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Kamis, 13 Januari 2011

NISP Sekuritas Daily 12 Jan 2011 (Economy, JSMR, MNCN, APLN, New IPO)

Jasa Marga increases loan size to Rp4.5tn (JSMR, Rp3,100)
·          Jasa Marga is increasing its planned loan size from Rp.31tn to Rp4.5tn, which will be used to finance its Rp6.2tn capex. The company has managed to obtain a Rp7tn loan facility from a state bank syndication, and is also in talks with other private banks.
·          As such, there is no plan for bond issuance this year, as the bank loans and internal cash can meet requirement.  Cash until 9M10 reached Rp3.38tn while total debt reached Rp7.55tn.
·          Jasa Marga will also lead a consortium in the 11.5km Sarangan-Tanjong Benoa Bali toll road with 4 other SOEs. Total investment cost will reach Rp1.6tn. The project will start this year and targeted to be completed in time for the APEC Summit 2013.
·          JSMR is trading at 2011F consensus PER of 14.4x and EV/EBITDA of 8.7x.

Media Nusantara Citra posts robust growth in 2010 revenue (MNCN, Rp870)
·          During 11M10 Media Nusantara Citra (MNC) managed to record Rp4.4tn of revenue with Rp646bn of net income or already above the company’s full year 2009 revenue of Rp3.9tn and Rp385.6 net income. Such increase was largely contributed by higher revenue from advertising business.
·          This year, MNC aims revenue to reach Rp6.1tn with net income Rp1.0tn on the back of strong economic growth that boost advertising spending in Indonesia.
·          MNCN is trading at 2011F consensus PER of 12.6x and EV/EBITDA of 8.6x.

Agung Podomoro increases 2011F capex allocation (APLN, Rp340)
·          Agung Podomoro plans to increase its 2011F capex to Rp2tn from previous budget of Rp1.5tn. The company puts higher allocation along with the company’s plan to acquire additional land bank in this year.
·          Besides acquiring new land bank, the company also plans to develop its existing land bank for residential area. 
·          Separately, the company said its revenue reached Rp2tn in 2010 with net income at Rp200bn, this year Agung Podomoro aims for Rp2.5tn of revenue and Rp375bn of net income.

Government expects Garuda to be priced at Rp1,000/share (New IPO)
·          The Minister of SOE expects Garuda Indonesia, state owned airline company, to be priced at Rp1,000/share. Meanwhile, it is reported that appointed underwriters proposed offering price range at Rp550 – Rp800/share.
·          There is no further information on this IPO, Garuda public expose will be held today.
Posted by Saham Pilihan at 05.24

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