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Kamis, 17 Februari 2011

Strategy - The Perth of Indonesia + ASEAN Small cap wrap - CLSA Indo

Nick Cashmore visited Balikpapan in East Kalimantan to kick some tire (literally speaking - see pic below). With its massive resource deposits, Balikpapan is one of the richest cities of Indonesia. This area is the prime example of our NJJ theme (Not-Just-Jakarta) being well and alive.

East Kalimantan is rich in oil and thermal coal and the per capita income has tripled to over US$8,500 in the past decade, exceeding Jakarta. A clear example why Jakarta contributes less than 15% to the national GDP. This year, GDP/capita is set to reach US$10,000 in East Kalimantan.

We visited a hospital (owned by LPKR IJ), microfinance unit of Bank Rakyat (BBRI IJ), the heavy equipment warehouse of United Tractors (UNTR IJ) and the “big dig” coal mine of Kaltim Prime Coal (BUMI IJ).

The rapid economic development in East Kalimantan means demand for higher level of healthcare. There are no international quality hospitals in the area and the Lippo Group is looking to leverage on this with the recently acquired Balikpapan Husada Hospital. LPKR intends to triple current capacity to 111 beds.

The banking system in the province has also grown robustly in the last decade – total deposits have grown by 18.5% Cagr or five fold to over US$5bn over the last decade. There is so much more to Indonesia than just Jakarta!!

Key points from the report:
· Per capita income for the province, East Kalimantan, should reach US$10,000 this year, the highest in Indonesia
· Lippo Karawaci (LPKR IJ) aims to tap the nascent medical services market that still flies heart attack patients to Singapore for US$25k a trip
· Bank Rakyat (BBRI IJ), Indo's largest microfinancier, has a 15% share of the city's loans, and we note the SMEs are doing good business
· United Tractors (UNTR IJ) keeps 80% of their stock in Kalimantan due to the resource boom, and sited its largest warehouse in Balikpapan
· Bumi Resources' (BUMI IJ) KPC mine moves over a billion tonnes of earth each year, and has very high quality infrastructure to support its business needs
Posted by Saham Pilihan at 13.26

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