Bank Mandiri (BMRI Buy PT 8,350): Indicated rights issue price: Rp5,000 per share
Reuters reported that the indicated BMRI rights issue price stands at Rp5,000 per share, while the placement of the government’s portion in the rights issue stands at Rp5,150-5,200 per share.
Locally, Bisnis Indonesia reported that SOE Minister Mustafa Abubakar is not firm on the pricing of BMRI rights issue, given the weak market condition. Note that BMRI book has been closed yesterday.
Semen Gresik (SMGR Buy PT 10,900): Targets 10-15% earnings growth in 2011
SMGR is targeting 2010 revenue and net profit at Rp14.4 tn (flat YoY) and Rp3.4-3.6 tn (+5-10% YoY) respectively. For 2011, SMGR is targeting to book 10% revenue growth and 10-15% net profit growth.
SMGR 2010 targets are in-line with UBS estimates – Rp14.3 tn revenue and Rp3.7 tn net profit. For 2011, UBS forecast SMGR revenue and net income to grow 21% and 26% respectively. At the outset, we feel there are downside risks to our 2011 forecast.
Gudang Garam (GGRM Neutral PT 55,000): Small producers cut production
Kontan Daily reported that small cigarette producers are cutting their output by 30% on the back of the hike in their excise tax tariff. The government imposed 30% excise tax increase on small producers’ hand-rolled cigarettes from Rp50 to Rp65 per stick.
This is positive for large scale cigarette manufacturers as the small players are squeezed out of the market.
Borneo Lumbung Enery (BORN Not Rated): Targets 88% sales volume increase in 2011
Kontan daily reported that BORN sold 1.65 mn tons of coal in 2010 at an average price of US$185 per ton. For 2011, BORN is targeting to sell 3.1 mn tons of coal.
Firstly, the news in our Sales Daily yesterday that BORN booked US$177 mn in 2010 net profit was confirmed by the BORN’s CFO to be incorrect. Based on the information from Kontan, BORN booked US$305 mn in revenue – In-line with consensus estimate of US$308 mn. We like BORN as the only coking coal exposure in Indonesia.
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