NISP Sekuritas Daily 28 Jan 2011 (KLBF, ANTM, BMTR, OKAS)

Results in line with expectation (KLBF, Rp2,900, Hold)
·          Kalbe Farma booked revenue of Rp10.20tn in 2010, or up by 12.2% YoY from Rp9.09tn in 2009. Net income was Rp1.27tn, or jump by 37.1% YoY from Rp929.0bn. The results are inline with both ours and consensus’ expectation.
·          Operating profit grew at approximately the same rate as revenue growth, increasing about 14.6% YoY to Rp1.80tn from Rp1.57tn. A lower tax rate from 28% to 25% and the increased stake in Enseval Putera Megatrading and PT Saka Farma Laboratories that reduced minority interest was the main catalyst for stronger bottom line growth.
·          On a quarterly basis, revenue was still growing strong by 14.1% in 4Q10, where the distribution division grew by 52.3% QoQ to Rp1.24tn.
·          The company believes that growth in pharmaceutical sales can be continued in 2011. Its new production facility in Cikarang is currently waiting for BPOM certification and will be dedicated for generic drugs’ tablet production line. While for capex this year it allocates Rp650bn to support its 12%-15% revenue target and 15%-18% net income target.
·          We are satisfied with the results and the company’s plan for 2011 to control marketing efficiencies and introduce new products is in line with our view for the company. KLBF is trading at 2011F PER of 17.0x and EV/EBITDA of 9.7x.



Aneka Tambang takes over coal mine (ANTM, Rp2,300, Buy)
·          Aneka Tambang has taken over the Sarolangun coal mine in Jambi. The mine has a production capacity of 200 th tons with 8.25mn tons of coal reserves. Acquisition value is Rp92.5bn.

·          This year the company plans to increase capacity to 500 th  tons. Calorific value is 5,300-5,500 kcal/kg.
·          With the coal mine, Antam can obtain supply for its steam power plant in its ferronickel facility.
·          The company is also studying the possibility of acquiring a gold mine with estimated cost of U$15mn-U$20mn.
·          ANTM is trading at 2011F PER of 10.4x and EV/EBITDA of 5.2x.


Global Mediacom to list subsidiary this year (BMTR, Rp720)
·          Global Mediacom is preparing for the IPO of its subsidiary, MNC Sky Vision which controls Indovision the cable channel provider. Global Mediacom currently controls 75.5% of Sky Vision shares.
·          Sky Vision’s market share is 78% the total market. Global Mediacom is currently looking for an underwriter.
·          The IPO is planned to be conducted this 1H11.


Ancora to conduct rights issue (OKAS, Rp310)
·          Ancora Indonesia Resources will soon conduct a rights issue to raise US$15mn. As much as US$12mn will be used to finance acquisition of 58% stake in Raja Kutai Baru Makmur, a coal company in Kalimantan Timur and the remaining US$3mn will be used for capex.
·          The target company produces low range coal and has mining rights of over 8,500 ha. Volume sales last year reached 450 th tons.  Production is targeted to increase to 1.2mn tons this year.
·          Ancora is allocating capex budget US$20mn this year, which will be used mainly to finance construction of an ammonium nitrate plant.