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Kamis, 27 Januari 2011

NISP Sekuritas Daily 27 Jan 2011 (BNLI, MNCN, AKRA, PTPP)

Bank Permata to fully divest insurance business (BNLI, Rp1,630)
·          Bank Permata is planning to divest its entire stake in Asuransi Permata Nipponkoa. The Nipponkoa Insurance Company is expected to be the buyer of the bank’s stake. The bank has already sold 31% of its share to Nipponkoa making current stake at 20% from previously 51%.
·          The bank’s management stated that this is inline with the bank’s strategy to focus on the banking business as competition is very tight. It plans to secure its image and target family needs.
·           It is currently waiting for approval from Bank Indonesia for this corporate action but expects the approval to be received this 1Q11.
·          The company stated that this was an immaterial transaction and below Rp500bn and below 20% of total consolidated equity.


MNC books Rp4.99tn in 2010, beats expectation (MNCN, Rp900)
·          Media Nusantara Citra has booked Rp4.99tn in 2010, up by 27% YoY from Rp3.92tn in 2009. This performance was backed by a 32% increase in advertising revenue and 20% YoY increase from content&value added services. As such net income almost doubled from Rp389bn in 2009 to Rp748bn in 2010. Revenue exceeded consensus expectation of Rp4.40tn while net income came in line with expectation of Rp777bn. Overall it surpassed projections as EBITDA figure was Rp1.44tn, 16.7% YoY higher from expected Rp1.23tn.
·          The RCTI channel contributed 63% to total revenue, followed by MNC TV with 22%. Along with Global TV, the MNC group owns the highest market share for free-to-air TV with 35% market share in 2010.
·          MNCN is trading at 2011F consensus PER of 13.1x and EV/EBITDA of 8.8x.

AKR to use Sorini proceeds for fuel distribution expansion (AKRA, Rp1,460)
·          AKR Corporindo plans to use as much as Rp750bn-Rp1tn out of the proceeds from the sale of Sorini Agro to expand its fuel distribution network. The company plans to buy a  tanker with 5,000 ton capacity and also build 5 fuel distribution stations. The stations will be located in Kalimantan and Sulawesi.
·          This year revenue is targeted to increase by 15%-20% YoY to Rp14tn from last year’s estimated projection of Rp11.64tn-Rp12.09tn. The company is optimistic that it can still book growth this year, despite that 20% of its revenue had previously come from Sorini, as its coal mine is estimated to start production in March-April.
·          The coal mine is targeted to produce 300-500 th tons this year. The company plans to focus its efforts to logistic infrastructure, fuel and chemical distribution and trade, and mining.

·          AKRA is trading at 2011F consensus PER of 13.7x and EV/EBITDA of 9.4x.

Pembangunan Perumahan targets 66% YoY net income in crease in 2011 (PTPP, Rp660)
·          Pembangunan Perumahan is targeting to book Rp335bn net income this year, or 66% YoY increase from last year’s projected Rp201bn. Revenue is expected to increase by 91% YoY to Rp8.4tn from 2010 projected figure of Rp4.4tn.
·          This year new contract target is Rp16tn or up by 88.2% YoY from 2010 new contracts of Rp8.5tn. The company still has a carry over of Rp6tn from last year, making total order book this year to reach Rp22tn.
·          75% revenue this year will still come from construction works while the remaining 25% will come from EPC.
·          PTPP is trading at 2011F consensus PER of  11.5x and EV/EBITDA of 8.9x.
Posted by Saham Pilihan at 09.36

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