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Rabu, 26 Januari 2011

NISP Sekuritas Daily 26 Jan 2011 (PTBA, BMRI, BBTN, DILD)

Bukit Asam eyes power plant project (PTBA, Rp20,100, Buy)

·          Bukit Asam is eyeing 2 steam power plant projects in Sumatera Selatan with capacity of 2x300MW and 2x150 MW. The two projects are targeted to start this year.

·          The company will act as coal supplier to the power plants however declined to share the size of the planned supply.

·          PTBA will work in a consortium with other companies in the tender and the upcoming work, however it did not share its partners in the event.

·          The company is also negotiating an increase to supply to PLN. Last year the company supplied 7mn tons of coal to PLN.

·          PTBA is trading at 2011F PER of 15.1x and EV/EBITDA of 10.0x.



Mandiri sets right issue price at Rp5,000 (BMRI, Rp5,650)

·          The Ministry of SOE has set the right issue price for Mandiri at Rp5,000 per share while the government is selling its rights at Rp5,250.  As such, a total of Rp12.17tn will be raised by Mandiri.

·          In addition, the Garuda IPO price has also been set at Rp750 per share, which is the lower limit of the previously announced range of Rp750-Rp1,100. Garuda will raise Rp4.8tn from the IPO as the amount of shares sold is reduced from  36% to 26%.

·          As Bank Mandiri also has around 10% converted shares of Garuda , it will stand to receive Rp1.1tn-Rp1.2tn from the IPO proceeds.

·          BMRI is trading at 2011F consensus PER of 13.7x and PBV of 2.4x.



Bank Tabungan Negara will issue MTN (BBTN, Rp1,370)

·          Bank Tabungan Negara will issue Medium Term Notes in 1H11 to raise between Rp500bn-Rp1tn. In addition it will issue new bonds to raise Rp1.5-2tn and securities backed asset to raise between Rp750bn-Rp1.25tn. Therefore as much as Rp4.25tn could be raised this year.

·          The company is targeting credit to grow between 25%-27% this year while net income is expected to be boosted by 40% YoY from last year’s expected net income of Rp800bn.

·          BBTN is trading at 2011F consensus PER of 11.0x and PBV of 1.8x.



Intiland net income estimated to has reached Rp330bn (DILD, Rp325)

·          Intiland Development shared that net income in 2010  has reached Rp330bn , a significant increase from 2009 net income of Rp25.6bn. This figure is higher than consensus expectation of Rp258bn.

·          The rise was due to increase in sales and divestment of asset. Last year sales is said to be around Rp1tn from Rp386.8bn in 2009.

·          The company did not share this year’s target. This year Rp700bn is allocated for capex while next year’s capex budget reaches Rp800bn.

·          The company is currently working on its Superblok West One City in Jakarta Barat, with a total investment cost of Rp1tn. Residential property marketing is targeted to begin mid 2011.

·          DILD is trading at 2011F consensus PER of 7.9x and EV/EBITDA of 5.8x.
Posted by Saham Pilihan at 09.37

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