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Rabu, 05 Januari 2011

NISP Sekuritas Daily 5 Jan 2011 (BMRI, CPIN, LSIP, AKRA)

Bank Mandiri targets Benua Indah auction to be completed in first quarter (BMRI, Rp6,600)
·          Bank Mandiri is targeting to complete auction of Benua Indah assets to be completed in 1Q11. Previously auction of 13.8 th ha of land was scheduled to be finished on December 23, 2010. However the Benua Indah Group has disputed against this action which made potential buyers cancel its intention and no winner was announced.
·          Bank management stated that the Benua Indah Group can not cancel the auction and therefore auction plans will be continued. Benua Indah group has a total of Rp480.7bn of debt which includes 6% interest expense incurred since March 3,2008.
·          BMRI is trading at 2011F consensus PER of 13.3x and PBV of 2.8x.

Charoen Pokphand to disburse Rp410bn of interim dividend (CPIN, Rp1,760)
·          Charoen Pokphand decides to disburse Rp409.95bn of interim dividend or equal to Rp25/share. The cum date will be January 24, 2011 and payment date will be February 9, 2011.
·          The interim amount equals to 1.4% yield and 25.0% to the company’s 9M10 net income, hence, it may deliver positive impact to Charoen’s share price.
·          CPIN is trading at 2011F consensus PER of 15.0x and EV/EBITDA of 10.6x.

London Sumatera plans for stock split (LSIP, Rp12,600)
·          Lonsum plans to conduct stock split and this will be proposed in the company’s EGM on January 28, 2011.
·          The company aims to increase liquidity of its share price despite has not shared further details on the ratio.
·          Besides higher liquidity, the action also enables the company’s shareholders to divest some of its stake in Lonsum. Previously, IndoAgri sold 8% ownership in Lonsum to Salim Ivomas Pratama (3.1%) and public (4.9%).
·          LSIP is trading at 2011F consensus PER of 14.0x and EV/EBITDA of 9.4x.

AKR Corporindo obtains Rp1.65tn of gain from assets sales (AKRA, Rp1,670)
·          AKR will book Rp1.6tn of extraordinary gain from its divestment on Sorini (SOBI, Rp3,350). The company had sold 68.8% stake in Sorini at US$245mn and the gain will be recorded in 2011.
·          AKR will use the cash to strengthen its fuel distribution business. AKR plans to increase its fuel bunker capacity, where current utilization rate stands at 80%. The company aims all development will be concluded next year.
·          Separately, AKR aims to post 35% YoY growth in 2010E revenue to Rp12.0tn and sets 15% YoY revenue growth this year.
·          In all, the divestment will provide AKR adequate resource to expand its business and it also opens possibility for special dividend disbursement.
·          AKRA is trading at 2011F consensus PER of 15.1x and EV/EBITDA of 9.6x.
Posted by Saham Pilihan at 09.40

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