampak krisis. Salah satunya, pemerintah telah menyiapkan stimulus di semester I-2012 yang dipersiapkan untuk menghadapi kondisi terburuk.

Indofood Sukses Makmur Naikkan Kepemilikan di ICBP Menjadi 80,58% - Top Saham

PT Indofood Sukses Makmur Tbk mengumumkan telah melakukan pembelian saham PT Indofood CBP Sukses Makmur Tbk (ICBP) melalui bursa. Pembelian sebanyak 1 juta lembar saham pada kisaran Rp 4950 - Rp 4975 per saham.

Demikian disampaikan Werianty Setiawan, Direktur & Corporate Secretary Indofood Sukses Makmur dalam keterbukaan informasinya di Jakarta, Kamis (15/9).

Disebutkan, atas transaksi tersebut, kepemilikan saham perseroan di ICBP meningkat dari semula 4.697 miliar menjadi 4.698 lembar atau semula 80,56% menjadi 80,58% lembar. Pembelian dilakukan pada 6 dan 7 September 2011.

XL Axiata to seal Rp10 trio loans in 3 years - Insider Stories

Indonesia's third largest cellular operator PT XL Axiata Tbk (EXCL) aims to secure Rp10 trillion loan facilities in the next 3 years.

The operator is seeking syndicated loan faciliies or bilateral credit from financial institutions. XL Axiata is also considering the bond or other debt instruments issuance. The financing has obtained approbal from XL's board commissioner on September 13 2011. XL Axiata will use the facilities to support its cellular business.

Total Bangun Persada incar kenaikan omzet 25% - Bisnis Indonesia

JAKARTA: PT Total Bangun Persada Tbk, perusahaan konstruksi, menargetkan pertumbuhan pendapatan 25% (year-on-year) selama Januari-September 2011.

Direktur Total Moeljati Soetrisno mengungkapkan kinerja perseroan selama sembilan bulan pertama tahun ini sudah sejalan dengan target yang dipatok oleh perseroan hingga akhir tahun.

"Sampai akhir tahun, kami targetkan pendapatan bisa mencapai Rp1,7 triliun, sementara laba bersih sebesar Rp100 miliar. Jumlah tersebut merefleksikan pertumbuhan 25% dibandingkan tahun lalu. Pada kuartal III ini, kami perkirakan juga tumbuh sekitar itu," ujarnya saat dihubungi Bisnis hari ini.

Selama periode sembilan bulan pertama tahun lalu, Total membukukan pendapatan sebesar Rp1,07 triliun dan laba bersih sebesar Rp53,4 miliar.

Dengan perkiraan pertumbuhan sebesar 25%, maka hingga September tahun ini perseroan berpotensi meraup pendapatan dan laba bersih masing-masing sebesar Rp1,33 triliun dan Rp66,76 miliar.

Duta Pertiwi considers rights issue - Insider Stories

PT Duta Pertiwi Nusantara Tbk (DPNS) is considering to hold rights issue in a bid to meet the financing requirement for coal investment business.
President Director Duta Pertiwi Siang Hadi Widjaja said the company is seeking Rp200 billion to diversify business.

Duta Pertiwi currently holds 60% shareholding in PT Intitirta Prima Sakti that discovers potential coal reserves of 150 million-200 million tons. PT Ayrus Prima is holding 21.04% stake in Intitirta. Ayrus Prima is controlling shareholder in shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL).

Agung Podomoro Mengakuisisi 80 persen Alam Hijau - Top Saham

PT Agung Podomoro Land Tbk (APLN) mengumumkan mengakuisisi 80 persen saham PT Alam Hijau Teduh. Demikian Wakil Direktur Utama APLN Ariesman Widjaja dalam keterbukaan informasi Bursa Efek Indonesia (BEI), Jakarta, Kamis (15/6).

PT Alam Hijau Teduh adalah perusahaan yang berdomisili di Jakarta. Pengambialihan saham dalam perusahaan merupakan bentuk realisasi terhadap rencana penggunaan dana hasil obligasi perseroan.

Sebelumnya, Agung Podomoro Land juga telah melakukan perjanjian pengikatan jual beli saham untuk mengakuisisi 99,9 persen saham PT Karya Gemilang Perkasa (KGP) yang berdomisili di Jakarta Utara.

