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, 11 Januari 2011

Mandiri Sekuritas Semen Gresik: SMGR to build two new cement plant in Sumatera (SMGR, Rp8,600, Neutral, TP: Rp9,400)

􀂄 SMGR is taking feasibility study to build a two new cement plant which be located in Sumatera. It aims for an additional 2.5-3ton/yr from the company’s current capacity of 19.5mn ton/yr. Total investment of the plant is approximated US$700mn or Rp6.3tn which be funded through 30% equity while the remaining is from external funding.

􀂄 The construction will be one of the company efforts in expanding its capacity, aside of the non-organic one which been recently working closely with regards of its acquisition plan of two Malaysian cement producers.

􀂄 Minimal spare production capacity has been the problem concerning the company while cement demand is
continuing surging. SMGR may only add an additional 1mn ton/yr in 2011 through de-bottlenecking that the company is currently conducting. Besides, recent conversion of its coal production is believed will mitigate the company from the potential of significant production cost in 2011 as the rising commodity prices, thus maintaining its margin.

􀂄 Currently SMGR trades at EV/EBITDA11F 8.6x and EV/ton US$281. We maintain Neutral on the stock.

Tidak ada komentar:

Posting Komentar