KGP adalah perusahaan yang memiliki 52,83 persen saham dari PT Pluit Propertindo. Pluit Propertindo adalah pemilik dan pengelola Emporium Pluit Mall yang terletak di daerah Pluit, Jakarta Utara.

Akbar Indo tender offer set at Rp151 - Insider Stories

PT Citra Bumi Sentosa (CBS) has set a mandatory tender offer for 57 million shares or 51.82% stake in PT Akbar Indo Makmur Stimec Tbk (AIMS) at Rp151 per share or Rp8.61 billion.

The tender offer is set at a period of September 13 to October 12 2011, an official statement said to Indonesia Stock Exchange today.

The settlement date will be completed on October 17 2011.
The tender offer is required by the regulation after CBS and previous controlling shareholder in Akbar Indo Makmur, dubbed PT Stimec International, entered shares sale and purchase agreement on July 19 2011.Under the agreement, CBS acquired 28.41% stake or 31.25 million shares in Akbar Indo Makmur on August 1 2011 at Rp70 a share.

CBS is a company focusing in coal mining and trading. It was founded in 2007. Hendra Firmansyah and Felix owns 50% stake each in CBS. In the first quarter of 2011, CBS booked a Rp5.5 million net loss.
Stimec International is owned by PT Berkat Amalia Intan Kemuliaan with 66.07%, Gunadi Dibjojuwono with 22.47%, and Cythia Minarni Dharma with 22.46%.

Sukses Sawit bangun 2 pabrik di Kaltim - Bisnis Indonesia

JAKARTA: PT Sukses Sawit Sejahtera, anak perusahaan PT BW Plantation Tbk, akan menggunakan kucuran dana segar dari Bank Rakyat Indonesia untuk membangun dua pabrik baru di Kalimantan Timur.

Pembangunan akan mulai dilaksanakan tahun depan dan direncanakan selesai tahun 2013, dengan kapasitas masing-masing 60 Ton per jam. Menurut Sekretaris Perusahaan PT BW Plantation Kelik Irwantono, pembangunan tersebut menghabiskan dana sekitar Rp220 M.

"Untuk kredit investasi kebun senilai Rp1 Triliun akan digunakan untuk perawatan tanaman belum menghasilkan dan perluasan tanaman baru. Total planted area BWPT saat ini 56.000 Ha, sementara lahan yang kita miliki 92.000 Ha. Lahan kosong seluas 36.000 Ha itu yang akan kita tanami dengan dana pinjaman tersebut," ujarnya saat dihubungi Bisnis.

Kelik menambahkan Sukses Sawit Sejahtera akan mulai berproduksi 2013 bersamaan dengan selesainya pembangunan pabrik tersebut. "Produksi akan signifikan karena areal menghasilkan di 2013 luasnya 9.000 Ha dan 2014 bertambah lagi sekitar 8.000 Ha."

Seperti diketahui, emiten berkode BWPT ini baru saja mendapatkan kucuran dana dari Bank Rakyat Indonesia dalam dua bentuk dengan nilai lebih dari Rp1,3 Triliun. Kredit investasi senilai Rp1,2 Triliun dikenakan bunga 10% per tahun dan akan dibayarkan tiap triwulan.

Penarikan kredit akan berlangsung selama 5 tahun sejak penandatangan perjanjian. Sedangkan bunga yang dikenakan besarnya 10% per tahun dan akan dibayarkan tiap triwulan.

Sementara itu, untuk kredit modal kerja sebesar Rp46,5 miliar jangka waktunya 48 bulan. Penarikannya akan dilakukan bertahap antara tahun 2012 hingga tahun 2013, dengan bunga 10% per tahun.

Sebagai jaminan dua bentuk kredit tersebut, emiten berkode BWPT ini menjaminkan Hak Guna Usaha tanah seluas 20.220 Ha yang terdapat di Desa Senyiur, Kabupaten Kuta Timur, Kalimantan Timur. Mereka juga menjaminkan aktiva tetap milik PT Sawit Sukses Sejahtera, tanaman, dan 2 bangunan pabrik yang akan dibangun dengan dana pinjaman.

Surya Citra to distribute Rp205 dividend - Insider Stories

PT Surya Citra Media Tbk (SCMA), a parent company of Surya Citra Television that is controlled by Sariaatmadja family, today announces a Rp205 per share of interim dividend.

The company will distribute the dividend after it has been approved by board of commissioner and director on September 13 2011. Cum dividend is set on October 3 2011 in the regular and negotiation markets.

The company reported Rp382.63 billion net profit in the first half of this year, a 81.82% jump from Rp210.44 billion a year earlier.

Operating profit rose 57.93% to Rp515.67 billion in 1H 2011 from Rp326.51 billion in 1H 2010. Surya Media's net revenue increased 26.83% to Rp1.12 trillion from Rp879.29 billion. Cash from operations grew 35.27% to Rp500.77 billion from Rp370.20 billion.

PT Elang Mahkota Teknologi Tbk controls 85.26% stake in Surya Media, Fofo Sariaatmadja owns 0.09%, and public investors hold 14.65%.

Indeks Harga Saham Gabungan (IHSG) (TP 4.955) - Bang Juntri (Pengamat Pasar Modal)

Resume:
 Pertumbuhan ekonomi Indonesia berkisar 6,3-6,8 % di 2012. Kuatnya pertumbuhan ekonomi ditandai dengan meningkatnya permintaan domestik yang mampu mendorong peningkatan pertumbuhan.
 BI memperkirakan dalam jangka menengah inflasi akan berada pada kisaran 5%.
 Kami perkirakan BI tidak akan menaikkan suku bunga sampai akhir 2012 mengingat laju inflasi yang tetap terjaga.
 Sikap pemerintah terhadap defisit dan utang tetap bijaksana. Bahkan meskipun Rasio utang terhadap PDB menurun, defisit anggaran selalu lebih rendah dari target.
 Bond Stabilization Framework, BI menekankan bahwa fasilitas mereka tidak dimaksudkan untuk memberikan jaminan hasil bagi investor tetapi lebih dari perlindungan terhadap krisis likuiditas yang kemungkinan dipicu oleh peristiwa eksternal.
 Secara keseluruhan dari beberapa point diatas kami masih optimis bahwa pergerakan IHSG dalam jangka menengah dan panjang akan terus bertumbuh positif. Hal ini ditandai dengan kuatnya fundamental ekonomi Indonesia, masih derasnya ‘capital inflow’ yang ditandai dengan meningkatnya investasi langsung dan meningkatnya kepemilikan asing di Surat Utang Negara serta potensi peningkatan peringkat Indonesia menjadi ‘Investment Grade’ pada Q4’11 atau 1Q’12.
















 Secara historical 3 tahun IHSG diperdagangkan pada rentang 16.12-20.16x PER.

 Price Earning Ratio IHSG memiliki Rata-Rata Pertumbuhan 3 Bulanan sebesar 5.60%


















 Dengan menggunakan beberapa scenario perhitungan dalam rentang PER IHSG dalam kurun waktu 3 tahun dengan pertumbuhan PER yang moderat.

Euforia IHSG diperdagangkan pada 20.16x PER atau setara dengan 5.550,
Optimis IHSG diperdagangkan pada 16.12x PER atau setara dengan 4.338,
Pesimis IHSG diperdagangkan pada 12.09x PER atau setara dengan 3.328.

Secara historical median rata-rata IHSG berada pada kisaran 18x PER sehingga denga laju pertumbuhan EPS yang sebesar 5.6% QoQ maka kami perkirakan IHSG akan berada pada 4.955 pada tahun 2012.

Japanese Stocks Advance as Germany, France Express Support for Greece - Bloomberg

Japanese stocks rose, with the Nikkei 225 (NKY) Stock Average headed for its biggest gain in a week, after German and French leaders said they are convinced Greece will remain in the euro zone and speculation grew that China may help the region’s most-indebted nations.

Mitsubishi UFJ Financial Group Inc. (8306), Japan’s largest publicly traded lender, gained 1.2 percent. Sony Corp. (6758), which depends on Europe for more than 20 percent of its sales, climbed 1.7 percent after the euro appreciated against the yen, boosting the exporter’s earnings outlook. Toyota Motor Corp. (7203), the biggest carmaker by market value, advanced 1.3 percent.

The Nikkei 225 rose 1.6 percent to 8,653.92 as of 9:24 a.m. in Tokyo, set for its biggest increase since Sept. 7. The broader Topix added 1.3 percent to 751.31, with about 10 shares rising for each that fell.

“There was a concern that France and Germany would one- sidedly blame Greece and show no support, but the situation on Greece was not as bad as expected,” said Mitsushige Akino, who oversees about $600 million in Tokyo at Ichiyoshi Investment Management Co. “Following the stronger euro, more companies sensitive to the euro on earnings will likely be bought.”

The Topix fell 17 percent through yesterday this year amid concern U.S. growth is sputtering and Europe’s debt crisis will damage the banking system, damping demand in two of Japan’s biggest export markets.
Support For Greece

The Standard & Poor’s 500 Index advanced for a third day yesterday in New York, rising 1.4 percent. French President Nicolas Sarkozy and German Chancellor Angela Merkel are “convinced” Greece will remain in the euro area, according to a statement issued by Sarkozy after they spoke to Greek Prime Minister George Papandreou by telephone. Futures on the S&P 500 were little changed today.

China is willing to buy the bonds of nations hit by the debt crisis, Caijing reported on its website yesterday, citing Zhang Xiaoqiang, a vice chairman of the National Development and Reform Commission.

The euro rose against the majority of its most-traded counterparts, after leaders of the region’s two-largest economies express support for Greece. The shared-currency appreciated to 105.59 yen from 104.82.

Earlier yesterday in New York, stocks slumped after inventories in the U.S. rose less than forecast in July, indicating companies are bracing for slowing demand.

Separate data showed U.S. retail sales unexpectedly stagnated in August as a lack of employment and limited income growth restrained demand, highlighting the risk the world’s biggest economy will stall.

To contact the reporters on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net; Toshiro Hasegawa in Tokyo at thasegawa6@bloomberg.net.

ADB cuts 2011 China growth forecast to 9.3% - Chinadaily

BEIJING, September 14 (Xinhua) -- The Asian Development Bank (ADB) on Wednesday cut China's growth forecast to 9.3 percent for the year from its previously estimated 9.6 percent.

The ADB also lowered its estimate for the country's economic growth to 9.1 percent from 9.2 percent for next year, according to the update to the Asian Development Outlook released Wednesday by the Manila-based lender.

China's economic growth slowed during the first half of the year, mainly due to the country's tightening policies and weakening outbound demand, said Paul Heytens, ADB country director for China, in the report.

The country's gross domestic product (GDP) rose by 9.5 percent year-on-year in the second quarter of 2011, tapering off from the 9.7-percent growth posted in the first quarter of this year and 9.8 percent in the fourth quarter of last year.

The report said the country's economy will largely be driven by domestic consumption and future investment. Urbanization and the massive construction of government-subsidized housing projects will become important engines for GDP growth.

A possible economic slowdown in the second half is mainly due to the faltering global economic recovery, especially the weak demand from European countries as a result of the deepening debt crisis, according to the report.

Food prices will rise at a slower pace over the rest of the year, partly because of the bumper autumn harvest and increased pork supplies.

Inflationary pressures may ease in the second half and next year, as food prices account for about one-third in the basket of goods used to calculate China's consumer prices.

The country's consumer price index, a main gauge of inflation, rose 6.2 percent in August year-on-year, down from a 37-month high of 6.5 percent in July, according to data from the National Bureau of Statistics.

A slower inflation rate, coupled with reductions in personal income tax and government efforts to improve people's livelihoods, will help to stimulate private consumption, the ADB said.

China has adopted a slew of measures to stem soaring consumer prices by steadily raising interest rates, ordering banks to put more money in reserve and imposing limits on home purchases in several major cities.

The bank said it expects the country to increase investment in construction of government-subsidized housing units, including affordable homes, low-rent homes, public rental homes and price-capped homes.

China plans to build 10 million subsidized housing units this year and 36 million more over the next five years.

Furthermore, the ADB said China has become an aging society since 2000. The country's working-age population will peak in 2015 and labor shortages will become more common thereafter.

A relatively high age-dependency ratio means more medical expenses and endowment expenditures from the government, while labor shortages are likely to push up labor costs. This highlights the pressing need for the country to rebalance its economy and increase labor productivity, the bank noted.